# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-001139
**Filing Date:** 2025-9
**Character Count:** 82347
**Document Hash:** adcb8e836006977f4afeac54a144f64c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001139.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000910472-25-001139

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251336847

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **OPEN END FUNDS — 2.1%** | **OPEN END FUNDS — 2.1%** |  |  |  |
|  | **FIXED INCOME - 2.1%** | **FIXED INCOME - 2.1%** |  |  |  |
| 1000000 | Holbrook Total Return Fund, Class I<sup>(g)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $10056700 |
|  | **TOTAL OPEN END FUNDS (Cost $10,000,000)** | **TOTAL OPEN END FUNDS (Cost $10,000,000)** |  |  | &nbsp;&nbsp; 10056700 |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** |  |
|  | **ASSET BACKED SECURITIES — 91.7%** | **ASSET BACKED SECURITIES — 91.7%** |  |  |  |
|  | **AUTO LOAN** — **0.1%** | **AUTO LOAN** — **0.1%** |  |  |  |
| 538000 | Luxury Lease Partners Auto Lease Trust Series 2024-4 B<sup>(a)</sup> |  | 10.4910 | &nbsp;&nbsp;&nbsp;07/15/30 | 538092 |
|  | **CLO** — **57.1%** | **CLO** — **57.1%** |  |  |  |
| 495000 | 1828 CLO Ltd. Series 2016-1A CR<sup>(a),(b)</sup> | TSFR3M + 3.612% | 7.9290 | &nbsp;&nbsp;&nbsp;10/15/31 | 497813 |
| 1500000 | Allegro CLO VII Ltd. Series 2018-1A D<sup>(a),(b)</sup> | TSFR3M + 3.112% | 7.4290 | &nbsp;&nbsp;&nbsp;06/13/31 | 1500855 |
| 250000 | ASSURANT CLO II LTD Series 2018-2A D<sup>(a),(b)</sup> | TSFR3M + 3.112% | 7.4370 | &nbsp;&nbsp;&nbsp;04/20/31 | 250694 |
| 750000 | Atlas Senior Loan Fund Ltd. Series 2017-8A C<sup>(a),(b)</sup> | TSFR3M + 2.812% | 7.1290 | &nbsp;&nbsp;&nbsp;01/16/30 | 752872 |
| 5900000 | Atlas Senior Loan Fund X Ltd. Series 2018-10A D<sup>(a),(b)</sup> | TSFR3M + 3.012% | 7.3290 | &nbsp;&nbsp;&nbsp;01/15/31 | 5913942 |
| 6250000 | Atlas Senior Loan Fund XIII Series 2019-13A D<sup>(a),(b)</sup> | TSFR3M + 4.372% | 8.7040 | &nbsp;&nbsp;&nbsp;04/22/31 | 6301350 |
| 416000 | Betony CLO 2 Ltd. Series 2018-1A C<sup>(a),(b)</sup> | TSFR3M + 3.162% | 7.4720 | &nbsp;&nbsp;&nbsp;04/30/31 | 417377 |
| 8055000 | Canyon Capital CLO Ltd. Series 2021-1RA D<sup>(a),(b)</sup> | TSFR3M + 3.262% | 7.5790 | &nbsp;&nbsp;&nbsp;07/15/30 | 8090498 |
| 11995000 | Carlyle Global Market Strategies CLO Ltd. Series 2015-1A DR3<sup>(a),(b)</sup> | TSFR3M + 3.212% | 7.5370 | &nbsp;&nbsp;&nbsp;07/20/31 | 12048281 |
| 15455000 | Catamaran CLO Ltd. Series 2014-1A CR<sup>(a),(b)</sup> | TSFR3M + 3.692% | 8.0240 | &nbsp;&nbsp;&nbsp;04/22/30 | 15584435 |
| 500000 | Catamaran CLO Ltd. Series 2018-1A D<sup>(a),(b)</sup> | TSFR3M + 3.912% | 8.2300 | &nbsp;&nbsp;&nbsp;10/25/31 | 503491 |
| 1500000 | Cedar Funding V CLO Ltd. Series 2016-5A DR<sup>(a),(b)</sup> | TSFR3M + 3.262% | 7.5840 | &nbsp;&nbsp;&nbsp;07/17/31 | 1498724 |
| 625000 | CIFC Funding Ltd. Series 2013-2A B1LR<sup>(a),(b)</sup> | TSFR3M + 3.312% | 7.6410 | &nbsp;&nbsp;&nbsp;10/18/30 | 626477 |
| 9000000 | CIFC Funding Ltd. Series 2017-4A CR<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.7300 | &nbsp;&nbsp;&nbsp;10/24/30 | 9002447 |
| 3250000 | Dryden 49 Senior Loan Fund Series 2017-49A DR<sup>(a),(b)</sup> | TSFR3M + 3.662% | 7.9910 | &nbsp;&nbsp;&nbsp;07/18/30 | 3253949 |
| 500000 | Eaton Vance CLO Ltd. Series 2014-1RA D<sup>(a),(b)</sup> | TSFR3M + 3.312% | 7.6290 | &nbsp;&nbsp;&nbsp;07/15/30 | 501711 |
| 5260000 | Elevation CLO Ltd. Series 2017-8A D<sup>(a),(b)</sup> | TSFR3M + 3.132% | 7.4500 | &nbsp;&nbsp;&nbsp;10/25/30 | 5298440 |
| 1671426 | Ellington Clo I Ltd. Series 2017-1A DR<sup>(a),(b)</sup> | TSFR3M + 3.612% | 7.9290 | &nbsp;&nbsp;&nbsp;10/15/29 | 1672091 |
| 17900000 | Halcyon Loan Advisors Funding Ltd. Series 2018-2A C<sup>(a),(b)</sup> | TSFR3M + 3.662% | 7.9940 | &nbsp;&nbsp;&nbsp;01/22/31 | 17965889 |
| 1000000 | Highbridge Loan Management Series 3A-2014 CR<sup>(a),(b)</sup> | TSFR3M + 3.862% | 8.1910 | &nbsp;&nbsp;&nbsp;07/18/29 | 1008830 |
| 7500000 | Highbridge Loan Management Ltd. Series 2013-2A CR<sup>(a),(b)</sup> | TSFR3M + 3.162% | 7.4870 | &nbsp;&nbsp;&nbsp;10/20/29 | 7518608 |
| 1775000 | KKR CLO Ltd. Series 10 DR<sup>(a),(b)</sup> | TSFR3M + 3.612% | 7.9300 | &nbsp;&nbsp;&nbsp;09/15/29 | 1781223 |
| 2500000 | KKR Static CLO I LTD Series 2022-1A ER2<sup>(a),(b)</sup> | TSFR3M + 5.750% | 10.0750 | &nbsp;&nbsp;&nbsp;07/20/31 | 2499940 |
| 2030632 | LCM XXII Ltd. Series 22A CR<sup>(a),(b)</sup> | TSFR3M + 3.062% | 7.3870 | &nbsp;&nbsp;&nbsp;10/20/28 | 2031840 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 91.7% (Continued)** | **ASSET BACKED SECURITIES — 91.7% (Continued)** |  |  |  |
|  | **CLO** — **57.1% (Continued)** | **CLO** — **57.1% (Continued)** |  |  |  |
| 6911978 | LCM XXIII Ltd. Series 23A CR<sup>(a),(b)</sup> | TSFR3M + 3.562% | 7.8870 | &nbsp;&nbsp;&nbsp;10/20/29 | $6923784 |
| 1725000 | Mountain View CLO, LLC Series 2017-2A D<sup>(a),(b)</sup> | TSFR3M + 3.362% | 7.6790 | &nbsp;&nbsp;&nbsp;01/16/31 | 1728623 |
| 3000000 | MP CLO III LTD Series 2013-1A DR<sup>(a),(b)</sup> | TSFR3M + 3.312% | 7.6370 | &nbsp;&nbsp;&nbsp;10/20/30 | 3025347 |
| 900000 | Nassau Ltd. Series 2019-IA C<sup>(a),(b)</sup> | TSFR3M + 4.362% | 8.6790 | &nbsp;&nbsp;&nbsp;04/15/31 | 907012 |
| 1000000 | Newark BSL CLO 2 Ltd. Series 2017-1A CR<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.7300 | &nbsp;&nbsp;&nbsp;07/25/30 | 1001831 |
| 5000000 | Ocean Trails CLO V Series 2014-5A DRR<sup>(a),(b)</sup> | TSFR3M + 3.712% | 8.0320 | &nbsp;&nbsp;&nbsp;10/13/31 | 5001365 |
| 1000000 | Octagon Investment Partners 27 Ltd. Series 2016-1A DR<sup>(a),(b)</sup> | TSFR3M + 3.212% | 7.5290 | &nbsp;&nbsp;&nbsp;07/15/30 | 1001741 |
| 5000000 | Octagon Investment Partners XIV Ltd. Series 2012-1A CRR<sup>(a),(b)</sup> | TSFR3M + 4.162% | 8.4790 | &nbsp;&nbsp;&nbsp;07/15/29 | 5021400 |
| 2115000 | OZLM XVII Ltd. Series 2017-17A C<sup>(a),(b)</sup> | TSFR3M + 3.722% | 8.0470 | &nbsp;&nbsp;&nbsp;07/20/30 | 2124181 |
| 7000000 | OZLM XX Ltd. Series 2018-20A C<sup>(a),(b)</sup> | TSFR3M + 3.212% | 7.5370 | &nbsp;&nbsp;&nbsp;04/20/31 | 7029946 |
| 1500000 | OZLM XXI Ltd. Series 2017-21A C<sup>(a),(b)</sup> | TSFR3M + 2.932% | 7.2570 | &nbsp;&nbsp;&nbsp;01/20/31 | 1508051 |
| 250000 | Palmer Square Loan Funding Ltd. Series 2021-4A C<sup>(a),(b)</sup> | TSFR3M + 2.862% | 7.1790 | &nbsp;&nbsp;&nbsp;10/15/29 | 250381 |
| 2250000 | Palmer Square Loan Funding Ltd. Series 2021-4A D<sup>(a),(b)</sup> | TSFR3M + 5.262% | 9.5790 | &nbsp;&nbsp;&nbsp;10/15/29 | 2252628 |
| 750000 | Palmer Square Loan Funding Ltd. Series 2022-1A E<sup>(a),(b)</sup> | TSFR3M + 7.200% | 11.5180 | &nbsp;&nbsp;&nbsp;04/15/30 | 755359 |
| 3750000 | PPM CLO Ltd. Series 2018-1A D<sup>(a),(b)</sup> | TSFR3M + 3.512% | 7.8290 | &nbsp;&nbsp;&nbsp;07/15/31 | 3773816 |
| 6700000 | Rad CLO 4 Ltd. Series 2019-4A DR<sup>(a),(b)</sup> | TSFR3M + 3.250% | 7.5680 | &nbsp;&nbsp;&nbsp;04/25/32 | 6725607 |
| 4000000 | Shackleton Clo Ltd. Series 2017-11A D<sup>(a),(b)</sup> | TSFR3M + 3.912% | 8.2380 | &nbsp;&nbsp;&nbsp;08/15/30 | 4018108 |
| 2900000 | Shackleton CLO Ltd. Series 2013-3A DR<sup>(a),(b)</sup> | TSFR3M + 3.282% | 7.5990 | &nbsp;&nbsp;&nbsp;07/15/30 | 2912279 |
| 5000000 | Shackleton CLO Ltd. Series 2014-5RA D<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.7100 | &nbsp;&nbsp;&nbsp;05/07/31 | 5001400 |
| 2702000 | SOUND POINT CLO VIII-R LTD Series 2015-1RA D1<sup>(a),(b)</sup> | TSFR3M + 4.012% | 8.3290 | &nbsp;&nbsp;&nbsp;04/15/30 | 2714140 |
| 22500000 | Sound Point Clo XVI Ltd. Series 2017-2A D<sup>(a),(b)</sup> | TSFR3M + 3.862% | 8.1800 | &nbsp;&nbsp;&nbsp;07/25/30 | 22628227 |
| 6006250 | Steele Creek Clo Ltd. Series 2017-1A D<sup>(a),(b)</sup> | TSFR3M + 3.162% | 7.4790 | &nbsp;&nbsp;&nbsp;10/15/30 | 6007854 |
| 8250000 | THL Credit Wind River CLO Ltd Series 2014-1<sup>(a),(b)</sup> | TSFR3M + 3.262% | 7.5910 | &nbsp;&nbsp;&nbsp;07/18/31 | 8287694 |
| 700000 | THL Credit Wind River CLO Ltd. Series 2018-1A D<sup>(a),(b)</sup> | TSFR3M + 3.162% | 7.4790 | &nbsp;&nbsp;&nbsp;07/15/30 | 700756 |
| 10000000 | THL Credit Wind River CLO Ltd. Series 2014-3KRA D<sup>(a),(b)</sup> | TSFR3M + 3.612% | 7.9290 | &nbsp;&nbsp;&nbsp;10/15/30 | 10020509 |
| 1000000 | THL Credit Wind River CLO Ltd. Series 2013-2A DR<sup>(a),(b)</sup> | TSFR3M + 3.212% | 7.5410 | &nbsp;&nbsp;&nbsp;10/18/30 | 1003054 |
| 16000000 | THL Credit Wind River CLO Ltd. Series 2015-1A DR<sup>(a),(b)</sup> | TSFR3M + 3.262% | 7.5870 | &nbsp;&nbsp;&nbsp;10/20/30 | 16080412 |
| 12000000 | Trinitas Clo IX Ltd. Series 2018-9A D<sup>(a),(b)</sup> | TSFR3M + 3.712% | 8.0370 | &nbsp;&nbsp;&nbsp;01/20/32 | 12103164 |
| 4500000 | Venture XVIII CLO Ltd. Series 2014-18A DR<sup>(a),(b)</sup> | TSFR3M + 3.362% | 7.6790 | &nbsp;&nbsp;&nbsp;10/15/29 | 4510994 |
| 3900000 | Venture XXVI CLO Ltd. Series 2017-26A D<sup>(a),(b)</sup> | TSFR3M + 4.512% | 8.8370 | &nbsp;&nbsp;&nbsp;01/20/29 | 3919976 |
| 8359895 | Voya CLO Ltd. Series 2017-1A C<sup>(a),(b)</sup> | TSFR3M + 3.592% | 7.9140 | &nbsp;&nbsp;&nbsp;04/17/30 | 8412378 |
| 1000000 | Voya CLO Ltd. Series 2014-1A<sup>(a),(b)</sup> | TSFR3M + 3.062% | 7.3910 | &nbsp;&nbsp;&nbsp;04/18/31 | 1002449 |
| 4750000 | Wind River CLO Ltd. Series 2014-3A DR2<sup>(a),(b)</sup> | TSFR3M + 3.662% | 7.9940 | &nbsp;&nbsp;&nbsp;10/22/31 | 4770397 |
| 5147054 | Zais Clo 6 Ltd. Series 2017-1A D<sup>(a),(b)</sup> | TSFR3M + 4.142% | 8.4590 | &nbsp;&nbsp;&nbsp;07/15/29 | 5161296 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 91.7% (Continued)** | **ASSET BACKED SECURITIES — 91.7% (Continued)** |  |  |  |
|  | **CLO** — **57.1% (Continued)** | **CLO** — **57.1% (Continued)** |  |  |  |
| 7000000 | Zais Clo 7 Ltd. Series 2017-2A D<sup>(a),(b)</sup> | TSFR3M + 4.012% | 8.3290 | &nbsp;&nbsp;&nbsp;04/15/30 | $7019985 |
|  |  |  |  |  | 281827921 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **7.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **7.3%** |  |  |  |
| 1629416 | A&D Mortgage Trust Series 2023-NQM2 A1<sup>(a),(c)</sup> |  | 6.1320 | &nbsp;&nbsp;&nbsp;05/25/68 | 1631982 |
| 2466125 | A&D Mortgage Trust Series 2024-NQM3 A1<sup>(a),(c)</sup> |  | 6.4510 | &nbsp;&nbsp;&nbsp;07/25/69 | 2485638 |
| 475167 | BRAVO Residential Funding Trust Series 2024-NQM2 A1<sup>(a),(c)</sup> |  | 6.2850 | &nbsp;&nbsp;&nbsp;02/25/64 | 478033 |
| 720202 | BRAVO Residential Funding Trust Series 2024-NQM3 A1<sup>(a),(c)</sup> |  | 6.1910 | &nbsp;&nbsp;&nbsp;03/25/64 | 725580 |
| 2834308 | BRAVO Residential Funding Trust Series 2025-NQM2 A1<sup>(a),(c)</sup> |  | 5.6780 | &nbsp;&nbsp;&nbsp;11/25/64 | 2843558 |
| 8000000 | CFMT, LLC Series 2024-HB14 M4<sup>(a),(d)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/25/34 | 7300071 |
| 500000 | CFMT, LLC Series 2024-HB15 M3<sup>(a),(d)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;08/25/34 | 472970 |
| 2558525 | CFMT, LLC Series 2025-AB3 M3<sup>(a),(d)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;05/25/55 | 2110307 |
| 1647489 | CFMT, LLC Series 2025-AB3 M4<sup>(a),(d)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;05/25/55 | 1225908 |
| 2000000 | CIM Trust Series 2023-R3 A1B<sup>(a),(d)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;01/25/63 | 1568408 |
| 68578 | EFMT Series 2023-1 A2<sup>(a),(c)</sup> |  | 6.2400 | &nbsp;&nbsp;&nbsp;02/25/68 | 68504 |
| 2689022 | HOMES Trust Series 2025-AFC1 A1<sup>(a),(c)</sup> |  | 5.7270 | &nbsp;&nbsp;&nbsp;01/25/60 | 2694660 |
| 44837 | JP Morgan Mortgage Trust Series 2024-12 A4<sup>(a),(d)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;06/25/55 | 45183 |
| 988218 | MFA Trust Series 2024-NQM2 A1<sup>(a),(c)</sup> |  | 5.2720 | &nbsp;&nbsp;&nbsp;08/25/69 | 984297 |
| 301488 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-NQM3 A1<sup>(a),(d)</sup> |  | 5.0440 | &nbsp;&nbsp;&nbsp;07/25/69 | 299078 |
| 1497606 | OBX Trust Series 2024-NQM4 A1<sup>(a),(c)</sup> |  | 6.0670 | &nbsp;&nbsp;&nbsp;01/25/64 | 1507011 |
| 600000 | Onity Loan Investment Trust Series 2024-HB2 M3<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/25/37 | 581561 |
| 1250000 | Onity Loan Investment Trust Series 2024-HB2 M4<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/25/37 | 1141400 |
| 500000 | Onity Loan Investment Trust Series 2025-HB1 M3<sup>(a),(d)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/25/38 | 449792 |
| 982636 | PRKCM Trust Series 2023-AFC3 A1<sup>(a)</sup> |  | 6.5840 | &nbsp;&nbsp;&nbsp;09/25/58 | 990228 |
| 1958580 | PRPM Trust Series 2025-NQM2 A1<sup>(a),(c)</sup> |  | 5.6880 | &nbsp;&nbsp;&nbsp;04/25/70 | 1964659 |
| 1000000 | PRPM, LLC Series 2025-RPL4 A3<sup>(a),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;05/25/55 | 871715 |
| 251586 | Verus Securitization Trust Series 2023-4 A1<sup>(a),(c)</sup> |  | 5.8110 | &nbsp;&nbsp;&nbsp;05/25/68 | 251640 |
| 2318722 | Verus Securitization Trust Series 2024-9 A1<sup>(a),(d)</sup> |  | 5.4380 | &nbsp;&nbsp;&nbsp;11/25/69 | 2316386 |
| 961248 | Verus Securitization Trust Series 2025-3 A1<sup>(a),(c)</sup> |  | 5.6230 | &nbsp;&nbsp;&nbsp;05/25/70 | 968465 |
|  |  |  |  |  | 35977034 |
|  | **NON AGENCY CMBS** — **26.3%** | **NON AGENCY CMBS** — **26.3%** |  |  |  |
| 14500000 | BHMS Series 2018-MZB MZB<sup>(a),(b)</sup> | TSFR1M + 6.934% | 11.2750 | &nbsp;&nbsp;&nbsp;12/31/25 | 14500634 |
| 5000000 | BX Commercial Mortgage Trust Series 2019-IMC F<sup>(a),(b)</sup> | TSFR1M + 2.946% | 7.2880 | &nbsp;&nbsp;&nbsp;04/15/34 | 4856321 |
| 196000 | BX Commercial Mortgage Trust Series 2019-IMC G<sup>(a),(b)</sup> | TSFR1M + 3.646% | 7.9880 | &nbsp;&nbsp;&nbsp;04/15/34 | 187520 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 91.7% (Continued)** | **ASSET BACKED SECURITIES — 91.7% (Continued)** |  |  |  |
|  | **NON AGENCY CMBS** — **26.3% (Continued)** | **NON AGENCY CMBS** — **26.3% (Continued)** |  |  |  |
| 24000000 | BXHPP Trust Series 2021-FILM A<sup>(a),(b)</sup> | TSFR1M + 0.764% | 5.1060 | &nbsp;&nbsp;&nbsp;08/15/36 | $23154093 |
| 3000000 | BXHPP Trust Series 2021-FILM B<sup>(a),(b)</sup> | TSFR1M + 1.014% | 5.3560 | &nbsp;&nbsp;&nbsp;08/15/36 | 2791844 |
| 2520000 | Capital Funding Mortgage Trust Series 2025-P05 B<sup>(a),(b)</sup> | TSFR1M + 10.500% | 14.8290 | &nbsp;&nbsp;&nbsp;08/04/25 | 2524426 |
| 4000000 | Capital Funding Mortgage Trust Series 2024-29 B<sup>(a),(b)</sup> | TSFR1M + 9.500% | 13.8290 | &nbsp;&nbsp;&nbsp;11/01/26 | 4004885 |
| 4250000 | Capital Funding Mortgage Trust Series 2024-28 B<sup>(a),(b)</sup> | TSFR1M + 11.000% | 15.2910 | &nbsp;&nbsp;&nbsp;11/01/26 | 4278455 |
| 11233861 | Capital Funding Mortgage Trust Series 2025-31 B<sup>(a),(b)</sup> | TSFR1M + 11.000% | 15.3300 | &nbsp;&nbsp;&nbsp;02/10/28 | 11289118 |
| 4500000 | Capital Funding Mortgage Trust Series 2025-30 B<sup>(a),(b)</sup> | TSFR1M + 11.250% | 15.5790 | &nbsp;&nbsp;&nbsp;06/02/28 | 4535018 |
| 4132163 | CSMC Trust Series 2016-NXSR XA<sup>(d),(e)</sup> |  | 0.6360 | &nbsp;&nbsp;&nbsp;12/15/49 | 17803 |
| 2270000 | GSMS Trust Series 2024-FAIR D<sup>(a),(d)</sup> |  | 7.9490 | &nbsp;&nbsp;&nbsp;07/15/29 | 2321346 |
| 1070000 | Hudsons Bay Simon JV Trust Series 2015-HB10 C10<sup>(a),(d)</sup> |  | 5.4470 | &nbsp;&nbsp;&nbsp;08/05/34 | 1055553 |
| 1391428 | J.P. Morgan Chase Commercial Mortgage Securities Series 2019-MFP D<sup>(a),(b)</sup> | TSFR1M + 1.707% | 6.0490 | &nbsp;&nbsp;&nbsp;07/15/36 | 1358673 |
| 7000000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A<sup>(a),(b)</sup> | TSFR1M + 1.497% | 5.8390 | &nbsp;&nbsp;&nbsp;04/15/31 | 3325000 |
| 880000 | JP Morgan Chase Commercial Mortgage Securities Series 2020-NNN DFX<sup>(a)</sup> |  | 3.6200 | &nbsp;&nbsp;&nbsp;01/16/37 | 369618 |
| 6000000 | Morgan Stanley Capital I Trust Series 2024-BPR2 E<sup>(a),(d)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 5785184 |
| 8500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C<sup>(a),(d)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 8927768 |
| 2289193 | SMR Mortgage Trust Series 2022-IND D<sup>(a),(b)</sup> | TSFR1M + 3.950% | 8.2920 | &nbsp;&nbsp;&nbsp;02/15/39 | 2297061 |
| 3960743 | SMR Mortgage Trust Series 2022-IND F<sup>(a),(b)</sup> | TSFR1M + 6.000% | 10.3420 | &nbsp;&nbsp;&nbsp;02/15/39 | 3896943 |
| 989026 | Wells Fargo Commercial Mortgage Trust Series 2015-LC22 XA<sup>(d),(e)</sup> |  | 0.6380 | &nbsp;&nbsp;&nbsp;09/15/58 | 10 |
| 3108000 | WFRBS Commercial Mortgage Trust Series 2011-C4 F<sup>(a),(d)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;06/15/44 | 2609099 |
| 188716 | XCALI Mortgage Trust Series 2020-5 B1<sup>(a),(b)</sup> | TSFR1M + 8.370% | 12.6990 | &nbsp;&nbsp;&nbsp;10/25/25 | 187805 |
| 471250 | XCALI Mortgage Trust Series 2021-10 B1<sup>(a),(b)</sup> | TSFR1M + 8.120% | 12.4490 | &nbsp;&nbsp;&nbsp;12/25/25 | 468812 |
| 4165000 | X-Caliber Funding, LLC Series 2021-7 B1<sup>(a),(b)</sup> | TSFR1M + 6.114% | 10.4430 | &nbsp;&nbsp;&nbsp;01/25/26 | 4168278 |
| 4000000 | X-Caliber Funding, LLC Series 2024-OPAL A<sup>(a),(b)</sup> | TSFR1M + 4.000% | 8.3290 | &nbsp;&nbsp;&nbsp;02/25/26 | 3994150 |
| 2450000 | X-Caliber Funding, LLC Series 2024-OPAL B1<sup>(a),(b)</sup> | TSFR1M + 6.000% | 10.3290 | &nbsp;&nbsp;&nbsp;02/25/26 | 2447354 |
| 4600000 | X-Caliber Funding, LLC Series 2023-HOAKS A<sup>(a),(b)</sup> | TSFR1M + 3.500% | 7.8290 | &nbsp;&nbsp;&nbsp;04/25/26 | 4586736 |
| 3335000 | X-Caliber Funding, LLC Series 2023-DMNK B1<sup>(a),(b)</sup> | TSFR1M + 6.500% | 10.8290 | &nbsp;&nbsp;&nbsp;04/25/26 | 3323161 |
| 240437 | X-Caliber Funding, LLC Series 2023-MF9 B1<sup>(a),(b)</sup> | TSFR1M + 6.500% | 10.8300 | &nbsp;&nbsp;&nbsp;11/25/26 | 239831 |
| 1748750 | X-Caliber Funding, LLC Series 2024-MSD B1<sup>(a),(b)</sup> | TSFR1M + 6.000% | 10.3290 | &nbsp;&nbsp;&nbsp;01/25/27 | 1748033 |
| 4500000 | X-Caliber Funding, LLC Series 2024-SURF A<sup>(a)</sup> |  | 12.0000 | &nbsp;&nbsp;&nbsp;09/25/28 | 4523090 |
|  |  |  |  |  | 129773622 |
|  | **OTHER ABS** — **0.1%** | **OTHER ABS** — **0.1%** |  |  |  |
| 214046 | Pagaya AI Debt Trust Series 2024-1 A<sup>(a)</sup> |  | 6.6600 | &nbsp;&nbsp;&nbsp;07/15/31 | 215619 |
| 128460 | Reach Abs Trust Series 2024-1A A<sup>(a)</sup> |  | 6.3000 | &nbsp;&nbsp;&nbsp;02/18/31 | 128765 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 91.7% (Continued)** | **ASSET BACKED SECURITIES — 91.7% (Continued)** |  |  |  |
|  | **OTHER ABS** — **0.1% (Continued)** | **OTHER ABS** — **0.1% (Continued)** |  |  | |
|  |  |  |  |  | $344384 |
|  | **RESIDENTIAL MORTGAGE** — **0.1%** | **RESIDENTIAL MORTGAGE** — **0.1%** |  |  |  |
| 440000 | CFMT, LLC Series 2024-HB13 M3<sup>(a),(d)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;05/25/34 | 411287 |
|  | **WHOLE BUSINESS** — **0.7%** | **WHOLE BUSINESS** — **0.7%** |  |  |  |
| 1442404 | Harvest SBA Loan Trust Series 2024-1 B<sup>(a),(b)</sup> | SOFR30A + 3.750% | 8.1840 | &nbsp;&nbsp;&nbsp;12/25/51 | 1448403 |
| 2330925 | Harvest SBA Loan Trust Series 2024-1 C<sup>(a),(b)</sup> | SOFR30A + 6.750% | 9.7000 | &nbsp;&nbsp;&nbsp;12/25/51 | 2334866 |
|  |  |  |  |  | 3783269 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $452,098,365)** | **TOTAL ASSET BACKED SECURITIES (Cost $452,098,365)** |  |  | 452655609 |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 1.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 1.3%** |  |  |  |
| 1825576 | Fannie Mae REMICS Series 2024-20 CV |  | 5.5000 | &nbsp;&nbsp;&nbsp;04/25/35 | 1847533 |
| 1499564 | Fannie Mae REMICS Series 2024-63 HA |  | 5.0000 | &nbsp;&nbsp;&nbsp;06/25/52 | 1502745 |
| 2317374 | Fannie Mae REMICS Series 2025-6 DL |  | 2.0000 | &nbsp;&nbsp;&nbsp;04/25/53 | 1269609 |
| 956663 | Freddie Mac REMICS Series 5438 H |  | 5.5000 | &nbsp;&nbsp;&nbsp;06/25/50 | 959009 |
| 362971 | FREMF Mortgage Trust Series 2019-KF61 B<sup>(a),(b)</sup> | SOFR30A + 2.314% | 6.6340 | &nbsp;&nbsp;&nbsp;04/25/29 | 353744 |
| 722997 | Government National Mortgage Association Series 2024-76 KA |  | 6.0000 | &nbsp;&nbsp;&nbsp;12/20/49 | 724531 |
|  | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $6,691,366)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $6,691,366)** |  |  | 6657171 |
|  | **CORPORATE BONDS — 0.7%** | **CORPORATE BONDS — 0.7%** |  |  |  |
|  | **SPECIALTY FINANCE** — **0.7%** | **SPECIALTY FINANCE** — **0.7%** |  |  |  |
| 500000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 11.0000 | &nbsp;&nbsp;&nbsp;10/25/25 | 497400 |
| 500000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 25.0000 | &nbsp;&nbsp;&nbsp;10/25/25 | 500000 |
| 2654000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 11.0000 | &nbsp;&nbsp;&nbsp;03/25/26 | 2645501 |
|  |  |  |  |  | 3642901 |
|  | **TOTAL CORPORATE BONDS (Cost $3,636,380)** | **TOTAL CORPORATE BONDS (Cost $3,636,380)** |  |  | 3642901 |

---

---

| | | |
|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 4.5%** |  |
|  | **MONEY MARKET FUNDS - 4.5%** |  |
| 22377296 | First American Government Obligations Fund, Class X, 4.19% (Cost $22,377,296)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; $22377296 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $494,803,407)** | &nbsp;&nbsp;&nbsp; $495389677 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (1358703) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $494030974 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR1M | Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | Term Secured Overnight Financing Rate 3 Month |

---

<sup>(a)</sup> 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 July 31, 2025 the total market value of 144A securities is 456,634,441 or 92.4% of net assets.

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

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

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

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

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

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

## 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:** Holbrook Structured Credit Income Fund

- **b. EDGAR series identifier (if any):** S000075330

- **c. LEI of Series:** 549300VN9LSTDZVMEG10

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $497619821.52

**Total Liabilities:** $3588847.74

**Net Assets:** $494030973.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 20.22404000 | **1-Year:** 10317.78236200 | **5-Year:** 67095.76032900 | **10-Year:** 7760.67893600 | **30-Year:** 3619.36663000

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

- **3-Month:** 5961.14608900 | **1-Year:** 11449.54951400 | **5-Year:** 2229.29839000 | **10-Year:** 2964.85339900 | **30-Year:** 2110.51683700

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234270 | 0.62%                | 0.65%                | 0.43%                |
| Class ID C000234271 | 0.54%                | 0.67%                | 0.55%                |
| Class ID C000234272 | 0.67%                | 0.69%                | 0.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-660655.11              | $982582.98                                 |
| Month 2  | $-2315.19                | $548577.65                                 |
| Month 3  | $-118805.50              | $10707.09                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal National Mortgage Association                                     | FNR 2024-20 CV     | CUSIP: 3136BRU88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1825576 | PA      | $1847533.34   | 0.37%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                    | FHR 5438 H         | CUSIP: 3137HFDS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    956663 | PA      | $959009.22    | 0.19%             | 2050-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE LN FDG 2022-1                                               | PSTAT 2022-1A E    | CUSIP: 69702LAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $755358.75    | 0.15%             | 2030-04-15      | Floating      | 11.52%                | Yes           |                  2 | On Loan: No      |
| Mp Clo Iii, Ltd                                                           | MP3 2013-1A DR     | CUSIP: 553205AJ4<br>LEI: 549300FWSFBNCWDD1P18 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3025347.00   | 0.61%             | 2030-10-20      | Floating      | 7.64%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2015-Lc22                           | WFCM 2015-LC22 XA  | CUSIP: 94989TBC7<br>LEI: 549300XO83D3BDYP0P62 | Long             | ABS-O            | CORP              | US        |    989026 | PA      | $9.89         | 0.00%             | 2058-09-15      | Floating      | 0.64%                 | No            |                  2 | On Loan: No      |
| MFA 2024-NQM2 TRUST                                                       | MFRA 2024-NQM2 A1  | CUSIP: 58004JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    988218 | PA      | $984297.17    | 0.20%             | 2069-08-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB14 LLC                                                        | CFMT 2024-HB14 M4  | CUSIP: 12530XAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $7300070.40   | 1.48%             | 2034-06-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| THL Credit Wind River 2013-2 CLO LLC                                      | WINDR 2013-2A DR   | CUSIP: 88432ABC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003054.00   | 0.20%             | 2030-10-18      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| PRKCM TRUST 2023-AFC3                                                     | PRKCM 2023-AFC3 A1 | CUSIP: 693984AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    982636 | PA      | $990228.14    | 0.20%             | 2058-09-25      | Fixed         | 6.58%                 | Yes           |                  2 | On Loan: No      |
| PALMER SQ LN FDG LTD 2021-4                                               | PSTAT 2021-4A D    | CUSIP: 69702JAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2252628.00   | 0.46%             | 2029-10-15      | Floating      | 9.58%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Loan Fund X Ltd/Llc                                          | ATCLO 2018-10A D   | CUSIP: 04942JAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5900000 | PA      | $5913941.70   | 1.20%             | 2031-01-15      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | GNR 2024-76 KA     | CUSIP: 38384NTQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    722997 | PA      | $724530.80    | 0.15%             | 2049-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cedar Funding V Clo Ltd                                                   | CEDF 2016-5A DR    | CUSIP: 15032AAW7<br>LEI: 635400NWFWJ92O7QGD64 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1498723.50   | 0.30%             | 2031-07-17      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| Lcm XXIII Ltd/ Lcm XXIII Llc                                              | LCM 23A CR         | CUSIP: 52111PAM3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6911978 | PA      | $6923784.11   | 1.40%             | 2029-10-20      | Floating      | 7.89%                 | Yes           |                  2 | On Loan: No      |
| SMR MORTGAGE TRUST 2022-IND                                               | SMR 2022-IND F     | CUSIP: 78458MAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3960743 | PA      | $3896942.73   | 0.79%             | 2039-02-15      | Floating      | 10.34%                | Yes           |                  2 | On Loan: No      |
| THL CR WIND RIVER CLO 2018-1                                              | WINDR 2018-1A D    | CUSIP: 88432VAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $700756.00    | 0.14%             | 2030-07-15      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| BX TRUST                                                                  | BX 2019-IMC G      | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196000 | PA      | $187520.26    | 0.04%             | 2034-04-15      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2023-NQM2                                              | ADMT 2023-NQM2 A1  | CUSIP: 00002DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1629416 | PA      | $1631981.96   | 0.33%             | 2068-05-25      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 10 LTD                                                            | KKR 10 DR          | CUSIP: 48250GAW0<br>LEI: 549300N7FISC1W1QKR21 | Long             | ABS-CBDO         | CORP              | KY        |   1775000 | PA      | $1781223.15   | 0.36%             | 2029-09-15      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| 1828 CLO Ltd/LLC                                                          | GUGG4 2016-1A CR   | CUSIP: 282523BF5<br>LEI: 549300TR3WW6GC2PC544 | Long             | ABS-CBDO         | CORP              | KY        |    495000 | PA      | $497812.59    | 0.10%             | 2031-10-15      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xxi.. Ltd                                                            | OZLM 2018-20A C    | CUSIP: 67112MAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7000000 | PA      | $7029946.00   | 1.42%             | 2031-04-20      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| X-CALI MORTGAGE TRUST 2021-10                                             | XCALI 2021-10 B1   | CUSIP: 98372NAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    471250 | PA      | $468812.04    | 0.09%             | 2025-12-25      | Floating      | 12.45%                | Yes           |                  2 | On Loan: No      |
| HOMES 2025-AFC1 TRUST                                                     | HOMES 2025-AFC1 A1 | CUSIP: 403969AC2<br>LEI: 2549006ZK3R8WZLA9S73 | Long             | ABS-O            | CORP              | US        |   2689022 | PA      | $2694659.65   | 0.55%             | 2060-01-25      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2011-I Ltd.                                                  | CIFC 2013-2A B1LR  | CUSIP: 12549BAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    625000 | PA      | $626476.88    | 0.13%             | 2030-10-18      | Floating      | 7.64%                 | Yes           |                  2 | On Loan: No      |
| PRPM 2025-NQM2 TRUST                                                      | PRPM 2025-NQM2 A1  | CUSIP: 693983AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1958580 | PA      | $1964659.20   | 0.40%             | 2070-04-25      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Wind River 2014-3 Clo LLC                                                 | WINDR 2014-3A DR2  | CUSIP: 88432DBL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4750000 | PA      | $4770396.50   | 0.97%             | 2031-10-22      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| NASSAU 2019-1 LTD                                                         | NCC 2019-IA C      | CUSIP: 63171NAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    900000 | PA      | $907011.90    | 0.18%             | 2031-04-15      | Floating      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                                       | BHMS 2018-MZB MZB  | CUSIP: 05549GAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14500000 | PA      | $14500635.10  | 2.94%             | 2025-12-31      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2012-III Ltd.                                                | CIFC 2017-4A CR    | CUSIP: 12551JAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9000000 | PA      | $9002448.00   | 1.82%             | 2030-10-24      | Floating      | 7.73%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-OPAL B1  | CUSIP: 98373XBT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2447353.76   | 0.50%             | 2026-02-25      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| Voya CLO 2014-1 Ltd                                                       | INGIM 2014-1A CR   | CUSIP: 92915PAR6<br>LEI: 549300ITL5IR423IJ183 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002449.00   | 0.20%             | 2031-04-18      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2024-12                                          | JPMMT 2024-12 A4   | CUSIP: 46658TAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44837 | PA      | $45183.36     | 0.01%             | 2055-06-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PALMER SQ LN FDG LTD 2021-4                                               | PSTAT 2021-4A C    | CUSIP: 69702HAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250380.75    | 0.05%             | 2029-10-15      | Floating      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| Sound Point  Clo Xvi Limited                                              | SNDPT 2017-2A D    | CUSIP: 83610KAG8<br>LEI: 549300ZK5CJ7PM7YBH85 | Long             | ABS-CBDO         | CORP              | KY        |  22500000 | PA      | $22628227.50  | 4.58%             | 2030-07-25      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Highbridge Loan Management 2 2013 Ltd.                                    | HLM 2013-2A CR     | CUSIP: 44330DAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7500000 | PA      | $7518607.50   | 1.52%             | 2029-10-20      | Floating      | 7.49%                 | Yes           |                  2 | On Loan: No      |
| Hudson's Bay Simon JV Trust                                               | HBCT 2015-HB10 C10 | CUSIP: 44422PBY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1070000 | PA      | $1055552.54   | 0.21%             | 2034-08-05      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST-029                                        | CFGMS 2024-29 B    | CUSIP: 14022JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4004884.80   | 0.81%             | 2026-11-01      | Floating      | 13.83%                | Yes           |                  2 | On Loan: No      |
| SMR MORTGAGE TRUST 2022-IND                                               | SMR 2022-IND D     | CUSIP: 78458MAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2289193 | PA      | $2297061.27   | 0.46%             | 2039-02-15      | Floating      | 8.29%                 | Yes           |                  2 | On Loan: No      |
| First American Funds Inc.                                                 | FRST AM-GV OB-X    | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  22379462 | PA      | $22379462.23  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ozlm Xvii Limited                                                         | OZLM 2017-17A C    | CUSIP: 67111NAJ3<br>LEI: 549300EERMFPZ487P195 | Long             | ABS-CBDO         | CORP              | US        |   2115000 | PA      | $2124181.22   | 0.43%             | 2030-07-20      | Floating      | 8.05%                 | Yes           |                  2 | On Loan: No      |
| Allegro VII Clo Ltd                                                       | ALLEG 2018-1A D    | CUSIP: 01750CAJ2<br>LEI: 635400EBXLHIKFL2MP73 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500855.00   | 0.30%             | 2031-06-13      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| BXHPP LTD                                                                 | BXHPP 2021-FILM A  | CUSIP: 05609JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  24000000 | PA      | $23154093.60  | 4.69%             | 2036-08-15      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                                             | MSC 2024-BPR2 E    | CUSIP: 61776EAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5785183.80   | 1.17%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| VERUS SEC TR 2023-4                                                       | VERUS 2023-4 A1    | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-O            | CORP              | US        |    251586 | PA      | $251640.11    | 0.05%             | 2068-05-25      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| REACH ABS TRUST 2023-1                                                    | REACH 2024-1A A    | CUSIP: 75526PAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128460 | PA      | $128764.88    | 0.03%             | 2031-02-18      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Thl Credit Wr 2014-3K Clo Ltd                                             | WINDR 2014-3KRA D  | CUSIP: 88390BAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10000000 | PA      | $10020510.00  | 2.03%             | 2030-10-15      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| Ocean Trails CLO Ltd.                                                     | OCTR 2014-5A DRR   | CUSIP: 67515EAX4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5001365.00   | 1.01%             | 2031-10-13      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| J P Morgan Chase Commercial Mortgage Securities Trust 2019-MFP            | JPMCC 2019-MFP D   | CUSIP: 46651MAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1391428 | PA      | $1358672.68   | 0.28%             | 2036-07-15      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-MSD B1   | CUSIP: 98373XBX7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1748750 | PA      | $1748033.01   | 0.35%             | 2027-01-25      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| X-CALI 2020-5 MORTGAGE TRUST                                              | XCALI 2020-5 B1    | CUSIP: 98401JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188716 | PA      | $187804.63    | 0.04%             | 2025-10-25      | Floating      | 12.70%                | Yes           |                  2 | On Loan: No      |
| Voya CLO Limited                                                          | VOYA 2017-1A C     | CUSIP: 92916MAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8359895 | PA      | $8412378.42   | 1.70%             | 2030-04-17      | Floating      | 7.91%                 | Yes           |                  2 | On Loan: No      |
| Newark BSL CLO 2 Ltd                                                      | NBCLO 2017-1A CR   | CUSIP: 65023PAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001831.00   | 0.20%             | 2030-07-25      | Floating      | 7.73%                 | Yes           |                  2 | On Loan: No      |
| Csmc Coml Mtg Tr 2016-Nxsr                                                | CSMC 2016-NXSR XA  | CUSIP: 12594PAX9<br>LEI: 549300XMRV4C4QGBZZ20 | Long             | ABS-O            | CORP              | US        |   4132163 | PA      | $17803.43     | 0.00%             | 2049-12-15      | Floating      | 0.64%                 | No            |                  2 | On Loan: No      |
| HARVEST SBA LOAN TRUST 2024-1                                             | HSLT 2024-1 B      | CUSIP: 41756NAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1442404 | PA      | $1448403.34   | 0.29%             | 2051-12-25      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Wind River CLO I Ltd.                                                     | WINDR 2014-1A DRR  | CUSIP: 88432CBE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8250000 | PA      | $8287694.25   | 1.68%             | 2031-07-18      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| Betony Clo Ltd.                                                           | BTNY2 2018-1A C    | CUSIP: 08763QAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    416000 | PA      | $417376.54    | 0.08%             | 2031-04-30      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM4 TRUST                                                       | OBX 2024-NQM4 A1   | CUSIP: 67118TAA2<br>LEI: 549300JK5TDDSAIKZ665 | Long             | ABS-O            | CORP              | US        |   1497606 | PA      | $1507011.29   | 0.31%             | 2064-01-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCALFD 25 09/01/25 | CUSIP: 98373XAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500000.00    | 0.10%             | 2025-10-25      | Fixed         | 25.00%                | Yes           |                  2 | On Loan: No      |
| Two Roads Shared Trust                                                    | HOLBROOK T R F-I   | CUSIP: 90214Q493<br>LEI: 549300REHU8QC2CK4V30 | Long             | EC               | RF                | US        |   1000000 | NS      | $10056700.00  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                                          | DRSLF 2017-49A DR  | CUSIP: 26244QAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3250000 | PA      | $3253948.75   | 0.66%             | 2030-07-18      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xxi.. Ltd                                                            | OZLM 2017-21A C    | CUSIP: 67112AAG6<br>LEI: 5493002HF6D1C4B1AK86 | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1508050.50   | 0.31%             | 2031-01-20      | Floating      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| ONITY LN INVT TR 2024-HB2                                                 | OLIT 2024-HB2 M3   | CUSIP: 68278DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $581561.10    | 0.12%             | 2037-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ONITY LN INVT TR 2024-HB2                                                 | OLIT 2024-HB2 M4   | CUSIP: 68278DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1141399.88   | 0.23%             | 2037-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2024-NQM2                                 | BRAVO 2024-NQM2 A1 | CUSIP: 10569KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    475167 | PA      | $478033.10    | 0.10%             | 2064-02-25      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| RAD CLO LTD 2024-4R                                                       | RAD 2019-4A DR     | CUSIP: 749984AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6700000 | PA      | $6725607.40   | 1.36%             | 2032-04-25      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| LUXURY LEASE PT AUTO 2021-ARC2                                            | LLP 2024-4 B       | CUSIP: 55068XAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    538000 | PA      | $538092.43    | 0.11%             | 2030-07-15      | Fixed         | 10.49%                | Yes           |                  2 | On Loan: No      |
| CANYON CAPITAL CLO LTD                                                    | CANYC 2012-1RA D   | CUSIP: 13876JAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8055000 | PA      | $8090498.39   | 1.64%             | 2030-07-15      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2024-NQM3                                 | BRAVO 2024-NQM3 A1 | CUSIP: 10569LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720202 | PA      | $725580.02    | 0.15%             | 2064-03-25      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| ZAIS CLO 6 Ltd                                                            | ZAIS6 2017-1A D    | CUSIP: 98887TAE8<br>LEI: 549300ZPQFDVEE67IB71 | Long             | ABS-CBDO         | CORP              | KY        |   5147054 | PA      | $5161295.79   | 1.04%             | 2029-07-15      | Floating      | 8.46%                 | Yes           |                  2 | On Loan: No      |
| Elevation Clo 2017-8 LTD/Elevation Clo 2017-8 LLC                         | AWPT 2017-8A D     | CUSIP: 28622VAJ9<br>LEI: 549300OBPZDY731NEI33 | Long             | ABS-CBDO         | CORP              | KY        |   5260000 | PA      | $5298440.08   | 1.07%             | 2030-10-25      | Floating      | 7.45%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST -031                                       | CFGMS 2025-31 B    | CUSIP: 14023CAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11233861 | PA      | $11289118.12  | 2.29%             | 2028-02-10      | Floating      | 15.33%                | Yes           |                  2 | On Loan: No      |
| BX TRUST                                                                  | BX 2019-IMC F      | CUSIP: 05608BAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4856321.00   | 0.98%             | 2034-04-15      | Floating      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| JP MRGN CHASE COM TR 2020                                                 | JPMCC 2020-NNN DFX | CUSIP: 46652BBJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $369617.60    | 0.07%             | 2037-01-16      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                                             | MSC 2024-BPR2 C    | CUSIP: 61776EAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8500000 | PA      | $8927767.60   | 1.81%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST P-0                                        | CFGMS 2025-P05 B   | CUSIP: 139917AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2520000 | PA      | $2524426.13   | 0.51%             | 2025-08-04      | Floating      | 14.83%                | No            |                  2 | On Loan: No      |
| Shackleton 2017-XI CLO Ltd./LLC                                           | SHACK 2017-11A D   | CUSIP: 81883EAD3<br>LEI: 549300S19P71XFXC3657 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4018108.00   | 0.81%             | 2030-08-15      | Floating      | 8.24%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2025-AB3 LLC                                                         | CFMT 2025-AB3 M3   | CUSIP: 15723JAE2<br>LEI: 984500B0B47A6AEABC92 | Long             | ABS-O            | CORP              | US        |   2558525 | PA      | $2110307.13   | 0.43%             | 2055-05-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Venture Xxvi Clo Ltd                                                      | VENTR 2017-26A D   | CUSIP: 92331MAD0<br>LEI: 549300XGJ8CFTLD6FC04 | Long             | ABS-CBDO         | CORP              | KY        |   3900000 | PA      | $3919975.80   | 0.79%             | 2029-01-20      | Floating      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2025-AB3 LLC                                                         | CFMT 2025-AB3 M4   | CUSIP: 15723JAF9<br>LEI: 984500B0B47A6AEABC92 | Long             | ABS-O            | CORP              | US        |   1647489 | PA      | $1225908.37   | 0.25%             | 2055-05-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BXHPP LTD                                                                 | BXHPP 2021-FILM B  | CUSIP: 05609JAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2791843.50   | 0.57%             | 2036-08-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| CIM TRUST 2023-R3                                                         | CIM 2023-R3 A1B    | CUSIP: 12570GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1568408.00   | 0.32%             | 2063-01-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                     | FNR 2024-63 HA     | CUSIP: 3136BSRA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1499564 | PA      | $1502744.76   | 0.30%             | 2052-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST-030                                        | CFGMS 2025-30 B    | CUSIP: 14017XAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4535018.10   | 0.92%             | 2028-06-02      | Floating      | 15.58%                | Yes           |                  2 | On Loan: No      |
| Hps Loan Management 3-2014 Ltd & Hps Loan Management 3-2014 Llc           | HLM 3A-2014 CR     | CUSIP: 40436XAJ6<br>LEI: 5493006ZY0SLETMEU160 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1008830.00   | 0.20%             | 2029-07-18      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Secured Loan Fund VIII Ltd/Llc                               | ATCLO 2017-8A C    | CUSIP: 04943AAG4<br>LEI: 2549008VGBH29LRDN709 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752871.75    | 0.15%             | 2030-01-16      | Floating      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Venture XVIII CLO Ltd.                                                    | VENTR 2014-18A DR  | CUSIP: 92329FAV9<br>LEI: 549300MWRVTJN0X3KI79 | Long             | ABS-CBDO         | CORP              | KY        |   4500000 | PA      | $4510993.50   | 0.91%             | 2029-10-15      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| PPM CLO 2018-1 LTD                                                        | PPMC 2018-1A D     | CUSIP: 69355DAG2<br>LEI: 549300NI5BL19ELU5U14 | Long             | ABS-CBDO         | CORP              | KY        |   3750000 | PA      | $3773816.25   | 0.76%             | 2031-07-15      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| ZAIS CLO 7 LTD                                                            | ZAIS7 2017-2A D    | CUSIP: 98887VAG8<br>LEI: 549300XFDOUEB0QTZS87 | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7019985.00   | 1.42%             | 2030-04-15      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| ONITY LOAN INVESTMENT TRUST 2025-HB1                                      | OLIT 2025-HB1 M3   | CUSIP: 68278EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $449792.15    | 0.09%             | 2038-06-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Catamaran Clo 2018-1 Ltd                                                  | CRMN 2018-1A D     | CUSIP: 14900CAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $503491.00    | 0.10%             | 2031-10-25      | Floating      | 8.23%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB13 LLC                                                        | CFMT 2024-HB13 M3  | CUSIP: 12530VAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    440000 | PA      | $411287.40    | 0.08%             | 2034-05-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XIV Ltd / Octagon Investment Partners XIV LLC | OCT14 2012-1A CRR  | CUSIP: 67590ABX9<br>LEI: 549300QEN35HTPJ3BX33 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5021400.00   | 1.02%             | 2029-07-15      | Floating      | 8.48%                 | Yes           |                  2 | On Loan: No      |
| KKR STATIC CLO LTD 2025-IR2                                               | KSTAT 2022-1A ER2  | CUSIP: 48255RAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2499940.00   | 0.51%             | 2031-07-20      | Floating      | 10.08%                | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TR 2025-3                                            | VERUS 2025-3 A1    | CUSIP: 924928AA2<br>LEI: 213800DYYV3EM7TSTN14 | Long             | ABS-O            | CORP              | US        |    961248 | PA      | $968465.28    | 0.20%             | 2070-05-25      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Corp.                      | JPMCC 2018-PTC A   | CUSIP: 46649GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $3325000.00   | 0.67%             | 2031-04-15      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Catamaran CLO Ltd. 2014-1 Ltd.                                            | CRMN 2014-1A CR    | CUSIP: 14889DAS7<br>LEI: 549300C8Q7ISEHHDRH76 | Long             | ABS-CBDO         | CORP              | KY        |  15455000 | PA      | $15584435.63  | 3.15%             | 2030-04-22      | Floating      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                     | FNR 2025-6 DL      | CUSIP: 3136BUUF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2317374 | PA      | $1269609.03   | 0.26%             | 2053-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCALFD 11 03/01/25 | CUSIP: 98373XAY6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2654000 | PA      | $2645500.57   | 0.54%             | 2026-03-25      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Lcm XXII Ltd/ Lcm XXII Llc                                                | LCM 22A CR         | CUSIP: 50189GAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2030632 | PA      | $2031839.81   | 0.41%             | 2028-10-20      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2023-HOAKS A  | CUSIP: 98373XBG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4600000 | PA      | $4586735.90   | 0.93%             | 2026-04-25      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| Trinitas Clo Ix Ltd/Llc                                                   | TRNTS 2018-9A D    | CUSIP: 89641JAG1<br>LEI: 549300QFERVNPGSISO16 | Long             | ABS-CBDO         | CORP              | KY        |  12000000 | PA      | $12103164.00  | 2.45%             | 2032-01-20      | Floating      | 8.04%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCALFD 11 09/01/24 | CUSIP: 98373XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $497400.05    | 0.10%             | 2025-10-25      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2025-NQM2                                 | BRAVO 2025-NQM2 A1 | CUSIP: 10569NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2834308 | PA      | $2843556.99   | 0.58%             | 2064-11-25      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Steele Creek Clo 2017 1 Ltd                                               | STCR 2017-1A D     | CUSIP: 85816VAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6006250 | PA      | $6007853.67   | 1.22%             | 2030-10-15      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO 2014-3 Ltd.                          | CGMS 2015-1A DR3   | CUSIP: 14311DBU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  11995000 | PA      | $12048281.79  | 2.44%             | 2031-07-20      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| GSMS 2024-FAIR                                                            | GSMS 2024-FAIR D   | CUSIP: 36270JAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2270000 | PA      | $2321346.04   | 0.47%             | 2029-07-15      | Floating      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| ELLINGTON CLO LTD 2017-1R                                                 | ECLO 2017-1A DR    | CUSIP: 28851QAL7<br>LEI: 254900TQC62LFRK4R517 | Long             | ABS-CBDO         | CORP              | KY        |   1671426 | PA      | $1672091.18   | 0.34%             | 2029-10-15      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2023-DMNK B1  | CUSIP: 98373XBM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3335000 | PA      | $3323161.08   | 0.67%             | 2026-04-25      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| Wind River 2015-1 CLO Ltd.                                                | WINDR 2015-1A DR   | CUSIP: 88432FBG3<br>LEI: 549300H4V7OE3OL7II20 | Long             | ABS-CBDO         | CORP              | KY        |  16000000 | PA      | $16080412.80  | 3.25%             | 2030-10-20      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| PRPM 2025-RPL4 LLC                                                        | PRPM 2025-RPL4 A3  | CUSIP: 74448NAC8<br>LEI: 635400FLODFXG5M9HI42 | Long             | ABS-O            | CORP              | IE        |   1000000 | PA      | $871715.20    | 0.18%             | 2055-05-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Mountain View CLO IX Ltd.                                                 | MVEW 2017-2A D     | CUSIP: 62432LAG6<br>LEI: 549300URXZ1TS31FK720 | Long             | ABS-CBDO         | CORP              | KY        |   1725000 | PA      | $1728622.50   | 0.35%             | 2031-01-16      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2023-MF9 B1   | CUSIP: 98373XBE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240437 | PA      | $239830.90    | 0.05%             | 2026-11-25      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| Shackleton 2013-Iii Clo Ltd                                               | SHACK 2013-3A DR   | CUSIP: 81881QAY2<br>LEI: 549300S9WB2KLCOJR134 | Long             | ABS-CBDO         | CORP              | KY        |   2900000 | PA      | $2912278.60   | 0.59%             | 2030-07-15      | Floating      | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Shackleton 2014-V-R Clo Ltd / Llc                                         | SHACK 2014-5RA D   | CUSIP: 81881JAJ1<br>LEI: 549300OM5GJJFIKCOZ48 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5001400.00   | 1.01%             | 2031-05-07      | Floating      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| HARVEST SBA LOAN TRUST 2024-1                                             | HSLT 2024-1 C      | CUSIP: 41756NAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2330925 | PA      | $2334864.69   | 0.47%             | 2051-12-25      | Floating      | 9.70%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-SURF A   | CUSIP: 98373XBP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4523089.50   | 0.92%             | 2028-09-25      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Halcyon Ln Advisors Fdg 2018-2 Ltd/Llc                                    | HLA 2018-2A C      | CUSIP: 40490AAJ9<br>LEI: 549300OG6D5MQUG20S28 | Long             | ABS-CBDO         | CORP              | KY        |  17900000 | PA      | $17965889.90  | 3.64%             | 2031-01-22      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | CFGMS 2024-28 B    | CUSIP: 14022BAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4250000 | PA      | $4278455.45   | 0.87%             | 2026-11-01      | Floating      | 15.29%                | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XXVII Ltd.                                    | OCT27 2016-1A DR   | CUSIP: 67590XAS1<br>LEI: 6354001JUH8Y4IJVGL43 | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1001741.00   | 0.20%             | 2030-07-15      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2023-1                                                               | EFMT 2023-1 A2     | CUSIP: 26844QAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68578 | PA      | $68503.73     | 0.01%             | 2068-02-25      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2024-NQM3                                              | ADMT 2024-NQM3 A1  | CUSIP: 00039HAA5<br>LEI: 9845009E581BS7E85066 | Long             | ABS-O            | CORP              | US        |   2466125 | PA      | $2485636.81   | 0.50%             | 2069-07-25      | Floating      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-OPAL A   | CUSIP: 98373XBS8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3994150.40   | 0.81%             | 2026-02-25      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-1                                               | PAID 2024-1 A      | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214046 | PA      | $215619.22    | 0.04%             | 2031-07-15      | Fixed         | 6.66%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-Nqm3                  | MSRM 2024-NQM3 A1  | CUSIP: 61776UAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    301488 | PA      | $299078.42    | 0.06%             | 2069-07-25      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB15 LLC                                                        | CFMT 2024-HB15 M3  | CUSIP: 15723AAD3<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $472970.20    | 0.10%             | 2034-08-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Assurant Clo II Ltd                                                       | MORGN 2018-2A D    | CUSIP: 04623TAG0<br>LEI: 6354003JXBM4LA5YCP98 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250694.00    | 0.05%             | 2031-04-20      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                                      | FREMF 2019-KF61 B  | CUSIP: 30311LAG9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    362971 | PA      | $353743.55    | 0.07%             | 2029-04-25      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                          | WFRBS 2011-C4 F    | CUSIP: 92936CBA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3108000 | PA      | $2609099.18   | 0.53%             | 2044-06-15      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO VIII-R Ltd/Llc                                            | SNDPT 2015-1RA D1  | CUSIP: 83607HAG0<br>LEI: 549300RPMX5HA435Q562 | Long             | ABS-CBDO         | CORP              | KY        |   2702000 | PA      | $2714140.09   | 0.55%             | 2030-04-15      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Eaton Vance Clo 2014-1 Ltd                                                | EATON 2014-1RA D   | CUSIP: 27830TAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501711.00    | 0.10%             | 2030-07-15      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2024-9                                         | VERUS 2024-9 A1    | CUSIP: 92540RAC8<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-O            | CORP              | US        |   2318722 | PA      | $2316386.29   | 0.47%             | 2069-11-25      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Loan Fund XIII LLC                                           | ATCLO 2019-13A D   | CUSIP: 04942VAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6250000 | PA      | $6301350.00   | 1.28%             | 2031-04-22      | Floating      | 8.70%                 | Yes           |                  2 | On Loan: No      |
| XCAL MTG TR 2021-7                                                        | XCAL 2021-7 B1     | CUSIP: 98370NAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4165000 | PA      | $4168277.86   | 0.84%             | 2026-01-25      | Floating      | 10.44%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer