# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-26-000192
**Filing Date:** 2026-1
**Character Count:** 211010
**Document Hash:** 882ea0ed73ff7c7b1735ae8f87a2228d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000192.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001580642-26-000192

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 26522127

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Holbrook Income Fund (Series ID: S000054226)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000170313 | Class I                      | HOBIX           |
| C000170314 | Investor Class               | HOBEX           |
| C000228717 | Holbrook Income Fund Class A |  |

### Holbrook Structured Income Fund (Series ID: S000075330)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000234270 | Holbrook Structured Income Fund Investor Class |  |
| C000234271 | Holbrook Structured Income Fund Class A        |  |
| C000234272 | Holbrook Structured Income Fund Class I        |  |

### Holbrook Total Return Fund (Series ID: S000091919)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000259794 | Class I        |  |
| C000259795 | Investor Class |  |
| C000259796 | Class A        |  |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22718</u>

<u>Two Roads Shared Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company, Corporate Trust Center</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>4/30</u> <br>Date of reporting period: <u>10/31/2025</u>

**Item 1. Reports to Stockholders.**

# Holbrook Income Fund

## Class A (HOBAX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iad93b98a94cd4c75d7abcd7a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Holbrook Income Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.holbrookfunds.com/resources**. You can also request this information by contacting us at 1-877-345-8646.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $64 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$2,986,857,541

* Number of Portfolio Holdings294

* Advisory Fee (net of waivers)$10,319,954

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4c05081574269ecf8f132549.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 32.6% |
| Common Stocks | 0.2% |
| Corporate Bonds | 48.0% |
| Money Market Funds | 3.4% |
| Open End Funds | 0.2% |
| Preferred Stocks | 1.8% |
| Term Loans | 0.7% |
| U.S. Government & Agencies | 13.1% |
| Warrant | 0.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0f45058811add6ac47ef5b47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| ABS | 0.1% |
| Fixed Income | 0.2% |
| Insurance | 0.2% |
| CMO | 0.2% |
| Technology | 0.7% |
| Consumer Staples | 0.8% |
| Consumer Discretionary | 0.9% |
| Real Estate | 0.9% |
| Materials | 1.0% |
| Energy | 1.6% |
| Money Market Funds | 3.4% |
| Industrials | 4.3% |
| CMBS | 5.4% |
| U.S. Treasury Obligations | 13.0% |
| CLO | 26.6% |
| Financials | 40.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 04/15/26 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/30 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.625%, 01/15/26 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 1.625%, 04/15/30 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;B Riley Financial, Inc., 8.000%, 01/01/28 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc., 8.750%, 06/30/30 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;American Coastal Insurance Corporation, 7.250%, 12/15/27 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Kuvare US Holdings, Inc., 7.000%, 02/17/51 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;NexBank Capital, Inc., 9.185%, 07/01/72 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;ReadyCap Holdings, LLC, 9.375%, 03/01/28 | &nbsp;&nbsp;1.8% |

---

## Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](iad93b98a94cd4c75d7abcd7a.jpg)

# Holbrook Income Fund - Class A (HOBAX)

#### Semi-Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.holbrookfunds.com/resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-HOBAX

# Holbrook Income Fund

## Class I (HOBIX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iad93b98a94cd4c75d7abcd7a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Holbrook Income Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.holbrookfunds.com/resources**. You can also request this information by contacting us at 1-877-345-8646.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$2,986,857,541

* Number of Portfolio Holdings294

* Advisory Fee (net of waivers)$10,319,954

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4c05081574269ecf8f132549.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 32.6% |
| Common Stocks | 0.2% |
| Corporate Bonds | 48.0% |
| Money Market Funds | 3.4% |
| Open End Funds | 0.2% |
| Preferred Stocks | 1.8% |
| Term Loans | 0.7% |
| U.S. Government & Agencies | 13.1% |
| Warrant | 0.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0f45058811add6ac47ef5b47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| ABS | 0.1% |
| Fixed Income | 0.2% |
| Insurance | 0.2% |
| CMO | 0.2% |
| Technology | 0.7% |
| Consumer Staples | 0.8% |
| Consumer Discretionary | 0.9% |
| Real Estate | 0.9% |
| Materials | 1.0% |
| Energy | 1.6% |
| Money Market Funds | 3.4% |
| Industrials | 4.3% |
| CMBS | 5.4% |
| U.S. Treasury Obligations | 13.0% |
| CLO | 26.6% |
| Financials | 40.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 04/15/26 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/30 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.625%, 01/15/26 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 1.625%, 04/15/30 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;B Riley Financial, Inc., 8.000%, 01/01/28 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc., 8.750%, 06/30/30 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;American Coastal Insurance Corporation, 7.250%, 12/15/27 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Kuvare US Holdings, Inc., 7.000%, 02/17/51 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;NexBank Capital, Inc., 9.185%, 07/01/72 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;ReadyCap Holdings, LLC, 9.375%, 03/01/28 | &nbsp;&nbsp;1.8% |

---

## Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](iad93b98a94cd4c75d7abcd7a.jpg)

# Holbrook Income Fund - Class I (HOBIX)

#### Semi-Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.holbrookfunds.com/resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-HOBIX

# Holbrook Income Fund

## Investor Class (HOBEX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iad93b98a94cd4c75d7abcd7a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Holbrook Income Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.holbrookfunds.com/resources**. You can also request this information by contacting us at 1-877-345-8646.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $77 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$2,986,857,541

* Number of Portfolio Holdings294

* Advisory Fee (net of waivers)$10,319,954

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4c05081574269ecf8f132549.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 32.6% |
| Common Stocks | 0.2% |
| Corporate Bonds | 48.0% |
| Money Market Funds | 3.4% |
| Open End Funds | 0.2% |
| Preferred Stocks | 1.8% |
| Term Loans | 0.7% |
| U.S. Government & Agencies | 13.1% |
| Warrant | 0.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0f45058811add6ac47ef5b47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| ABS | 0.1% |
| Fixed Income | 0.2% |
| Insurance | 0.2% |
| CMO | 0.2% |
| Technology | 0.7% |
| Consumer Staples | 0.8% |
| Consumer Discretionary | 0.9% |
| Real Estate | 0.9% |
| Materials | 1.0% |
| Energy | 1.6% |
| Money Market Funds | 3.4% |
| Industrials | 4.3% |
| CMBS | 5.4% |
| U.S. Treasury Obligations | 13.0% |
| CLO | 26.6% |
| Financials | 40.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 04/15/26 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/30 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.625%, 01/15/26 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 1.625%, 04/15/30 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;B Riley Financial, Inc., 8.000%, 01/01/28 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc., 8.750%, 06/30/30 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;American Coastal Insurance Corporation, 7.250%, 12/15/27 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Kuvare US Holdings, Inc., 7.000%, 02/17/51 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;NexBank Capital, Inc., 9.185%, 07/01/72 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;ReadyCap Holdings, LLC, 9.375%, 03/01/28 | &nbsp;&nbsp;1.8% |

---

## Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](iad93b98a94cd4c75d7abcd7a.jpg)

# Holbrook Income Fund - Investor Class (HOBEX)

#### Semi-Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.holbrookfunds.com/resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-HOBEX

# Holbrook Structured Income Fund

## Class A (HOSAX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iad93b98a94cd4c75d7abcd7a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Holbrook Structured Income Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.holbrookfunds.com/resources**. You can also request this information by contacting us at 1-877-345-8646.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $78 | 1.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$510,810,355

* Number of Portfolio Holdings125

* Advisory Fee (net of waivers)$2,503,519

* Portfolio Turnover31%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia5a3a550ba713ff30549cfbc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 94.2% |
| Corporate Bonds | 0.7% |
| Money Market Funds | 2.3% |
| Open End Funds | 1.9% |
| U.S. Government & Agencies | 0.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if3e7a2e094b5c956e14c53d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Financials | 0.7% |
| U.S. Government & Agencies | 0.9% |
| ABS | 1.0% |
| Fixed Income | 2.0% |
| Money Market Funds | 2.3% |
| CMO | 5.4% |
| CMBS | 31.3% |
| CLO | 57.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;BXHPP Trust, 4.796%, 08/15/36 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Sound Point Clo XVI Ltd., 7.720%, 07/25/30 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Halcyon Loan Advisors Funding Ltd., 7.519%, 01/22/31 | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;THL Credit Wind River CLO Ltd., 7.146%, 10/20/30 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Catamaran CLO Ltd., 7.549%, 04/22/30 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;BAHA Trust, 8.907%, 12/10/41 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Trinitas Clo IX Ltd., 7.596%, 01/20/32 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd., 7.096%, 07/20/31 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Atlas Senior Loan Fund XIII, 8.229%, 04/22/31 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Capital Funding Mortgage Trust, 17.550%, 02/10/28 | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](iad93b98a94cd4c75d7abcd7a.jpg)

# Holbrook Structured Income Fund - Class A (HOSAX)

#### Semi-Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.holbrookfunds.com/resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-HOSAX

# Holbrook Structured Income Fund

## Class I (HOSIX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iad93b98a94cd4c75d7abcd7a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Holbrook Structured Income Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.holbrookfunds.com/resources**. You can also request this information by contacting us at 1-877-345-8646.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $66 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$510,810,355

* Number of Portfolio Holdings125

* Advisory Fee (net of waivers)$2,503,519

* Portfolio Turnover31%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia5a3a550ba713ff30549cfbc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 94.2% |
| Corporate Bonds | 0.7% |
| Money Market Funds | 2.3% |
| Open End Funds | 1.9% |
| U.S. Government & Agencies | 0.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if3e7a2e094b5c956e14c53d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Financials | 0.7% |
| U.S. Government & Agencies | 0.9% |
| ABS | 1.0% |
| Fixed Income | 2.0% |
| Money Market Funds | 2.3% |
| CMO | 5.4% |
| CMBS | 31.3% |
| CLO | 57.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;BXHPP Trust, 4.796%, 08/15/36 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Sound Point Clo XVI Ltd., 7.720%, 07/25/30 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Halcyon Loan Advisors Funding Ltd., 7.519%, 01/22/31 | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;THL Credit Wind River CLO Ltd., 7.146%, 10/20/30 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Catamaran CLO Ltd., 7.549%, 04/22/30 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;BAHA Trust, 8.907%, 12/10/41 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Trinitas Clo IX Ltd., 7.596%, 01/20/32 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd., 7.096%, 07/20/31 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Atlas Senior Loan Fund XIII, 8.229%, 04/22/31 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Capital Funding Mortgage Trust, 17.550%, 02/10/28 | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](iad93b98a94cd4c75d7abcd7a.jpg)

# Holbrook Structured Income Fund - Class I (HOSIX)

#### Semi-Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.holbrookfunds.com/resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-HOSIX

# Holbrook Structured Income Fund

## Investor Class (HOSTX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iad93b98a94cd4c75d7abcd7a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Holbrook Structured Income Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.holbrookfunds.com/resources**. You can also request this information by contacting us at 1-877-345-8646.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $91 | 1.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$510,810,355

* Number of Portfolio Holdings125

* Advisory Fee (net of waivers)$2,503,519

* Portfolio Turnover31%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia5a3a550ba713ff30549cfbc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 94.2% |
| Corporate Bonds | 0.7% |
| Money Market Funds | 2.3% |
| Open End Funds | 1.9% |
| U.S. Government & Agencies | 0.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if3e7a2e094b5c956e14c53d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Financials | 0.7% |
| U.S. Government & Agencies | 0.9% |
| ABS | 1.0% |
| Fixed Income | 2.0% |
| Money Market Funds | 2.3% |
| CMO | 5.4% |
| CMBS | 31.3% |
| CLO | 57.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;BXHPP Trust, 4.796%, 08/15/36 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Sound Point Clo XVI Ltd., 7.720%, 07/25/30 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Halcyon Loan Advisors Funding Ltd., 7.519%, 01/22/31 | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;THL Credit Wind River CLO Ltd., 7.146%, 10/20/30 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Catamaran CLO Ltd., 7.549%, 04/22/30 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;BAHA Trust, 8.907%, 12/10/41 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Trinitas Clo IX Ltd., 7.596%, 01/20/32 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Carlyle Global Market Strategies CLO Ltd., 7.096%, 07/20/31 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Atlas Senior Loan Fund XIII, 8.229%, 04/22/31 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Capital Funding Mortgage Trust, 17.550%, 02/10/28 | &nbsp;&nbsp;2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](iad93b98a94cd4c75d7abcd7a.jpg)

# Holbrook Structured Income Fund - Investor Class (HOSTX)

#### Semi-Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.holbrookfunds.com/resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-HOSTX

# Holbrook Total Return Fund

## Class A (HOTAX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iad93b98a94cd4c75d7abcd7a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Holbrook Total Return Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.holbrookfunds.com/resources**. You can also request this information by contacting us at 1-877-345-8646.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $72 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$16,058,897

* Number of Portfolio Holdings61

* Advisory Fee (net of waivers)$0

* Portfolio Turnover9%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i51c68625be473be11d5c0dc4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 36.2% |
| Corporate Bonds | 44.2% |
| Money Market Funds | 2.0% |
| Non U.S. Government & Agencies | 0.1% |
| Preferred Stocks | 5.7% |
| U.S. Government & Agencies | 11.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia262fb314545ac43585ef1d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Supranational | 0.1% |
| Communications | 1.9% |
| Money Market Funds | 2.0% |
| Energy | 2.9% |
| U.S. Government & Agencies | 3.3% |
| U.S. Treasury Obligations | 8.4% |
| CMO | 14.7% |
| CMBS | 21.5% |
| Financials | 45.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.750%, 02/15/42 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;X-Caliber Funding, LLC, 25.000%, 03/31/26 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;BAHA Trust, 8.907%, 12/10/41 | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.125%, 02/15/54 | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Morgan Stanley Capital I, Inc., 8.542%, 05/05/29 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Morgan Stanley Capital I, Inc., 8.752%, 05/05/29 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Great Elm Capital Corporation | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;GSMS Trust, 7.949%, 07/15/29 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Stellus Capital Investment Corporation, 7.250%, 04/01/30 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;ReadyCap Holdings, LLC, 9.375%, 03/01/28 | &nbsp;&nbsp;3.2% |

---

## Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](iad93b98a94cd4c75d7abcd7a.jpg)

# Holbrook Total Return Fund - Class A (HOTAX)

#### Semi-Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.holbrookfunds.com/resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-HOTAX

# Holbrook Total Return Fund

## Class I (HOTIX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iad93b98a94cd4c75d7abcd7a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Holbrook Total Return Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.holbrookfunds.com/resources**. You can also request this information by contacting us at 1-877-345-8646.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $59 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$16,058,897

* Number of Portfolio Holdings61

* Advisory Fee (net of waivers)$0

* Portfolio Turnover9%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i51c68625be473be11d5c0dc4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 36.2% |
| Corporate Bonds | 44.2% |
| Money Market Funds | 2.0% |
| Non U.S. Government & Agencies | 0.1% |
| Preferred Stocks | 5.7% |
| U.S. Government & Agencies | 11.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia262fb314545ac43585ef1d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Supranational | 0.1% |
| Communications | 1.9% |
| Money Market Funds | 2.0% |
| Energy | 2.9% |
| U.S. Government & Agencies | 3.3% |
| U.S. Treasury Obligations | 8.4% |
| CMO | 14.7% |
| CMBS | 21.5% |
| Financials | 45.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.750%, 02/15/42 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;X-Caliber Funding, LLC, 25.000%, 03/31/26 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;BAHA Trust, 8.907%, 12/10/41 | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 2.125%, 02/15/54 | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Morgan Stanley Capital I, Inc., 8.542%, 05/05/29 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Morgan Stanley Capital I, Inc., 8.752%, 05/05/29 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Great Elm Capital Corporation | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;GSMS Trust, 7.949%, 07/15/29 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Stellus Capital Investment Corporation, 7.250%, 04/01/30 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;ReadyCap Holdings, LLC, 9.375%, 03/01/28 | &nbsp;&nbsp;3.2% |

---

## Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](iad93b98a94cd4c75d7abcd7a.jpg)

# Holbrook Total Return Fund - Class I (HOTIX)

#### Semi-Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.holbrookfunds.com/resources), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-HOTIX

(a) Tailored Shareholder Report

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable for semi-annual reports

**Item 3. Audit Committee Financial Expert.** Not applicable for semi-annual reports

**Item 4. Principal Accountant Fees and Services.** Not applicable for semi-annual reports

**Item 5. Audit Committee of Listed Registrants.** Not applicable to open-end investment companies.

**Item 6. Investments.**

(a) The Registrant's schedule of
 investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| ![(HOLBROOK LOGO)](ho001_v1.jpg) |
| **Holbrook Income Fund** |
| **Holbrook Structured Income Fund<br> Holbrook Total Return Fund** |
| **Class I Shares (HOBIX, HOSIX, HOTIX)** |
| **Investor Class Shares (HOBEX, HOSTX)** |
| **Class A Shares (HOBAX, HOSAX, HOTAX)** |
| **Semi-Annual Financial Statements** |
| **and** |
| **Additional Information** |
| **October 31, 2025** |
| Advised by: |
| Holbrook Holdings, Inc. |
| 3225 Cumberland Blvd SE Suite 100 |
| Atlanta, GA 30339 |
| www.holbrookholdings.com |
| **1-877-345-8646** |
| **Distributed by Northern Lights Distributors, LLC** |
| **Member FINRA** |

---

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 0.2%** |  |  |  |
|  | **INSURANCE - 0.2%** |  |  |  |
| 3242 | Specialty Transportation Holdings, LLC<sup>(a),(b),(c)</sup> |  |  | $5877827 |
|  | **TOTAL COMMON STOCKS (Cost $5,635,360)** |  |  | 5877827 |
|  | **OPEN END FUNDS — 0.2%** |  |  |  |
|  | **FIXED INCOME - 0.2%** |  |  |  |
| 500000 | Holbrook Total Return Fund, Class I<sup>(d)</sup> |  |  | 5028050 |
|  | **TOTAL OPEN END FUNDS (Cost $5,000,000)** |  |  | 5028050 |
|  |  | **Coupon Rate** |  |  |
|  |  | **(%)** | **Maturity** |  |
|  | **PREFERRED STOCKS — 1.8%** |  |  |  |
|  | **ASSET MANAGEMENT — 1.1%** |  |  |  |
| 1247744 | Gladstone Investment Corporation | 5.0000 | 05/01/26 | 31455627 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.1%** |  |  |  |
| 81355 | Gladstone Land Corporation - Series D | 5.0000 | 01/31/26 | 2022485 |
| 44000 | Vinebrook Homes Trust, Inc.<sup>(b),(e)</sup> | 6.5000 | 10/07/27 | 968000 |
|  |  |  |  | 2990485 |
|  | **REAL ESTATE SERVICES — 0.6%** |  |  |  |
| 288000 | Greystone SDOF Preferred Equity, LLC<sup>(e)</sup> | 6.7500 | 12/23/25 | 7176960 |
| 3950 | UIRC-GSA International, LLC<sup>(e)</sup> | 6.5000 | Perpetual | 3476000 |
| 9180 | UIRC-GSA International, LLC<sup>(e)</sup> | 6.0000 | Perpetual | 8262000 |
|  |  |  |  | 18914960 |
|  | **TOTAL PREFERRED STOCKS (Cost $52,690,730)** |  |  | 53361072 |
| **Principal** |  |  |  |  |
| **Amount ($)** |  |  |  |  |
|  | **ASSET BACKED SECURITIES — 32.3%** | **ASSET BACKED SECURITIES — 32.3%** | **ASSET BACKED SECURITIES — 32.3%** |  |
|  | **AGENCY CMBS — 0.1%** |  |  |  |
| 2100000 | FREMF Mortgage Trust Series 2016-K56 C<sup>(e),(f)</sup> | 4.0980 | 06/25/49 | 2086867 |
| 2000000 | FREMF Mortgage Trust Series 2016-K57 C<sup>(e),(f)</sup> | 4.0700 | 08/25/49 | 1984649 |
|  |  |  |  | 4071516 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** |  |  |
| 500000 522 Funding CLO Ltd. Series 2018-3A CR<sup>(e),(g)</sup> | TSFR3M + 2.312% | 6.1960 | 10/20/31 | $501278 |
| 2535058 ACAS CLO Ltd. Series 2015-1A CRR<sup>(e),(g)</sup> | TSFR3M + 2.462% | 6.3460 | 10/18/28 | 2536559 |
| 10500000 ACAS CLO Ltd. Series 2015-1A DRR<sup>(e),(g)</sup> | TSFR3M + 3.212% | 7.0960 | 10/18/28 | 10535679 |
| 895000 Allegro CLO X Ltd. Series 2019-1A CRR<sup>(e),(g)</sup> | TSFR3M + 2.050% | 5.9340 | 04/20/32 | 896738 |
| 3100000 AMMC CLO XII Ltd. Series 2013-12A DR<sup>(e),(g)</sup> | TSFR3M + 2.962% | 7.1880 | 11/10/30 | 3124704 |
| 1000000 Annisa CLO Ltd. Series 2016-2A DRR<sup>(e),(g)</sup> | TSFR3M + 2.800% | 6.6840 | 07/20/31 | 1001204 |
| 18225000 Apex Credit Clo Ltd. Series 2018-1A CR<sup>(e),(g)</sup> | TSFR3M + 2.000% | 5.8580 | 04/25/31 | 18224726 |
| 9000000 APEX CREDIT CLO Ltd. Series 2018-2A CR3<sup>(e),(g)</sup> | TSFR3M + 1.900% | 5.7840 | 10/20/31 | 8999748 |
| 3165000 Apidos CLO XII Series 12A CRR<sup>(e),(g)</sup> | TSFR3M + 1.800% | 5.7050 | 04/15/31 | 3165272 |
| 345000 Apidos CLO XXIV Series 2016-24A BRR<sup>(e),(g)</sup> | TSFR3M + 2.312% | 6.1960 | 10/20/30 | 345875 |
| 1255999 Atlas Senior Loan Fund Ltd. Series 2017-8A C<sup>(e),(g)</sup> | TSFR3M + 2.812% | 6.7050 | 01/16/30 | 1258421 |
| 7000000 Atlas Senior Loan Fund VII Ltd. Series 2016-7A CR<sup>(e),(g)</sup> | TSFR3M + 2.762% | 6.9590 | 11/27/31 | 7022666 |
| 3375000 Atlas Senior Loan Fund XI Ltd. Series 2018-11A C<sup>(e),(g)</sup> | TSFR3M + 2.212% | 6.0700 | 07/26/31 | 3382503 |
| 37000000 Bain Capital Credit CLO Series 2018-2A CR<sup>(e),(g)</sup> | TSFR3M + 1.950% | 5.8340 | 07/19/31 | 36998963 |
| 13400000 Barings CLO Ltd. Series 2015-IA DR<sup>(e),(g)</sup> | TSFR3M + 2.862% | 6.7460 | 01/20/31 | 13418397 |
| 8500000 Battalion CLO XII Ltd. Series 2018-12A DRR<sup>(e),(g)</sup> | TSFR3M + 2.600% | 6.7850 | 05/17/31 | 8488704 |
| 1150000 BlueMountain CLO Ltd. Series 2018-1<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8000 | 07/30/30 | 1152939 |
| 3520000 BlueMountain CLO Ltd. Series 2018-1A C<sup>(e),(g)</sup> | TSFR3M + 2.312% | 6.1500 | 07/30/30 | 3529951 |
| 2337500 BlueMountain CLO Ltd. Series 2013-2<sup>(e),(g)</sup> | TSFR3M + 2.212% | 6.0690 | 10/22/30 | 2341630 |
| 3830000 BlueMountain CLO Ltd. Series 2013-2A DR<sup>(e),(g)</sup> | TSFR3M + 3.162% | 7.0190 | 10/22/30 | 3855975 |
| 1000000 BlueMountain CLO Ltd. Series 2018-3 BR<sup>(e),(g)</sup> | TSFR3M + 1.850% | 5.7080 | 10/25/30 | 1002783 |
| 5350000 BlueMountain CLO Ltd. Series 2018-3A C<sup>(e),(g)</sup> | TSFR3M + 2.462% | 6.3200 | 10/25/30 | 5365708 |
| 1300000 BlueMountain CLO Ltd. Series 2016-3A CR<sup>(e),(g)</sup> | TSFR3M + 2.462% | 6.6730 | 11/15/30 | 1303981 |
| 1000000 BlueMountain CLO Ltd. Series 2018-2 B<sup>(e),(g)</sup> | TSFR3M + 1.962% | 6.1730 | 08/15/31 | 1002082 |
| 3830000 BlueMountain CLO Ltd. Series 2018-2A C<sup>(e),(g)</sup> | TSFR3M + 2.462% | 6.6730 | 08/15/31 | 3845443 |
| 1000000 BlueMountain CLO XXII Ltd. Series 22A B<sup>(e),(g)</sup> | TSFR3M + 1.762% | 5.6660 | 07/15/31 | 1000200 |
| 5500000 BlueMountain CLO XXII Ltd. Series 22A C<sup>(e),(g)</sup> | TSFR3M + 2.212% | 6.1160 | 07/15/31 | 5501397 |
| 1000000 BlueMountain Fuji US CLO II Ltd. Series 2017-2A<sup>(e),(g)</sup> | TSFR3M + 2.412% | 6.2960 | 10/20/30 | 1002899 |
| 2500000 Buttermilk Park CLO Ltd. Series 1A CR<sup>(e),(g)</sup> | TSFR3M + 1.950% | 5.8550 | 10/15/31 | 2506410 |
| 1850000 Canyon Capital CLO Ltd. Series 2012-1RA C<sup>(e),(g)</sup> | TSFR3M + 2.262% | 6.1660 | 07/15/30 | 1853676 |
| 665000 Canyon Capital CLO Ltd. Series 2014-1A BR<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9000 | 01/30/31 | 665926 |
| 290000 Canyon Capital CLO Ltd. Series 2016-1A BR<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8660 | 07/15/31 | 290600 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** |  |  |
| 1000000 Canyon Capital CLO Ltd. Series 2016-1 CR<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0660 | 07/15/31 | $1001113 |
| 5000000 Canyon CLO Ltd. Series 2018-1A B<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8660 | 07/15/31 | 5014545 |
| 952000 Carbone CLO Ltd. Series 2017-1A<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9460 | 01/20/31 | 953371 |
| 7476000 Catamaran CLO Ltd. Series 2014-1A BR<sup>(e),(g)</sup> | TSFR3M + 2.422% | 6.2790 | 04/22/30 | 7494924 |
| 6218000 Chenango Park CLO Ltd. Series 1A CR<sup>(e),(g)</sup> | TSFR3M + 2.750% | 6.6550 | 04/15/30 | 6262614 |
| 4885000 CIFC Funding Ltd. Series 2017-4A A2R<sup>(e),(g)</sup> | TSFR3M + 1.812% | 5.6770 | 10/24/30 | 4891903 |
| 1362500 Dryden 30 Senior Loan Fund Series 2013-30A DR<sup>(e),(g)</sup> | TSFR3M + 2.862% | 7.0730 | 11/15/28 | 1364361 |
| 11000000 Dryden 40 Senior Loan Fund Series 40A CR2<sup>(e),(g)</sup> | TSFR3M + 2.250% | 6.4610 | 08/15/31 | 11047124 |
| 500000 Dryden 41 Senior Loan Fund Series 2015-41A CR<sup>(e),(g)</sup> | TSFR3M + 2.012% | 5.9160 | 04/15/31 | 501148 |
| 570000 Dryden 49 Senior Loan Fund Series 49A BR<sup>(e),(g)</sup> | TSFR3M + 1.862% | 5.7460 | 07/18/30 | 570976 |
| 2500000 Dryden 49 Senior Loan Fund Series 2017-49A CR<sup>(e),(g)</sup> | TSFR3M + 2.312% | 6.1960 | 07/18/30 | 2507643 |
| 355000 Dryden 54 Senior Loan Fund Series 2017-54A C<sup>(e),(g)</sup> | TSFR3M + 2.412% | 6.2960 | 10/19/29 | 356300 |
| 15350000 Dryden 55 CLO Ltd. Series 2018-55A C<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0660 | 04/15/31 | 15372364 |
| 1000000 Dryden 64 CLO Ltd. Series 64A C<sup>(e),(g)</sup> | TSFR3M + 2.012% | 5.8960 | 04/18/31 | 1000873 |
| 7500000 Dryden 64 CLO Ltd.<sup>(e),(g)</sup> | TSFR3M + 2.912% | 6.7960 | 04/18/31 | 7478408 |
| 6600000 Eaton Vance Clo Ltd. Series 2015-1A DR<sup>(e),(g)</sup> | TSFR3M + 2.762% | 6.6460 | 01/20/30 | 6609649 |
| 2110000 Eaton Vance CLO Ltd. Series 2014-1RA C<sup>(e),(g)</sup> | TSFR3M + 2.362% | 6.2660 | 07/15/30 | 2116294 |
| 9800000 Elevation CLO Ltd. Series 2018-10A DR<sup>(e),(g)</sup> | TSFR3M + 2.400% | 6.2840 | 10/20/31 | 9787299 |
| 3333726 Ellington CLO II Ltd. Series 2017-2A C<sup>(e),(g)</sup> | TSFR3M + 3.162% | 7.3730 | 02/15/29 | 3347201 |
| 6404779 Ellington CLO III Ltd. Series 2018-3A C<sup>(e),(g)</sup> | TSFR3M + 2.512% | 6.3960 | 07/20/30 | 6418005 |
| 2000000 Fortress Credit BSL III Ltd. Series 1A CR<sup>(e),(g)</sup> | TSFR3M + 2.562% | 6.4460 | 04/18/31 | 2003326 |
| 995000 Fortress Credit Bsl VII Ltd. Series 2019-1A CR<sup>(e),(g)</sup> | TSFR3M + 2.100% | 5.9600 | 07/23/32 | 997572 |
| 290000 Fortress Credit BSL VIII Ltd. Series 2019-2A CR<sup>(e),(g)</sup> | TSFR3M + 2.000% | 5.8700 | 10/20/32 | 290409 |
| 996130 Greywolf CLO V Ltd. Series 2015-1A BR<sup>(e),(g)</sup> | TSFR3M + 2.262% | 6.1200 | 01/27/31 | 996751 |
| 40110 Halcyon Loan Advisors Funding Ltd. Series 2017-1A BR<sup>(e),(g)</sup> | TSFR3M + 2.512% | 6.3700 | 06/25/29 | 40148 |
| 202182 Halcyon Loan Advisors Funding Ltd. Series 2017-2A<sup>(e),(g)</sup> | TSFR3M + 2.362% | 6.2430 | 01/17/30 | 202418 |
| 8650000 Halcyon Loan Advisors Funding Ltd. Series 2018-2A B<sup>(e),(g)</sup> | TSFR3M + 2.612% | 6.4690 | 01/22/31 | 8670276 |
| 163808 Harbourview CLO Series 7RA B<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8460 | 07/18/31 | 163876 |
| 1027355 Highbridge Loan Management Series 3A-2014 BR<sup>(e),(g)</sup> | TSFR3M + 2.662% | 6.5460 | 07/18/29 | 1029981 |
| 2565000 Highbridge Loan Management 2013-2 Ltd. Series 2A BR<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0460 | 10/20/29 | 2568668 |
| 13282000 ICG US CLO Ltd. Series 2014-2A DRR<sup>(e),(g)</sup> | TSFR3M + 2.962% | 6.8660 | 01/15/31 | 13330452 |
| 12150000 ICG US CLO Ltd. Series 2018-1A C<sup>(e),(g)</sup> | TSFR3M + 2.862% | 6.7320 | 04/21/31 | 12183497 |
| 2800000 Jamestown CLO XI Ltd. Series 2018-11A A2<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8730 | 07/14/31 | 2807322 |
| 12400000 Jefferson Mill CLO Ltd. Series 2015-1A CRR<sup>(e),(g)</sup> | TSFR3M + 2.550% | 6.4340 | 10/20/31 | 12453282 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** |  |  |
| 1200000 KKR CLO 12 Ltd. Series 12 BR2<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8660 | 10/15/30 | $1202758 |
| 5000000 KKR CLO 12 Ltd. Series 12 DR2<sup>(e),(g)</sup> | TSFR3M + 3.362% | 7.2660 | 10/15/30 | 5017825 |
| 4500000 KKR CLO 15 Ltd. Series 15 CR2<sup>(e),(g)</sup> | TSFR3M + 1.900% | 5.7840 | 01/18/32 | 4509783 |
| 3000000 KKR CLO 15 Ltd. Series 15 DR2<sup>(e),(g)</sup> | TSFR3M + 3.000% | 6.8840 | 01/18/32 | 3003519 |
| 8000000 KKR CLO 20 Ltd. Series 20 DR<sup>(e),(g)</sup> | TSFR3M + 2.900% | 6.7940 | 10/16/30 | 8070640 |
| 1000000 KKR CLO 21 Ltd. Series 21 C<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9660 | 04/15/31 | 1001515 |
| 4522000 KKR CLO 21 Ltd. Series 21 D<sup>(e),(g)</sup> | TSFR3M + 2.862% | 6.7660 | 04/15/31 | 4532265 |
| 3450000 KKR Financial CLO Ltd. Series 2013-1A BR2<sup>(e),(g)</sup> | TSFR3M + 1.950% | 5.8550 | 04/15/29 | 3455106 |
| 5750000 LCM 30 Ltd. Series 30A CR<sup>(e),(g)</sup> | TSFR3M + 2.262% | 6.1460 | 04/20/31 | 5757452 |
| 8330000 LCM XVII, L.P. Series 17A CRR<sup>(e),(g)</sup> | TSFR3M + 2.362% | 6.2660 | 10/15/31 | 8352124 |
| 1190000 Madison Park Funding XXIV Ltd. Series 2016-24A CR2<sup>(e),(g)</sup> | TSFR3M + 2.050% | 5.9340 | 10/20/29 | 1192244 |
| 1436266 Man GLG US CLO Series 1A A2R<sup>(e),(g)</sup> | TSFR3M + 1.892% | 5.7760 | 04/22/30 | 1437473 |
| 4000000 Man GLG US CLO Series 1A CR<sup>(e),(g)</sup> | TSFR3M + 3.332% | 7.2160 | 04/22/30 | 4005752 |
| 82619 MidOcean Credit CLO III Series 2014-3A BR<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9320 | 04/21/31 | 82653 |
| 2050000 MidOcean Credit CLO III Series 2014-3A CR<sup>(e),(g)</sup> | TSFR3M + 2.262% | 6.1320 | 04/21/31 | 2052046 |
| 3640000 MidOcean Credit CLO VI Series 6A BRRR<sup>(e),(g)</sup> | TSFR3M + 1.700% | 5.5700 | 04/20/33 | 3648019 |
| 2000000 MidOcean Credit CLO VI Series 2016-6A CRRR<sup>(e),(g)</sup> | TSFR3M + 2.200% | 6.0700 | 04/20/33 | 2005888 |
| 1082925 MJX Venture Management II, LLC Series 18RR D<sup>(e),(g)</sup> | TSFR3M + 4.012% | 7.9160 | 10/16/29 | 1075250 |
| 1264859 MJX Venture Management II, LLC Series 28RR BF<sup>(e)</sup> |  | 3.7790 | 07/22/30 | 1262700 |
| 3375000 MJX Venture Management II, LLC Series 22RR B<sup>(e),(g)</sup> | TSFR3M + 2.112% | 6.0050 | 01/16/31 | 3386681 |
| 1875000 MJX Venture Management II, LLC Series 22RR C<sup>(e),(g)</sup> | TSFR3M + 2.612% | 6.5050 | 01/16/31 | 1879911 |
| 1675000 MJX Venture Management II, LLC Series 22RR D<sup>(e),(g)</sup> | TSFR3M + 3.662% | 7.5550 | 01/16/31 | 1672740 |
| 750000 Mountain View CLO IX Ltd. Series 9A A2R<sup>(e),(g)</sup> | TSFR3M + 2.042% | 5.9460 | 07/15/31 | 751362 |
| 700000 Mountain View CLO, LLC Series 2017-2A C<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0550 | 01/16/31 | 700426 |
| 2500000 Newark BSL CLO 2 Ltd. Series 1A BR<sup>(e),(g)</sup> | TSFR3M + 2.012% | 5.8700 | 07/25/30 | 2506353 |
| 12350000 Northwoods Capital XII-B Ltd. Series 2018-12BA CR<sup>(e),(g)</sup> | TSFR3M + 2.050% | 6.0880 | 06/15/31 | 12359584 |
| 1500000 Northwoods Capital XVII Ltd. Series 17A C<sup>(e),(g)</sup> | TSFR3M + 2.112% | 5.9690 | 04/22/31 | 1500803 |
| 1505000 OCP CLO Ltd. Series 2014-5A BR<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9200 | 04/26/31 | 1507769 |
| 2500000 Octagon Investment Partners 26 Ltd. Series 2016-1A CR<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9660 | 07/15/30 | 2504625 |
| 5750000 Octagon Investment Partners 27 Ltd. Series 1A CR<sup>(e),(g)</sup> | TSFR3M + 2.362% | 6.2660 | 07/15/30 | 5762104 |
| 3152000 Octagon Investment Partners 34 Ltd. Series 1A D<sup>(e),(g)</sup> | TSFR3M + 2.762% | 6.6460 | 01/20/30 | 3152801 |
| 1500000 Octagon Investment Partners 36 Ltd. Series 1A C<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8660 | 04/15/31 | 1502264 |
| 3130000 Octagon Investment Partners 39 Ltd. Series 2018-3A D<sup>(e),(g)</sup> | TSFR3M + 3.212% | 7.0960 | 10/20/30 | 3138908 |
| 500000 Octagon Investment Partners XVI Ltd. Series 2013-1A <sup>(e),(g)</sup> | TSFR3M + 1.862% | 5.7430 | 07/17/30 | 501522 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** |  |  |
| 2435000 Octagon Investment Partners XVII Ltd. Series 1A CR2<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8200 | 01/25/31 | $2435521 |
| 1000000 Octagon Investment Partners XXI Ltd. Series 1A CR4<sup>(e),(g)</sup> | TSFR3M + 2.250% | 6.4830 | 02/14/31 | 1001749 |
| 2255000 Octagon Investment Partners XXII Ltd. Series 2014-1A CRR<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0190 | 01/22/30 | 2262239 |
| 4500000 Octagon Investment Partners XXII Ltd. Series 2014-1A DRR<sup>(e),(g)</sup> | TSFR3M + 3.012% | 6.8690 | 01/22/30 | 4512591 |
| 3595000 OZLM VI Ltd. Series 2014-6A B1T<sup>(e),(g)</sup> | TSFR3M + 2.000% | 5.8820 | 04/17/31 | 3601147 |
| 16470000 OZLM VI Ltd. Series 2014-6A CT<sup>(e),(g)</sup> | TSFR3M + 2.900% | 6.7820 | 04/17/31 | 16485217 |
| 2000000 OZLM XVIII Ltd. Series 18A B<sup>(e),(g)</sup> | TSFR3M + 1.812% | 5.7160 | 04/15/31 | 2002214 |
| 2450000 OZLM XVIII Ltd. Series 2018-18A C<sup>(e),(g)</sup> | TSFR3M + 2.112% | 6.0160 | 04/15/31 | 2457455 |
| 8250000 OZLM XVIII Ltd. Series 2018-18A D<sup>(e),(g)</sup> | TSFR3M + 3.112% | 7.0160 | 04/15/31 | 8251964 |
| 4915000 OZLM XX Ltd. Series 2018-20A B<sup>(e),(g)</sup> | TSFR3M + 2.212% | 6.0960 | 04/20/31 | 4929199 |
| 4305000 OZLM XXI Ltd. Series 2017-21A C<sup>(e),(g)</sup> | TSFR3M + 2.932% | 6.8160 | 01/20/31 | 4315112 |
| 5642000 OZLM XXII Ltd. Series 2018-22A C<sup>(e),(g)</sup> | TSFR3M + 2.912% | 6.7930 | 01/17/31 | 5652776 |
| 620000 OZLM XXIV Ltd. Series 2019-24A BR<sup>(e),(g)</sup> | TSFR3M + 2.612% | 6.4960 | 07/20/32 | 622226 |
| 1000000 Rockford Tower CLO Ltd. Series 2017-3A C<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9460 | 10/20/30 | 1001327 |
| 10250000 Rockford Tower CLO Ltd. Series 2017-3A D<sup>(e),(g)</sup> | TSFR3M + 2.912% | 6.7960 | 10/20/30 | 10280648 |
| 500000 Rockford Tower CLO Ltd. Series 2018-1A C<sup>(e),(g)</sup> | TSFR3M + 2.312% | 6.5150 | 05/20/31 | 500596 |
| 7000000 Rockford Tower CLO Ltd. Series 2019-2A CR2<sup>(e),(g)</sup> | TSFR3M + 2.000% | 6.2040 | 08/20/32 | 7011221 |
| 1500000 Romark CLO Ltd. Series 1A B<sup>(e),(g)</sup> | TSFR3M + 2.412% | 6.2710 | 10/23/30 | 1503627 |
| 1102414 Saranac CLO VII Ltd. Series 2014-2A CR<sup>(e),(g)</sup> | TSFR3M + 2.512% | 6.7150 | 11/20/29 | 1102740 |
| 5000000 Shackleton CLO Ltd. Series 2013-1A<sup>(e),(g)</sup> | TSFR3M + 2.212% | 6.1160 | 07/15/30 | 5009613 |
| 1650000 Shackleton CLO Ltd. Series 2013-4RA A2A<sup>(e),(g)</sup> | TSFR3M + 1.862% | 5.7730 | 04/13/31 | 1651538 |
| 1555000 Shackleton CLO Ltd. Series 2013-4RA<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0730 | 04/13/31 | 1558048 |
| 2000000 Shackleton CLO Ltd. Series 2013-4RA A2CR<sup>(e),(g)</sup> | TSFR3M + 2.462% | 6.3730 | 04/13/31 | 2008998 |
| 250000 Shackleton CLO Ltd. Series 2013-4RA C<sup>(e),(g)</sup> | TSFR3M + 3.132% | 7.0430 | 04/13/31 | 250473 |
| 9550000 Shackleton CLO Ltd. Series 2014-5RA C<sup>(e),(g)</sup> | TSFR3M + 2.412% | 6.6530 | 05/07/31 | 9583893 |
| 5955000 Shackleton CLO Ltd. Series 2015-7RA DRR<sup>(e),(g)</sup> | TSFR3M + 3.000% | 6.9050 | 07/15/31 | 5962581 |
| 7420000 Sound Point CLO II Ltd. Series 2013-1A A3R<sup>(e),(g)</sup> | TSFR3M + 2.112% | 5.9700 | 01/26/31 | 7433341 |
| 455843 Sound Point CLO III-R Ltd. Series 2013-2RA D<sup>(e),(g)</sup> | TSFR3M + 3.212% | 7.1160 | 04/15/29 | 455838 |
| 7500000 Sound Point CLO IX Ltd. Series 2015-2A BRRR<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9460 | 07/20/32 | 7517430 |
| 10000000 Sound Point CLO IX Ltd. Series 2015-2A CRRR<sup>(e),(g)</sup> | TSFR3M + 2.762% | 6.6460 | 07/20/32 | 10020880 |
| 2500000 Sound Point CLO VII-R Ltd. Series 2014-3RA C<sup>(e),(g)</sup> | TSFR3M + 2.512% | 6.3710 | 10/23/31 | 2507720 |
| 1000000 Sound Point CLO V-R Ltd. Series 2014-1RA B<sup>(e),(g)</sup> | TSFR3M + 2.012% | 5.8960 | 07/18/31 | 1000228 |
| 10500000 Sound Point CLO V-R Ltd. Series 2014-1RA C<sup>(e),(g)</sup> | TSFR3M + 2.362% | 6.2460 | 07/18/31 | 10521788 |
| 8000000 Sound Point CLO XIX Ltd. Series 1A D<sup>(e),(g)</sup> | TSFR3M + 2.912% | 6.8160 | 04/15/31 | 8060416 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** |  |  |
| 553815 Sound Point CLO XV Ltd. Series 2017-1A D<sup>(e),(g)</sup> | TSFR3M + 3.862% | 7.7210 | 01/23/29 | $554115 |
| 2890000 Sound Point CLO XVI Ltd. Series 2017-2A CR<sup>(e),(g)</sup> | TSFR3M + 2.462% | 6.3200 | 07/25/30 | 2897066 |
| 3000000 Sound Point CLO XXI Ltd. Series 2018-3A B<sup>(e),(g)</sup> | TSFR3M + 2.462% | 6.3200 | 10/26/31 | 3022971 |
| 20000000 Sound Point CLO XXII Ltd. Series 2019-1A CRR<sup>(e),(g)</sup> | TSFR3M + 2.050% | 5.9340 | 01/20/32 | 20037499 |
| 515000 Sounds Point CLO IV-R Ltd. Series 3RA B<sup>(e),(g)</sup> | TSFR3M + 2.012% | 5.8960 | 04/18/31 | 516571 |
| 8440000 Sounds Point CLO IV-R Ltd. Series 2013-3RA C<sup>(e),(g)</sup> | TSFR3M + 2.512% | 6.3960 | 04/18/31 | 8466578 |
| 1425000 Steele Creek CLO Ltd. Series 2017-1A C<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0660 | 10/15/30 | 1428645 |
| 2305000 Steele Creek CLO Ltd. Series 2014-1RA C<sup>(e),(g)</sup> | TSFR3M + 2.212% | 6.0820 | 04/21/31 | 2308126 |
| 690000 Steele Creek CLO Ltd. Series 2016-1A CR<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.1990 | 06/15/31 | 691590 |
| 15000000 Steele Creek CLO Ltd. Series 2019-1A CRR<sup>(e),(g)</sup> | TSFR3M + 2.200% | 6.1050 | 04/15/32 | 15020669 |
| 2000000 Symphony CLO XIX Ltd. Series 19A C<sup>(e),(g)</sup> | TSFR3M + 2.012% | 5.9050 | 04/16/31 | 2002590 |
| 480000 Symphony CLO XV Ltd. Series 2014-15A CR3<sup>(e),(g)</sup> | TSFR3M + 2.612% | 6.4930 | 01/17/32 | 481446 |
| 3755000 Symphony CLO XVI Ltd. Series 2015-16A C1RR<sup>(e),(g)</sup> | TSFR3M + 2.200% | 6.1050 | 10/15/31 | 3764406 |
| 1090000 Symphony CLO XX Ltd. Series 20A CR2<sup>(e),(g)</sup> | TSFR3M + 1.950% | 5.8440 | 01/16/32 | 1092120 |
| 2662000 TCI-Symphony CLO Ltd. Series 2017-1A CR<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9660 | 07/15/30 | 2665729 |
| 785000 THL Credit Wind River Clo Ltd. Series 2019-3A CR2<sup>(e),(g)</sup> | TSFR3M + 2.000% | 5.9050 | 04/15/31 | 785000 |
| 10800000 THL Credit Wind River CLO Ltd. Series 2014-3KRA C<sup>(e),(g)</sup> | TSFR3M + 2.562% | 6.4660 | 10/15/30 | 10831741 |
| 750000 THL Credit Wind River CLO Ltd. Series 2015-1A C1<sup>(e),(g)</sup> | TSFR3M + 2.412% | 6.2960 | 10/20/30 | 752913 |
| 6000000 THL Credit Wind River CLO Ltd. Series 2015-1A DR<sup>(e),(g)</sup> | TSFR3M + 3.262% | 7.1460 | 10/20/30 | 6028666 |
| 2215000 TIAA CLO IV Ltd. Series 2018-1A BR<sup>(e),(g)</sup> | TSFR3M + 2.150% | 6.0340 | 01/20/32 | 2223045 |
| 9200000 TRINITAS CLO IV Ltd. Series 2016-4A DR<sup>(e),(g)</sup> | TSFR3M + 3.622% | 7.5060 | 10/18/31 | 9237536 |
| 10000000 Trinitas CLO VIII Ltd. Series 2018-8A D<sup>(e),(g)</sup> | TSFR3M + 3.362% | 7.2460 | 07/20/31 | 10015030 |
| 750000 Upland CLO Ltd. Series 1A BR<sup>(e),(g)</sup> | TSFR3M + 2.112% | 5.9960 | 04/20/31 | 752270 |
| 10625000 Venture 31 CLO Ltd. Series 2018-31A C1<sup>(e),(g)</sup> | TSFR3M + 2.212% | 6.0960 | 04/20/31 | 10640906 |
| 7000000 Venture 32 CLO Ltd. Series 2018-32A B<sup>(e),(g)</sup> | TSFR3M + 1.912% | 5.7960 | 07/18/31 | 7020489 |
| 3491558 Venture XIII CLO Ltd. Series 2013-13A DR<sup>(e),(g)</sup> | TSFR3M + 3.562% | 7.6310 | 09/10/29 | 3494323 |
| 15250000 Venture XIX CLO Ltd. Series 19A CRR<sup>(e),(g)</sup> | TSFR3M + 2.712% | 6.6160 | 01/15/32 | 15296679 |
| 15625000 Venture XXII CLO Ltd. Series 2015-22A CR<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0660 | 01/15/31 | 15662812 |
| 2000000 Venture XXIX CLO Ltd. Series 29A C<sup>(e),(g)</sup> | TSFR3M + 2.762% | 6.9730 | 09/07/30 | 2008446 |
| 500000 Venture XXVII CLO Ltd. Series 27A CR<sup>(e),(g)</sup> | TSFR3M + 2.562% | 6.4460 | 07/20/30 | 502372 |
| 3500000 Venture XXVIII CLO Ltd. Series 2017-28A C2R<sup>(e),(g)</sup> | TSFR3M + 2.462% | 6.3460 | 07/20/30 | 3506991 |
| 1650000 Venture XXX CLO Ltd. Series 30RR A2<sup>(e),(g)</sup> | TSFR3M + 1.962% | 5.8660 | 01/15/31 | 1652379 |
| 3000000 Venture XXX CLO Ltd. Series 2017-30A C<sup>(e),(g)</sup> | TSFR3M + 2.212% | 6.1160 | 01/15/31 | 3008448 |
| 1000000 Voya CLO 2018-1 Ltd. Series 1A B<sup>(e),(g)</sup> | TSFR3M + 2.062% | 5.9460 | 04/19/31 | 1001022 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** |  |  |
|  | **CLO — 26.6% (Continued)** |  |  |  |  |
| 4100000 | Voya CLO 2018-2 Ltd. Series 2A C1<sup>(e),(g)</sup> | TSFR3M + 2.112% | 6.0160 | 07/15/31 | $4107823 |
| 2500000 | Voya CLO Ltd. Series 2013-1A BR<sup>(e),(g)</sup> | TSFR3M + 2.162% | 6.0660 | 10/15/30 | 2503978 |
| 6500000 | Voya CLO Ltd. Series 2016-1A CR<sup>(e),(g)</sup> | TSFR3M + 2.912% | 6.7960 | 01/20/31 | 6500039 |
| 4700000 | Voya CLO Ltd. Series 2014-4A BR2<sup>(e),(g)</sup> | TSFR3M + 2.352% | 6.2630 | 07/14/31 | 4713889 |
| 2578601 | Wellfleet CLO Ltd. Series 2016-2A CR<sup>(e),(g)</sup> | TSFR3M + 3.212% | 7.0960 | 10/20/28 | 2587347 |
| 9413152 | Wind River CLO Ltd. Series 2013-1A CR<sup>(e),(g)</sup> | TSFR3M + 3.912% | 7.7960 | 07/20/30 | 9450108 |
| 5137263 | Z Capital Credit Partners CLO Ltd. Series 2018-1A B<sup>(e),(g)</sup> | TSFR3M + 2.712% | 6.6050 | 01/16/31 | 5149325 |
| 8825000 | Zais CLO 11 Ltd. Series 2018-11A CR<sup>(e),(g)</sup> | TSFR3M + 2.450% | 6.3340 | 01/20/32 | 8861153 |
| 475000 | Zais CLO 13 Ltd. Series 13A C1R<sup>(e),(g)</sup> | TSFR3M + 2.400% | 6.3050 | 07/15/32 | 476482 |
| 2075000 | Zais CLO 3 Ltd. Series 2015-3A BR<sup>(e),(g)</sup> | TSFR3M + 2.912% | 6.8160 | 07/15/31 | 2082188 |
| 12400000 | Zais CLO 7 Ltd. Series 2017-2A C<sup>(e),(g)</sup> | TSFR3M + 2.712% | 6.6160 | 04/15/30 | 12426127 |
|  |  |  |  |  | 794151997 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** |  |  |
| 3428178 | Boston Lending Trust Series 2022-2 A<sup>(e),(f)</sup> |  | 3.2500 | 05/25/62 | 3325906 |
| 2554936 | Imperial Fund Mortgage Trust Series 2022-NQM7 A1<sup>(e),(h)</sup> |  | 7.3690 | 11/25/67 | 2565885 |
| 317945 | Verus Securitization Trust Series 2023-1 A1<sup>(e),(h)</sup> |  | 5.8500 | 12/25/67 | 317697 |
| 136857 | Verus Securitization Trust Series 2023-3 A2<sup>(e),(h)</sup> |  | 6.4380 | 03/25/68 | 137195 |
| 362334 | Verus Securitization Trust Series 2023-5 A1<sup>(e),(h)</sup> |  | 6.4760 | 06/25/68 | 364557 |
|  |  |  |  |  | 6711240 |
|  | **NON AGENCY CMBS — 5.3%** |  |  |  |  |
| 6647187 | BPR Trust Series 2021-WILL A<sup>(e),(g)</sup> | TSFR1M + 1.864% | 5.8970 | 06/15/38 | 6681330 |
| 22440000 | BX Commercial Mortgage Trust Series 2019-IMC E<sup>(e),(g)</sup> | TSFR1M + 2.196% | 6.2280 | 04/15/34 | 21789307 |
| 7000000 | COMM Mortgage Trust Series 2016-COR1 B |  | 3.8970 | 10/10/49 | 6624827 |
| 5520000 | Hudsons Bay Simon JV Trust Series 2015-HB10 B10<sup>(e)</sup> |  | 4.9060 | 08/05/34 | 5499954 |
| 12286241 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 A<sup>(e)</sup> |  | 7.2910 | 05/05/29 | 12964243 |
| 25745000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 B<sup>(e)</sup> |  | 8.5420 | 05/05/29 | 27446092 |
| 6600000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C<sup>(e),(f)</sup> |  | 8.7520 | 05/05/29 | 6884248 |
| 27000000 | OWS Real Estate Finance, LLC Series MARG2 A<sup>(e),(g)</sup> | TSFR1M + 4.000% | 8.0330 | 08/15/27 | 27042250 |
| 4578386 | SMR Mortgage Trust Series 2022-IND A<sup>(e),(g)</sup> | TSFR1M + 1.650% | 5.6820 | 02/15/39 | 4589804 |
| 8241094 | SMR Mortgage Trust Series 2022-IND B<sup>(e),(g)</sup> | TSFR1M + 2.400% | 6.4320 | 02/15/39 | 8279849 |
| 1328038 | XCAL Mortgage Trust Series 2019-1 A<sup>(e),(g)</sup> | TSFR1M + 3.864% | 0.0000 | 12/31/25 | 616703 |
| 943580 | XCALI Mortgage Trust Series 2020-5 A<sup>(e),(g)</sup> | TSFR1M + 3.370% | 7.5040 | 12/31/25 | 941661 |
| 2868852 | X-Caliber Funding, LLC Series 2023-MF9 A<sup>(e),(g)</sup> | TSFR1M + 3.250% | 7.3900 | 11/25/26 | 2861654 |
| 4000000 | X-Caliber Funding, LLC Series 2024-MSD A<sup>(e),(g)</sup> | TSFR1M + 4.250% | 8.3840 | 01/01/27 | 4005416 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** | **ASSET BACKED SECURITIES — 32.3% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 5.3% (Continued)** |  |  |  |  |
| 15000000 | XRL ALC, LLC Series 2025-OZK A<sup>(e)</sup> |  | 7.2500 | 06/20/28 | $15205719 |
| 5000000 | XRL ALC, LLC Series 2025-OZK B1<sup>(e)</sup> |  | 13.5000 | 06/20/28 | 5060920 |
|  |  |  |  |  | 156493977 |
|  | **OTHER ABS — 0.1%** |  |  |  |  |
| 2000000 | FMC GMSR Issuer Trust Series 2022-GT1 A<sup>(e)</sup> |  | 6.1900 | 04/25/27 | 2003379 |
| 2175080 | HRR Funding, LLC Series 2021-1<sup>(c),(e)</sup> |  | 9.0000 | 12/20/36 | 1076665 |
| 242666 | Pagaya AI Debt Trust Series 2024-2 A<sup>(e)</sup> |  | 6.3190 | 08/15/31 | 244018 |
| 270874 | Pagaya AI Debt Trust Series 2024-3 A<sup>(e)</sup> |  | 6.2580 | 10/15/31 | 272273 |
|  |  |  |  |  | 3596335 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $967,944,799)** | **TOTAL ASSET BACKED SECURITIES (Cost $967,944,799)** | **TOTAL ASSET BACKED SECURITIES (Cost $967,944,799)** |  | 965025065 |
|  | **CORPORATE BONDS — 47.7%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 21.0%** |  |  |  |  |
| 2000000 | Barings BDC, Inc. |  | 5.2000 | 09/15/28 | 1990466 |
| 38500000 | BCP Investment Corporation |  | 4.8750 | 04/30/26 | 38500265 |
| 9500000 | Blue Owl Technology Finance Corporation<sup>(e)</sup> |  | 6.1000 | 03/15/28 | 9572906 |
| 2000000 | Capital Southwest Corporation |  | 5.9500 | 09/18/30 | 2007920 |
| 253181 | Crescent Capital BDC, Inc. |  | 5.0000 | 05/25/26 | 6319398 |
| 25341000 | Fidus Investment Corporation |  | 4.7500 | 01/31/26 | 25341000 |
| 10209000 | Fidus Investment Corporation |  | 3.5000 | 11/15/26 | 9957292 |
| 27883000 | Fidus Investment Corporation |  | 6.7500 | 03/19/30 | 28169351 |
| 17674000 | FS KKR Capital Corporation |  | 3.1250 | 10/12/28 | 16337949 |
| 3890000 | FS KKR Capital Corporation |  | 7.8750 | 01/15/29 | 4068321 |
| 726117 | Great Elm Capital Corporation |  | 5.8750 | 06/30/26 | 18189231 |
| 516716 | Horizon Technology Finance Corporation |  | 4.8750 | 03/30/26 | 12902399 |
| 21201000 | Investcorp Credit Management BDC, Inc. |  | 4.8750 | 04/01/26 | 21099995 |
| 10000000 | Logan Ridge Finance Corporation |  | 6.0000 | 10/30/26 | 10056500 |
| 9000000 | Main Street Capital Corporation |  | 6.9500 | 03/01/29 | 9384406 |
| 2000000 | Medallion Financial Corporation<sup>(e)</sup> |  | 7.5000 | 12/30/27 | 1999829 |
| 2385000 | MidCap Financial Investment Corporation |  | 4.5000 | 07/16/26 | 2349919 |
| 32578000 | Monroe Capital Corporation |  | 4.7500 | 02/15/26 | 32389170 |
| 42580000 | New Mountain Finance Corporation |  | 6.2000 | 10/15/27 | 43277740 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.7% (Continued)** | **CORPORATE BONDS — 47.7% (Continued)** | **CORPORATE BONDS — 47.7% (Continued)** |  |  |
|  | **ASSET MANAGEMENT — 21.0% (Continued)** | **ASSET MANAGEMENT — 21.0% (Continued)** | **ASSET MANAGEMENT — 21.0% (Continued)** |  |  |
| 6241000 | OFS Capital Corporation |  | 4.7500 | 02/10/26 | $6206056 |
| 502209 | OFS Capital Corporation |  | 7.5000 | 07/31/28 | 13042368 |
| 46477000 | PennantPark Floating Rate Capital Ltd. |  | 4.2500 | 04/01/26 | 46264442 |
| 40183000 | PennantPark Investment Corporation |  | 4.5000 | 05/01/26 | 39881628 |
| 44194000 | PennantPark Investment Corporation |  | 4.0000 | 11/01/26 | 43420605 |
| 45615000 | Saratoga Investment Corporation |  | 4.3750 | 02/28/26 | 45358998 |
| 20894000 | Saratoga Investment Corporation |  | 4.3500 | 02/28/27 | 20183298 |
| 207359 | Saratoga Investment Corporation |  | 6.0000 | 04/30/27 | 5177754 |
| 1111000 | Stellus Capital Investment Corporation |  | 4.8750 | 03/30/26 | 1102853 |
| 24500000 | Stellus Capital Investment Corporation |  | 7.2500 | 04/01/30 | 24889703 |
| 28873000 | Trinity Capital, Inc. |  | 4.3750 | 08/24/26 | 28334359 |
| 21327000 | Trinity Capital, Inc. |  | 4.2500 | 12/15/26 | 20760979 |
| 935169 | Trinity Capital, Inc. |  | 7.8750 | 03/30/29 | 23828106 |
| 13065000 | WhiteHorse Finance, Inc. |  | 4.0000 | 12/15/26 | 12781003 |
|  |  |  |  |  | 625146209 |
|  | **AUTOMOTIVE — 0.9%** |  |  |  |  |
| 29529000 | PM General Purchaser, LLC<sup>(e)</sup> |  | 9.5000 | 10/01/28 | 25679678 |
|  | **BANKING — 3.0%** |  |  |  |  |
| 4000000 | First Maryland Capital I<sup>(g)</sup> | TSFR3M + 1.262% | 5.1660 | 01/15/27 | 3967721 |
| 18114000 | First Maryland Capital II<sup>(g)</sup> | TSFR3M + 1.112% | 5.4080 | 02/01/27 | 17938930 |
| 4500000 | NewtekOne, Inc.<sup>(e)</sup> |  | 8.3750 | 04/01/30 | 4486541 |
| 56000 | NexBank Capital, Inc.<sup>(e),(g)</sup> | TSFR3M + 5.200% | 9.1850 | 07/01/72 | 56420000 |
| 7000000 | Truist Financial Corporation<sup>(g)</sup> | TSFR3M + 1.242% | 5.2270 | 04/01/27 | 6949343 |
|  |  |  |  |  | 89762535 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.7%** |  |  |  |  |
| 2233873 | Charah Solutions, Inc.<sup>(b)</sup> |  | 8.5000 | 08/31/26 | 50820611 |
|  | **ELECTRICAL EQUIPMENT — 2.6%** |  |  |  |  |
| 78068000 | Babcock & Wilcox Enterprises, Inc.<sup>(b),(e)</sup> |  | 8.7500 | 06/30/30 | 78409548 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.9%** |  |  |  |  |
| 87753000 | B Riley Financial, Inc.<sup>(b),(e)</sup> |  | 8.0000 | 01/01/28 | 86436705 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.7% (Continued)** | **CORPORATE BONDS — 47.7% (Continued)** | **CORPORATE BONDS — 47.7% (Continued)** |  |  |
|  | **INSURANCE — 4.3%** |  |  |  |  |
| 61819000 | American Coastal Insurance Corporation |  | 7.2500 | 12/15/27 | $62050822 |
| 58241000 | Kuvare US Holdings, Inc.<sup>(e),(f)</sup> | H15T5Y + 6.541% | 7.0000 | 02/17/51 | 58271087 |
| 3000000 | SBL Holdings, Inc.<sup>(e)</sup> |  | 5.9000 | 09/26/28 | 2984802 |
| 4397000 | Transamerica Capital II<sup>(e)</sup> |  | 7.6500 | 12/01/26 | 4455098 |
|  |  |  |  |  | 127761809 |
|  | **MACHINERY — 0.0%<sup>(i)</sup>** |  |  |  |  |
| 2500000 | Briggs & Stratton Corporation<sup>(j)</sup> |  | 6.8750 | 12/15/20 | 9375 |
|  | **METALS & MINING — 1.0%** |  |  |  |  |
| 379848 | Ramaco Resources, Inc. |  | 8.3750 | 11/30/29 | 9701318 |
| 773047 | Ramaco Resources, Inc. |  | 8.2500 | 07/31/30 | 19674046 |
|  |  |  |  |  | 29375364 |
|  | **OIL & GAS PRODUCERS — 0.8%** |  |  |  |  |
| 25630000 | W&T Offshore, Inc.<sup>(e)</sup> |  | 10.7500 | 02/01/29 | 24165758 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.8%** |  |  |  |  |
| 23315873 | Shelf Drilling North Sea Holdings Ltd. |  | 9.8750 | 11/22/28 | 24947984 |
|  | **PUBLISHING & BROADCASTING — 0.0%<sup>(i)</sup>** |  |  |  |  |
| 2000000 | Cumulus Media New Holdings, Inc.<sup>(e)</sup> |  | 6.7500 | 07/01/26 | 1220000 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.1%** |  |  |  |  |
| 210500 | HC Government Realty Trust, Inc.<sup>(e)</sup> |  | 7.0000 | 08/14/27 | 3946875 |
|  | **SPECIALTY FINANCE — 7.8%** |  |  |  |  |
| 20652000 | ACRES Commercial Realty Corporation |  | 5.7500 | 08/15/26 | 20091358 |
| 1000000 | Dakota Financial, LLC<sup>(e)</sup> |  | 5.0000 | 09/30/26 | 985794 |
| 35000000 | Eagle Point Defensive Income Trust<sup>(g)</sup> | TSFR3M + 3.800% | 7.6380 | 04/30/28 | 34936461 |
| 25000000 | Eagle Point Enhanced Income Trust<sup>(g)</sup> | TSFR3M + 4.500% | 8.7110 | 11/15/29 | 24719809 |
| 25000000 | EPT 16, LLC<sup>(e)</sup> |  | 7.2500 | 08/01/28 | 25000000 |
| 4500000 | Equify Financial, LLC<sup>(e)</sup> |  | 9.5000 | 04/30/30 | 4503176 |
| 2000000 | First Help Financial, LLC<sup>(e)</sup> |  | 6.0000 | 11/15/26 | 1967252 |
| 2000000 | Franklin BSP Capital Corporation<sup>(e)</sup> |  | 6.0000 | 10/02/30 | 1960994 |
| 25000000 | Franklin BSP Realty Trust, Inc.<sup>(e),(g)</sup> | TSFR3M + 4.000% | 7.8430 | 04/25/28 | 25201213 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.7% (Continued)** | **CORPORATE BONDS — 47.7% (Continued)** | **CORPORATE BONDS — 47.7% (Continued)** |  |  |
|  | **SPECIALTY FINANCE — 7.8% (Continued)** | **SPECIALTY FINANCE — 7.8% (Continued)** | **SPECIALTY FINANCE — 7.8% (Continued)** |  |  |
| 4000000 | InvestCo., LLC / Preston Ventures, LLC / LS Investments, LLC<sup>(e)</sup> |  | 5.1250 | 08/13/26 | $3950400 |
| 3250000 | Medallion Financial Corporation B<sup>(e)</sup> |  | 7.2500 | 02/26/26 | 3250044 |
| 4500000 | MMP Capital, LLC<sup>(e)</sup> |  | 9.5000 | 10/18/29 | 4522500 |
| 4000000 | National Funding, Inc.<sup>(e)</sup> |  | 5.7500 | 08/31/26 | 3931324 |
| 17253000 | Nexpoint Real Estate Finance, Inc. |  | 5.7500 | 05/01/26 | 17036949 |
| 4965513 | PDOF MSN Issuer, LLC<sup>(e),(g)</sup> | SOFRRATE + 4.500% | 8.5400 | 03/01/26 | 4904039 |
| 51738000 | ReadyCap Holdings, LLC<sup>(e)</sup> |  | 9.3750 | 03/01/28 | 52499179 |
| 2000000 | X-Caliber Funding, LLC<sup>(e)</sup> |  | 5.0000 | 03/01/26 | 1996605 |
| 3000000 | X-Caliber Funding, LLC<sup>(e)</sup> |  | 5.0000 | 09/24/26 | 2972236 |
|  |  |  |  |  | 234429333 |
|  | **TOBACCO & CANNABIS — 0.8%** |  |  |  |  |
| 23000000 | Curaleaf Holdings, Inc.<sup>(e)</sup> |  | 8.0000 | 12/15/26 | 22770000 |
|  | **TOTAL CORPORATE BONDS (Cost $1,405,698,474)** | **TOTAL CORPORATE BONDS (Cost $1,405,698,474)** | **TOTAL CORPORATE BONDS (Cost $1,405,698,474)** |  | 1424881784 |
|  | **TERM LOANS — 0.7%** |  |  |  |  |
|  | **SOFTWARE — 0.7%** |  |  |  |  |
| 21824816 | Synchronoss Technologies, Inc.<sup>(g)</sup> | TSFR1M + 7.000% | 11.3190 | 04/24/29 | 21333758 |
|  | **TOTAL TERM LOANS (Cost $21,433,890)** | **TOTAL TERM LOANS (Cost $21,433,890)** | **TOTAL TERM LOANS (Cost $21,433,890)** |  | 21333758 |
|  | **U.S. GOVERNMENT & AGENCIES — 13.0%** | **U.S. GOVERNMENT & AGENCIES — 13.0%** | **U.S. GOVERNMENT & AGENCIES — 13.0%** |  |  |
|  | **U.S. TREASURY INFLATION PROTECTED — 13.0%** | **U.S. TREASURY INFLATION PROTECTED — 13.0%** | **U.S. TREASURY INFLATION PROTECTED — 13.0%** |  |  |
| 95442900 | United States Treasury Inflation Indexed Bonds |  | 0.6250 | 01/15/26 | 95198721 |
| 98829600 | United States Treasury Inflation Indexed Bonds |  | 0.1250 | 04/15/26 | 98163518 |
| 10296200 | United States Treasury Inflation Indexed Bonds |  | 1.6250 | 10/15/29 | 10461445 |
| 100737600 | United States Treasury Inflation Indexed Bonds |  | 0.1250 | 01/15/30 | 95951074 |
| 86507900 | United States Treasury Inflation Indexed Bonds |  | 1.6250 | 04/15/30 | 87536083 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** |<br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 13.0% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 13.0% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 13.0% (Continued)** |  |
|  | **U.S. TREASURY INFLATION PROTECTED — 13.0% (Continued)** | **U.S. TREASURY INFLATION PROTECTED — 13.0% (Continued)** | **U.S. TREASURY INFLATION PROTECTED — 13.0% (Continued)** |  |
|  |  |  |  | $387310841 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $387,924,778)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $387,924,778)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $387,924,778)** | 387310841 |
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** |  |
|  | **WARRANT — 0.0%<sup>(i)</sup>** |  |  |  |
|  | **ASSET MANAGEMENT - 0.0% <sup>(i)</sup>** |  |  |  |
| 351012 | B Riley Financial Inc. Com Warrants | 04/01/2032 | $10.00 | 856961 |
|  | **TOTAL WARRANT (Cost $111,622)** |  |  | 856961 |
|  | **SHORT-TERM INVESTMENTS — 3.4%** |  |  |  |
|  | **MONEY MARKET FUNDS - 3.4%** |  |  |  |
| 101013054 | First American Government Obligations Fund, Class X, 4.06% (Cost $101,013,054)<sup>(k)</sup> | First American Government Obligations Fund, Class X, 4.06% (Cost $101,013,054)<sup>(k)</sup> | First American Government Obligations Fund, Class X, 4.06% (Cost $101,013,054)<sup>(k)</sup> | 101013054 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $2,947,452,707)** | **TOTAL INVESTMENTS - 99.3% (Cost $2,947,452,707)** | **TOTAL INVESTMENTS - 99.3% (Cost $2,947,452,707)** | $2964688412 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | 22169129 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $2986857541 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| Ltd. | - Limited Company |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | Term Secured Overnight Financing Rate 3 Month |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Illiquid security; total illiquid securities represent 7.4% of net assets.

<sup>(c)</sup> The value of this security has been determined in good faith by Holbrook Holdings Inc. (the "Adviser") as the Valuation Designee pursuant to valuation procedures approved by the Board of Trustees.

<sup>(d)</sup> Affiliated issuer.

<sup>(e)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $1,496,746,780 or 50.1% of net assets.

<sup>(f)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(g)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(h)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at October 31, 2025.

<sup>(i)</sup> Percentage rounds to less than 0.1%.

<sup>(j)</sup> Represents issuer in default on interest payments; non-income producing security.

<sup>(k)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **OPEN END FUNDS — 2.0%** |  |  |  |  |
|  | **FIXED INCOME - 2.0%** |  |  |  |  |
| 1000000 | Holbrook Total Return Fund, Class I<sup>(a),(b)</sup> |  |  |  | $10056100 |
|  | **TOTAL OPEN END FUNDS (Cost $10,000,000)** |  |  |  | 10056100 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** |  |
|  | **ASSET BACKED SECURITIES — 94.6%** |  |  |  |  |
|  | **AUTO LOAN — 0.1%** |  |  |  |  |
| 538000 | Luxury Lease Partners Auto Lease Trust Series 2024-4 B<sup>(c)</sup> |  | 10.4910 | 07/15/30 | 537711 |
|  | **CLO — 55.9%** |  |  |  |  |
| 495000 | 1828 CLO Ltd. Series 2016-1A CR<sup>(c),(d)</sup> | TSFR3M + 3.612% | 7.5160 | 10/15/31 | 496345 |
| 1500000 | Allegro CLO VII Ltd. Series 2018-1A D<sup>(c),(d)</sup> | TSFR3M + 3.112% | 7.0160 | 06/13/31 | 1500767 |
| 250000 | ASSURANT CLO II Ltd. Series 2018-2A D<sup>(c),(d)</sup> | TSFR3M + 3.112% | 6.9960 | 04/20/31 | 250000 |
| 449642 | Atlas Senior Loan Fund Ltd. Series 2017-8A C<sup>(c),(d)</sup> | TSFR3M + 2.812% | 6.7050 | 01/16/30 | 450509 |
| 4000000 | Atlas Senior Loan Fund Ltd. Series 8A D<sup>(c),(d)</sup> | TSFR3M + 3.962% | 7.8550 | 01/16/30 | 4019516 |
| 9240000 | Atlas Senior Loan Fund X Ltd. Series 2018-10A D<sup>(c),(d)</sup> | TSFR3M + 3.012% | 6.9160 | 01/15/31 | 9259894 |
| 5000000 | Atlas Senior Loan Fund XII Ltd. Series 12A D<sup>(c),(d)</sup> | TSFR3M + 3.332% | 7.1970 | 10/24/31 | 5007870 |
| 11250000 | Atlas Senior Loan Fund XIII Series 2019-13A D<sup>(c),(d)</sup> | TSFR3M + 4.372% | 8.2290 | 04/22/31 | 11306813 |
| 8055000 | Canyon Capital CLO Ltd. Series 2021-1RA D<sup>(c),(d)</sup> | TSFR3M + 3.262% | 7.1660 | 07/15/30 | 8069104 |
| 11995000 | Carlyle Global Market Strategies CLO Ltd. Series 2015-1A DR3<sup>(c),(d)</sup> | TSFR3M + 3.212% | 7.0960 | 07/20/31 | 12046770 |
| 15455000 | Catamaran CLO Ltd. Series 2014-1A CR<sup>(c),(d)</sup> | TSFR3M + 3.692% | 7.5490 | 04/22/30 | 15530621 |
| 1500000 | Cedar Funding V CLO Ltd. Series 2016-5A DR<sup>(c),(d)</sup> | TSFR3M + 3.262% | 7.1430 | 07/17/31 | 1494881 |
| 625000 | CIFC Funding Ltd. Series 2013-2A B1LR<sup>(c),(d)</sup> | TSFR3M + 3.312% | 7.1960 | 10/18/30 | 626379 |
| 9000000 | CIFC Funding Ltd. Series 2017-4A CR<sup>(c),(d)</sup> | TSFR3M + 3.412% | 7.2770 | 10/24/30 | 9002205 |
| 4000000 | Crown Point CLO Ltd. Series 7A D<sup>(c),(d)</sup> | TSFR3M + 3.762% | 7.6460 | 10/20/31 | 4010276 |
| 3250000 | Dryden 49 Senior Loan Fund Series 2017-49A DR<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.5460 | 07/18/30 | 3253721 |
| 300000 | Dryden 54 Senior Loan Fund Series 54A D<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.2460 | 10/19/29 | 300755 |
| 500000 | Eaton Vance CLO Ltd. Series 2014-1RA D<sup>(c),(d)</sup> | TSFR3M + 3.312% | 7.2160 | 07/15/30 | 500249 |
| 5260000 | Elevation CLO Ltd. Series 2017-8A D<sup>(c),(d)</sup> | TSFR3M + 3.132% | 6.9900 | 10/25/30 | 5279430 |
| 1366941 | Ellington CLO I Ltd. Series 2017-1A DR<sup>(c),(d)</sup> | TSFR3M + 3.612% | 7.5160 | 10/15/29 | 1366938 |
| 17900000 | Halcyon Loan Advisors Funding Ltd. Series 2018-2A C<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.5190 | 01/22/31 | 17919690 |
| 1000000 | Highbridge Loan Management Series 3A-2014 CR<sup>(c),(d)</sup> | TSFR3M + 3.862% | 7.7460 | 07/18/29 | 1005051 |
| 7500000 | Highbridge Loan Management Ltd. Series 2013-2A CR<sup>(c),(d)</sup> | TSFR3M + 3.162% | 7.0460 | 10/20/29 | 7499940 |
| 1775000 | KKR CLO Ltd. Series 10 DR<sup>(c),(d)</sup> | TSFR3M + 3.612% | 7.6490 | 09/15/29 | 1777034 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 94.6% (Continued)** |  |  |  |  |
|  | **CLO — 55.9% (Continued)** |  |  |  |  |
| 2160156 | LCM XXIII Ltd. Series 23A CR<sup>(c),(d)</sup> | TSFR3M + 3.562% | 7.4460 | 10/20/29 | $2160944 |
| 1725000 | Mountain View CLO, LLC Series 2017-2A D<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.2550 | 01/16/31 | 1730577 |
| 1000000 | Newark BSL CLO 2 Ltd. Series 2017-1A CR<sup>(c),(d)</sup> | TSFR3M + 3.412% | 7.2700 | 07/25/30 | 1001742 |
| 1000000 | Octagon Investment Partners 27 Ltd. Series 2016-1A DR<sup>(c),(d)</sup> | TSFR3M + 3.212% | 7.1160 | 07/15/30 | 1004800 |
| 2115000 | OZLM XVII Ltd. Series 2017-17A C<sup>(c),(d)</sup> | TSFR3M + 3.722% | 7.6060 | 07/20/30 | 2118225 |
| 7000000 | OZLM XX Ltd. Series 2018-20A C<sup>(c),(d)</sup> | TSFR3M + 3.212% | 7.0960 | 04/20/31 | 7009954 |
| 1500000 | OZLM XXI Ltd. Series 2017-21A C<sup>(c),(d)</sup> | TSFR3M + 2.932% | 6.8160 | 01/20/31 | 1503524 |
| 9950000 | PPM CLO Ltd. Series 2018-1A D<sup>(c),(d)</sup> | TSFR3M + 3.512% | 7.4160 | 07/15/31 | 10027321 |
| 5000000 | Rockford Tower CLO 2018-1 Ltd. Series 1A D<sup>(c),(d)</sup> | TSFR3M + 3.262% | 7.4650 | 05/20/31 | 5013200 |
| 11000000 | Saranac CLO VII Ltd. Series 2A DR<sup>(c),(d)</sup> | TSFR3M + 3.632% | 7.8350 | 11/20/29 | 11044220 |
| 5000000 | Shackleton 2015-VII-R CLO Ltd. Series 7RA DRR<sup>(c),(d)</sup> | TSFR3M + 3.000% | 6.9050 | 07/15/31 | 5006365 |
| 4000000 | Shackleton Clo Ltd. Series 2017-11A D<sup>(c),(d)</sup> | TSFR3M + 3.912% | 8.1230 | 08/15/30 | 4007520 |
| 2900000 | Shackleton CLO Ltd. Series 2013-3A DR<sup>(c),(d)</sup> | TSFR3M + 3.282% | 7.1860 | 07/15/30 | 2904942 |
| 5000000 | Shackleton CLO Ltd. Series 2014-5RA D<sup>(c),(d)</sup> | TSFR3M + 3.412% | 7.6530 | 05/07/31 | 5001290 |
| 2702000 | SOUND POINT CLO VIII-R Ltd. Series 2015-1RA D1<sup>(c),(d)</sup> | TSFR3M + 4.012% | 7.9160 | 04/15/30 | 2707112 |
| 22500000 | Sound Point Clo XVI Ltd. Series 2017-2A D<sup>(c),(d)</sup> | TSFR3M + 3.862% | 7.7200 | 07/25/30 | 22561560 |
| 6006250 | Steele Creek Clo Ltd. Series 2017-1A D<sup>(c),(d)</sup> | TSFR3M + 3.162% | 7.0660 | 10/15/30 | 6007716 |
| 4750000 | Symphony CLO XV Ltd. Series 15A DR2<sup>(c),(d)</sup> | TSFR3M + 4.262% | 8.1430 | 01/17/32 | 4767178 |
| 10000000 | THL Credit Wind River CLO Ltd. Series 2014-3KRA D<sup>(c),(d)</sup> | TSFR3M + 3.612% | 7.5160 | 10/15/30 | 10018340 |
| 16000000 | THL Credit Wind River CLO Ltd. Series 2015-1A DR<sup>(c),(d)</sup> | TSFR3M + 3.262% | 7.1460 | 10/20/30 | 16076443 |
| 12000000 | Trinitas Clo IX Ltd. Series 2018-9A D<sup>(c),(d)</sup> | TSFR3M + 3.712% | 7.5960 | 01/20/32 | 12063407 |
| 5250000 | Trinitas Clo VIII Ltd. Series 8A D<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.2460 | 07/20/31 | 5257891 |
| 2953432 | Venture XVIII CLO Ltd. Series 2014-18A DR<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.2660 | 10/15/29 | 2955662 |
| 8859895 | Voya CLO Ltd. Series 2017-1A C<sup>(c),(d)</sup> | TSFR3M + 3.592% | 7.4730 | 04/17/30 | 8888442 |
| 4750000 | Wind River CLO Ltd. Series 2014-3A DR2<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.5190 | 10/22/31 | 4756118 |
| 6580000 | Zais Clo 13 Ltd. Series 2019-13A D1<sup>(c),(d)</sup> | TSFR3M + 4.782% | 8.6860 | 07/15/32 | 6573749 |
| 7000000 | Zais Clo 7 Ltd. Series 2017-2A D<sup>(c),(d)</sup> | TSFR3M + 4.012% | 7.9160 | 04/15/30 | 7003969 |
|  |  |  |  |  | 291146969 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.4%** |  |  |  |  |
| 1449570 | A&D Mortgage Trust Series 2023-NQM2 A1<sup>(c),(e)</sup> |  | 6.1320 | 05/25/68 | 1454611 |
| 2718441 | BRAVO Residential Funding Trust Series 2025-NQM2 A1<sup>(c),(e)</sup> |  | 5.6780 | 11/25/64 | 2742135 |
| 2000000 | CFMT, LLC Series 2024-HB14 M3<sup>(c),(f)</sup> |  | 3.0000 | 06/25/34 | 1908913 |
| 500000 | CFMT, LLC Series 2024-HB15 M3<sup>(c),(f)</sup> |  | 4.0000 | 08/25/34 | 482903 |
| 2583026 | CFMT, LLC Series 2025-AB3 M3<sup>(c),(f)</sup> |  | 4.0000 | 05/25/55 | 2229689 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 94.6% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.4% (Continued)** |  |  |  |  |
| 1663266 | CFMT, LLC Series 2025-AB3 M4<sup>(c),(f)</sup> |  | 4.0000 | 05/25/55 | $1298849 |
| 2000000 | CIM Trust Series 2023-R3 A1B<sup>(c),(f)</sup> |  | 4.5000 | 01/25/63 | 1621385 |
| 64779 | EFMT Series 2023-1 A2<sup>(c),(e)</sup> |  | 6.2400 | 02/25/68 | 64776 |
| 2517346 | HOMES Trust Series 2025-AFC1 A1<sup>(c),(e)</sup> |  | 5.7270 | 01/25/60 | 2538843 |
| 850128 | MFA Trust Series 2024-NQM2 A1<sup>(c),(e)</sup> |  | 5.2720 | 08/25/69 | 850938 |
| 286953 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-NQM3 A1<sup>(c),(f)</sup> |  | 5.0440 | 07/25/69 | 286540 |
| 1400000 | Ocwen Loan Investment Trust Series 2024-HB1 M3<sup>(c)</sup> |  | 3.0000 | 02/25/37 | 1343821 |
| 600000 | Onity Loan Investment Trust Series 2024-HB2 M3<sup>(c)</sup> |  | 5.0000 | 08/25/37 | 586858 |
| 1250000 | Onity Loan Investment Trust Series 2024-HB2 M4<sup>(c)</sup> |  | 5.0000 | 08/25/37 | 1199665 |
| 2000000 | Onity Loan Investment Trust Series 2025-HB1 M3<sup>(c),(f)</sup> |  | 3.0000 | 06/25/38 | 1840679 |
| 1178257 | PRKCM Trust Series 2023-AFC3 A1<sup>(c)</sup> |  | 6.5840 | 09/25/58 | 1188199 |
| 1822372 | PRPM Trust Series 2025-NQM2 A1<sup>(c),(e)</sup> |  | 5.6880 | 04/25/70 | 1836192 |
| 1000000 | PRPM, LLC Series 2025-RPL4 A3<sup>(c),(e)</sup> |  | 3.0000 | 05/25/55 | 907619 |
| 231090 | Verus Securitization Trust Series 2023-4 A1<sup>(c),(e)</sup> |  | 5.8110 | 05/25/68 | 231769 |
| 2170078 | Verus Securitization Trust Series 2024-9 A1<sup>(c),(f)</sup> |  | 5.4380 | 11/25/69 | 2183039 |
| 916524 | Verus Securitization Trust Series 2025-3 A1<sup>(c),(e)</sup> |  | 5.6230 | 05/25/70 | 928713 |
|  |  |  |  |  | 27726136 |
|  | **NON AGENCY CMBS — 31.3%** |  |  |  |  |
| 14400000 | BAHA Trust Series 2024-MAR D<sup>(c),(f)</sup> |  | 8.9070 | 12/10/41 | 15121802 |
| 5000000 | BX Commercial Mortgage Trust Series 2019-IMC F<sup>(c),(d)</sup> | TSFR1M + 2.946% | 6.9780 | 04/15/34 | 4874211 |
| 196000 | BX Commercial Mortgage Trust Series 2019-IMC G<sup>(c),(d)</sup> | TSFR1M + 3.646% | 7.6780 | 04/15/34 | 189443 |
| 1760000 | BX Trust Series 2021-ARIA D<sup>(c),(d)</sup> | TSFR1M + 2.010% | 6.0420 | 10/15/36 | 1758124 |
| 24000000 | BXHPP Trust Series 2021-FILM A<sup>(c),(d)</sup> | TSFR1M + 0.764% | 4.7960 | 08/15/36 | 23273557 |
| 3000000 | BXHPP Trust Series 2021-FILM B<sup>(c),(d)</sup> | TSFR1M + 1.014% | 5.0460 | 08/15/36 | 2828311 |
| 2503200 | Capital Funding Mortgage Trust Series 2025-P05 B<sup>(c),(d)</sup> | TSFR1M + 10.500% | 14.6340 | 08/04/26 | 2508722 |
| 4000000 | Capital Funding Mortgage Trust Series 2024-29 B<sup>(c),(d)</sup> | TSFR1M + 9.500% | 13.6340 | 11/01/26 | 4004060 |
| 4250000 | Capital Funding Mortgage Trust Series 2024-28 B<sup>(c),(d)</sup> | TSFR1M + 11.000% | 14.9850 | 11/01/26 | 4275287 |
| 11233861 | Capital Funding Mortgage Trust Series 2025-31 B<sup>(c),(d)</sup> | TSFR1M + 11.000% | 17.5500 | 02/10/28 | 11282522 |
| 4500000 | Capital Funding Mortgage Trust Series 2025-30 B<sup>(c),(d)</sup> | TSFR1M + 11.250% | 15.3900 | 06/02/28 | 4533510 |
| 4750000 | Capital Funding Mortgage Trust Series 2025-33 B<sup>(c),(d)</sup> | TSFR1M + 8.500% | 12.5020 | 10/31/29 | 4750000 |
| 590367 | COMM Mortgage Trust Series 2014-CCRE21 E<sup>(c)</sup> |  | 3.0000 | 12/10/47 | 583473 |
| 5000000 | COMM Mortgage Trust Series 2014-CCRE21 F<sup>(c)</sup> |  | 3.0000 | 12/10/47 | 4935643 |
| 3000000 | CSMC Trust Series 2021-GATE C<sup>(c),(d)</sup> | TSFR1M + 2.821% | 6.8540 | 12/15/36 | 2936001 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 94.6% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS — 31.3% (Continued)** |  |  |  |  |
| 3000000 | CSMC Trust Series 2021-GATE E<sup>(c),(d)</sup> | TSFR1M + 4.671% | 8.7040 | 12/15/36 | $2905856 |
| 3887075 | CSMC Trust Series 2016-NXSR XA<sup>(f),(g)</sup> |  | 0.6350 | 12/15/49 | 11130 |
| 4270000 | GSMS Trust Series 2024-FAIR D<sup>(c),(f)</sup> |  | 7.9490 | 07/15/29 | 4406035 |
| 1070000 | Hudsons Bay Simon JV Trust Series 2015-HB10 C10<sup>(c),(f)</sup> |  | 5.4470 | 08/05/34 | 1055553 |
| 7000000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A<sup>(c),(d)</sup> | TSFR1M + 1.497% | 5.6500 | 04/15/31 | 3359370 |
| 880000 | JP Morgan Chase Commercial Mortgage Securities Series 2020-NNN DFX<sup>(c)</sup> |  | 3.6200 | 01/16/37 | 369618 |
| 7500000 | Morgan Stanley Capital I Trust Series 2024-BPR2 D<sup>(c),(f)</sup> |  | 8.7520 | 05/05/29 | 7567944 |
| 6000000 | Morgan Stanley Capital I Trust Series 2024-BPR2 E<sup>(c),(f)</sup> |  | 8.7520 | 05/05/29 | 5836216 |
| 8500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C<sup>(c),(f)</sup> |  | 8.7520 | 05/05/29 | 8866076 |
| 2289193 | SMR Mortgage Trust Series 2022-IND D<sup>(c),(d)</sup> | TSFR1M + 3.950% | 7.9820 | 02/15/39 | 2310741 |
| 4500000 | Wells Fargo Commercial Mortgage Trust Series 2015-C29 D<sup>(f)</sup> |  | 4.2050 | 06/15/48 | 4397466 |
| 471250 | XCALI Mortgage Trust Series 2021-10 B1<sup>(c),(d)</sup> | TSFR1M + 8.120% | 12.2540 | 12/25/25 | 477983 |
| 5200000 | X-Caliber Funding, LLC Series 2021-7 A<sup>(c),(d)</sup> | TSFR1M + 3.114% | 7.2490 | 01/06/26 | 5181016 |
| 4165000 | X-Caliber Funding, LLC Series 2021-7 B1<sup>(c),(d)</sup> | TSFR1M + 6.114% | 10.2490 | 01/25/26 | 4176379 |
| 4000000 | X-Caliber Funding, LLC Series 2024-OPAL A<sup>(c),(d)</sup> | TSFR1M + 4.000% | 8.1340 | 02/25/26 | 3990643 |
| 2450000 | X-Caliber Funding, LLC Series 2024-OPAL B1<sup>(c),(d)</sup> | TSFR1M + 6.000% | 10.1340 | 02/25/26 | 2444831 |
| 4600000 | X-Caliber Funding, LLC Series 2023-HOAKS A<sup>(c),(d)</sup> | TSFR1M + 3.500% | 7.6340 | 04/25/26 | 4585398 |
| 3335000 | X-Caliber Funding, LLC Series 2023-DMNK B1<sup>(c),(d)</sup> | TSFR1M + 6.500% | 10.6340 | 04/25/26 | 3330691 |
| 240437 | X-Caliber Funding, LLC Series 2023-MF9 B1<sup>(c),(d)</sup> | TSFR1M + 6.500% | 10.6400 | 11/25/26 | 239575 |
| 1748750 | X-Caliber Funding, LLC Series 2024-MSD B1<sup>(c),(d)</sup> | TSFR1M + 6.000% | 10.1340 | 01/25/27 | 1748129 |
| 4500000 | X-Caliber Funding, LLC Series 2024-SURF A<sup>(c)</sup> |  | 12.0000 | 09/25/28 | 4543187 |
|  |  |  |  |  | 159658503 |
|  | **OTHER ABS — 0.0%<sup>(h)</sup>** |  |  |  |  |
| 170495 | Pagaya AI Debt Trust Series 2024-1 A<sup>(c)</sup> |  | 6.6600 | 07/15/31 | 171385 |
| 28769 | Reach Abs Trust Series 2024-1A A<sup>(c)</sup> |  | 6.3000 | 02/18/31 | 28787 |
|  |  |  |  |  | 200172 |
|  | **RESIDENTIAL MORTGAGE — 0.1%** |  |  |  |  |
| 440000 | CFMT, LLC Series 2024-HB13 M3<sup>(c),(f)</sup> |  | 3.0000 | 05/25/34 | 418564 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 94.6% (Continued)** |  |  |  |  |
|  | **WHOLE BUSINESS — 0.8%** |  |  |  |  |
| 1411870 | Harvest SBA Loan Trust Series 2024-1 B<sup>(c),(d)</sup> | SOFR30A + 3.750% | 8.0000 | 12/25/51 | $1419738 |
| 2281581 | Harvest SBA Loan Trust Series 2024-1 C<sup>(c),(d)</sup> | SOFR30A + 6.750% | 9.7490 | 12/25/51 | 2343582 |
|  |  |  |  |  | 3763320 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $483,179,798)** |  |  |  | 483451375 |
|  | **U.S. GOVERNMENT & AGENCIES — 0.9%** |  |  |  |  |
|  | **AGENCY FIXED RATE — 0.8%** |  |  |  |  |
| 376861 | Fannie Mae REMICS Series 11 BK |  | 5.0000 | 02/25/51 | 376090 |
| 1374047 | Fannie Mae REMICS Series 2024-63 HA |  | 5.0000 | 06/25/52 | 1381469 |
| 2317374 | Fannie Mae REMICS Series 2025-6 DL |  | 2.0000 | 04/25/53 | 1309734 |
| 777954 | Freddie Mac REMICS Series 5438 H |  | 5.5000 | 06/25/50 | 781660 |
| 542275 | Freddie Mac REMICS Series 5385 CK |  | 5.0000 | 08/25/51 | 542476 |
|  |  |  |  |  | 4391429 |
|  | **AGENCY MBS OTHER — 0.1%** |  |  |  |  |
| 309794 | FREMF Mortgage Trust Series 2019-KF61 B<sup>(c),(d)</sup> | SOFR30A + 2.314% | 6.6220 | 04/25/29 | 302490 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,693,504)** |  |  |  | 4693919 |
|  | **CORPORATE BONDS — 0.7%** |  |  |  |  |
|  | **SPECIALTY FINANCE — 0.7%** |  |  |  |  |
| 2654000 | X-Caliber Funding, LLC<sup>(c)</sup> |  | 11.0000 | 03/25/26 | 2652407 |
| 500000 | X-Caliber Funding, LLC<sup>(c)</sup> |  | 11.0000 | 03/31/26 | 497776 |
| 300000 | X-Caliber Funding, LLC<sup>(c)</sup> |  | 25.0000 | 03/31/26 | 300000 |
|  |  |  |  |  | 3450183 |
|  | **TOTAL CORPORATE BONDS (Cost $3,442,888)** |  |  |  | 3450183 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.3%** |  |
|  | **MONEY MARKET FUNDS - 2.3%** |  |
| 11678733 | First American Government Obligations Fund, Class X, 4.06% (Cost $11,678,733)<sup>(i)</sup> | $11678733 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $512,994,923)** | $513330310 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | (2519955) |
|  | **NET ASSETS - 100.0%** | $510810355 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR1M | Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | Term Secured Overnight Financing Rate 3 Month |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliated issuer.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $482,795,451 or 94.5% of net assets.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at October 31, 2025.

<sup>(f)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(g)</sup> Interest only securities.

<sup>(h)</sup> Percentage rounds to less than 0.1%.

<sup>(i)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK TOTAL RETURN** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|<br>**Shares** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PREFERRED STOCKS — 5.7%** |  |  |  |
|  | **ASSET MANAGEMENT — 2.8%** |  |  |  |
| 17339 | Gladstone Investment Corporation | 7.8750 | 02/01/30 | $441798 |
|  | **INSURANCE — 2.9%** |  |  |  |
| 20000 | Enstar Group Ltd. | 7.0000 | Perpetual | 480000 |
|  | **TOTAL PREFERRED STOCKS (Cost $874,092)** |  |  | 921798 |
| **Principal** |  |  |  |  |
| **Amount ($)** |  |  |  |  |
|  | **ASSET BACKED SECURITIES — 36.2%** |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 14.7%** |  |  |  |
| 500000 | Cascade Funding Mortgage Trust Series 2024-HB16 M3<sup>(a),(b)</sup> | 3.0000 | 03/25/35 | 474841 |
| 500000 | CFMT, LLC Series 2024-HB15 M3<sup>(a),(b)</sup> | 4.0000 | 08/25/34 | 482903 |
| 500000 | Onity Loan Investment Trust Series 2024-HB2 M3<sup>(a)</sup> | 5.0000 | 08/25/37 | 489048 |
| 500000 | Onity Loan Investment Trust Series 2025-HB1 M3<sup>(a),(b)</sup> | 3.0000 | 06/25/38 | 460170 |
| 434016 | Verus Securitization Trust Series 2024-9 A1<sup>(a),(b)</sup> | 5.4380 | 11/25/69 | 436608 |
|  |  |  |  | 2343570 |
|  | **NON AGENCY CMBS — 21.5%** |  |  |  |
| 600000 | BAHA Trust Series 2024-MAR D<sup>(a),(b)</sup> | 8.9070 | 12/10/41 | 630076 |
| 12879802 | BANK Series 2017-BNK9 XA<sup>(b),(c)</sup> | 0.7520 | 11/15/54 | 166246 |
| 8061908 | Citigroup Commercial Mortgage Trust Series 2018-B2 XA<sup>(b),(c)</sup> | 0.6840 | 03/10/51 | 104108 |
| 500000 | GSMS Trust Series 2024-FAIR D<sup>(a),(b)</sup> | 7.9490 | 07/15/29 | 515929 |
| 500000 | Morgan Stanley Capital I Trust Series 2024-BPR2 E<sup>(a),(b)</sup> | 8.7520 | 05/05/29 | 486351 |
| 500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 B<sup>(a)</sup> | 8.5420 | 05/05/29 | 533037 |
| 500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C<sup>(a),(b)</sup> | 8.7520 | 05/05/29 | 521534 |
| 500000 | X-Caliber Funding, LLC Series 2024-SURF A<sup>(a)</sup> | 12.0000 | 09/25/28 | 504799 |
|  |  |  |  | 3462080 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $5,722,153)** |  |  | 5805650 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK TOTAL RETURN** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 44.1%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 16.5%** |  |  |  |  |
| 500000 | Blue Owl Technology Finance Corporation<sup>(a)</sup> |  | 6.1000 | 03/15/28 | $503837 |
| 490000 | Fidus Investment Corporation |  | 6.7500 | 03/19/30 | 495032 |
| 20432 | Great Elm Capital Corporation |  | 8.1250 | 12/31/29 | 516725 |
| 117000 | Investcorp Credit Management BDC, Inc. |  | 4.8750 | 04/01/26 | 116443 |
| 15000 | Nomura America Finance, LLC<sup>(b)</sup> | 4\*(USISDA30 - USISDA02 - 0.25%) | 0.7844 | 07/29/34 | 10795 |
| 25000 | PennantPark Investment Corporation |  | 4.0000 | 11/01/26 | 24370 |
| 65000 | Saratoga Investment Corporation |  | 4.3500 | 02/28/27 | 62789 |
| 500000 | Stellus Capital Investment Corporation |  | 7.2500 | 04/01/30 | 507953 |
| 17014 | Trinity Capital, Inc. |  | 7.8750 | 09/30/29 | 432326 |
|  |  |  |  |  | 2670270 |
|  | **BANKING — 6.3%** |  |  |  |  |
| 15000 | Bank of Nova Scotia (The)<sup>(b)</sup> |  | 1.9880 | 05/29/34 | 10819 |
| 28000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISDA30 - USISDA02) - 1.74% | 0.8420 | 08/28/34 | 18873 |
| 104000 | Bank of Nova Scotia (The)<sup>(b)</sup> |  | 0.2950 | 09/29/34 | 70767 |
| 50000 | Barclays Bank plc<sup>(b)</sup> |  | 1.1050 | 05/31/33 | 32500 |
| 30000 | Barclays Bank plc<sup>(b)</sup> | 8\*(USISDA30 - USISDA5 - 0.25%) | 4.1380 | 07/31/34 | 22927 |
| 35000 | BofA Finance, LLC<sup>(b)</sup> |  | 2.0840 | 09/30/41 | 22640 |
| 270000 | Citigroup, Inc.<sup>(b)</sup> |  | 2.3810 | 12/23/29 | 235711 |
| 54000 | Lloyds Bank plc<sup>(b)</sup> |  | 0.5850 | 02/22/33 | 32676 |
| 23000 | Lloyds Bank plc<sup>(b)</sup> | 4\*(USISDA30 - USISDA02 - 0.25%) | 1.4100 | 10/25/33 | 16761 |
| 35000 | Lloyds Bank plc<sup>(b)</sup> | 4\*(USISDA30 - USISDA02) - 1.40% | 1.1804 | 11/27/33 | 23186 |
| 30000 | Natixis US Medium-Term Note Program, LLC<sup>(b)</sup> |  | 0.8620 | 10/31/33 | 19375 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK TOTAL RETURN** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 44.1% (Continued)** |  |  |  |  |
|  | **BANKING — 6.3% (Continued)** |  |  |  |  |
| 500000 | NewtekOne, Inc.<sup>(a)</sup> |  | 8.3750 | 04/01/30 | $498504 |
|  |  |  |  |  | 1004739 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.7%** |  |  |  |  |
| 20000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 2.1940 | 10/30/27 | 18877 |
| 55000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 1.7380 | 01/23/28 | 49341 |
| 10000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 2.1860 | 02/28/28 | 9047 |
| 25000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 1.0240 | 04/30/28 | 22062 |
| 50000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 1.4430 | 05/23/28 | 44178 |
| 25000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 2.3290 | 11/13/28 | 22542 |
| 71000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 2.9560 | 11/27/28 | 64211 |
| 25000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 2.9640 | 12/13/28 | 23495 |
| 50000 | GS Finance Corporation<sup>(b)</sup> |  | 1.7560 | 06/30/31 | 42519 |
| 25000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 8\*(USISDA30 - USISDA02) | 4.5240 | 01/31/38 | 20375 |
| 15000 | Morgan Stanley<sup>(b)</sup> |  | 1.1330 | 06/28/28 | 12204 |
| 53000 | Morgan Stanley<sup>(b)</sup> |  | 4.5400 | 07/31/30 | 47965 |
| 80000 | Morgan Stanley<sup>(b)</sup> |  | 2.9900 | 02/15/33 | 51515 |
|  |  |  |  |  | 428331 |
|  | **OIL & GAS PRODUCERS — 2.9%** |  |  |  |  |
| 500000 | W&T Offshore, Inc.<sup>(a)</sup> |  | 10.7500 | 02/01/29 | 471435 |
|  | **PUBLISHING & BROADCASTING — 1.9%** |  |  |  |  |
| 500000 | Cumulus Media New Holdings, Inc.<sup>(a)</sup> |  | 6.7500 | 07/01/26 | 305000 |
|  | **SPECIALTY FINANCE — 13.8%** |  |  |  |  |
| 500000 | Equify Financial, LLC<sup>(a)</sup> |  | 9.5000 | 04/30/30 | 500353 |
| 500000 | MMP Capital, LLC<sup>(a)</sup> |  | 9.5000 | 10/18/29 | 502500 |
| 500000 | ReadyCap Holdings, LLC<sup>(a)</sup> |  | 9.3750 | 03/01/28 | 507356 |
| 700000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 25.0000 | 03/31/26 | 700000 |
|  |  |  |  |  | 2210209 |
|  | **TOTAL CORPORATE BONDS (Cost $7,076,045)** |  |  |  | 7089984 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **HOLBROOK TOTAL RETURN** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 0.1%** |  |  |  |
|  | **SUPRANATIONAL — 0.1%** |  |  |  |
| 25000 | International Bank for Reconstruction & Development Variable Rate<sup>(b)</sup> | 0.0000 | 07/31/34 | $17765 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $18,782)** |  |  | 17765 |
|  | **U.S. GOVERNMENT & AGENCIES — 11.8%** |  |  |  |
|  | **AGENCY FIXED RATE — 3.4%** |  |  |  |
| 500000 | Fannie Mae REMICS Series 2025-6 DL | 2.0000 | 04/25/53 | 282590 |
| 259318 | Freddie Mac REMICS Series 5438 H | 5.5000 | 06/25/50 | 260553 |
|  |  |  |  | 543143 |
|  | **U.S. TREASURY INFLATION PROTECTED — 8.4%** |  |  |  |
| 1003639 | United States Treasury Inflation Indexed Bonds | 0.7500 | 02/15/42 | 800225 |
| 580597 | United States Treasury Inflation Indexed Bonds | 2.1250 | 02/15/54 | 541710 |
|  |  |  |  | 1341935 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,880,284)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,880,284)** |  | 1885078 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 2.0%** |  |  |  |
|  | **MONEY MARKET FUNDS - 2.0%** |  |  |  |
| 325609 | First American Government Obligations Fund, Class X, 4.06% (Cost $325,609)<sup>(d)</sup> | First American Government Obligations Fund, Class X, 4.06% (Cost $325,609)<sup>(d)</sup> | First American Government Obligations Fund, Class X, 4.06% (Cost $325,609)<sup>(d)</sup> | 325609 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $15,896,965)** | **TOTAL INVESTMENTS - 99.9% (Cost $15,896,965)** | **TOTAL INVESTMENTS - 99.9% (Cost $15,896,965)** | $16045884 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 13013 |
|  | **NET ASSETS - 100.0%** |  |  | $16058897 |

---

---

| | |
|:---|:---|
| USISDA02 | 2-year U.S. Dollar (USD) ISDA Swap Rate |
| USISDA5 | 5-year U.S. Dollar (USD) ISDA Swap Rate |
| USISDA30 | 30-year U.S. Dollar (USD) ISDA Swap Rate |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $9,524,281 or 59.3% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(c)</sup> Interest only securities.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Funds** |
| **Statements of Assets and Liabilities (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Holbrook Income Fund** | **Holbrook Structured**<br>**Income Fund** | **Holbrook Total Return**<br>**Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Investments, at cost | $2947452707 | $512994923 | $15896965 |
| &nbsp;&nbsp;&nbsp;Total Investments, at value | $2964688412 | $513330310 | $16045884 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest receivable | 23900108 | 2534617 | 134138 |
| &nbsp;&nbsp;&nbsp;Receivable due from adviser |  |  | 7220 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 5650428 | 652253 |  |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold |  | 189129 |  |
| &nbsp;&nbsp;&nbsp;Due from custodian | 1980000 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1622987 | 68934 | 3975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 2997841935 | 516775243 | 16191217 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | $1114503 | $1154990 | $— |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 4941594 | 3668633 | 905 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 2521954 | 495181 | 99425 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 1957753 | 417191 |  |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 157590 | 36865 | 1 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 161228 | 99652 | 3663 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 129772 | 92376 | 28326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 10984394 | 5964888 | 132320 |
| **NET ASSETS** | $**2986857541** | $**510810355** | $**16058897** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $3029738121 | $513316209 | $15977740 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings/(losses) | (42880580) | (2505854) | 81157 |
| **NET ASSETS** | $**2986857541** | $**510810355** | $**16058897** |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| Class I Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**2496231150** | $**413219609** | $**16053669** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **254287811** | **42248165** | **1596407** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering and redemption price per share | $**9.82** | $**9.78** | $**10.06** |
| Investor Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**293974618** | $**77125500** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **29692005** | **7873893** |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) offering and redemption price per share | $**9.90** | $**9.80** |  |
| Class A Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**196651773** | $**20465246** | $**5228** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **19998021** | **2091926** | **520** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**9.83** | $**9.78** | $**10.06** **\*** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (net asset value plus maximum sales charge of 1.25%, 2.25%, and 2.75%, respectively) | $**9.95** | $**10.01** | $**10.29** |

---

\* Does not calculate due to rounding

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Funds** |
| **Statements of Operations (Unaudited)** |
| **For the Six Months Ended October 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Holbrook Income Fund** | **Holbrook Structured**<br>**Income Fund** |<br>**Holbrook Total Return Fund(1)** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $85835693 | $19990278 | $643983 |
| &nbsp;&nbsp;&nbsp;Dividends | 4887005 |  | 61358 |
| &nbsp;&nbsp;&nbsp;Dividend Income from Affiliates | 203505 | 407011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 90926203 | 20397289 | 705341 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 10339811 | 2553162 | 48868 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 588098 | 191710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 200283 | 22366 | 6 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 608133 | 200670 | 31111 |
| &nbsp;&nbsp;&nbsp;Third party administration servicing fees | 1142563 | 268493 | 137 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 417029 | 79605 | 6834 |
| &nbsp;&nbsp;&nbsp;Registration fees | 84658 | 52427 | 7020 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 144744 | 41025 | 13659 |
| &nbsp;&nbsp;&nbsp;Legal fees | 14114 | 14115 | 37038 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 81666 | 27826 | 2507 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 57754 | 13177 | 8450 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 25480 | 13468 | 9829 |
| &nbsp;&nbsp;&nbsp;Audit fees | 17967 | 17967 | 17866 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 7677 | 7677 | 8443 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 13161 | 3277 | 46 |
| &nbsp;&nbsp;&nbsp;Other expenses | 58046 | 23898 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 13801184 | 3530863 | 193598 |
| &nbsp;&nbsp;&nbsp;Less: Expense voluntarily waived by the Adviser | (19857) | (49643) |  |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by Adviser |  |  | (106625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 13781327 | 3481220 | 86973 |
| **NET INVESTMENT INCOME** | 77144876 | 16916069 | 618368 |
| **REALIZED AND UNREALIZED GAIN /(LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 8221349 | (255626) | (66248) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | 8221349 | (255626) | (66248) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 19601569 | 1253811 | 148919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments | 28050 | 56100 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 19629619 | 1309911 | 148919 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 27850968 | 1054285 | 82671 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**104995844** | $**17970354** | $**701039** |

---

(1) Holbrook Total Return Fund commenced
 investment operations on May 1, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Funds** |
| **Statements of Changes in Net Assets** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Holbrook Income Fund** | **Holbrook Income Fund** | **Holbrook Structured Income Fund** | **Holbrook Structured Income Fund** |
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** | **For the**<br>**Six Months Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2025** |
| **FROM OPERATIONS** | (Unaudited) |  | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $77144876 | $104148076 | $16916069 | $32559625 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | 8221349 | (4746069) | (255626) | (1354582) |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation/(depreciation) from investments | 19629619 | 24456779 | 1309911 | (1549135) |
| Net increase in net assets resulting from operations | 104995844 | 123858786 | 17970354 | 29655908 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (66275008) | (107424113) | (14120142) | (28380806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6545353) | (11356710) | (2410729) | (4072464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4661905) | (5013423) | (585195) | (632162) |
| Net decrease in net assets resulting from distributions to shareholders | (77482266) | (123794246) | (17116066) | (33085432) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 785116505 | 997193299 | 158081209 | 469010828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 129142463 | 113192700 | 18812550 | 91697982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 98892319 | 77528043 | 10554483 | 16873138 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 54245356 | 88606228 | 11342524 | 24277841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 6201410 | 10988512 | 2269468 | 3895103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 4258984 | 4347226 | 534633 | 543185 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (242120818) | (519605509) | (170156496) | (271059583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (37737709) | (82237497) | (23148051) | (40812965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (21439210) | (22788982) | (5062053) | (7890952) |
| Net increase in net assets from shares of beneficial interest | 776559300 | 667224020 | 3228267 | 286534577 |
| **TOTAL INCREASE IN NET ASSETS** | 804072878 | 667288560 | 4082555 | 283105053 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 2182784663 | 1515496103 | 506727800 | 223622747 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**2986857541** | $**2182784663** | $**510810355** | $**506727800** |
| **SHARE ACTIVITY** |  |  |  |  |
| Class I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 80216758 | 102532020 | 16161831 | 47749128 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 5538730 | 9112861 | 1159591 | 2471640 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (24735199) | (53518789) | (17394608) | (27639682) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | 61020289 | 58126092 | (73186) | 22581086 |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 13075503 | 11532269 | 1919927 | 9321179 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 627818 | 1120738 | 231658 | 396001 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3822149) | (8384422) | (2363133) | (4150451) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | 9881172 | 4268585 | (211548) | 5566729 |
| Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 10095343 | 7958937 | 1078946 | 1718128 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 434136 | 446344 | 54655 | 55299 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2186972) | (2343583) | (517576) | (804441) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 8342507 | 6061698 | 616025 | 968986 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Funds** |
| **Statements of Changes in Net Assets (Unaudited)** |

---

---

| | |
|:---|:---|
| | **Holbrook Total Return Fund <sup>(1)</sup>** |
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025** |
| **FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $618368 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (66248) |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation from investments | 148919 |
| Net increase in net assets resulting from operations | 701039 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (619682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (200) |
| Net decrease in net assets resulting from distributions to shareholders | (619882) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 15967701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 5000 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 8773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 200 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |
| Net increase in net assets from shares of beneficial interest | 15977740 |
| **TOTAL INCREASE IN NET ASSETS** | 16058897 |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**16058897** |
| **SHARE ACTIVITY** |  |
| Class I: |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1595926 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 871 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (390) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1596407 |
| Class A: |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 500 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 20 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 520 |

---

(1) Holbrook
 Total Return Fund commenced investment operations on May 1, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Income Fund** |
| **Financial Highlights** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**October 31, 2025** | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Year Ended**<br>**April 30, 2023** | **Year Ended**<br>**April 30, 2022** | **Year Ended**<br>**April 30, 2021** |
|  | (Unaudited) | | | | | |
| Net asset value, beginning of year/period | $9.70 | $9.69 | $9.65 | $10.27 | $10.67 | $8.91 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.58 | 0.68 | 0.58 | 0.45 | 0.51 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.12 | 0.11 | 0.08 | (0.62 | (0.34) | 1.86 |
| Total from investment operations | 0.42 | 0.69 | 0.76 | (0.04 | 0.11 | 2.37 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.68) | (0.72) | (0.58) | (0.49) | (0.61) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  | (0.01) |  |
| Total distributions | (0.30 | (0.68) | (0.72 | (0.58 | (0.51) | (0.61) |
| Net asset value, end of year/period | $9.82 | $9.70 | $9.69 | $9.65 | $10.27 | $10.67 |
| Total return (2) | 4.36 | 7.38% | 8.17 | (0.34 | 0.92% | 27.10% (6) |
| Net assets, at end of year/period (000s) | $2496231 | $1875553 | $1309324 | $930463 | $606759 | $267123 |
| Ratio of gross expenses to average net assets (3) | 1.01 | 1.05% | 1.06 | 1.08 | 1.09% | 1.13% |
| Ratio of net expenses to average net assets | 1.00 | 1.05% | 1.04 | 1.06 | 1.09% | 1.28% (7) |
| Ratio of net investment income to average net assets | 6.01 | 5.95% | 7.03 | 5.85 | 4.28% | 4.98% |
| Portfolio Turnover Rate | 29 | 68% | 36 | 36 | 70% | 74% |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **October 31, 2025** | **April 30, 2025** | **April 30, 2024** | **April 30, 2023** | **April 30, 2022** | **April 30, 2021** |
|  | (Unaudited) |  |  |  |  |  |
| Net asset value, beginning of year/period | $9.79 | $9.77 | $9.70 | $10.32 | $10.71 | $8.92 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.27 | 0.53 | 0.64 | 0.52 | 0.40 | 0.46 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.12 | 0.13 | 0.07 | (0.61 | (0.33) | 1.85 |
| Total from investment operations | 0.39 | 0.66 | 0.71 | (0.09 | 0.07 | 2.31 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.64) | (0.64) | (0.53) | (0.44) | (0.52) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  | (0.01) |  |
| Total distributions | (0.28 | (0.64) | (0.64 | (0.53 | (0.46) | (0.52) |
| Net asset value, end of year/period | $9.90 | $9.79 | $9.77 | $9.70 | $10.32 | $10.71 |
| Total return (2) | 3.98 | 6.95% | 7.50 | (0.81 | 0.52% | 26.37% |
| Net assets, at end of year/period (000s) | $293975 | $193922 | $151881 | $124060 | $114783 | $68727 |
| Ratio of gross expenses to average net assets (3) | 1.50 | 1.55% | 1.56 | 1.58 | 1.59% | 1.63% |
| Ratio of net expenses to average net assets | 1.50 | 1.55% | 1.54 | 1.56 | 1.59% | 1.78% (7) |
| Ratio of net investment income to average net assets | 5.52 | 5.44% | 6.54 | 5.24 | 3.77% | 4.50% |
| Portfolio Turnover Rate | 29 | 68% | 36 | 36 | 70% | 74% |

---

(1) The net investment income per share
 data was determined using the average shares outstanding throughout each year/period.

(2) Total returns are historical in nature
 and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed
 a portion of Fund expenses, total returns would have been lower.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser .

(4) Does not include expenses of other
 investment companies in which the Fund invests.

(5) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests .

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments
 may apply to some but not all years and classes.

(7) Inclusive of the Adviser's recapture
 of waived/reimbursed fees from prior periods .

(8) Not Annualized.

(9) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Income Fund** |
| **Financial Highlights** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**October 31, 2025** | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Year Ended**<br>**April 30, 2023** | **Period Ended**<br>**April 30, 2022 (1)** |
|  | (Unaudited) | | | | |
| Net asset value, beginning of year/period | $9.72 | $9.71 | $9.65 | $10.27 | $10.68 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.29 | 0.56 | 0.66 | 0.56 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | 0.11 | 0.11 | 0.08 | (0.62 | (0.42) |
| Total from investment operations | 0.40 | 0.67 | 0.74 | (0.06 | (0.08) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.66) | (0.68) | (0.56) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.01) |
| Total distributions | (0.29 | (0.66) | (0.68 | (0.56 | (0.33) |
| Net asset value, end of year/period | $9.83 | $9.72 | $9.71 | $9.65 | $10.27 |
| Total return (3) | 4.12 | 7.11% | 7.97 | (0.52 | (0.84)% (5) |
| Net assets, at end of year/period (000s) | $196652 | $113310 | $54291 | $22239 | $12034 |
| Ratio of gross expenses to average net assets (4) | 1.25 | 1.31% | 1.32 | 1.33 | 1.36% (6) |
| Ratio of net expenses to average net assets | 1.25 | 1.31% | 1.30 | 1.31 | 1.36% (6) |
| Ratio of net investment income to average net assets | 5.77 | 5.73% | 6.85 | 5.66 | 4.21% (6) |
| Portfolio Turnover Rate | 29 | 68% | 36 | 36 | 70% (5) |

---

(1) Class A commenced investment operations
 on July 23, 2021.

(2) The net investment income per share
 data was determined using the average shares outstanding throughout each year/period .

(3) Total returns are historical in nature
 and assume changes in share price and reinvestment of dividends and capital gains distributions .

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(5) Not Annualized .

(6) Annualized.

(7) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(8) Does not include expenses of other
 investment companies in which the Fund invests.

(9) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Structured Income Fund <sup>(1)</sup>** |
| **Financial Highlights** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**October 31, 2025** | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Period Ended**<br>**April 30, 2023** |
|  | (Unaudited) | | | |
| Net asset value, beginning of year/period | $9.76 | $9.82 | $9.69 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.33 | 0.73 | 1.04 | 0.97 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | 0.02 | (0.03) | 0.15 | (0.33) |
| Total from investment operations | 0.35 | 0.70 | 1.19 | 0.64 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33 | (0.76) | (1.06) | (0.95) |
| Total distributions | (0.33 | (0.76) | (1.06) | (0.95) |
| Net asset value, end of year/period | $9.78 | $9.76 | $9.82 | $9.69 |
| Total return (3) | 3.68 | 7.36% | 12.85% | 6.69% (5) |
| Net assets, at end of year/period (000s) | $413220 | $413247 | $193865 | $29721 |
| Ratio of gross expenses to average net assets (4) | 1.30 | 1.33% | 1.58% | 2.36% (6) |
| Ratio of net expenses to average net assets | 1.28 | 1.39% (7) | 1.50% | 1.50% (6) |
| Ratio of net investment income to average net assets | 6.73 | 7.47% (7) | 10.68% | 9.90% (6) |
| Portfolio Turnover Rate | 31 | 80% | 15% | 8% (5) |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Period Ended** |
|  | **October 31, 2025** | **April 30, 2025** | **April 30, 2024** | **April 30, 2023** |
|  | (Unaudited) |  |  |  |
| Net asset value, beginning of year/period | $9.78 | $9.84 | $9.69 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.31 | 0.68 | 1.02 | 0.99 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | 0.02 | (0.03) | 0.12 | (0.39) |
| Total from investment operations | 0.33 | 0.65 | 1.14 | 0.60 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31 | (0.71) | (0.99) | (0.91) |
| Total distributions | (0.31 | (0.71) | (0.99) | (0.91) |
| Net asset value, end of year/period | $9.80 | $9.78 | $9.84 | $9.69 |
| Total return (3) | 3.42 | 6.83% | 12.37% | 6.22% (5) |
| Net assets, at end of year/period (000s) | $77126 | $79066 | $24777 | $6 |
| Ratio of gross expenses to average net assets (4) | 1.80 | 1.83% | 1.99% | 2.86% (6) |
| Ratio of net expenses to average net assets | 1.78 | 1.89% (7) | 1.99% | 2.00% (6) |
| Ratio of net investment income to average net assets | 6.21 | 6.89% (7) | 10.42% | 10.05% (6) |
| Portfolio Turnover Rate | 31 | 80% | 15% | 8% (5) |

---

(1) Holbrook Structured Income commenced
 investment operations on May 2, 2022.

(2) The net investment income per share
 data was determined using the average shares outstanding throughout the year/period.

(3) Total returns are historical in nature
 and assume changes in share price and reinvestment of dividends and capital gains distributions. Had the Adviser not absorbed a portion
 of Fund expenses, total returns would have been lower.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser .

(5) Not annualized.

(6) Annualized.

(7) Inclusive of the Adviser's recapture
 of waived/reimbursed fees from prior periods .

(8) Does not include expenses of other
 investment companies in which the Fund invests.

(9) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Structured Income Fund <sup>(1)</sup>** |
| **Financial Highlights** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**October 31, 2025** | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Period Ended**<br>**April 30, 2023** |
|  | (Unaudited) | | | |
| Net asset value, beginning of year/period | $9.77 | $9.83 | $9.68 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.32 | 0.70 | 1.04 | 1.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | 0.01 | (0.02) | 0.13 | (0.42) |
| Total from investment operations | 0.33 | 0.68 | 1.17 | 0.61 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32 | (0.74) | (1.02) | (0.93) |
| Total distributions | (0.32 | (0.74) | (1.02) | (0.93) |
| Net asset value, end of year/period | $9.78 | $9.77 | $9.83 | $9.68 |
| Total return (3) | 3.44 | 7.10% | 12.66% | 6.32% (5) |
| Net assets, at end of year/period (000s) | $20465 | $14415 | $4980 | $540 |
| Ratio of gross expenses to average net assets (4) | 1.55 | 1.59% | 1.86% | 2.61% (6) |
| Ratio of net expenses to average net assets | 1.53 | 1.65% (7) | 1.75% | 1.75% (6) |
| Ratio of net investment income to average net assets | 6.45 | 7.17% (7) | 10.63% | 10.56% (6) |
| Portfolio Turnover Rate | 31 | 80% | 15% | 8% (5) |

---

(1) Holbrook Structured Income commenced
 investment operations on May 2, 2022.

(2) The net investment income per share
 data was determined using the average shares outstanding throughout the year/period .

(3) Total returns are historical in nature
 and assume changes in share price and reinvestment of dividends and capital gains distributions. Had the Adviser not absorbed a portion
 of Fund expenses, total returns would have been lower.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser .

(5) Not annualized.

(6) Annualized.

(7) Inclusive of the Adviser's recapture
 of waived/reimbursed fees from prior periods .

(8) Does not include expenses of other
 investment companies in which the Fund invests.

(9) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Holbrook Total Return Fund <sup>(1)</sup>** |
| **Financial Highlights** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

---

| | |
|:---|:---|
|  | **Class I** |
|  | **Six Months Ended**<br>**October 31, 2025** |
|  | (Unaudited) |
| Net asset value, beginning of period | $10.00 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | 0.06 |
| Total from investment operations | 0.47 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) |
| Total distributions | (0.41) |
| Net asset value, end of period | $10.06 |
| Total return (3) | 4.73% (5) |
| Net assets, at end of period (000s) | $16054 |
| Ratio of gross expenses to average net assets (4) | 2.56% (6) |
| Ratio of net expenses to average net assets | 1.15% (6) |
| Ratio of net investment income to average net assets | 8.18% (6) |
| Portfolio Turnover Rate | 9% (5) |
|  | **Class A** |
|  | **Six Months Ended** |
|  | **October 31, 2025** |
|  | (Unaudited) |
| Net asset value, beginning of period | $10.00 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | 0.06 |
| Total from investment operations | 0.45 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) |
| Total distributions | (0.39) |
| Net asset value, end of period | $10.06 |
| Total return (3) | 4.59% (5) |
| Net assets, at end of period (000s) | $5 |
| Ratio of gross expenses to average net assets (4) | 12.21% (6) |
| Ratio of net expenses to average net assets | 1.40% (6) |
| Ratio of net investment income to average net assets | 7.78% (6) |
| Portfolio Turnover Rate | 9% (5) |

---

(1) Holbrook Total Return Fund commenced
 investment operations on May 1, 2025.

(2) The net investment income per share
 data was determined using the average shares outstanding throughout the period.

(3) Total returns are historical in nature
 and assume changes in share price and reinvestment of dividends and capital gains distributions. Had the Adviser not absorbed a portion
 of Fund expenses, total returns would have been lower.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser .

(5) Not annualized.

(6) Annualized.

The accompanying notes are an integral part of these financial statements.

**Holbrook Funds Notes to Financial Statements (Unaudited)**

 **October 31, 2025**

1. ORGANIZATION

The Holbrook Income Fund, the Holbrook Structured Income Fund, and the Holbrook Total Return Fund (each a "Fund" and collectively, the "Funds") are each a diversified series of shares of beneficial interest of the Two Roads Shared Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 8, 2012, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Holbrook Income Fund Class I and Investor Class shares commenced investment operations on July 6, 2016, and the Holbrook Income Fund Class A shares commenced investment operations on July 23, 2021. The Holbrook Structured Income Fund Class I, Investor Class and Class A shares commenced investment operations on May 2, 2022. The Holbrook Total Return Fund Class I and Class A shares commenced investment operations on May 1, 2025. The investment objective of each Fund is as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Investment Objective** |
| Holbrook Income Fund | Current income |
| Holbrook Structured Income Fund | Current income and the opportunity for capital appreciation to produce a total return |
| Holbrook Total Return Fund | Current income and the opportunity for capital appreciation to produce a total return |

---

The Holbrook Income Fund and the Holbrook Structured Income Fund offer Class I, Investor Class and Class A shares. The Holbrook Total Return Fund offers Class I and Class A shares. Class A shares are offered at net asset value ("NAV") plus a maximum sales charge of 1.25%, 2.25%, and 2.25% for Holbrook Income Fund, Holbrook Structured Income Fund, and Holbrook Total Return Fund, respectively. All other classes of shares are sold at net asset value without an initial sales charge. Class I shares are not subject to 12b-1 distribution fees and have a higher minimum initial investment than the Investor Class and Class A shares. Each share class represents an interest in the same assets of that Fund and classes are identical except for differences in their ongoing service and distribution charges. All classes of shares of each Fund have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

2. SUMMARY OF SIGNIFICANT ACCOUNTING
 POLICIES

The following is a summary of significant accounting policies followed by each Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

**Operating Segments** *–* The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of the Chief Financial Officer and the portfolio managers of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation** *–* Securities listed on an exchange are valued at the last quoted sales price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Funds may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Funds may hold securities, such as private investments, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Board of Trustees of the Trust (the "Board"). The Board has appointed the Adviser as its valuation designee (the "Valuation Designee") for the Funds, for all fair value determinations and responsibilities, other than overseeing pricing service providers used by the Trust, including the Funds. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability effectively to oversee the designee's fair value determinations. The Valuation Designee may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures approved by the Board.

*Valuation of Underlying Funds* - The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or premium on shares of any closed-end investment company purchased by the Funds will not change.

*Fair Valuation Process* – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures approved by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2025, for the Funds' assets measured at fair value:

**Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $— | $— | $5877827 | $5877827 |
| Open End Funds | 5028050 |  |  | 5028050 |
| Preferred Stocks | 33478112 | 19882960 |  | 53361072 |
| Asset Backed Securities |  | 963948400 | 1076665 | 965025065 |
| Corporate Bonds | 163602105 | 1261279679 |  | 1424881784 |
| Term Loans |  | 21333758 |  | 21333758 |
| U.S. Government & Agencies |  | 387310841 |  | 387310841 |
| Warrants |  | 856961 |  | 856961 |
| Short-Term Investments | 101013054 |  |  | 101013054 |
| Total Assets | $303121321 | $2654612599 | $6954492 | $2964688412 |

---

**Structured Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $10056100 | $— | $— | $10056100 |
| Asset Backed Securities |  | 483451375 |  | 483451375 |
| U.S. Government & Agencies |  | 4693919 |  | 4693919 |
| Corporate Bonds |  | 3450183 |  | 3450183 |
| Short-Term Investments | 11678733 |  |  | 11678733 |
| Total Assets | $21734833 | $491595477 | $— | $513330310 |

---

**Total Return Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Preferred Stocks | $921798 | $— | $— | $921798 |
| Asset Backed Securities |  | 5805650 |  | 5805650 |
| Corporate Bonds | 949051 | 6140933 |  | 7089984 |
| Non U.S. Government & Agencies |  | 17765 |  | 17765 |
| U.S. Government & Agencies |  | 1885078 |  | 1885078 |
| Short-Term Investments | 325609 |  |  | 325609 |
| Total Assets | $2196458 | $13849426 | $— | $16045884 |

---

\* Refer to the Schedule of Investments for classifications.

The following is a reconciliation for the Funds for which level 3 inputs were used in determining valuations.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Change in | | | | | Ending |
|  | Beginning | Accrued | | unrealized | | | | | Balance |
|  | balance April | Discount/ | Total realized | appreciation/ | | | Net Transfers | Net Transfer (out) | October 31, |
| Holbrook Income Fund | 30, 2025 | Premium | gain/(loss) | (depreciation) | Net Purchases | Net Sales | into Level 3 | of Level 3 | 2025 |
| HRR Funding, LLC Series 2021-1 | 1261546 | 503 |  | (185384) |  |  |  |  | 1076665 |
| Specialty Transportation Holdings, LLC | 9659929 |  |  | (3782102) |  |  |  |  | 5877827 |

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**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

Quantitative disclosures of unobservable inputs and assumptions used by Holbrook Income Fund are below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Fair Value | Valuation Techniques | Unobservable inputs | Input Range | Impact to valuation<br> from increase in input |
| HRR Funding, LLC 2021-1 | 1076665 | Broker Quotes | Indicative value | 49.5 | Increase |
| Specialty Transportation Holdings, LLC | 5877827 | Discount Cash Flows | Discount Rate | 45% | Increase |
|  | $6954492 |  |  |  |  |

---

**Security Transactions and Related Income** – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders** – Dividends from net investment income are declared daily and distributed monthly. Distributable net realized capital gains are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on ex dividend date and determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Federal Income Taxes** – It is each Fund's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken for open tax years 2023-2025 for the Holbrook Income Fund and 2024-2025 for the Holbrook Structured Income Fund or expected to be taken for each Fund's April 30, 2026, tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where each of the Funds makes significant investments; however, each Fund is not aware of any tax positions for which it is reasonably expected that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits, as income tax expense in the Statement of Operations. As of October 31, 2025, the Funds did not incur any interest or penalties.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

3. PRINCIPAL INVESTMENT RISKS

The Funds' investments in securities and financial instruments expose them to various risks, certain of which are discussed below. The Funds' prospectus and statement of additional information include further information regarding the risks associated with the Funds' investments which include, but are not limited to:

Holbrook Income Fund: Baby Bonds Risk, Business Development Company ("BDC") Risk, Cash Position Risk, Closed-End Fund Risk, Collateralized Loan Obligations Risk, Credit Risk, Currency Risk, Cybersecurity Risk, Derivatives Risk, Emerging Markets Risk, Financial Services Sector Risk, Fixed Income Securities Risk, Foreign (Non-U.S.) Investment Risk, Gap Risk, High Yield Securities ("Junk Bond") Risk, Industry Concentration Risk, Interest Rate Risk, Investment Companies Risk, Large Shareholder Transaction Risk, Liquidity Risk, Management Risk, Market Events Risk, Market Risk, Portfolio Turnover Risk, Preferred Stock Risk, Quantitative Investing Risk, Treasury Inflation Protected Securities Risk, Underlying Fund Risk, U.S. Government Securities Risk, Valuation Risk, Volatility Risk, and Yield Curve Risk.

Holbrook Structured Income Fund: Cash Position Risk, Collateralized Loan Obligations Risk, Concentration in Certain Mortgage-Backed Securities Risk, Credit Risk, Currency Risk, Cybersecurity Risk, Derivatives Risk, Emerging Markets Risk, Extension Risk, Fixed Income Securities Risk, Floating or Variable Rate Securities Risk, Foreign (Non-U.S.) Investment Risk, Gap Risk, High Yield Securities ("Junk Bonds") Risk, Illiquid Investments Risks, Industry Concentration Risk, Interest Rate Risk, Large Shareholder Transactions Risk, Leveraging Risk, Liquidity Risk, Management Risk, Market Events Risk, Market Risk, Mezzanine Securities Risk, Mortgage-Backed and Asset-Backed Securities Risk, New Fund Risk, Portfolio Turnover Risk, Prepayment Risk, Rating Agencies Risks, Residential Loans and Mortgages Risk, Sector Risk, Structured Products Risk, Treasury Inflation Protected Securities Risk, Unrated Securities Risks, U.S. Government Securities Risk, Valuation Risk, Volatility Risk, and Yield Curve Risk.

Holbrook Total Return Fund: Baby Bonds Risk, Business Development Company ("BDC") Risk, Cash Position Risk, Closed-End Fund Risk, Collateralized Loan Obligations Risk, Concentration in Certain Mortgage-Backed Securities Risk, Credit Risk, Currency Risk, Cybersecurity Risk, Derivatives Risk, Emerging Markets Risk, Extension Risk, Financial Services Sector Risk, Fixed Income Securities Risk, Floating or Variable Rate Securities Risk, Foreign (Non-U.S.) Investment Risk, Forward Commitments on MBS Risk, Gap Risk, High Yield Securities ("Junk Bond") Risk, Industry Concentration Risk, Illiquid Investments Risk, Interest Rate Risk, Inverse Floater Risk, Investment Companies and Exchange-Traded Funds ("ETFs") Risk, Large Shareholder Transaction Risk, Liquidity Risk, Loan Risk, Management Risk, Market Events Risk, Market Risk, Mezzanine Securities Risk, New Fund Risk, Portfolio Turnover Risk, Preferred Stock Risk, Prepayment Risk, Quantitative Investing Risk, Residential Loans and Mortgages Risk, Sector Risk, Structured Products Risk, Treasury Inflation Protected Securities Risk, Underlying Fund Risk, Unrated Securities Risk, U.S. Government Securities Risk, Valuation Risk, Volatility Risk, and Yield Curve Risk.

**Baby Bonds Risk –** The primary risk associated with Holbrook Income Fund's investments in baby bonds is that the issuer or insurer of a baby bond may default on principal and/or interest payments when due on the baby bond. Such a default would have the effect of lessening the income generated by the Fund and/or the value of the baby bonds. Baby bonds are also subject to typical credit ratings risks associated with other fixed-income instruments. Baby bond securities are classified as Corporate Bonds on the Schedule of Investments.

**Collateralized Loan Obligations Risk (CLOs) –** The Funds are subject to certain risks as a result of its investments in CLOs. The CLO's performance is linked to the expertise of the CLO manager and its ability to manage the CLO portfolio. The experience of a CLO manager plays an important role in the rating and risk assessment of CLO debt securities. One of the primary risks to investors of a CLO is the potential change in CLO manager, over which the Funds will have no control. The Funds may be adversely affected by new (or revised) laws or regulations that may be imposed by government regulators or self-regulatory organizations that supervise the financial markets. Changes in the regulation of CLOs may adversely affect the value of the investments held by the Funds and the ability of the Funds to execute their investment strategies. CLO debt securities are limited recourse obligations of their issuers. CLO investors must rely solely on distributions from the underlying assets for payments on the CLO debt they hold. CLO debt is not guaranteed by the issuer or any other party. If

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

income from the underlying loans is insufficient to make payments on the CLO debt, no other assets will be available for payment. CLO debt securities may be subject to redemption. In the event of an early redemption, holders of the CLO debt being redeemed will be repaid earlier than the stated maturity of the debt. The timing of redemptions may adversely affect the returns on CLO debt. The CLO manager may not find suitable assets in which to invest during the reinvestment period or to replace assets that the manager has determined are no longer suitable for investment. Additionally, there is a risk that the reinvestment period may terminate early if, for example, the CLO defaults on payments on the securities which it issues or if the CLO manager determines that it can no longer reinvest in underlying assets. Early termination of the reinvestment period could adversely affect a CLO investment.

**Fixed Income Securities Risk –** Fixed income securities are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, duration, and liquidity risk. In addition, current market conditions may pose heightened risks for fixed income securities. When the Funds invest in fixed income securities, the value of your investment in the Funds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Funds. Moreover, new regulations applicable to and changing business practices of financial intermediaries that make markets in fixed income securities have resulted in less market making activity for certain fixed income securities, which has reduced the liquidity and may increase the volatility for such fixed income securities. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. Longer-term securities may be more sensitive to interest rate changes.

**Asset-Backed Securities Risk (Holbrook Structured Income Fund and Holbrook Total Return Fund) –** Asset-backed securities may involve certain risks not presented by other securities. These risks include a greater chance of default during periods of economic downturn than other securities. Any future economic downturn could increase the risk that such assets underlying asset-backed securities purchased by the Funds will also suffer greater levels of default than were historically experienced. Also, asset-backed securities may be less liquid and therefore more difficult to value and liquidate, if necessary. Ultimately, asset-backed securities are dependent upon payment of the underlying consumer loans or receivables by individuals, and the certificate holder frequently has no recourse against the entity that originated the loans or receivables. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, the Funds' ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

**Market Risk** – Overall market risk may affect the value of individual instruments in which the Funds invests. The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Funds' performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, trade restrictions (including tariffs), the spread of infectious illness or other public health threats, lack of liquidity in the bond and other markets, volatility in the securities markets, adverse investor sentiment and political events effect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Funds' assets can decline as can the value of the Funds' distributions. When the value of the Funds' investments go down, your investment in the Funds decreases in value and you could lose money.

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments and could result in decreases to the Funds' net asset values. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Funds and their investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect the Funds' performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

**Preferred Stock Risk (Holbrook Income Fund)** – The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. Preferred stock prices tend to move more slowly upwards than common stock prices. Convertible preferred stock tends to be more volatile than non-convertible preferred stock, because its value is related to the price of the issuer's common stock as well as the dividends payable on the preferred stock. The value of preferred stocks will usually react more strongly than bonds and other debt securities to actual or perceived changes in issuer's financial condition or prospects and may be less liquid than common stocks.

**Structured Products Risk (Holbrook Structured Income Fund and Holbrook Total Return Fund)** – The Funds may invest in Structured Products, including CLOs, CDOs, CMOs, and other asset-backed securities and debt securitizations. Some Structured Products have credit ratings, but are typically issued in various classes with various priorities. Normally, Structured Products are privately offered and sold (that is, they are not registered under the securities laws) and may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for Structured Products that qualify for Rule 144A transactions. The senior and junior tranches of Structured Products may have floating or variable interest rates based on SOFR or an alternative reference rate and are subject to the risks associated with securities tied to a variable interest rate. The Funds may also invest in the equity tranches of a Structured Product, which typically represent the first loss position in the Structured Product, are unrated and are subject to higher risks. Equity tranches of Structured Products typically do not have a fixed coupon and payments on equity tranches will be based on the income received from the underlying collateral and the payments made to the senior tranches, both of which may be based on floating rates based on a variable reference rate.

4. INVESTMENT TRANSACTIONS

For the period ended October 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchase** | **Sales** |
| **Holbrook Income Fund** | $1854315939 | $712200162 |
| **Holbrook Structured Income Fund** | 240522920 | 151899399 |
| **Holbrook Total Return Fund** | 19266190 | 1376084 |

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5. INVESTMENT ADVISORY AGREEMENT AND
 TRANSACTIONS WITH RELATED PARTIES

*Advisory Fees* – Holbrook Holdings, Inc. serves as the Funds' Adviser. Pursuant to an Investment Advisory Agreement with the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly based on average daily net assets as shown in the table below.

The Adviser has contractually agreed to reduce its fees and/or absorb the Funds' expenses (the "Waiver Agreement"), until at least September 1, 2026, to ensure that Total Annual Fund Operating Expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses (such as litigation)) do not exceed the expense limitation shown in the table below, and is based on the Funds' average daily net assets and is subject to possible recoupment (or recapture) from the Funds in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment (or recapture) can be achieved within the foregoing expense limits as well as any expense limitation that was in effect at the time the waiver or reimbursement was made.

If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, and within three years of such waiver or reimbursement, the Funds' Operating Expenses are subsequently less than what is shown in the table below of average daily net assets, the Adviser shall be entitled to recoupment or recapture from the Funds' for such waived fees or reimbursed expenses provided that such recoupment (or recapture) does not cause the Funds' expenses to exceed what is shown in the table below of average daily net assets. If Fund Operating Expenses attributable to Class I, Investor Class and Class A shares subsequently exceed what is shown in the table below per annum of the average daily net assets, the recoupment (or recapture) shall be suspended. During the period ended October 31, 2025, the Adviser waived the expenses in the table below.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Managament | |
|  |  |  |  |  |  | Fee Waived/ | |
|  | Investment | Expenses Limitation | Expenses Limitation | Expenses Limitation |  | Expenses Reimbursed | Affiliated |
| Fund | Advisory Fee | Cl I | Cl INV | Cl A | Expires | YTD 10/31/2025 | Fees Waived |
| Holbrook Income Fund | &nbsp;&nbsp;0.80% | 1.30% | 1.80% | 1.55% | 9/1/2026 | $— | $(19857) |
| Holbrook Structured Income Fund | &nbsp;&nbsp;1.00% | 1.50% | 2.00% | 1.75% | 9/1/2026 |  | (49643) |
| Holbrook Total Return Fund | &nbsp;&nbsp;0.65% | 1.15% | N/A | 1.40% | 9/1/2026 | (106625) |  |

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The Holbrook Income Fund and the Holbrook Structured Income Fund are invested in the Holbrook Total Return Fund. Fees and expenses of investments in the Holbrook Total Return Fund will be borne by the Holbrook Income Fund or Holbrook Structured Income Fund and each respective Fund's shareholders. However, to avoid charging duplicative fees, the Adviser intends to voluntarily waive and/or reimburse the Holbrook Income Fund's and Holbrook Structured Income Fund's management fee with respect to the amount of its net assets invested in the Holbrook Total Return Fund. These fee waivers are not recapturable by the Adviser. The Adviser waived $106,625 in expenses for the Holbrook Total Return Fund which may be recaptured by April 30, 2028.

The Board has adopted the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Funds at an annual rate of 0.25% and 1.00% of its average daily net assets for Class A and Investor class share, respectively. Currently, the Funds' Trustees have set the 12b-1 fee level at 0.50% for the Funds' Investor Class shares. These fees are paid to Northern Lights Distributors, LLC (the "Distributor") to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of the Funds' shareholder accounts not otherwise required to be provided by the Adviser. For the period ended October 31, 2025, pursuant to the Plan, the fund paid the following 12b-1 fees:

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| | | |
|:---|:---|:---|
| Fund | Class A | Class Inv |
| Holbrook Income Fund | $200283 | $588098 |
| Holbrook Structured Income Fund | 22366 | 191710 |
| Holbrook Total Return Fund | 6 | N/A |

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**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' Class I, Investor Class and Class A shares. For the period ended October 31, 2025, the Distributor received the following underwriter commissions:

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| | | | |
|:---|:---|:---|:---|
| Fund | Class I | Class Inv | Class A |
| Holbrook Income Fund | $– $|  | $64801 |
| Holbrook Structured Income Fund | – |  | 4034 |
| Holbrook Total Return Fund | – |  |  |

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In addition, certain affiliates of the Distributor provide services to the Funds as follows:

*Ultimus Funds Solutions, LLC ("UFS")* – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

*Northern Lights Compliance Services, LLC ("NLCS")* – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

*Blu Giant, LLC ("Blu Giant")* – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

6. AFFILATED INVESTMENTS

Investments which were affiliates of the Funds as of October 31, 2025, are noted in the Schedules of Investments. A summary of Holbrook Income Fund and Holbrook Structured Income Fund's investment in the affiliated investment, Holbrook Total Return Fund, which is managed by the Adviser, is detailed below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | | | | Amount of |
|  |  | | | | | | Change in | Dividends | Gain (Loss) |
|  |  | | | | Shares at | | Unrealized | Credited to | Realized on |
| Fund | Affiliated Holding | Shares at 4/30/25 | Purchases | Sales | 10/31/2025 | Fair Value | Gain/(Loss) | Income | Sale of Shares |
| Holbrook Income Fund | Holbrook Total Return Fund |  | 500000 |  | 500000 | $5028050 | 28050 | $203505 |  |
| Holbrook Structured Income Fund | Holbrook Total Return Fund |  | 1000000 |  | 1000000 | 10056100 | 56100 | 407011 |  |
|  |  |  | 1500000 |  | 1500000 | $15084150 | 84150 | $610516 |  |

---

7. AGGREGATE UNREALIZED APPRECIATION
 AND DEPRECIATION – TAX BASIS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax<br> Cost | Gross<br> Unrealized<br> Appreciation | Gross<br> Unrealized<br> Depreciation | Net Unrealized<br> Appreciation/<br> (Depreciation) |
| Income Fund | $2956819594 | $28761445 | $(20892627) | $7868818 |
| Structured Income Fund | 512994923 | 1691021 | (1355634) | $335387 |
| Total Return Fund | 15896965 | 287637 | (138718) | $148919 |

---

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the periods ended April 30, 2025, and April 30, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**4/30/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Holbrook Income Fund | $123476934 | $— | $— | $123476934 |
| Holbrook Structured Income Fund | 32636648 |  |  | 32636648 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**4/30/2024** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Holbrook Income Fund | $98728423 | $— | $— | $98728423 |
| Holbrook Structured Income Fund | 7298338 |  |  | 7298338 |

---

As of April 30, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Holbrook Income Fund | $8796766 | $— | $— | $(65209655) | $(2220468) | $(11760801) | $(70394158) |
| Holbrook Structured Income Fund | 568748 |  | (1941941) | (563641) | (448784) | (974524) | $(3360142) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized losses, and unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales, trust preferred securities, partnerships and adjustments for accrued dividends payable. The difference between book basis and tax basis undistributed net investment income/(loss) and other book/tax adjustments is primarily attributable to the adjustments for accrued dividends payable.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Holbrook Income Fund | $|
| Holbrook Structured Income Fund |  |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October<br> Losses** |
| Holbrook Income Fund | $— |
| Holbrook Structured Income Fund | 1941941 |

---

At April 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| Holbrook Income Fund | $7064648 | $58145007 | $65209655 | $— |
| Holbrook Structured Income Fund | 267960 | 295681 | 563641 |  |

---

**Holbrook Funds Notes to Financial Statements (Unaudited) (Continued) October 31, 2025**

9. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, the shareholders that own 25% or more of the voting securities are as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Owner** |<br>**Income Fund** | **Structured**<br>**Income Fund** | **Total**<br>**Return Fund** |
| Charles Schwab & Co., Inc. | 43% | 38% |  |
| Holbrook Income Fund |  |  | 31% |
| Holbrook Structured Income Fund |  |  | 63% |

---

10. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**Holbrook Funds ADDITIONAL INFORMATION (Unaudited) October 31, 2025**

**Changes in and Disagreements with Accountants**

Not Applicable.

**Proxy Disclosures**

Not Applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the Statement of Operations in the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At a meeting held on March 19, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Two Roads Shared Trust (the "Trust"), each of whom is not an "interested person" of the Trust (the "Independent Trustees" or the "Trustees"), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered the approval of the proposed investment advisory agreement (the "Advisory Agreement") between Holbrook Holdings Inc. ("Holbrook" or the "Adviser") and the Trust, on behalf of the Holbrook Total Return Fund (the "New Holbrook Fund" or the "Fund").

In connection with the Board's consideration of the Advisory Agreement, the Board received written materials in advance of the Meeting, which included information regarding: (i) the nature, extent, and quality of services to be provided to the Fund by Holbrook; (ii) a description of the Adviser's investment management and other personnel; (iii) an overview of the Adviser's operations and financial condition; (iv) a description of the Adviser's brokerage practices (including any soft dollar arrangements); (v) a comparison of the Fund's proposed advisory fees and estimated overall expenses with those of comparable mutual funds; (vi) the anticipated level of profitability from the Adviser's fund-related operations; (vii) the Adviser's compliance policies and procedures, including policies and procedures for personal securities transactions, business continuity and information security; and (viii) information regarding the performance record of other mutual funds with similar investment strategies.

Throughout the process, including at the meeting, the Board had numerous opportunities to ask questions of and request additional materials and information from Holbrook. The Board was advised by, and met in executive sessions with, the Board's independent legal counsel, and received a memorandum from such independent counsel regarding its responsibilities under applicable law. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at and between prior meetings with respect to the services provided by the Adviser to other funds in the Trust advised by the Adviser, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Adviser. The Board noted that the information received and considered by the Board in connection with the Meeting and throughout the year was both written and oral.

Matters considered by the Board in connection with its approval of the Advisory Agreement with respect to the Fund included, among others, the following:

*Nature, Extent and Quality of Services.* The Board reviewed materials provided by Holbrook related to the Advisory Agreement with respect to the New Holbrook Fund, including: the Advisory Agreement; a description of the manner in which investment decisions will be made and executed; a review of the financial condition of Holbrook; an overview of the personnel that will perform advisory, compliance, and operational services for the New Holbrook Fund; Holbrook's compliance program, including its business continuity policy, cybersecurity policies, and a code of ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the Investment Company Act of 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); information regarding risk management processes and liquidity management; an annual review of the operation of

**Holbrook Funds ADDITIONAL INFORMATION (Unaudited) (Continued) October 31, 2025**

Holbrook's compliance program; information regarding the Adviser's compliance and regulatory history; information regarding the Adviser's valuation process; and an independent report prepared by Broadridge, an independent third- party data provider, analyzing the estimated fees and expenses of the New Holbrook Fund as compared to those of a peer group ("Peer Group") of other mutual funds with similar investment strategies as selected by Broadridge.

In considering the nature and quality of services to be provided by Holbrook under the Advisory Agreement with respect to the New Holbrook Fund, the Board considered the level and sophistication of Holbrook's employees' asset management, risk management, operations, and compliance experience.

The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer ("CCO") regarding the Adviser's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, which included evaluations of the regulatory compliance systems of the Adviser. The Board noted the analysis by the Trust's CCO that Holbrook's compliance, risk management, and associated policies appeared to be operating effectively overall and that its policies and procedures were reasonably designed to prevent violations of federal securities laws. The Board also considered the significant risks assumed by Holbrook in connection with the services to be provided to the New Holbrook Fund, including entrepreneurial risk and ongoing risks including investment, operational, enterprise, litigation, regulatory, and compliance risks with respect to the New Holbrook Fund.

In considering the nature, extent, and quality of the services provided by Holbrook, the Board took into account its knowledge, acquired through discussions and reports during the preceding year and in past years, of Holbrook's management and the quality of the performance of Holbrook's duties. The Board concluded that Holbrook had sufficient quality and depth of personnel, resources, investment methods, and compliance policies and procedures to perform its duties under the Advisory Agreement with respect to the New Holbrook Fund and that the nature, overall quality, and extent of the advisory services to be provided by Holbrook to the New Holbrook Fund were anticipated to be satisfactory and reliable.

*Performance*. The Board noted that the Adviser did not currently manage a comparable fund or managed account with a performance track record for comparison. The Adviser provided the performance of the other Funds it manages, the Holbrook Income Fund and the Holbrook Structured Income Fund. The Board considered that the other Funds managed by the Adviser are also actively-managed fixed income funds and considered that each them has had strong performance since its inception and outperforms the majority of its peers. The Board noted that it was familiar with the capabilities of the Adviser and expected the Adviser to obtain an acceptable level of investment returns for shareholders of the New Holbrook Fund.

*Fees and Expenses*. Regarding the costs of the services to be provided by Holbrook, the Board considered, among other expense data, a comparison prepared by Broadridge of the New Holbrook Fund's proposed advisory fee and estimated net total expenses compared to the advisory fee and net total expenses of the funds in its Peer Group and Morningstar category. The Board noted that while it found the data provided by the independent third- party generally useful, it recognized the data's limitations, including potential differences in the investment strategies of the New Holbrook Fund relative to the strategies of the funds in its Peer Group, as well as the level, quality and nature of the services to be provided by Holbrook with respect to the New Holbrook Fund.

The Board noted that the New Holbrook Fund's proposed contractual advisory fee was above the median of its Peer Group and Morningstar category but was not the highest among the funds in its Morningstar category. The Board also considered that the estimated net total expenses of the New Holbrook Fund were above the median of its Peer Group and Morningstar category but was not the highest among the funds in its Morningstar category.

The Board took into account that Holbrook had agreed to waive its fees and/or reimburse the new Holbrook Fund expenses to limit total annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) taxes; (iii) interest; (iv) brokerage commissions; (v) expenses incurred in connection with any merger or

**Holbrook Funds ADDITIONAL INFORMATION (Unaudited) (Continued) October 31, 2025**

reorganization; (vi) underlying fund fees and expenses; or (vii) extraordinary expenses such as litigation) to 1.15% and 1.40% for Class I and Class A shares, respectively.

Based on the factors above, the Board concluded that the proposed advisory fee for the New Holbrook Fund was not unreasonable.

*Profitability*. The Board considered the estimated profitability of Holbrook and whether these estimated profits were reasonable in light of the services to be provided to the New Holbrook Fund. The Board also considered and reviewed estimated profitability analysis prepared by Holbrook. The Board concluded that, based on the estimated costs of launching and managing the New Holbrook Fund during its first year of operations, the estimated profitability, if any, of Holbrook from its relationship with the New Holbrook Fund was not expected to be excessive, if any was realized.

*Economies of Scale*. The Board considered whether Holbrook would realize economies of scale with respect to the advisory services to be provided to the New Holbrook Fund. The Board considered the profitability information provided and noted that expenses of managing the New Holbrook Fund as a percentage of assets under management were expected to decrease as the New Holbrook Fund's assets grew. The Board concluded that at the projected asset levels for the initial term of the Advisory Agreement, economies of scale were not a consideration at this time but that the Board would consider whether economies of scale exist in the future with respect to the New Holbrook Fund.

*Other Benefits*. The Board also considered the character and amount of other direct and incidental benefits to be received by Holbrook from its relationship with the New Holbrook Fund. The Board noted that Holbrook did not believe it would receive any direct, indirect, or ancillary material "fall-out" benefits from its relationship with the New Holbrook Fund, although the Board noted that certain reputational benefits may result from the relationship. The Board concluded that any benefits are reasonable.

*Conclusion*. The Board, having requested and received such information from Holbrook as it believed reasonably necessary to evaluate the terms of the Advisory Agreement with respect to the New Holbrook Fund, and having been advised by independent counsel that it had appropriately considered and weighed all relevant factors, determined that approval of the Advisory Agreement with respect to the New Holbrook Fund for an initial two-year term was in the best interests of the New Holbrook Fund and its prospective shareholders.

In considering the approval of the Advisory Agreement with respect to the New Holbrook Fund, the Board considered a variety of factors, including those discussed above, and also considered other factors including conditions and trends prevailing generally in the economy, the securities markets, and the industry. The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently.

**<u>Proxy Voting Policy</u>**

Information regarding how the Funds votes proxies relating to portfolio securities for the 12 month period ended June 30th as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling 1-877-345-8646 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>Portfolio Holdings</u>**

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at <u>http://www.sec.gov</u>. The information on Form N-PORT is available without charge, upon request, by calling 1-877-345-8646.

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which contains information about the Funds' investment objective, risks, fees and expenses. Investors are reminded to read the prospectus carefully before investing in the Fund.

---

| |
|:---|
| **<u>Investment Adviser</u>** |
| Holbrook Holdings, Inc. |
| 3225 Cumberland Blvd SE Suite 100 |
| Atlanta, GA 30339 |
| **<u>Administrator</u>** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

(b) Financial Highlights are included
 in Item 7(a)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7(a)

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7(a)

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation as of a date within 90 days of this report on Form N-CSR, based on their evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Act.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Not applicable

(a)(2) Not applicable

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Two Roads Shared Trust

---

| |
|:---|
| By <u>/s/ James Colantino</u> |
| James Colantino |
| Principal Executive Officer/President |
| Date: January 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| By <u>/s/ James Colantino</u> |
| James Colantino<br> Principal Executive Officer/President |
| Date: January 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| By <u>/s/ Laura Szalyga</u> |
| By Laura Szalyga<br> Principal Financial Officer/Treasurer |
| Date: January 6, 2026 |

---

## Ex-99.Cert

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, James Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Holbrook Income Fund, Holbrook Structured
 Income Fund, and Holbrook Total Return Fund, which are series of Two Roads Shared Trust (the
 "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of trustees (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 6, 2026 | <u>/s/ James Colantino</u> |
|  | James Colantino |
|  | Principal Executive Officer/President |

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Laura Szalyga, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Holbrook Income Fund, Holbrook Structured
 Income Fund, and Holbrook Total Return Fund, which are series of Two Roads Shared Trust (the
 "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;1. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of trustees (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 6, 2026 | <u>/s/ Laura Szalyga</u> |
|  | Laura Szalyga |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

James Colantino, Principal Executive Officer/President, and Laura Szalyga, Principal Financial Officer/Treasurer of Two Roads Shared Trust (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust |
| /s/ James Colantino | /s/ James Colantino | /s/ Laura Szalyga | /s/ Laura Szalyga |
| James Colantino | James Colantino | Laura Szalyga | Laura Szalyga |
| Date: | January 6, 2026 | Date: | January 6, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Two Roads Shared Trust and will be retained by Two Roads Shared Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.