| BLUE CURRENT GLOBAL DIVIDEND FUND | ||||
| SCHEDULE OF INVESTMENTS | ||||
| May 31, 2025 (Unaudited) | ||||
| COMMON STOCKS - 90.8% | Shares | Value | ||
| Communications - 3.6% | ||||
| Internet Media & Services - 1.8% | ||||
| Meta Platforms, Inc. - Class A | 2,400 | $ 1,553,976 | ||
| Telecommunications - 1.8% | ||||
| Singapore Telecommunications Ltd. | 500,000 | 1,476,735 | ||
| Consumer Discretionary - 1.7% | ||||
| Retail - Discretionary - 1.7% | ||||
| Dick's Sporting Goods, Inc. | 8,000 | 1,434,720 | ||
| Consumer Staples - 18.2% | ||||
| Beverages - 6.4% | ||||
| Coca-Cola Company (The) | 37,635 | 2,713,483 | ||
| Coca-Cola Europacific Partners plc | 28,730 | 2,637,127 | ||
| 5,350,610 | ||||
| Food - 3.3% | ||||
| Danone S.A. | 32,500 | 2,779,004 | ||
| Household Products - 2.9% | ||||
| Unilever plc - ADR | 38,200 | 2,438,688 | ||
| Retail - Consumer Staples - 5.6% | ||||
| Koninklijke Ahold Delhaize N.V. | 62,700 | 2,646,517 | ||
| Walmart, Inc. | 21,350 | 2,107,672 | ||
| 4,754,189 | ||||
| Energy - 5.0% | ||||
| Oil & Gas Producers - 5.0% | ||||
| Shell plc - ADR | 33,380 | 2,210,423 | ||
| Targa Resources Corporation | 12,560 | 1,983,601 | ||
| 4,194,024 | ||||
| Financials - 25.7% | ||||
| Banking - 19.2% | ||||
| BNP Paribas S.A. | 30,900 | 2,706,384 | ||
| DBS Group Holdings Ltd. - ADR | 16,794 | 2,317,572 | ||
| Deutsche Bank AG | 65,000 | 1,800,405 | ||
| BLUE CURRENT GLOBAL DIVIDEND FUND | ||||
| SCHEDULE OF INVESTMENTS (Continued) | ||||
| COMMON STOCKS - 90.8% (Continued) | Shares | Value | ||
| Financials - 25.7% (Continued) | ||||
| Banking - 19.2% (Continued) | ||||
| JPMorgan Chase & Company | 9,611 | $ 2,537,304 | ||
| Mitsubishi UFJ Financial Group, Inc. - ADR | 177,000 | 2,499,240 | ||
| National Bank of Canada | 26,600 | 2,618,456 | ||
| Truist Financial Corporation | 43,000 | 1,698,500 | ||
| 16,177,861 | ||||
| Institutional Financial Services - 3.3% | ||||
| Morgan Stanley | 21,900 | 2,803,857 | ||
| Insurance - 3.2% | ||||
| Allianz SE - ADR | 26,000 | 1,029,340 | ||
| Allianz SE | 4,200 | 1,665,981 | ||
| 2,695,321 | ||||
| Health Care - 9.5% | ||||
| Biotech & Pharma - 6.8% | ||||
| AstraZeneca plc - ADR | 30,800 | 2,243,164 | ||
| Johnson & Johnson | 14,462 | 2,244,647 | ||
| Roche Holding AG - ADR | 30,000 | 1,209,000 | ||
| 5,696,811 | ||||
| Health Care Facilities & Services - 2.7% | ||||
| HCA Healthcare, Inc. | 6,025 | 2,297,875 | ||
| Industrials - 12.5% | ||||
| Aerospace & Defense - 7.8% | ||||
| RTX Corporation | 26,295 | 3,588,742 | ||
| Thales S.A. | 9,700 | 2,971,198 | ||
| 6,559,940 | ||||
| Diversified Industrials - 2.6% | ||||
| Hitachi Ltd. - ADR | 80,000 | 2,224,000 | ||
| Transportation & Logistics - 2.1% | ||||
| Norfolk Southern Corporation | 7,100 | 1,754,552 | ||
| BLUE CURRENT GLOBAL DIVIDEND FUND | ||||
| SCHEDULE OF INVESTMENTS (Continued) | ||||
| COMMON STOCKS - 90.8% (Continued) | Shares | Value | ||
| Real Estate - 1.8% | ||||
| Reits - 1.8% | ||||
| Ventas, Inc. | 23,000 | $ 1,478,440 | ||
| Technology - 12.8% | ||||
| Semiconductors - 7.1% | ||||
| Broadcom, Inc. | 11,150 | 2,699,080 | ||
| QUALCOMM, Inc. | 10,384 | 1,507,757 | ||
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 9,000 | 1,739,880 | ||
| 5,946,717 | ||||
| Software - 3.0% | ||||
| Microsoft Corporation | 5,420 | 2,495,151 | ||
| Technology Services - 2.7% | ||||
| RELX plc - ADR | 43,000 | 2,318,560 | ||
| Total Common Stocks (Cost $48,219,073) | $ 76,431,031 | |||
| MONEY MARKET FUNDS - 8.4% | Shares | Value | ||
| First American Government Obligations Fund - Class Z, 4.19% (a) (Cost $7,041,204) |
7,041,204 | $ 7,041,204 | ||
| Investments at Value - 99.2% (Cost $55,260,277) | $ 83,472,235 | |||
| Other Assets in Excess of Liabilities - 0.8% | 680,823 | |||
| Net Assets - 100.0% | $ 84,153,058 | |||
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| N.V. | - Naamloze Vennootschap |
| plc | - Public Limited Company |
| S.A. | - Societe Anonyme |
| SE | - Societe Europaea |
| (a) | The rate shown is the 7-day effective yield as of May 31, 2025. |
| BLUE CURRENT GLOBAL DIVIDEND FUND | ||
| SUMMARY OF COMMON STOCKS BY COUNTRY | ||
| May 31, 2025 (Unaudited) | ||
| Country | Value | % of Net Assets |
| United States | $ 34,899,357 | 41 .5% |
| United Kingdom | 11,847,962 | 14 .1% |
| France | 8,456,586 | 10 .1% |
| Japan | 4,723,240 | 5 .6% |
| Germany | 4,495,726 | 5 .3% |
| Singapore | 3,794,307 | 4 .5% |
| Netherlands | 2,646,517 | 3 .1% |
| Canada | 2,618,456 | 3 .1% |
| Taiwan Province of China | 1,739,880 | 2 .1% |
| Switzerland | 1,209,000 | 1.4% |
| $ 76,431,031 | 90.8 % | |