# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-23-075552
**Filing Date:** 2023-3
**Character Count:** 131502
**Document Hash:** 72569a4ba1e91d09d0e4de2ee0147fc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075552.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075552

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 23784767

**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:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Redwood AlphaFactor Tactical International Fund (Series ID: S000059550)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000195030 | Redwood AlphaFactor Tactical International Fund Class I | RWILX           |
| C000195031 | Redwood AlphaFactor Tactical International Fund Class N | RWINX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 13.6%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **0.4%** |  |  |  |
| 185000 | Bombardier, Inc.<sup>(a)</sup> | 7.8750 | &nbsp;&nbsp;&nbsp;04/15/27 | $184522 |
| 168000 | Howmet Aerospace, Inc. | 6.8750 | &nbsp;&nbsp;&nbsp;05/01/25 | 172837 |
| 403000 | TransDigm, Inc. | 6.3750 | &nbsp;&nbsp;&nbsp;06/15/26 | 398115 |
| 186000 | TransDigm, Inc. | 5.5000 | &nbsp;&nbsp;&nbsp;11/15/27 | 177660 |
|  |  |  |  | 933134 |
|  | **AUTOMOTIVE** — **0.5%** |  |  |  |
| 180000 | American Axle & Manufacturing, Inc. | 6.2500 | &nbsp;&nbsp;&nbsp;03/15/26 | 169527 |
| 388000 | Ford Motor Company | 4.3460 | &nbsp;&nbsp;&nbsp;12/08/26 | 378195 |
| 177000 | Ford Motor Company | 4.7500 | &nbsp;&nbsp;&nbsp;01/15/43 | 138417 |
| 165000 | Ford Motor Company | 5.2910 | &nbsp;&nbsp;&nbsp;12/08/46 | 136280 |
| 403000 | Goodyear Tire & Rubber Company (The) | 5.0000 | &nbsp;&nbsp;&nbsp;05/31/26 | 389632 |
|  |  |  |  | 1212051 |
|  | **BIOTECH & PHARMA** — **0.2%** |  |  |  |
| 99000 | BC Ltd.<sup>(a)</sup> | 9.0000 | &nbsp;&nbsp;&nbsp;01/30/28 | 98753 |
| 179000 | Bausch Health Companies, Inc.<sup>(a)</sup> | 11.0000 | &nbsp;&nbsp;&nbsp;09/30/28 | 140945 |
| 33000 | Bausch Health Companies, Inc.<sup>(a)</sup> | 14.0000 | &nbsp;&nbsp;&nbsp;10/15/30 | 20760 |
| 127000 | Endo Luxembourg Finance Company I Sarl / Endo US, Inc.<sup>(a)</sup> | 6.1250 | &nbsp;&nbsp;&nbsp;04/01/29 | 99092 |
| 188000 | Par Pharmaceutical, Inc.<sup>(a)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;04/01/27 | 147323 |
|  |  |  |  | 506873 |
|  | **CABLE & SATELLITE** — **0.9%** |  |  |  |
| 398000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | 371899 |
| 179000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> | 5.3750 | &nbsp;&nbsp;&nbsp;06/01/29 | 165775 |
| 185000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> | 4.7500 | &nbsp;&nbsp;&nbsp;03/01/30 | 162293 |
| 188000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> | 4.5000 | &nbsp;&nbsp;&nbsp;08/15/30 | 160959 |
| 192000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> | 4.2500 | &nbsp;&nbsp;&nbsp;02/01/31 | 160176 |
| 180000 | DISH DBS Corporation | 5.8750 | &nbsp;&nbsp;&nbsp;11/15/24 | 170087 |
| 173000 | DISH DBS Corporation | 7.7500 | &nbsp;&nbsp;&nbsp;07/01/26 | 140731 |
| 391000 | DISH DBS Corporation | 7.3750 | &nbsp;&nbsp;&nbsp;07/01/28 | 281434 |
| 385000 | Sirius XM Radio, Inc.<sup>(a)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;07/01/29 | 361307 |
| 192000 | Sirius XM Radio, Inc.<sup>(a)</sup> | 4.1250 | &nbsp;&nbsp;&nbsp;07/01/30 | 164637 |
|  |  |  |  | 2139298 |
|  | **COMMERCIAL SUPPORT SERVICES** — **0.1%** |  |  |  |
| 179000 | Prime Security Services Borrower, LLC <sup>(a)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;04/15/26 | 176266 |
| 126000 | RR Donnelley & Sons Company | 8.2500 | &nbsp;&nbsp;&nbsp;07/01/27 | 111424 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 13.6% (Continued)** |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES** — **0.1% (Continued)** |  |  | $287690 |
|  | **CONTAINERS & PACKAGING** — **0.4%** |  |  |  |
| 394000 | Ball Corporation | 4.0000 | &nbsp;&nbsp;&nbsp;11/15/23 | 388935 |
| 371000 | Pactiv, LLC B | 7.9500 | &nbsp;&nbsp;&nbsp;12/15/25 | 367329 |
| 327000 | Sealed Air Corporation<sup>(a)</sup> | 6.8750 | &nbsp;&nbsp;&nbsp;07/15/33 | 340261 |
|  |  |  |  | 1096525 |
|  | **ELECTRIC UTILITIES** — **0.6%** |  |  |  |
| 414000 | Calpine Corporation<sup>(a)</sup> | 5.1250 | &nbsp;&nbsp;&nbsp;03/15/28 | 375746 |
| 177000 | FirstEnergy Corporation | 4.1500 | &nbsp;&nbsp;&nbsp;07/15/27 | 169371 |
| 403000 | PG&E Corporation | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/28 | 378135 |
| 621000 | Talen Energy Supply, LLC | 6.5000 | &nbsp;&nbsp;&nbsp;06/01/25 | 239085 |
| 403000 | Vistra Operations Company, LLC<sup>(a)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;09/01/26 | 392024 |
|  |  |  |  | 1554361 |
|  | **ELECTRICAL EQUIPMENT** — **0.2%** |  |  |  |
| 375000 | WESCO Distribution, Inc.<sup>(a)</sup> | 7.2500 | &nbsp;&nbsp;&nbsp;06/15/28 | 384627 |
|  | **ENTERTAINMENT CONTENT** — **0.3%** |  |  |  |
| 725000 | Diamond Sports Group, LLC / Diamond Sports Finance<sup>(a)</sup> | 5.3750 | &nbsp;&nbsp;&nbsp;08/15/26 | 53922 |
| 370000 | Liberty Interactive, LLC | 8.5000 | &nbsp;&nbsp;&nbsp;07/15/29 | 187398 |
| 411000 | Univision Communications, Inc.<sup>(a)</sup> | 5.1250 | &nbsp;&nbsp;&nbsp;02/15/25 | 400907 |
|  |  |  |  | 642227 |
|  | **FOOD** — **0.7%** |  |  |  |
| 185000 | Kraft Heinz Foods Company | 3.0000 | &nbsp;&nbsp;&nbsp;06/01/26 | 175899 |
| 177000 | Kraft Heinz Foods Company | 3.8750 | &nbsp;&nbsp;&nbsp;05/15/27 | 172250 |
| 135000 | Kraft Heinz Foods Company | 6.3750 | &nbsp;&nbsp;&nbsp;07/15/28 | 142915 |
| 125000 | Kraft Heinz Foods Company<sup>(a)</sup> | 7.1250 | &nbsp;&nbsp;&nbsp;08/01/39 | 143869 |
| 156000 | Kraft Heinz Foods Company | 5.0000 | &nbsp;&nbsp;&nbsp;06/04/42 | 149191 |
| 150000 | Kraft Heinz Foods Company | 5.2000 | &nbsp;&nbsp;&nbsp;07/15/45 | 146365 |
| 165000 | Kraft Heinz Foods Company | 4.3750 | &nbsp;&nbsp;&nbsp;06/01/46 | 143743 |
| 154000 | Kraft Heinz Foods Company | 4.8750 | &nbsp;&nbsp;&nbsp;10/01/49 | 143476 |
| 137000 | Post Holdings, Inc.<sup>(a)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;03/01/27 | 135122 |
| 192000 | Post Holdings, Inc.<sup>(a)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;04/15/30 | 169175 |
| 195000 | Post Holdings, Inc.<sup>(a)</sup> | 4.5000 | &nbsp;&nbsp;&nbsp;09/15/31 | 168155 |
|  |  |  |  | 1690160 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 13.6% (Continued)** |  |  |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS** — **0.1%** |  |  |  |
| 415000 | Louisiana-Pacific Corporation<sup>(a)</sup> | 3.6250 | &nbsp;&nbsp;&nbsp;03/15/29 | $359733 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **1.1%** |  |  |  |
| 179000 | Centene Corporation | 4.6250 | &nbsp;&nbsp;&nbsp;12/15/29 | 169907 |
| 186000 | Centene Corporation | 3.3750 | &nbsp;&nbsp;&nbsp;02/15/30 | 163803 |
| 188000 | Centene Corporation | 3.0000 | &nbsp;&nbsp;&nbsp;10/15/30 | 161024 |
| 195000 | Centene Corporation | 2.5000 | &nbsp;&nbsp;&nbsp;03/01/31 | 159616 |
| 188000 | CHS/Community Health Systems, Inc.<sup>(a)</sup> | 6.8750 | &nbsp;&nbsp;&nbsp;04/15/29 | 118115 |
| 408000 | DaVita, Inc.<sup>(a)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;06/01/30 | 343891 |
| 203000 | DaVita, Inc.<sup>(a)</sup> | 3.7500 | &nbsp;&nbsp;&nbsp;02/15/31 | 158970 |
| 173000 | HCA, Inc. | 5.3750 | &nbsp;&nbsp;&nbsp;02/01/25 | 173657 |
| 364000 | HCA, Inc. | 5.8750 | &nbsp;&nbsp;&nbsp;02/15/26 | 369925 |
| 163000 | HCA, Inc. | 5.6250 | &nbsp;&nbsp;&nbsp;09/01/28 | 165588 |
| 183000 | HCA, Inc. | 3.5000 | &nbsp;&nbsp;&nbsp;09/01/30 | 163756 |
| 183000 | Tenet Healthcare Corporation | 6.1250 | &nbsp;&nbsp;&nbsp;10/01/28 | 170395 |
| 364000 | Tenet Healthcare Corporation | 6.8750 | &nbsp;&nbsp;&nbsp;11/15/31 | 335857 |
|  |  |  |  | 2654504 |
|  | **HOME & OFFICE PRODUCTS** — **0.1%** |  |  |  |
| 177000 | Newell Brands, Inc. | 4.4500 | &nbsp;&nbsp;&nbsp;04/01/26 | 167518 |
|  | **HOME CONSTRUCTION** — **0.3%** |  |  |  |
| 229000 | Beazer Homes USA, Inc. B | 6.7500 | &nbsp;&nbsp;&nbsp;03/15/25 | 225583 |
| 400000 | Toll Brothers Finance Corporation B | 4.3750 | &nbsp;&nbsp;&nbsp;04/15/23 | 398299 |
|  |  |  |  | 623882 |
|  | **INSURANCE** — **0.2%** |  |  |  |
| 42000 | MBIA, Inc. | 6.6250 | &nbsp;&nbsp;&nbsp;10/01/28 | 38944 |
| 391000 | Radian Group, Inc. | 4.5000 | &nbsp;&nbsp;&nbsp;10/01/24 | 378464 |
|  |  |  |  | 417408 |
|  | **INTERNET MEDIA & SERVICES** — **0.3%** |  |  |  |
| 168000 | Netflix, Inc. | 4.8750 | &nbsp;&nbsp;&nbsp;04/15/28 | 167584 |
| 157000 | Netflix, Inc. | 5.8750 | &nbsp;&nbsp;&nbsp;11/15/28 | 163272 |
| 354000 | Netflix, Inc.<sup>(a)</sup> | 4.8750 | &nbsp;&nbsp;&nbsp;06/15/30 | 350009 |
|  |  |  |  | 680865 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 13.6% (Continued)** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES** — **0.5%** |  |  |  |
| 197000 | BC ULC / New Red Finance, Inc.<sup>(a)</sup> | 4.0000 | &nbsp;&nbsp;&nbsp;10/15/30 | $166612 |
| 183000 | Carnival Corporation<sup>(a)</sup> | 7.6250 | &nbsp;&nbsp;&nbsp;03/01/26 | 166765 |
| 188000 | Carnival Corporation<sup>(a)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;03/01/27 | 156305 |
| 135000 | Carnival Corporation | 6.6500 | &nbsp;&nbsp;&nbsp;01/15/28 | 104135 |
| 195000 | Hilton Domestic Operating Company, Inc.<sup>(a)</sup> | 3.6250 | &nbsp;&nbsp;&nbsp;02/15/32 | 163300 |
| 379000 | MGM Resorts International | 5.7500 | &nbsp;&nbsp;&nbsp;06/15/25 | 374668 |
| 189000 | NCL Corporation Ltd.<sup>(a)</sup> | 5.8750 | &nbsp;&nbsp;&nbsp;03/15/26 | 165052 |
| 188000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;04/01/28 | 161928 |
|  |  |  |  | 1458765 |
|  | **METALS & MINING** — **0.2%** |  |  |  |
| 189000 | FMG Resources August 2006 Pty Ltd.<sup>(a)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;04/01/31 | 166456 |
| 154000 | Freeport-McMoRan, Inc. | 5.4500 | &nbsp;&nbsp;&nbsp;03/15/43 | 149842 |
| 185000 | Novelis Corporation<sup>(a)</sup> | 4.7500 | &nbsp;&nbsp;&nbsp;01/30/30 | 167706 |
|  |  |  |  | 484004 |
|  | **OIL & GAS PRODUCERS** — **1.9%** |  |  |  |
| 204000 | Apache Corporation | 4.8750 | &nbsp;&nbsp;&nbsp;11/15/27 | 190883 |
| 171000 | Apache Corporation | 5.1000 | &nbsp;&nbsp;&nbsp;09/01/40 | 149544 |
| 185000 | Cheniere Energy Partners, L.P. | 4.0000 | &nbsp;&nbsp;&nbsp;03/01/31 | 166161 |
| 39000 | Cheniere Energy, Inc.<sup>(a)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;10/15/28 | 37202 |
| 137000 | Cheniere Energy, Inc. | 4.6250 | &nbsp;&nbsp;&nbsp;10/15/28 | 130685 |
| 179000 | Comstock Resources, Inc.<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;03/01/29 | 164571 |
| 160000 | Continental Resources Inc.<sup>(a)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;01/15/31 | 156890 |
| 403000 | EQM Midstream Partners, L.P. | 4.0000 | &nbsp;&nbsp;&nbsp;08/01/24 | 390342 |
| 180000 | EQT Corporation | 3.9000 | &nbsp;&nbsp;&nbsp;10/01/27 | 170632 |
| 375000 | Murphy Oil Corporation | 7.0500 | &nbsp;&nbsp;&nbsp;05/01/29 | 384339 |
| 415000 | New Fortress Energy, Inc.<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;09/15/25 | 397846 |
| 197000 | New Fortress Energy, Inc.<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;09/30/26 | 181538 |
| 189000 | NGL Energy Operating, LLC / NGL Energy Finance<sup>(a)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;02/01/26 | 178776 |
| 188000 | Occidental Petroleum Corporation | 2.9000 | &nbsp;&nbsp;&nbsp;08/15/24 | 180407 |
| 379000 | Occidental Petroleum Corporation | 5.5500 | &nbsp;&nbsp;&nbsp;03/15/26 | 383237 |
| 189000 | Occidental Petroleum Corporation | 3.5000 | &nbsp;&nbsp;&nbsp;08/15/29 | 174555 |
| 143000 | Occidental Petroleum Corporation | 8.8750 | &nbsp;&nbsp;&nbsp;07/15/30 | 168653 |
| 156000 | Occidental Petroleum Corporation | 6.6250 | &nbsp;&nbsp;&nbsp;09/01/30 | 165798 |
| 160000 | Occidental Petroleum Corporation | 6.1250 | &nbsp;&nbsp;&nbsp;01/01/31 | 167150 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 13.6% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS** — **1.9% (Continued)** |  |  |  |
| 150000 | Occidental Petroleum Corporation | 6.4500 | &nbsp;&nbsp;&nbsp;09/15/36 | $158047 |
| 304000 | Ovintiv, Inc. | 8.1250 | &nbsp;&nbsp;&nbsp;09/15/30 | 343703 |
| 175000 | Western Midstream Operating, L.P. | 5.3000 | &nbsp;&nbsp;&nbsp;02/01/30 | 160297 |
|  |  |  |  | 4601256 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.4%** |  |  |  |
| 463000 | Nabors Industries, Inc. B | 5.7500 | &nbsp;&nbsp;&nbsp;02/01/25 | 449469 |
| 525000 | Transocean, Inc.<sup>(a)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;02/01/27 | 483737 |
|  |  |  |  | 933206 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.6%** |  |  |  |
| 402000 | Iron Mountain, Inc.<sup>(a)</sup> | 4.8750 | &nbsp;&nbsp;&nbsp;09/15/27 | 381928 |
| 185000 | Iron Mountain, Inc.<sup>(a)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;07/15/30 | 167367 |
| 406000 | iStar, Inc. | 4.2500 | &nbsp;&nbsp;&nbsp;08/01/25 | 403477 |
| 189000 | MPT Operating Partnership, L.P. / MPT Finance | 3.5000 | &nbsp;&nbsp;&nbsp;03/15/31 | 132560 |
| 186000 | SBA Communications Corporation | 3.8750 | &nbsp;&nbsp;&nbsp;02/15/27 | 172068 |
| 200000 | SBA Communications Corporation | 3.1250 | &nbsp;&nbsp;&nbsp;02/01/29 | 169688 |
|  |  |  |  | 1427088 |
|  | **RETAIL - CONSUMER STAPLES** — **0.3%** |  |  |  |
| 195000 | Albertsons Companies Inc. / Safeway Inc.<sup>(a)</sup> | 3.5000 | &nbsp;&nbsp;&nbsp;03/15/29 | 168493 |
| 294000 | New Albertsons, L.P. | 8.0000 | &nbsp;&nbsp;&nbsp;05/01/31 | 307559 |
| 236000 | Rite Aid Corporation B | 7.7000 | &nbsp;&nbsp;&nbsp;02/15/27 | 102462 |
| 226000 | Safeway, Inc. | 7.2500 | &nbsp;&nbsp;&nbsp;02/01/31 | 230106 |
|  |  |  |  | 808620 |
|  | **RETAIL - DISCRETIONARY** — **0.2%** |  |  |  |
| 189000 | Magic MergerCo, Inc.<sup>(a)</sup> | 7.8750 | &nbsp;&nbsp;&nbsp;05/01/29 | 143876 |
| 423000 | Staples, Inc.<sup>(a)</sup> | 10.7500 | &nbsp;&nbsp;&nbsp;04/15/27 | 323016 |
|  |  |  |  | 466892 |
|  | **SEMICONDUCTORS** — **0.2%** |  |  |  |
| 388000 | Amkor Technology, Inc.<sup>(a)</sup> | 6.6250 | &nbsp;&nbsp;&nbsp;09/15/27 | 390080 |
|  | **SPECIALTY FINANCE** — **0.3%** |  |  |  |
| 392000 | OneMain Finance Corporation | 5.6250 | &nbsp;&nbsp;&nbsp;03/15/23 | 391983 |
| 171000 | OneMain Finance Corporation | 6.8750 | &nbsp;&nbsp;&nbsp;03/15/25 | 169881 |
| 168000 | OneMain Finance Corporation | 7.1250 | &nbsp;&nbsp;&nbsp;03/15/26 | 167143 |
|  |  |  |  | 729007 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 13.6% (Continued)** | **CORPORATE BONDS — 13.6% (Continued)** |  |  |  |
|  | **STEEL** — **0.2%** | **STEEL** — **0.2%** |  |  |  |
| 392000 | United States Steel Corporation |  | 6.6500 | &nbsp;&nbsp;&nbsp;06/01/37 | $372318 |
|  | **TECHNOLOGY HARDWARE** — **0.4%** | **TECHNOLOGY HARDWARE** — **0.4%** |  |  |  |
| 324000 | Dell, Inc. |  | 7.1000 | &nbsp;&nbsp;&nbsp;04/15/28 | 355955 |
| 186000 | Imola Merger Corporation<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/15/29 | 161958 |
| 137000 | Pitney Bowes, Inc. |  | 4.6250 | &nbsp;&nbsp;&nbsp;03/15/24 | 133027 |
| 175000 | Western Digital Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;02/15/26 | 169230 |
| 400000 | Xerox Corporation |  | 3.8000 | &nbsp;&nbsp;&nbsp;05/15/24 | 388589 |
|  |  |  |  |  | 1208759 |
|  | **TECHNOLOGY SERVICES** — **0.3%** | **TECHNOLOGY SERVICES** — **0.3%** |  |  |  |
| 356000 | Sabre GLBL, Inc.<sup>(a)</sup> |  | 9.2500 | &nbsp;&nbsp;&nbsp;04/15/25 | 364789 |
| 379000 | Unisys Corporation<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;&nbsp;11/01/27 | 287627 |
|  |  |  |  |  | 652416 |
|  | **TELECOMMUNICATIONS** — **1.1%** | **TELECOMMUNICATIONS** — **1.1%** |  |  |  |
| 173000 | Embarq Corporation |  | 7.9950 | &nbsp;&nbsp;&nbsp;06/01/36 | 83530 |
| 406000 | Frontier Communications Corporation<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/28 | 367226 |
| 152000 | Sprint Capital Corporation |  | 6.8750 | &nbsp;&nbsp;&nbsp;11/15/28 | 162771 |
| 128000 | Sprint Capital Corporation |  | 8.7500 | &nbsp;&nbsp;&nbsp;03/15/32 | 158057 |
| 173000 | Sprint Corporation |  | 7.8750 | &nbsp;&nbsp;&nbsp;09/15/23 | 175771 |
| 169000 | Sprint Corporation |  | 7.1250 | &nbsp;&nbsp;&nbsp;06/15/24 | 172806 |
| 165000 | Sprint Corporation |  | 7.6250 | &nbsp;&nbsp;&nbsp;02/15/25 | 171491 |
| 341000 | Sprint Corporation |  | 7.6250 | &nbsp;&nbsp;&nbsp;03/01/26 | 361130 |
| 157000 | Telecom Italia Capital S.A. |  | 7.2000 | &nbsp;&nbsp;&nbsp;07/18/36 | 133579 |
| 152000 | Telecom Italia Capital S.A. |  | 7.7210 | &nbsp;&nbsp;&nbsp;06/04/38 | 131344 |
| 185000 | T-Mobile USA, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;04/15/31 | 165778 |
| 160000 | Vodafone Group plc<sup>(b)</sup> | USD SWAP SEMI 30/360 5YR + 4.873% | 7.0000 | &nbsp;&nbsp;&nbsp;04/04/79 | 164993 |
| 180000 | Windstream Escrow, LLC / Windstream Escrow Finance<sup>(a)</sup> |  | 7.7500 | &nbsp;&nbsp;&nbsp;08/15/28 | 145972 |
| 197000 | Zayo Group Holdings, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;03/01/27 | 156507 |
|  |  |  |  |  | 2550955 |
|  | **TRANSPORTATION & LOGISTICS** — **0.6%** | **TRANSPORTATION & LOGISTICS** — **0.6%** |  |  |  |
| 154000 | American Airlines, Inc.<sup>(a)</sup> |  | 11.7500 | &nbsp;&nbsp;&nbsp;07/15/25 | 171633 |
| 183000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;04/20/26 | 179547 |
| 179000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;04/20/29 | 173482 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 13.6% (Continued)** |  |  |  |
|  | **TRANSPORTATION & LOGISTICS** — **0.6% (Continued)** |  |  |  |
| 163000 | Delta Air Lines, Inc. | 7.3750 | &nbsp;&nbsp;&nbsp;01/15/26 | $169768 |
| 183000 | Hawaiian Brand Intellectual Property Ltd. <sup>(a)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;01/20/26 | 174993 |
| 402000 | United Airlines Holdings, Inc. | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/24 | 400190 |
| 186000 | United Airlines, Inc.<sup>(a)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;04/15/26 | 176806 |
| 186000 | United Airlines, Inc.<sup>(a)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;04/15/29 | 170048 |
|  |  |  |  | 1616467 |
|  | **TOTAL CORPORATE BONDS (Cost $35,711,061)** |  |  | 33050689 |
|  | **U.S. GOVERNMENT & AGENCIES — 18.2%** |  |  |  |
|  | **U.S. TREASURY NOTES** — **18.2%** |  |  |  |
| 12080000 | United States Treasury Note | 0.8750 | &nbsp;&nbsp;&nbsp;01/31/24 | 11625206 |
| 8131000 | United States Treasury Note | 2.5000 | &nbsp;&nbsp;&nbsp;05/31/24 | 7909621 |
| 9679000 | United States Treasury Note | 1.1250 | &nbsp;&nbsp;&nbsp;01/15/25 | 9117542 |
| 4831000 | United States Treasury Note | 1.5000 | &nbsp;&nbsp;&nbsp;01/31/27 | 4430838 |
| 1739000 | United States Treasury Note | 3.1250 | &nbsp;&nbsp;&nbsp;11/15/28 | 1691993 |
| 1449000 | United States Treasury Note | 2.6250 | &nbsp;&nbsp;&nbsp;02/15/29 | 1369871 |
| 1449000 | United States Treasury Note | 2.3750 | &nbsp;&nbsp;&nbsp;05/15/29 | 1348306 |
| 1159000 | United States Treasury Note | 1.5000 | &nbsp;&nbsp;&nbsp;02/15/30 | 1015347 |
| 3510000 | United States Treasury Note | 0.6250 | &nbsp;&nbsp;&nbsp;08/15/30 | 2851738 |
| 1514000 | United States Treasury Note | 0.8750 | &nbsp;&nbsp;&nbsp;11/15/30 | 1248577 |
| 2062000 | United States Treasury Note | 1.6250 | &nbsp;&nbsp;&nbsp;05/15/31 | 1790235 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $47,824,649)** |  |  | 44399274 |
|  | **SHORT-TERM INVESTMENTS – 62.7%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **59.6%** |  |  |  |
| 7577000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;03/16/23 | 7536545 |
| 23060000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;04/20/23 | 22833885 |
| 39432000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;04/27/23 | 39012337 |
| 8274000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;05/18/23 | 8164095 |
| 70137000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;11/02/23 | 67742681 |
|  | **TOTAL U.S. TREASURY BILLS (Cost $145,522,915)** |  |  | 145289543 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.1% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 3.1%** |  |
| 7499157 | First American Government Obligations Fund, Class X, 4.13% (Cost $7,499,157)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $7499157 |
|  | **TOTAL SHORT-TERM INVESTMENTS - (Cost $153,022,072)** | &nbsp;&nbsp;&nbsp; 152788700 |
|  | **TOTAL INVESTMENTS - 94.5% (Cost $236,557,782)** | &nbsp;&nbsp;&nbsp; $230238663 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 5.5%** | &nbsp;&nbsp; 13464317 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $243702980 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is 13,329,265 or 5.5% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on January 31, 2023.

<sup>(c)</sup> Zero coupon bond.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| |
|:---|
| **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** |  |  |  |  |  |  |  |
| **Notional Amount** | **Premiums Paid (Received)** | **Reference Entity (I)** | **Counterparty** | **Expiration Date** | **Pay/Receive Fixed Rate** | **Fixed Rate** | **Value** | **Unrealized Appreciation** |
| $22000000 | $16728 | To Sell Protection - CDX HY CDSI S38 5Y PRC, pays Quarterly | BNP Paribas | 12/20/2027 | Receive | 5.00% | $582252 | $598980 |
| **TOTAL** |  |  |  |  |  |  | $582252 | $598980 |
| (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. | (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. | (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. | (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. | (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. | (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. | (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. | (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. | (I) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS \*** |  |  |  |  |  |  |
| **Security** | **Number of Shares** | **Notional Value** | **Interest Rate Payable** | **Termination Date** | **Counterparty** | **Value/ Unrealized Appreciation** |
| BlackRock High Yield Bond Portfolio - Institutional Class | 12299557 | $81669055 | SOFR + 175 bps | 7/31/2025 | Barclays | $2951893 |
| Invesco High Yield Municpal Fund | 2822857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24736978 | SOFR + 161 bps | 1/10/2024 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358221 |
| Invesco High Yield Municpal Fund | 131029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121609 | SOFR + 175 bps | 7/31/2025 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43240 |
| Ishares IBOXX High Yield Corporate Bond | 151586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11161277 | Fed Funds - 40 bps | 7/20/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409282 |
| Lord Abbett High Yield Fund | 3450776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21153257 | SOFR + 161 bps | 10/20/2023 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586632 |
| Nuveen High Yield Municipal Bond Fund | 1258900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31219454 | OBFR + 50 bps | 12/31/2049 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958030 |
| Nuveen High Yield Municipal Bond Fund | 171076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549036 | SOFR + 150 bps | 12/5/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106067 |
| Nuveen High Yield Municipal Bond Fund | 3635285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55407957 | SOFR + 161 bps | 1/10/2024 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011666 |
| PGIM High Yield Fund - Class Z | 4482020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20393191 | SOFR + 161 bps | 10/31/2023 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582663 |
| **TOTAL** |  |  |  |  |  | $7007694 |
| \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly. | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly. | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly. | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly. | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly. | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly. | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly. |

---

SOFR - Secured Overnight Financing Rate <br> FED FUNDS - Federal Funds Rate <br> OBFR - Overnight Bank Funding Rate

---

| | | |
|:---|:---|:---|
| **REDWOOD MANAGED MUNICIPAL INCOME FUND** | **REDWOOD MANAGED MUNICIPAL INCOME FUND** | **REDWOOD MANAGED MUNICIPAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 96.8%** |  |
|  | **FIXED INCOME - 96.8%** |  |
| 9801 | American Century High-Yield Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; $87422 |
| 10872 | BlackRock High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 98171 |
| 2657771 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 23627584 |
| 5037177 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 35109124 |
| 8311 | Lord Abbett High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 90006 |
| 2021663 | MainStay MacKay High Yield Municipal Bond Fund | &nbsp;&nbsp;&nbsp; 23794969 |
| 11735 | MFS Municipal High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 87307 |
| 11741 | Northern High Yield Municipal Fund, Shares Class | &nbsp;&nbsp;&nbsp; 89000 |
| 3616221 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 56123754 |
| 9921 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 96130 |
| 2342834 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 19773518 |
| 14801 | Pioneer High Income Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 94725 |
| 6929 | Western Asset Municipal High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 88895 |
|  | **TOTAL OPEN END FUNDS (Cost $152,316,603)** | &nbsp;&nbsp; 159160605 |
|  | **SHORT-TERM INVESTMENTS — 2.5%** |  |
|  | **MONEY MARKET FUNDS - 2.5%** |  |
| 293466 | BlackRock Liquidity Funds MuniCash, Institutional Class, 1.40%<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 293525 |
| 3307242 | First American Government Obligations Fund, Class X, 4.13%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3307242 |
| 206546 | JPMorgan Municipal Money Market Fund, Agency Class, 1.66%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 206546 |
| 263189 | JPMorgan Tax Free Money Market Fund, Agency Class, 1.78%<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 263189 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $4,070,433)** | &nbsp;&nbsp; 4070502 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $156,387,036)** | &nbsp;&nbsp;&nbsp; $163231107 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | &nbsp;&nbsp; 1143547 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $164374654 |

---

<sup>(a)</sup> All or a portion of this security is held in a separate collateral account. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| |
|:---|
| **REDWOOD MANAGED MUNICIPAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**<br> **January 31, 2023**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS \*** |  |  |  |  |  |  |
| **Security** | **Number of Shares** | **Notional Value** | **Interest Rate Payable** | **Termination Date** | **Counterparty** | **Value/ Unrealized Appreciation** |
| Invesco High Yield Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | $14000000 | SOFR + 175 bps^ | 7/31/2025 | Barclays | $224000 |
| Invesco High Yield Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500750 | SOFR + 161 bps^^ | 1/10/2024 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7251 |
| Nuveen High Yield Municipal Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | SOFR + 175 bps^ | 7/31/2025 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376063 |
| **TOTAL** |  |  |  |  |  | $607314 |

---

\* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly.

SOFR - Secured Overnight Financing Rate

---

| | | |
|:---|:---|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 64.9%** |  |
|  | **Brazil - 4.1%** |  |
| 783574 | B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp; $2002316 |
| 454511 | Gerdau S.A. | &nbsp;&nbsp;&nbsp; 2946137 |
| 341305 | Petroleo Brasileiro S.A. | &nbsp;&nbsp;&nbsp; 1983033 |
| 170908 | Vale S.A. | &nbsp;&nbsp;&nbsp; 3194844 |
|  |  | &nbsp;&nbsp; 10126330 |
|  | **Canada - 12.4%** |  |
| 157338 | ARC Resources Ltd. | &nbsp;&nbsp;&nbsp; 1828247 |
| 140394 | Barrick Gold Corporation | &nbsp;&nbsp;&nbsp; 2745665 |
| 36145 | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp; 2218720 |
| 108598 | Cenovus Energy, Inc. | &nbsp;&nbsp;&nbsp; 2169544 |
| 26556 | CGI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2276206 |
| 83125 | Empire Company Ltd., Class A | &nbsp;&nbsp;&nbsp; 2392261 |
| 40580 | Imperial Oil Ltd. | &nbsp;&nbsp;&nbsp; 2217980 |
| 25785 | Loblaw Companies Ltd. | &nbsp;&nbsp;&nbsp; 2310123 |
| 26155 | Nutrien Ltd. | &nbsp;&nbsp;&nbsp; 2165167 |
| 73445 | Open Text Corporation | &nbsp;&nbsp;&nbsp; 2463660 |
| 64677 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 2244891 |
| 68629 | Teck Resources Ltd., Class B | &nbsp;&nbsp;&nbsp; 2969067 |
| 28438 | West Fraser Timber Company Ltd. | &nbsp;&nbsp;&nbsp; 2472786 |
|  |  | &nbsp;&nbsp; 30474317 |
|  | **Cayman Islands - 1.4%** |  |
| 198300 | NetEase, Inc. | &nbsp;&nbsp;&nbsp; 3533281 |
|  | **China - 3.0%** |  |
| 5636000 | China Galaxy Securities Company Ltd., H Shares | &nbsp;&nbsp;&nbsp; 3033489 |
| 769500 | China Shenhua Energy Company Ltd., H Shares | &nbsp;&nbsp;&nbsp; 2389828 |
| 1917000 | COSCO SHIPPING Holdings Company Ltd., H Shares | &nbsp;&nbsp;&nbsp; 1980460 |
|  |  | &nbsp;&nbsp; 7403777 |
|  | **Finland - 1.0%** |  |
| 47334 | Orion OYJ, Class B | &nbsp;&nbsp;&nbsp; 2531101 |
|  | **France - 1.0%** |  |
| 39202 | TotalEnergies S.E. | &nbsp;&nbsp;&nbsp; 2428231 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 64.9% (Continued)** |  |
|  | **Israel - 0.9%** |  |
| 16930 | Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2153496 |
|  | **Japan - 15.3%** |  |
| 156500 | Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp; 2299914 |
| 94600 | Honda Motor Company Ltd. | &nbsp;&nbsp;&nbsp; 2331235 |
| 23200 | Hoya Corporation | &nbsp;&nbsp;&nbsp; 2531467 |
| 82600 | ITOCHU Corporation | &nbsp;&nbsp;&nbsp; 2654995 |
| 72600 | KDDI Corporation | &nbsp;&nbsp;&nbsp; 2264392 |
| 49000 | Konami Group Corporation | &nbsp;&nbsp;&nbsp; 2398454 |
| 244100 | Marubeni Corporation | &nbsp;&nbsp;&nbsp; 2975799 |
| 96700 | Mitsui & Company Ltd. | &nbsp;&nbsp;&nbsp; 2838479 |
| 678400 | Nissan Motor Company Ltd. | &nbsp;&nbsp;&nbsp; 2415149 |
| 90400 | Ono Pharmaceutical Company Ltd. | &nbsp;&nbsp;&nbsp; 1961336 |
| 69600 | Recruit Holdings Company Ltd. | &nbsp;&nbsp;&nbsp; 2216281 |
| 257900 | Renesas Electronics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2634727 |
| 20500 | Shin-Etsu Chemical Company Ltd. | &nbsp;&nbsp;&nbsp; 3004791 |
| 50700 | SoftBank Group Corporation | &nbsp;&nbsp;&nbsp; 2393619 |
| 81700 | Takeda Pharmaceutical Company Ltd. | &nbsp;&nbsp;&nbsp; 2567682 |
|  |  | &nbsp;&nbsp; 37488320 |
|  | **Korea (Republic Of) - 4.2%** |  |
| 161805 | HMM Company Ltd. | &nbsp;&nbsp;&nbsp; 2854178 |
| 46353 | Kia Motors Corporation | &nbsp;&nbsp;&nbsp; 2511217 |
| 133480 | Korean Air Lines Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2625172 |
| 32139 | KT&G Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2411038 |
|  |  | &nbsp;&nbsp; 10401605 |
|  | **Netherlands - 5.7%** |  |
| 463022 | Aegon N.V. | &nbsp;&nbsp;&nbsp; 2534818 |
| 76370 | Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp; 2273500 |
| 768583 | Koninklijke KPN N.V. | &nbsp;&nbsp;&nbsp; 2624327 |
| 56472 | OCI N.V. | &nbsp;&nbsp;&nbsp; 1917801 |
| 49360 | QIAGEN N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2395830 |
| 20161 | Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp; 2194939 |
|  |  | &nbsp;&nbsp; 13941215 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 64.9% (Continued)** |  |
|  | **Singapore - 1.0%** |  |
| 359800 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp; $2525143 |
|  | **Sweden - 2.9%** |  |
| 22976 | Evolution A.B. | &nbsp;&nbsp;&nbsp; 2570698 |
| 210977 | Hennes & Mauritz A.B., Class B | &nbsp;&nbsp;&nbsp; 2584452 |
| 812156 | Telia Company A.B. | &nbsp;&nbsp;&nbsp; 2095067 |
|  |  | &nbsp;&nbsp; 7250217 |
|  | **Switzerland - 3.1%** |  |
| 10057 | Kuehne + Nagel International A.G. | &nbsp;&nbsp;&nbsp; 2390470 |
| 26699 | Novartis A.G. | &nbsp;&nbsp;&nbsp; 2404884 |
| 134692 | UBS Group A.G. | &nbsp;&nbsp;&nbsp; 2860184 |
|  |  | &nbsp;&nbsp; 7655538 |
|  | **Taiwan Province Of China - 4.1%** |  |
| 501000 | Evergreen Marine Corp Taiwan Ltd. | &nbsp;&nbsp;&nbsp; 2532828 |
| 38000 | Largan Precision Company Ltd. | &nbsp;&nbsp;&nbsp; 2685758 |
| 1006000 | Wan Hai Lines Ltd. | &nbsp;&nbsp;&nbsp; 2539593 |
| 1137000 | Yang Ming Marine Transport Corporation | &nbsp;&nbsp;&nbsp; 2363550 |
|  |  | &nbsp;&nbsp; 10121729 |
|  | **Thailand - 2.0%** |  |
| 432300 | Advanced Info Service PCL | &nbsp;&nbsp;&nbsp; 2567962 |
| 1957200 | Indorama Ventures PCL | &nbsp;&nbsp;&nbsp; 2414677 |
|  |  | &nbsp;&nbsp; 4982639 |
|  | **United Kingdom - 2.8%** |  |
| 393985 | BP PLC | &nbsp;&nbsp;&nbsp; 2374373 |
| 131125 | GSK PLC | &nbsp;&nbsp;&nbsp; 2300943 |
| 78203 | Shell PLC | &nbsp;&nbsp;&nbsp; 2288746 |
|  |  | &nbsp;&nbsp; 6964062 |
|  | **TOTAL COMMON STOCKS (Cost $140,331,350)** | &nbsp;&nbsp; 159981001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 32.8%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **25.4%** |  |  |  |
| 2021000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;02/23/23 | &nbsp;&nbsp;&nbsp;&nbsp;$2015517 |
| 4040000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;03/16/23 | 4018430 |
| 20223000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;04/27/23 | 20007772 |
| 27621000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;10/05/23 | 26766685 |
| 10295000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;11/02/23 | 9943552 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $62,792,915)** |  |  | 62751956 |
| **Shares** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 7.4%** |  |  |  |
| 18216027 | First American Government Obligations Fund, Class X, 4.13% (Cost $18,216,027)<sup>(c)(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 18216027 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $81,008,942)** |  |  | &nbsp;&nbsp;&nbsp; 80967983 |
|  | **TOTAL INVESTMENTS - 97.7% (Cost $221,340,292)** |  |  | &nbsp;&nbsp;&nbsp; $240948984 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.3%** |  |  | &nbsp;&nbsp; 5786174 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $246735158 |
| LTD | - Limited Company | - Limited Company |  |  |
| NV | - Naamioze Vennootschap | - Naamioze Vennootschap |  |  |
| OYJ | - Julkinen osakeyhtiö | - Julkinen osakeyhtiö |  |  |
| PLC | - Public Limited Company | - Public Limited Company |  |  |
| S.A. | - Société Anonyme | - Société Anonyme |  |  |
| <sup>(a)</sup> | Non-income producing security. | Non-income producing security. |  |  |
| <sup>(b)</sup> | Zero coupon bond. | Zero coupon bond. |  |  |
| <sup>(c)</sup> | All or a portion of this security is held in a separate collateral account. | All or a portion of this security is held in a separate collateral account. |  |  |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2023. | Rate disclosed is the seven day effective yield as of January 31, 2023. |  |  |

---

---

| |
|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS\*** |  |  |  |  |  |  |  |
| **Security** | **Number of Shares** | **Notional Value** | **Currency** | **Interest Rate Payable** | **Termination Date** | **Counterparty** | **Value/ Unrealized Appreciation (Depreciation)** |
| Adaro Enegery Indonesia TBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8549500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176505 | USD | OBFR +0.90% | 10/31/2023 | Barclays | $(490976) |
| Aena Sme Sa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152690 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402990 |
| Aker Bp Asa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20098273 | NOK | 1-Mth NIBOR +0.35% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5960) |
| Amadeus It Group Sa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017398 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413317 |
| Ap Moller - Maersk A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16907000 | DKK | 1M CIBOR +0.30% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138257) |
| Arcelormittal Sa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365958 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396131 |
| Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18357422 | DKK | 1M CIBOR +0.30% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93795 |
| Deutsche Lufthansa Ag | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458096 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669668 |
| Diasorin Spa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100614 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195255) |
| Dsv A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17527553 | DKK | 1M CIBOR +0.30% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68918 |
| Equinor Asa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20702726 | NOK | 1M NIBOR +0.35% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285971) |
| Ford Otomotiv Sanayi A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103346 | USD | SOFR +0.80% | 11/2/2023 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101300) |
| Grupo Aerport Del Sureste-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176200 | USD | OBFR +0.60% | 10/30/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432925 |
| Grupo Mexico SAB DE CV-SER B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212150 | USD | OBFR +0.60% | 10/30/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530724 |
| Hellenic Telecommun Organiza | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002025 | EUR | ESTRON +0.95% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17900) |
| International Container | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101747 | USD | OBFR +0.90% | 11/7/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627048 |
| Jeronimo Martins Sgps Sa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090729 | EUR | ESTRON +0.50% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27030) |
| Mercedes-Benz Group Ag | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273642 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271717 |
| Norsk Hydro Asa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24774608 | NOK | 1M NIBOR +0.35% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237668 |
| OMV AV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222870 | EUR | 1M EURIBOR +0.40% | 11/2/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43777) |
| Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19467869 | DKK | 1M CIBOR +0.30% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454091 |
| Petronas Chemicals Group BHD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146850 | USD | OBFR +0.90% | 10/31/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118543 |
| Public Bank Berhad | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197029 | USD | OBFR +0.90% | 10/31/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108906 |
| Recordati Industria Chimica E Farmaceutica Spa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192088 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84864 |
| Red Electrica Corporacion Sa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162076 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2891) |
| Repsol Sa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369228 | EUR | ESTRON +0.45% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41625 |
| Shaanxi Coal Industry - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144001 | USD | OBFR +0.90% | 10/30/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98142 |
| Shanxi Lu'An Environmental - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132199 | USD | OBFR +0.90% | 10/30/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625946 |
| SOC Quimica Y Minera Chile - B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823701 | USD | SOFR +0.90% | 11/6/2023 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370518 |
| Telenor Asa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21650026 | NOK | 1M NIBOR +0.35% | 2/28/2023 | Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301941 |
| Turk Hava Yollari | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017100 | USD | SOFR +0.80% | 11/2/2023 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86379) |
| United Tractors TBK PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151935 | USD | OBFR +0.90% | 10/31/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457112) |
| Zangge Mining Co. Ltd. - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174759 | USD | OBFR +0.90% | 10/27/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232169 |
|  |  |  |  |  |  |  | $4728838 |
| \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.<br>OBF – Overnight Bank Funding Rate<br> ESTRON – Euro Short Term Rate<br> NIBOR – Norwegian Interbank Offered Rate<br> CIBOR – Copenhagen Interbank Offered Rate<br> SOFR – Secured Overnight Financing Rate<br> EURIBOR – Euro Interbank Offered Rate | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.<br>OBF – Overnight Bank Funding Rate<br> ESTRON – Euro Short Term Rate<br> NIBOR – Norwegian Interbank Offered Rate<br> CIBOR – Copenhagen Interbank Offered Rate<br> SOFR – Secured Overnight Financing Rate<br> EURIBOR – Euro Interbank Offered Rate | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.<br>OBF – Overnight Bank Funding Rate<br> ESTRON – Euro Short Term Rate<br> NIBOR – Norwegian Interbank Offered Rate<br> CIBOR – Copenhagen Interbank Offered Rate<br> SOFR – Secured Overnight Financing Rate<br> EURIBOR – Euro Interbank Offered Rate | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.<br>OBF – Overnight Bank Funding Rate<br> ESTRON – Euro Short Term Rate<br> NIBOR – Norwegian Interbank Offered Rate<br> CIBOR – Copenhagen Interbank Offered Rate<br> SOFR – Secured Overnight Financing Rate<br> EURIBOR – Euro Interbank Offered Rate | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.<br>OBF – Overnight Bank Funding Rate<br> ESTRON – Euro Short Term Rate<br> NIBOR – Norwegian Interbank Offered Rate<br> CIBOR – Copenhagen Interbank Offered Rate<br> SOFR – Secured Overnight Financing Rate<br> EURIBOR – Euro Interbank Offered Rate | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.<br>OBF – Overnight Bank Funding Rate<br> ESTRON – Euro Short Term Rate<br> NIBOR – Norwegian Interbank Offered Rate<br> CIBOR – Copenhagen Interbank Offered Rate<br> SOFR – Secured Overnight Financing Rate<br> EURIBOR – Euro Interbank Offered Rate | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.<br>OBF – Overnight Bank Funding Rate<br> ESTRON – Euro Short Term Rate<br> NIBOR – Norwegian Interbank Offered Rate<br> CIBOR – Copenhagen Interbank Offered Rate<br> SOFR – Secured Overnight Financing Rate<br> EURIBOR – Euro Interbank Offered Rate | \* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.<br>OBF – Overnight Bank Funding Rate<br> ESTRON – Euro Short Term Rate<br> NIBOR – Norwegian Interbank Offered Rate<br> CIBOR – Copenhagen Interbank Offered Rate<br> SOFR – Secured Overnight Financing Rate<br> EURIBOR – Euro Interbank Offered Rate |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 52.2%** |  |
|  | **ADVERTISING & MARKETING - 1.8%** |  |
| 53363 | Interpublic Group of Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; $1945615 |
| 23050 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; 1982069 |
|  |  | &nbsp;&nbsp; 3927684 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.7%** |  |
| 55952 | VF Corporation | &nbsp;&nbsp;&nbsp; 1731155 |
|  | **AUTOMOTIVE - 0.5%** |  |
| 7074 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1225358 |
|  | **BANKING - 0.2%** |  |
| 3778 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 528769 |
|  | **BIOTECH & PHARMA - 3.6%** |  |
| 11330 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 1674008 |
| 1866 | Eli Lilly and Company | &nbsp;&nbsp;&nbsp; 642184 |
| 20877 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 1752415 |
| 71847 | Organon & Company | &nbsp;&nbsp;&nbsp; 2164750 |
| 164982 | Viatris, Inc. | &nbsp;&nbsp;&nbsp; 2006181 |
|  |  | &nbsp;&nbsp; 8239538 |
|  | **CHEMICALS - 1.7%** |  |
| 35916 | Dow, Inc. | &nbsp;&nbsp;&nbsp; 2131615 |
| 21196 | LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp; 2049441 |
|  |  | &nbsp;&nbsp; 4181056 |
|  | **CONTAINERS & PACKAGING - 1.7%** |  |
| 149639 | Amcor PLC | &nbsp;&nbsp;&nbsp; 1804646 |
| 50022 | International Paper Company | &nbsp;&nbsp;&nbsp; 2091920 |
|  |  | &nbsp;&nbsp; 3896566 |
|  | **DIVERSIFIED INDUSTRIALS - 0.7%** |  |
| 14419 | 3M Company | &nbsp;&nbsp;&nbsp; 1659339 |
|  | **E-COMMERCE DISCRETIONARY - 1.0%** |  |
| 22541 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2324653 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 52.2% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 3.9%** |  |
| 29996 | Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp; $1908945 |
| 18186 | Duke Energy Corporation | &nbsp;&nbsp;&nbsp; 1863156 |
| 27954 | Edison International | &nbsp;&nbsp;&nbsp; 1926031 |
| 23447 | Pinnacle West Capital Corporation | &nbsp;&nbsp;&nbsp; 1747974 |
| 26850 | Southern Company (The) | &nbsp;&nbsp;&nbsp; 1817208 |
|  |  | &nbsp;&nbsp; 9263314 |
|  | **ENTERTAINMENT CONTENT - 0.9%** |  |
| 92273 | Paramount Global, Class B | &nbsp;&nbsp;&nbsp; 2137043 |
|  | **FOOD - 0.8%** |  |
| 46304 | Kraft Heinz Company (The) | &nbsp;&nbsp;&nbsp; 1876701 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.2%** |  |
| 937 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 467741 |
|  | **HEALTH CARE REIT - 0.8%** |  |
| 69683 | Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp; 1914889 |
|  | **HOME & OFFICE PRODUCTS - 1.9%** |  |
| 141581 | Newell Brands, Inc. | &nbsp;&nbsp;&nbsp; 2259633 |
| 12517 | Whirlpool Corporation | &nbsp;&nbsp;&nbsp; 1947520 |
|  |  | &nbsp;&nbsp; 4207153 |
|  | **HOUSEHOLD PRODUCTS - 1.1%** |  |
| 10392 | Colgate-Palmolive Company | &nbsp;&nbsp;&nbsp; 774516 |
| 13423 | Kimberly-Clark Corporation | &nbsp;&nbsp;&nbsp; 1745124 |
|  |  | &nbsp;&nbsp; 2519640 |
|  | **INTERNET MEDIA & SERVICES - 1.2%** |  |
| 16782 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1658733 |
| 8158 | Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1215297 |
|  |  | &nbsp;&nbsp; 2874030 |
|  | **LEISURE PRODUCTS - 0.7%** |  |
| 29253 | Hasbro, Inc. | &nbsp;&nbsp;&nbsp; 1730900 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 52.2% (Continued)** |  |
|  | **MACHINERY - 1.6%** |  |
| 7612 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp; $1893333 |
| 22793 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp; 2035642 |
|  |  | &nbsp;&nbsp; 3928975 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 23343 | Medtronic plc | &nbsp;&nbsp;&nbsp; 1953576 |
| 1095 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 624511 |
|  |  | &nbsp;&nbsp; 2578087 |
|  | **METALS & MINING - 0.9%** |  |
| 39156 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 2072527 |
|  | **MULTI ASSET CLASS REIT - 0.7%** |  |
| 70847 | Vornado Realty Trust | &nbsp;&nbsp;&nbsp; 1727958 |
|  | **OFFICE REIT - 0.8%** |  |
| 25560 | Boston Properties, Inc. | &nbsp;&nbsp;&nbsp; 1905242 |
|  | **OIL & GAS PRODUCERS - 3.6%** |  |
| 63499 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; 1589380 |
| 26365 | Devon Energy Corporation | &nbsp;&nbsp;&nbsp; 1667323 |
| 12222 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 1785878 |
| 94625 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 1731637 |
| 7496 | Pioneer Natural Resources Company | &nbsp;&nbsp;&nbsp; 1726704 |
|  |  | &nbsp;&nbsp; 8500922 |
|  | **RETAIL - CONSUMER STAPLES - 0.7%** |  |
| 43741 | Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp; 1612293 |
|  | **RETAIL - DISCRETIONARY - 1.3%** |  |
| 21237 | Best Buy Company, Inc. | &nbsp;&nbsp;&nbsp; 1884147 |
| 2137 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 692751 |
| 1765 | Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp; 367561 |
|  |  | &nbsp;&nbsp; 2944459 |
|  | **RETAIL REIT - 1.7%** |  |
| 28948 | Realty Income Corporation | &nbsp;&nbsp;&nbsp; 1963543 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 52.2% (Continued)** |  |
|  | **RETAIL REIT - 1.7% (Continued)** |  |
| 15239 | Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp; $1957602 |
|  |  | &nbsp;&nbsp; 3921145 |
|  | **SEMICONDUCTORS - 2.2%** |  |
| 7146 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 537022 |
| 771 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 451043 |
| 62706 | Intel Corporation | &nbsp;&nbsp;&nbsp; 1772072 |
| 9502 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 1856405 |
| 3526 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 469698 |
|  |  | &nbsp;&nbsp; 5086240 |
|  | **SOFTWARE - 3.4%** |  |
| 1602 | Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 593285 |
| 712 | Intuit, Inc. | &nbsp;&nbsp;&nbsp; 300941 |
| 21163 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 5244403 |
| 4854 | Salesforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 815326 |
| 9644 | Splunk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 923606 |
|  |  | &nbsp;&nbsp; 7877561 |
|  | **TECHNOLOGY HARDWARE - 5.0%** |  |
| 39563 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 5708546 |
| 53855 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 1863922 |
| 61718 | HP, Inc. | &nbsp;&nbsp;&nbsp; 1798463 |
| 35621 | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp; 2414391 |
|  |  | &nbsp;&nbsp; 11785322 |
|  | **TECHNOLOGY SERVICES - 1.1%** |  |
| 12210 | International Business Machines Corporation | &nbsp;&nbsp;&nbsp; 1645054 |
| 1199 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 444349 |
| 1995 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 459269 |
|  |  | &nbsp;&nbsp; 2548672 |
|  | **TELECOMMUNICATIONS - 1.6%** |  |
| 94651 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 1928041 |
| 46522 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 1933919 |
|  |  | &nbsp;&nbsp; 3861960 |
|  | **TOBACCO & CANNABIS - 1.5%** |  |
| 39355 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 1772549 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 52.2% (Continued)** |  |
|  | **TOBACCO & CANNABIS - 1.5% (Continued)** |  |
| 18400 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp; $1918017 |
|  |  | &nbsp;&nbsp; 3690566 |
|  | **TRANSPORTATION & LOGISTICS - 0.8%** |  |
| 9653 | United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp; 1788025 |
|  | **TRANSPORTATION EQUIPMENT - 0.8%** |  |
| 7285 | Cummins, Inc. | &nbsp;&nbsp;&nbsp; 1817899 |
|  | **TOTAL COMMON STOCKS (Cost $110,713,173)** | &nbsp;&nbsp; 122353382 |
|  | **EXCHANGE-TRADED FUNDS — 20.0%** |  |
|  | **EQUITY - 17.2%** |  |
| 111474 | iShares Core S&P Small-Cap ETF | &nbsp;&nbsp;&nbsp; 11553165 |
| 254753 | Schwab International Small-Cap Equity ETF | &nbsp;&nbsp;&nbsp; 8755861 |
| 76684 | Vanguard FTSE All World ex-US Small-Cap ETF | &nbsp;&nbsp;&nbsp; 8574805 |
| 57449 | Vanguard Small-Cap ETF | &nbsp;&nbsp;&nbsp; 11615038 |
|  |  | &nbsp;&nbsp; 40498869 |
|  | **FIXED INCOME - 2.8%** |  |
| 60975 | iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 6534691 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $41,026,172)** | &nbsp;&nbsp; 47033560 |
|  | **OPEN END FUNDS — 0.1%** |  |
|  | **FIXED INCOME - 0.1%** |  |
| 10175 | Nuveen California High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 84754 |
| 5824 | Nuveen High Yield Municipal Bond Fund Class I, Class I | &nbsp;&nbsp;&nbsp; 90396 |
|  | **TOTAL OPEN END FUNDS (Cost $210,905)** | &nbsp;&nbsp; 175150 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 14.5%** |  |  |  |
|  | **U.S. TREASURY NOTES** — **14.5%** |  |  |  |
| 11501000 | United States Treasury Note | 2.7500 | &nbsp;&nbsp;&nbsp;08/31/23 | $11369686 |
| 1238000 | United States Treasury Note | 2.5000 | &nbsp;&nbsp;&nbsp;05/31/24 | 1204294 |
| 10435000 | United States Treasury Note | 3.2500 | &nbsp;&nbsp;&nbsp;08/31/24 | 10243828 |
| 1742000 | United States Treasury Note | 1.1250 | &nbsp;&nbsp;&nbsp;01/15/25 | 1640950 |
| 9699000 | United States Treasury Note | 3.1250 | &nbsp;&nbsp;&nbsp;08/15/25 | 9490244 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $34,470,234)** |  |  | 33949002 |
|  | **SHORT-TERM INVESTMENTS — 10.9%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **8.2%** |  |  |  |
| 3675000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;02/23/23 | 3665030 |
| 8081000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;03/16/23 | 8037854 |
| 1548000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;05/18/23 | 1527438 |
| 6272000 | United States Treasury Bill<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;11/02/23 | 6057889 |
|  | **TOTAL U.S. TREASURY BILLS (Cost $19,301,913)** |  |  | 19288211 |
| **Shares** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 2.7%** |  |  |  |
| 3849450 | First American Government Obligations Fund, Class X, 4.13%<sup>(c)</sup> |  |  | &nbsp;&nbsp;&nbsp; 3849449 |
| 2566827 | Goldman Sachs Financial Square Government Fund, Administration Shares, , 3.96%<sup>(c)</sup> |  |  | &nbsp;&nbsp;&nbsp; 2566827 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $6,416,276)** | **TOTAL MONEY MARKET FUNDS (Cost $6,416,276)** |  | &nbsp;&nbsp; 6416276 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $25,718,189)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $25,718,189)** |  | 25704487 |
|  | **TOTAL INVESTMENTS - 97.7% (Cost $212,138,673)** |  |  | &nbsp;&nbsp;&nbsp; $229215581 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.3%** |  |  | &nbsp;&nbsp; 5448682 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $234664263 |

---

---

| |
|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Zero coupon bond. <br> <sup>(c)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS \*** |  |  |  |  |  |  |
| **Security** | **Number of Shares** | **Notional Value** | **Interest Rate Payable** | **Termination Date** | **Counterparty** | **Unrealized Appreciation** |
| Ishares IBOXX High Yield Corporate Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124155 | $9141533 | Fed Funds + 20 bps | 2/27/2023 | Barclays | $335219 |
| Invesco High Yield Municipal Bond Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10816172 | SOFR + 161 bps | 1/10/2024 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156631 |
| SPDR Bloomberg BARC Convertible - Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27366054 | Fed Funds + 40 bps | 10/23/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646046 |
| iShares Preferred & Income - Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27289607 | Fed Funds + 40 bps | 10/23/2023 | Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744157 |
| Nuveen High Yield Municipal Bond Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9817926 | SOFR + 161 bps | 1/10/2024 | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276328 |
| **TOTAL** |  |  |  |  |  | **$5158381** |

---

\* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each swap pays monthly.

FED FUNDS -Federal Funds Rate <br> SOFR -Secured Overnight Financing Rate

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Two Roads Shared Trust

- **b. Investment Company Act file number:** 811-22718

- **c. CIK number of Registrant:** 0001552947

- **d. LEI of Registrant:** 549300REHU8QC2CK4V30

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 402-895-1600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Redwood AlphaFactor Tactical International Fund

- **b. EDGAR series identifier (if any):** S000059550

- **c. LEI of Series:** 549300KZNRX88K80NH13

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $325785539.34

**Total Liabilities:** $79050380.85

**Net Assets:** $246735158.49

**Cash Not Reported:** $667731.59

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195030 | 9.62%                | -2.56%               | 5.71%                |
| Class ID C000195031 | 9.53%                | -2.56%               | 5.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.02                    | $14937447.53                               |
| Month 2  | $162808.18               | $-3998711.77                               |
| Month 3  | $166.35                  | $9019534.17                                |

**Designated Index Information**

- **Index Name:** MSCI/AC WORLD INDEX ex USA (Net)

- **Index Identifier:** 899901N

### Schedule of Portfolio Investments

| Name                                   | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                    | PBK MK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | MY        |   2317900 | NS      | $108905.96    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                   | SoftBank Group Corp       | CUSIP: J7596P109<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |     50700 | NS      | $2393619.08   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | AENA SQ                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | ES        |     18352 | NS      | $402989.89    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | EQNR NO                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | NO        |     58848 | NS      | $-285971.02   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| China Shenhua Energy Co Ltd.           | CHINA SHENHUA-H           | CUSIP: Y1504C113<br>LEI: 529900N9JOX4C108MA40 | Long             | EC               | CORP              | CN        |    769500 | NS      | $2389827.75   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp.                           | ITOCHU CORP               | CUSIP: J2501P104<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |     82600 | NS      | $2654995.47   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd. | CHECK POINT SOFT          | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |     16930 | NS      | $2153496.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | AMS SQ                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | ES        |     41553 | NS      | $413316.61    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | DANSKE BANK ORD DANS      | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | DK        |    133703 | NS      | $93794.72     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp.              | RENESAS ELECTRON          | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |    257900 | NS      | $2634726.60   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Indorama Ventures Public Co Ltd.       | INDORAMA VENTURE          | CUSIP: Y39742104<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   1957200 | NS      | $2414676.94   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                                 | OCI NV                    | CUSIP: N6667A111<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |     56472 | NS      | $1917801.15   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                | GSK PLC                   | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    131125 | NS      | $2300943.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Oyj                              | Orion Oyj                 | CUSIP: X6002Y112<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |     47334 | NS      | $2531100.62   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | 000408 C2                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | CN        |    583503 | NS      | $232169.03    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                              | KDDI CORP                 | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     72600 | NS      | $2264391.65   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited     | CAN NATURAL RES           | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     36145 | NS      | $2218719.67   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | ADRO IJ                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | ID        |   8549500 | NS      | $-490976.34   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| West Fraser Timber Co Ltd.             | WEST FRASER TIMBER CO LTD | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     28438 | NS      | $2472785.93   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | 601225 C1                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | CN        |    774600 | NS      | $98141.84     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergreen Marine Corp. (Taiwan) Ltd.   | EVERGREEN MARINE          | CUSIP: Y23632105<br>LEI: 254900EIJA0A39C5SO15 | Long             | EC               | CORP              | TW        |    501000 | NS      | $2532827.78   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | THYAO TI                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | TR        |    400708 | NS      | $-86378.99    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                       | TOTALENERGIES SE          | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     39202 | NS      | $2428231.29   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                 | TECK RESOURCES-B          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     68629 | NS      | $2969067.73   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                              | VALE SA                   | CUSIP: P9661Q155<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    170908 | NS      | $3194844.16   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| COSCO SHIPPING Holdings Co., Ltd.      | COSCO SHIPPING HOLDINGS C | CUSIP: Y1839M109<br>LEI: 3003009XI0QGYYA29S17 | Long             | EC               | NUSS              | CN        |   1917000 | NS      | $1980460.31   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV          | KONINKLIJKE AHOL          | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     76370 | NS      | $2273499.78   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                          | MARUBENI CORP             | CUSIP: J39788138<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |    244100 | NS      | $2975799.92   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ONO Pharmaceutical Co Ltd              | ONO PHARMA                | CUSIP: J61546115<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |     90400 | NS      | $1961336.43   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| YangMing Marine Transport Corp.        | YANG MING MARINE          | CUSIP: Y9729D105<br>LEI: 254900WG2ACWNVSP6E13 | Long             | EC               | CORP              | TW        |   1137000 | NS      | $2363550.19   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegon N.V.                             | AEGON NV                  | CUSIP: N00927298<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | NL        |    463022 | NS      | $2534817.69   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | 601699 C1                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | CN        |    940834 | NS      | $625946.00    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Netease Inc                            | NETEASE INC               | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    198300 | NS      | $3533280.62   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Loblaw Companies Limited               | LOBLAW COS LTD            | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |     25785 | NS      | $2310122.66   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | REC IM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | GB        |     56570 | NS      | $84864.23     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | JMT PL                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | PT        |    103604 | NS      | $-27030.07    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST AMERN FDS INC                    | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  18216027 | PA      | $18216026.76  | 7.38%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | PCHEM MK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | MY        |   1156300 | NS      | $118542.93    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Gerdau SA                              | GERDAU SA-PREF            | CUSIP: P2867P113<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EP               | CORP              | BR        |    454511 | NS      | $2946136.79   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | OMV AV                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | AT        |     47603 | NS      | $-43777.16    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                      | WOLTERS KLUWER            | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     20161 | NS      | $2194938.74   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd.                | SINGAPORE EXCH            | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    359800 | NS      | $2525142.91   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | ASURB.MX                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | MX        |     96287 | NS      | $432924.82    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills           | B 03/16/23                | CUSIP: 912796YL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4040000 | PA      | $4018429.75   | 1.63%             | 2023-03-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                     | SUNCOR ENERGY             | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     64677 | NS      | $2244891.96   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Info Service PCL              | ADVANCED INFO             | CUSIP: Y0014U191<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |    432300 | NS      | $2567962.35   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd.                     | ARC RESOURCES LT          | CUSIP: 00208D408<br>LEI: FIR47I6FEYKYNJBYW622 | Long             | EC               | CORP              | CA        |    157338 | NS      | $1828246.56   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd.                    | Honda Motor Co Ltd        | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     94600 | NS      | $2331234.54   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills           | B 11/02/23                | CUSIP: 912796YT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10295000 | PA      | $9943551.97   | 4.03%             | 2023-11-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                    | SQMB.SN                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | CL        |     22557 | NS      | $370518.15    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                              | SHELL PLC-NEW             | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     78203 | NS      | $2288746.02   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Wan Hai Lines Ltd.                     | WAN HAI LINES LTD         | CUSIP: Y9507R102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   1006000 | NS      | $2539592.90   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                         | Open Text Corp            | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     73445 | NS      | $2463659.99   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | PNDORA DC                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | DK        |     39885 | NS      | $454091.15    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| China Galaxy Securities Co Ltd.        | CHINA GALAXY SECURITIES C | CUSIP: Y1R92J109<br>LEI: 3003008KFQXO06OK8582 | Long             | EC               | CORP              | CN        |   5636000 | NS      | $3033489.15   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                            | NUTRIEN LTD               | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     26155 | NS      | $2165167.23   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissan Motor Co Ltd                    | NISSAN MOTOR CO           | CUSIP: J57160129<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |    678400 | NS      | $2415149.46   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                           | UBS GROUP AG              | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    134692 | NS      | $2860183.82   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire Ltd                             | EMPIRE CO LTD A           | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |     83125 | NS      | $2392261.63   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI Inc                                | CGI INC                   | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |     26556 | NS      | $2276205.76   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | UNTR IJ                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | ID        |   1036500 | NS      | $-457112.15   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Hennes & Mauritz AB                    | HOMEBANC CORP/GA          | CUSIP: W41422101<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |    210977 | NS      | $2584452.31   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | ICT PM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | PH        |    719828 | NS      | $627047.52    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | AKRBP NO                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | NO        |     66091 | NS      | $-5959.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kuehne & Nagel International AG        | KUEHNE & NAGEL-R          | CUSIP: H4673L145<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |     10057 | NS      | $2390469.59   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills           | B 02/23/23                | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2021000 | PA      | $2015517.39   | 0.82%             | 2023-02-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Korean Air Lines Co Ltd.               | Korean Air Lines Co Ltd   | CUSIP: Y4936S102<br>LEI: 988400C2UFBF4B660C58 | Long             | EC               | CORP              | KR        |    133480 | NS      | $2625172.34   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | MT NA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | GB        |     96275 | NS      | $396130.96    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | FROTO TI                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | TR        |    110722 | NS      | $-101300.02   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                             | KT&G CORP                 | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |     32139 | NS      | $2411037.53   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | REP SQ                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | ES        |    159544 | NS      | $41624.70     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA Corp.                             | HOYA CORP                 | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     23200 | NS      | $2531466.60   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN N.V.                   | KPN (KONIN) NV            | CUSIP: N4297B146<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |    768583 | NS      | $2624327.86   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                            | NOVARTIS AG-REG           | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     26699 | NS      | $2404884.42   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | RED SQ                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | ES        |    132969 | NS      | $-2890.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Konami Group Corporation               | KONAMI GROUP COR          | CUSIP: J3600L101<br>LEI: 353800FC4A5QCMIZFV94 | Long             | EC               | CORP              | JP        |     49000 | NS      | $2398453.95   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Telia Company AB                       | Telia Co AB               | CUSIP: W95890104<br>LEI: 213800FSR9RNDUOTXO25 | Long             | EC               | CORP              | SE        |    812156 | NS      | $2095066.84   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB                           | EVOLUTION AB              | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     22976 | NS      | $2570697.63   | 1.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HMM Company Limited                    | HMM CO LTD                | CUSIP: Y3843P102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    161805 | NS      | $2854178.16   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | HTO GA                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | GR        |    137219 | NS      | $-17900.08    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd.          | Takeda Pharmaceutical Co  | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     81700 | NS      | $2567682.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | NHY NO                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | NO        |    337897 | NS      | $237667.62    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Largan Precision Co., Ltd.             | LARGAN PRECISION          | CUSIP: Y52144105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     38000 | NS      | $2685758.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc.                   | ASTELLAS PHARMA           | CUSIP: J03393105<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |    156500 | NS      | $2299914.32   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Limited                   | Imperial Oil Ltd          | CUSIP: 453038408<br>LEI: 549300MO45LTBPAU4Z27 | Long             | EC               | CORP              | CA        |     40580 | NS      | $2217979.68   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | GMEXICO                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | MX        |    616680 | NS      | $530724.13    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills           | B 10/05/23                | CUSIP: 912796YJ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  27621000 | PA      | $26766684.13  | 10.85%            | 2023-10-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                    | DSV DC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | DK        |     15985 | NS      | $68917.68     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd                        | MITSUI & CO               | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |     96700 | NS      | $2838479.15   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills           | B 04/27/23                | CUSIP: 912796YV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20223000 | PA      | $20007772.48  | 8.11%             | 2023-04-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                    | MBG GY                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | GB        |     37030 | NS      | $271717.04    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Qiagen NV                              | QIAGEN N.V.               | CUSIP: N72482123<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |     49360 | NS      | $2395829.98   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd                | Recruit Holdings Co Ltd   | CUSIP: J6433A101<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     69600 | NS      | $2216281.18   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao        | B3 SA                     | CUSIP: P1909G107<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    783574 | NS      | $2002315.94   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corporation               | BARRICK GOLD CORP         | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    140394 | NS      | $2745664.63   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | MAERSKA DC                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | DK        |      1100 | NS      | $-138257.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | LHA GY                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | GB        |    316561 | NS      | $669668.12    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | TEL NO                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | NO        |    236354 | NS      | $301940.74    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                 | BP PLC                    | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    393985 | NS      | $2374372.10   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp.                              | KIA CORP                  | CUSIP: Y47601102<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     46353 | NS      | $2511216.69   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | DIA IM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | IT        |     16109 | NS      | $-195255.30   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                     | CENOVUS ENERGY            | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    108598 | NS      | $2169543.95   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd              | SHIN-ETSU CHEM            | CUSIP: J72810120<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     20500 | NS      | $3004791.07   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                 | PETROBRAS                 | CUSIP: P78331132<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    341305 | NS      | $1983033.42   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Two Roads Shared Trust

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer