# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-26-005164
**Filing Date:** 2026-4
**Character Count:** 84105
**Document Hash:** bcbe7dc112b7562906373b3f73008c40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005164.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0000910472-26-005164

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260331

**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:** 26823973

**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)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **OPEN END FUNDS — 1.8%** | **OPEN END FUNDS — 1.8%** |  |  |  |
|  | **FIXED INCOME - 1.8%** | **FIXED INCOME - 1.8%** |  |  |  |
| 1000000 | Holbrook Total Return Fund, Class I<sup>(a),(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $10039400 |
|  | **TOTAL OPEN END FUNDS (Cost $10,000,000)** | **TOTAL OPEN END FUNDS (Cost $10,000,000)** |  |  | &nbsp;&nbsp; 10039400 |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** |  |
|  | **ASSET BACKED SECURITIES — 94.9%** | **ASSET BACKED SECURITIES — 94.9%** |  |  |  |
|  | **AUTO LOAN** — **0.1%** | **AUTO LOAN** — **0.1%** |  |  |  |
| 538000 | Luxury Lease Partners Auto Lease Trust Series 2024-4 B<sup>(c)</sup> |  | 10.4910 | &nbsp;&nbsp;&nbsp;07/15/30 | 543460 |
|  | **CLO** — **63.3%** | **CLO** — **63.3%** |  |  |  |
| 495000 | 1828 CLO Ltd. Series 2016-1A CR<sup>(c),(d)</sup> | TSFR3M + 3.612% | 7.2840 | &nbsp;&nbsp;&nbsp;10/15/31 | 497308 |
| 147794 | Atlas Senior Loan Fund Ltd. Series 2017-8A C<sup>(c),(d)</sup> | TSFR3M + 2.812% | 6.4830 | &nbsp;&nbsp;&nbsp;01/16/30 | 147890 |
| 4000000 | Atlas Senior Loan Fund Ltd. Series 2017-8A D<sup>(c),(d)</sup> | TSFR3M + 3.962% | 7.6330 | &nbsp;&nbsp;&nbsp;01/16/30 | 4042264 |
| 9240000 | Atlas Senior Loan Fund X Ltd. Series 2018-10A D<sup>(c),(d)</sup> | TSFR3M + 3.012% | 6.6840 | &nbsp;&nbsp;&nbsp;01/15/31 | 9287383 |
| 5000000 | Atlas Senior Loan Fund XII Ltd. Series 2018-12A D<sup>(c),(d)</sup> | TSFR3M + 3.332% | 7.0000 | &nbsp;&nbsp;&nbsp;10/24/31 | 5019555 |
| 11250000 | Atlas Senior Loan Fund XIII Series 2019-13A D<sup>(c),(d)</sup> | TSFR3M + 4.372% | 8.0410 | &nbsp;&nbsp;&nbsp;04/22/31 | 11328030 |
| 2975000 | Canyon Capital CLO Ltd Series 2016-1<sup>(c),(d)</sup> | TSFR3M + 3.062% | 6.7340 | &nbsp;&nbsp;&nbsp;07/15/31 | 2982670 |
| 8055000 | Canyon Capital CLO Ltd. Series 2012-1RA D<sup>(c),(d)</sup> | TSFR3M + 3.262% | 6.9340 | &nbsp;&nbsp;&nbsp;07/15/30 | 8095243 |
| 11995000 | Carlyle Global Market Strategies CLO Ltd. Series 2015-1A DR3<sup>(c),(d)</sup> | TSFR3M + 3.212% | 6.8790 | &nbsp;&nbsp;&nbsp;07/20/31 | 11995000 |
| 15455000 | Catamaran CLO Ltd. Series 2014-1A CR<sup>(c),(d)</sup> | TSFR3M + 3.692% | 7.3610 | &nbsp;&nbsp;&nbsp;04/22/30 | 15554653 |
| 9000000 | CIFC Funding Ltd. Series 2017-4A CR<sup>(c),(d)</sup> | TSFR3M + 3.412% | 7.0800 | &nbsp;&nbsp;&nbsp;10/24/30 | 9021609 |
| 4000000 | Crown Point CLO Ltd. Series 2018-7A D<sup>(c),(d)</sup> | TSFR3M + 3.762% | 7.4290 | &nbsp;&nbsp;&nbsp;10/20/31 | 4019140 |
| 8800000 | Dryden 40 Senior Loan Fund Series 40A DR<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.2130 | &nbsp;&nbsp;&nbsp;08/15/31 | 8826293 |
| 3250000 | Dryden 49 Senior Loan Fund Series 2017-49A DR<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.3290 | &nbsp;&nbsp;&nbsp;07/18/30 | 3262243 |
| 300000 | Dryden 54 Senior Loan Fund Series 2017-54A D<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.0290 | &nbsp;&nbsp;&nbsp;10/19/29 | 301485 |
| 250000 | Dryden 64 CLO Ltd. Series 2018-64A<sup>(c),(d)</sup> | TSFR3M + 2.912% | 6.5790 | &nbsp;&nbsp;&nbsp;04/18/31 | 252046 |
| 500000 | Eaton Vance CLO Ltd. Series 2014-1RA D<sup>(c),(d)</sup> | TSFR3M + 3.312% | 6.9840 | &nbsp;&nbsp;&nbsp;07/15/30 | 500000 |
| 996498 | Ellington CLO I Ltd. Series 2017-1A DR<sup>(c),(d)</sup> | TSFR3M + 3.612% | 7.2840 | &nbsp;&nbsp;&nbsp;10/15/29 | 997435 |
| 27000000 | Fortress Credit BSL XVII Ltd. Series 2022-1A D<sup>(c),(d)</sup> | TSFR3M + 4.800% | 8.4710 | &nbsp;&nbsp;&nbsp;10/23/34 | 27154088 |
| 17900000 | Halcyon Loan Advisors Funding Ltd. Series 2018-2A C<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.3310 | &nbsp;&nbsp;&nbsp;01/22/31 | 17952464 |
| 1000000 | Highbridge Loan Management Series 3A-2014 CR<sup>(c),(d)</sup> | TSFR3M + 3.862% | 7.5290 | &nbsp;&nbsp;&nbsp;07/18/29 | 1005424 |
| 250000 | Highbridge Loan Management Ltd. Series 5A-2015 DR3<sup>(c),(d)</sup> | TSFR3M + 3.000% | 6.6720 | &nbsp;&nbsp;&nbsp;10/15/30 | 250717 |
| 2000000 | KKR CLO 14 Ltd. Series 14 DR<sup>(c),(d)</sup> | TSFR3M + 3.412% | 7.0840 | &nbsp;&nbsp;&nbsp;07/15/31 | 2004212 |
| 3000000 | KKR CLO 15 Ltd. Series 15 DR2<sup>(c),(d)</sup> | TSFR3M + 3.000% | 6.6680 | &nbsp;&nbsp;&nbsp;01/18/32 | 3012240 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 94.9% (Continued)** | **ASSET BACKED SECURITIES — 94.9% (Continued)** |  |  |  |
|  | **CLO** — **63.3% (Continued)** | **CLO** — **63.3% (Continued)** |  |  |  |
| 4812600 | KKR Clo 24 Ltd. Series 24 DR<sup>(c),(d)</sup> | TSFR3M + 3.512% | 7.1790 | &nbsp;&nbsp;&nbsp;04/20/32 | $4855562 |
| 1775000 | KKR CLO Ltd. Series 10 DR<sup>(c),(d)</sup> | TSFR3M + 3.612% | 7.3350 | &nbsp;&nbsp;&nbsp;09/15/29 | 1778172 |
| 634907 | LCM XXIII Ltd. Series 23A CR<sup>(c),(d)</sup> | TSFR3M + 3.562% | 7.2290 | &nbsp;&nbsp;&nbsp;10/20/29 | 635416 |
| 4000000 | Man GLG US CLO Series 2018-1A CR<sup>(c),(d)</sup> | TSFR3M + 3.332% | 6.9990 | &nbsp;&nbsp;&nbsp;04/22/30 | 4013420 |
| 1725000 | Mountain View CLO, LLC Series 2017-2A D<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.0330 | &nbsp;&nbsp;&nbsp;01/16/31 | 1732300 |
| 1000000 | Newark BSL CLO 2 Ltd. Series 2017-1A CR<sup>(c),(d)</sup> | TSFR3M + 3.412% | 7.0800 | &nbsp;&nbsp;&nbsp;07/25/30 | 1004317 |
| 1050000 | OCP CLO Ltd. Series 2014-5A CR<sup>(c),(d)</sup> | TSFR3M + 3.162% | 6.8300 | &nbsp;&nbsp;&nbsp;04/26/31 | 1053351 |
| 1000000 | Octagon Investment Partners 27 Ltd. Series 2016-1A DR<sup>(c),(d)</sup> | TSFR3M + 3.212% | 6.8840 | &nbsp;&nbsp;&nbsp;07/15/30 | 1006759 |
| 250000 | Octagon Investment Partners XVII Ltd. Series 2013-1A DR2<sup>(c),(d)</sup> | TSFR3M + 2.762% | 6.4300 | &nbsp;&nbsp;&nbsp;01/25/31 | 250841 |
| 3115000 | OZLM XVII Ltd. Series 2017-17A C<sup>(c),(d)</sup> | TSFR3M + 3.722% | 7.3890 | &nbsp;&nbsp;&nbsp;07/20/30 | 3129718 |
| 8750000 | OZLM XVIII Ltd. Series 2018-18A D<sup>(c),(d)</sup> | TSFR3M + 3.112% | 6.7840 | &nbsp;&nbsp;&nbsp;04/15/31 | 8771858 |
| 7000000 | OZLM XX Ltd. Series 2018-20A C<sup>(c),(d)</sup> | TSFR3M + 3.212% | 6.8790 | &nbsp;&nbsp;&nbsp;04/20/31 | 7023464 |
| 1500000 | OZLM XXI Ltd. Series 2017-21A C<sup>(c),(d)</sup> | TSFR3M + 2.932% | 6.5990 | &nbsp;&nbsp;&nbsp;01/20/31 | 1506029 |
| 9950000 | PPM CLO Ltd. Series 2018-1A D<sup>(c),(d)</sup> | TSFR3M + 3.512% | 7.1840 | &nbsp;&nbsp;&nbsp;07/15/31 | 10021262 |
| 5000000 | Rockford Tower CLO Ltd. Series 2018-1A D<sup>(c),(d)</sup> | TSFR3M + 3.262% | 7.1510 | &nbsp;&nbsp;&nbsp;05/20/31 | 5024595 |
| 6537539 | Saranac CLO VII Ltd. Series 2014-2A DR<sup>(c),(d)</sup> | TSFR3M + 3.632% | 7.5210 | &nbsp;&nbsp;&nbsp;11/20/29 | 6578759 |
| 4000000 | Shackleton Clo Ltd. Series 2017-11A D<sup>(c),(d)</sup> | TSFR3M + 3.912% | 7.7630 | &nbsp;&nbsp;&nbsp;08/15/30 | 4014188 |
| 2900000 | Shackleton CLO Ltd. Series 2013-3A DR<sup>(c),(d)</sup> | TSFR3M + 3.282% | 6.9540 | &nbsp;&nbsp;&nbsp;07/15/30 | 2910370 |
| 250000 | Shackleton CLO Ltd. Series 2013-4RA C<sup>(c),(d)</sup> | TSFR3M + 3.132% | 6.7830 | &nbsp;&nbsp;&nbsp;04/13/31 | 250987 |
| 5000000 | Shackleton CLO Ltd. Series 2014-5RA D<sup>(c),(d)</sup> | TSFR3M + 3.412% | 7.2810 | &nbsp;&nbsp;&nbsp;05/07/31 | 5012260 |
| 10955000 | Shackleton CLO Ltd. Series 2015-7RA DRR<sup>(c),(d)</sup> | TSFR3M + 3.000% | 6.6720 | &nbsp;&nbsp;&nbsp;07/15/31 | 10994931 |
| 2702000 | SOUND POINT CLO VIII-R Ltd. Series 2015-1RA D1<sup>(c),(d)</sup> | TSFR3M + 4.012% | 7.6840 | &nbsp;&nbsp;&nbsp;04/15/30 | 2711300 |
| 22500000 | Sound Point Clo XVI Ltd. Series 2017-2A D<sup>(c),(d)</sup> | TSFR3M + 3.862% | 7.5300 | &nbsp;&nbsp;&nbsp;07/25/30 | 22605479 |
| 500000 | Sound Point Clo XX Ltd. Series 2018-2A D<sup>(c),(d)</sup> | TSFR3M + 3.262% | 6.9300 | &nbsp;&nbsp;&nbsp;07/26/31 | 501684 |
| 6006250 | Steele Creek Clo Ltd. Series 2017-1A D<sup>(c),(d)</sup> | TSFR3M + 3.162% | 6.8340 | &nbsp;&nbsp;&nbsp;10/15/30 | 6021560 |
| 10000000 | THL Credit Wind River CLO Ltd. Series 2014-3KRA D<sup>(c),(d)</sup> | TSFR3M + 3.612% | 7.2840 | &nbsp;&nbsp;&nbsp;10/15/30 | 10040230 |
| 16000000 | THL Credit Wind River CLO Ltd. Series 2015-1A DR<sup>(c),(d)</sup> | TSFR3M + 3.262% | 6.9290 | &nbsp;&nbsp;&nbsp;10/20/30 | 16076533 |
| 12000000 | Trinitas Clo IX Ltd. Series 2018-9A D<sup>(c),(d)</sup> | TSFR3M + 3.712% | 7.3790 | &nbsp;&nbsp;&nbsp;01/20/32 | 12094752 |
| 3300000 | Trinitas CLO VI Ltd. Series 2017-6A DR4<sup>(c),(d)</sup> | TSFR3M + 4.512% | 8.1800 | &nbsp;&nbsp;&nbsp;01/25/34 | 3316088 |
| 15250000 | Trinitas Clo VIII Ltd. Series 2018-8A D<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.0290 | &nbsp;&nbsp;&nbsp;07/20/31 | 15305907 |
| 1500000 | Trinitas CLO XV Ltd. Series 2021-15A D<sup>(c),(d)</sup> | TSFR3M + 4.012% | 7.6810 | &nbsp;&nbsp;&nbsp;04/22/34 | 1511138 |
| 1896874 | Venture XVIII CLO Ltd. Series 2014-18A DR<sup>(c),(d)</sup> | TSFR3M + 3.362% | 7.0340 | &nbsp;&nbsp;&nbsp;10/15/29 | 1898858 |
| 9159895 | Voya CLO Ltd. Series 2017-1A C<sup>(c),(d)</sup> | TSFR3M + 3.592% | 7.2590 | &nbsp;&nbsp;&nbsp;04/17/30 | 9207646 |
| 1300000 | Voya CLO Ltd. Series 2013-1A<sup>(c),(d)</sup> | TSFR3M + 3.212% | 6.8840 | &nbsp;&nbsp;&nbsp;10/15/30 | 1304951 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 94.9% (Continued)** | **ASSET BACKED SECURITIES — 94.9% (Continued)** |  |  |  |
|  | **CLO** — **63.3% (Continued)** | **CLO** — **63.3% (Continued)** |  |  |  |
| 6500000 | Voya CLO Ltd. Series 2016-1A CR<sup>(c),(d)</sup> | TSFR3M + 2.912% | 6.5790 | &nbsp;&nbsp;&nbsp;01/20/31 | $6516406 |
| 4750000 | Wind River CLO Ltd. Series 2014-3A DR2<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.3310 | &nbsp;&nbsp;&nbsp;10/22/31 | 4766464 |
| 6580000 | Zais Clo 13 Ltd. Series 2019-13A D1<sup>(c),(d)</sup> | TSFR3M + 4.782% | 8.4540 | &nbsp;&nbsp;&nbsp;07/15/32 | 6592805 |
| 7000000 | Zais Clo 7 Ltd. Series 2017-2A D<sup>(c),(d)</sup> | TSFR3M + 4.012% | 7.6840 | &nbsp;&nbsp;&nbsp;04/15/30 | 7016142 |
|  |  |  |  |  | 356565894 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **5.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **5.9%** |  |  |  |
| 1287717 | A&D Mortgage Trust Series 2023-NQM2 A1<sup>(c),(e)</sup> |  | 6.1320 | &nbsp;&nbsp;&nbsp;05/25/68 | 1289381 |
| 795400 | A&D Mortgage Trust Series 2025-NQM5 A1<sup>(c),(e)</sup> |  | 5.1200 | &nbsp;&nbsp;&nbsp;12/25/70 | 800086 |
| 2538032 | BRAVO Residential Funding Trust Series 2025-NQM2 A1<sup>(c),(e)</sup> |  | 5.6780 | &nbsp;&nbsp;&nbsp;11/25/64 | 2571807 |
| 1500000 | CFMT, LLC Series 2024-HB14 M3<sup>(c),(f)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/25/34 | 1447792 |
| 500000 | CFMT, LLC Series 2024-HB15 M3<sup>(c),(f)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;08/25/34 | 485246 |
| 2617639 | CFMT, LLC Series 2025-AB3 M3<sup>(c),(f)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;05/25/55 | 2288889 |
| 1172291 | CFMT, LLC Series 2025-AB3 M4<sup>(c),(f)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;05/25/55 | 936235 |
| 394867 | Connecticut Avenue Securities Series Series 2025-R01 1A1<sup>(c),(d)</sup> | SOFR30A + 0.950% | 4.6470 | &nbsp;&nbsp;&nbsp;01/25/45 | 395289 |
| 3702579 | Connecticut Avenue Securities Trust Series 2024-R02 1M1<sup>(c),(d)</sup> | SOFR30A + 1.100% | 4.7970 | &nbsp;&nbsp;&nbsp;02/25/44 | 3707766 |
| 549493 | Connecticut Avenue Securities Trust Series 2024-R03 2M1<sup>(c),(d)</sup> | SOFR30A + 1.150% | 4.8470 | &nbsp;&nbsp;&nbsp;03/25/44 | 550272 |
| 340143 | Connecticut Avenue Securities Trust Series 2025-R04 1M1<sup>(c),(d)</sup> | SOFR30A + 1.200% | 4.8970 | &nbsp;&nbsp;&nbsp;05/25/45 | 340931 |
| 730801 | Connecticut Avenue Securities Trust Series 2025-R05 2A1<sup>(c),(d)</sup> | SOFR30A + 1.000% | 4.6970 | &nbsp;&nbsp;&nbsp;07/25/45 | 731878 |
| 59613 | EFMT Series 2023-1 A2<sup>(c),(e)</sup> |  | 6.2400 | &nbsp;&nbsp;&nbsp;02/25/68 | 59467 |
| 605681 | Freddie Mac Stacr Remic Trust Series 2025-DNA3 M1<sup>(c),(d)</sup> | SOFR30A + 1.100% | 4.7970 | &nbsp;&nbsp;&nbsp;09/25/45 | 607054 |
| 3496600 | Freddie Mac STACR REMIC Trust Series 2024-DNA2 M1<sup>(c),(d)</sup> | SOFR30A + 1.200% | 4.8970 | &nbsp;&nbsp;&nbsp;05/25/44 | 3506837 |
| 697745 | MFA Trust Series 2024-NQM2 A1<sup>(c),(e)</sup> |  | 5.2720 | &nbsp;&nbsp;&nbsp;08/25/69 | 702062 |
| 1250000 | MOO Securitization Trust Series 2025-RM1 M2<sup>(c)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;12/25/65 | 1093597 |
| 3000000 | MOO Securitization Trust Series 2025-RM1 M3<sup>(c)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;12/25/65 | 2517746 |
| 259450 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-NQM3 A1<sup>(c),(f)</sup> |  | 5.0440 | &nbsp;&nbsp;&nbsp;07/25/69 | 260176 |
| 1400000 | Ocwen Loan Investment Trust Series 2024-HB1 M3<sup>(c)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;02/25/37 | 1357947 |
| 1750000 | OLIT Series 2025-HB2 M4<sup>(c),(e)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;11/25/38 | 1462901 |
| 600000 | Onity Loan Investment Trust Series 2024-HB2 M3<sup>(c)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/25/37 | 589147 |
| 2000000 | Onity Loan Investment Trust Series 2025-HB1 M3<sup>(c),(f)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/25/38 | 1864960 |
| 1088396 | PRKCM Trust Series 2023-AFC3 A1<sup>(c)</sup> |  | 6.5840 | &nbsp;&nbsp;&nbsp;09/25/58 | 1096831 |
| 211812 | Verus Securitization Trust Series 2023-4 A1<sup>(c),(e)</sup> |  | 5.8110 | &nbsp;&nbsp;&nbsp;05/25/68 | 212158 |
| 2453510 | Verus Securitization Trust Series 2024-9 A1<sup>(c),(f)</sup> |  | 5.4380 | &nbsp;&nbsp;&nbsp;11/25/69 | 2479714 |
|  |  |  |  |  | 33356169 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 94.9% (Continued)** | **ASSET BACKED SECURITIES — 94.9% (Continued)** |  |  |  |
|  | **NON AGENCY CMBS** — **25.5%** | **NON AGENCY CMBS** — **25.5%** |  |  |  |
| 10000000 | BAHA Trust Series 2024-MAR D<sup>(c),(f)</sup> |  | 9.2040 | &nbsp;&nbsp;&nbsp;12/10/41 | $10567058 |
| 5000000 | BX Commercial Mortgage Trust Series 2019-IMC F<sup>(c),(d)</sup> | TSFR1M + 2.946% | 6.6260 | &nbsp;&nbsp;&nbsp;04/15/34 | 4912448 |
| 2478000 | Capital Funding Mortgage Trust Series 2025-P05 B<sup>(c),(d)</sup> | TSFR1M + 10.500% | 14.2000 | &nbsp;&nbsp;&nbsp;08/04/26 | 2482285 |
| 3750000 | Capital Funding Mortgage Trust Series 2024-29 B<sup>(c),(d)</sup> | TSFR1M + 9.500% | 13.2000 | &nbsp;&nbsp;&nbsp;11/01/26 | 3759855 |
| 2102137 | Capital Funding Mortgage Trust Series 2024-28 B<sup>(c),(d)</sup> | TSFR1M + 11.000% | 14.6610 | &nbsp;&nbsp;&nbsp;11/01/26 | 2112649 |
| 2400000 | Capital Funding Mortgage Trust Series 2025-32 B<sup>(c),(d)</sup> | TSFR1M + 2.900% | 12.8000 | &nbsp;&nbsp;&nbsp;12/15/27 | 2401752 |
| 10801789 | Capital Funding Mortgage Trust Series 2025-31 B<sup>(c),(d)</sup> | TSFR1M + 13.410% | 17.1100 | &nbsp;&nbsp;&nbsp;02/10/28 | 10920251 |
| 4500000 | Capital Funding Mortgage Trust Series 2025-30 B<sup>(c),(d)</sup> | TSFR1M + 11.250% | 14.9500 | &nbsp;&nbsp;&nbsp;06/02/28 | 4531861 |
| 4750000 | Capital Funding Mortgage Trust Series 2025-33 B<sup>(c),(d)</sup> | TSFR1M + 8.500% | 12.1800 | &nbsp;&nbsp;&nbsp;10/31/29 | 4780017 |
| 590367 | COMM Mortgage Trust Series 2014-CCRE21 E<sup>(c)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;12/10/47 | 588715 |
| 5000000 | COMM Mortgage Trust Series 2014-CCRE21 F<sup>(c)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;12/10/47 | 4978916 |
| 6000000 | CSMC Trust Series 2021-GATE C<sup>(c),(d)</sup> | TSFR1M + 2.821% | 6.5020 | &nbsp;&nbsp;&nbsp;12/15/36 | 5899318 |
| 3000000 | CSMC Trust Series 2021-GATE E<sup>(c),(d)</sup> | TSFR1M + 4.671% | 8.3520 | &nbsp;&nbsp;&nbsp;12/15/36 | 2919924 |
| 3188957 | CSMC Trust Series 2016-NXSR XA<sup>(f),(g)</sup> |  | 0.6050 | &nbsp;&nbsp;&nbsp;12/15/49 | 6880 |
| 4270000 | GSMS Trust Series 2024-FAIR D<sup>(c),(f)</sup> |  | 8.2140 | &nbsp;&nbsp;&nbsp;07/15/29 | 4385291 |
| 1070000 | Hudsons Bay Simon JV Trust Series 2015-HB10 C10<sup>(c),(f)</sup> |  | 5.4470 | &nbsp;&nbsp;&nbsp;08/05/34 | 1053563 |
| 6000000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A<sup>(c),(d)</sup> | TSFR1M + 1.497% | 5.2500 | &nbsp;&nbsp;&nbsp;04/15/31 | 2879340 |
| 880000 | JP Morgan Chase Commercial Mortgage Securities Series 2020-NNN DFX<sup>(c)</sup> |  | 3.6200 | &nbsp;&nbsp;&nbsp;01/16/37 | 413600 |
| 26146788 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C34 XA<sup>(f),(g)</sup> |  | 0.7610 | &nbsp;&nbsp;&nbsp;11/15/52 | 250834 |
| 7250000 | Morgan Stanley Capital I Trust Series 2024-BPR2 D<sup>(c),(f)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 7332617 |
| 6000000 | Morgan Stanley Capital I Trust Series 2024-BPR2 E<sup>(c),(f)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 5855143 |
| 8500000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C<sup>(c),(f)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 8887454 |
| 5961113 | MSBAM Commercial Mortgage Securities Trust Series 2012-CKSV A2<sup>(c)</sup> |  | 3.2770 | &nbsp;&nbsp;&nbsp;10/15/30 | 5744694 |
| 2289193 | SMR Mortgage Trust Series 2022-IND D<sup>(c),(d)</sup> | TSFR1M + 3.950% | 7.6300 | &nbsp;&nbsp;&nbsp;02/15/39 | 2302929 |
| 188716 | XCALI Mortgage Trust Series 2020-5 B1<sup>(c),(d)</sup> | TSFR1M + 8.370% | 12.0900 | &nbsp;&nbsp;&nbsp;03/31/26 | 187848 |
| 471250 | XCALI Mortgage Trust Series 2021-10 B1<sup>(c),(d)</sup> | TSFR1M + 8.120% | 11.8200 | &nbsp;&nbsp;&nbsp;12/31/26 | 475819 |
| 4000000 | X-Caliber Funding, LLC Series 2024-OPAL A<sup>(c),(d)</sup> | TSFR1M + 4.000% | 8.7500 | &nbsp;&nbsp;&nbsp;02/25/26 | 3988245 |
| 2450000 | X-Caliber Funding, LLC Series 2024-OPAL B1<sup>(c),(d)</sup> | TSFR1M + 6.000% | 10.7500 | &nbsp;&nbsp;&nbsp;02/25/26 | 2442944 |
| 5200000 | X-Caliber Funding, LLC Series 2021-7 A<sup>(c),(d)</sup> | TSFR1M + 3.120% | 6.8400 | &nbsp;&nbsp;&nbsp;04/15/26 | 5185252 |
| 4600000 | X-Caliber Funding, LLC Series 2023-HOAKS A<sup>(c),(d)</sup> | TSFR1M + 3.500% | 0.0000 | &nbsp;&nbsp;&nbsp;04/25/26 | 4578561 |
| 3335000 | X-Caliber Funding, LLC Series 2023-DMNK B1<sup>(c),(d)</sup> | TSFR1M + 6.500% | 10.2000 | &nbsp;&nbsp;&nbsp;04/25/26 | 3335038 |
| 4165000 | X-Caliber Funding, LLC Series 2021-7 B1<sup>(c),(d)</sup> | TSFR1M + 6.120% | 9.8400 | &nbsp;&nbsp;&nbsp;05/15/26 | 4178565 |
| 240437 | X-Caliber Funding, LLC Series 2023-MF9 B1<sup>(c),(d)</sup> | TSFR1M + 6.500% | 10.2000 | &nbsp;&nbsp;&nbsp;11/25/26 | 239528 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 94.9% (Continued)** | **ASSET BACKED SECURITIES — 94.9% (Continued)** |  |  |  |
|  | **NON AGENCY CMBS** — **25.5% (Continued)** | **NON AGENCY CMBS** — **25.5% (Continued)** |  |  |  |
| 2748750 | X-Caliber Funding, LLC Series 2024-MSD B1<sup>(c),(d)</sup> | TSFR1M + 6.000% | 10.0000 | &nbsp;&nbsp;&nbsp;01/25/27 | $2763854 |
| 5000000 | X-Caliber Funding, LLC Series 2025-OKG A<sup>(c),(d)</sup> | TSFR1M + 3.000% | 6.9500 | &nbsp;&nbsp;&nbsp;10/15/27 | 5000000 |
| 6000000 | X-Caliber Funding, LLC Series 2024-SURF A<sup>(c)</sup> |  | 12.0000 | &nbsp;&nbsp;&nbsp;09/25/28 | 6056260 |
| 5550000 | X-Caliber Funding, LLC Series 2026-HPL B1<sup>(c),(d)</sup> | TSFR1M + 6.500% | 10.1500 | &nbsp;&nbsp;&nbsp;12/06/28 | 5550000 |
|  |  |  |  |  | 143949308 |
|  | **OTHER ABS** — **0.0%<sup>(h)</sup>** | **OTHER ABS** — **0.0%<sup>(h)</sup>** |  |  |  |
| 131527 | Pagaya AI Debt Trust Series 2024-1 A<sup>(c)</sup> |  | 6.6600 | &nbsp;&nbsp;&nbsp;07/15/31 | 131651 |
|  | **RESIDENTIAL MORTGAGE** — **0.1%** | **RESIDENTIAL MORTGAGE** — **0.1%** |  |  |  |
| 440000 | CFMT, LLC Series 2024-HB13 M3<sup>(c),(f)</sup> |  | 3.0000 | &nbsp;&nbsp;&nbsp;05/25/34 | 422578 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $534,521,803)** | **TOTAL ASSET BACKED SECURITIES (Cost $534,521,803)** |  |  | 534969060 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%** |  |  |  |
|  | **U.S. GOVERNMENT & AGENCIES** — **0.5%** | **U.S. GOVERNMENT & AGENCIES** — **0.5%** |  |  |  |
| 303212 | Fannie Mae REMICS Series 2024-11 BK |  | 5.0000 | &nbsp;&nbsp;&nbsp;02/25/51 | 303403 |
| 2317374 | Fannie Mae REMICS Series 2025-6 DL |  | 2.0000 | &nbsp;&nbsp;&nbsp;04/25/53 | 1312179 |
| 472678 | Freddie Mac REMICS Series 5438 H |  | 5.5000 | &nbsp;&nbsp;&nbsp;06/25/50 | 474916 |
| 465402 | Freddie Mac REMICS Series 5385 CK |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/25/51 | 469578 |
| 284594 | FREMF Mortgage Trust Series 2019-KF61 B<sup>(c),(d)</sup> | SOFR30A + 2.314% | 6.1010 | &nbsp;&nbsp;&nbsp;04/25/29 | 278356 |
|  |  |  |  |  | 2838432 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,855,359)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,855,359)** |  |  | 2838432 |
|  | **CORPORATE BONDS — 0.6%** | **CORPORATE BONDS — 0.6%** |  |  |  |
|  | **SPECIALTY FINANCE** — **0.6%** | **SPECIALTY FINANCE** — **0.6%** |  |  |  |
| 2654000 | X-Caliber Funding, LLC<sup>(c)</sup> |  | 11.0000 | &nbsp;&nbsp;&nbsp;03/25/26 | 2655486 |
| 500000 | X-Caliber Funding, LLC<sup>(c)</sup> |  | 11.0000 | &nbsp;&nbsp;&nbsp;10/15/26 | 467766 |
| 300000 | X-Caliber Funding, LLC<sup>(c)</sup> |  | 25.0000 | &nbsp;&nbsp;&nbsp;10/15/26 | 300000 |
|  |  |  |  |  | 3423252 |
|  | **TOTAL CORPORATE BONDS (Cost $3,449,805)** | **TOTAL CORPORATE BONDS (Cost $3,449,805)** |  |  | 3423252 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.2%** |  |
|  | **MONEY MARKET FUNDS - 6.2%** |  |
| 34690687 | First American Government Obligations Fund, Class X, 3.61% (Cost $34,690,687)<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; $34690687 |
|  | **TOTAL INVESTMENTS - 104.0% (Cost $585,517,654)** | &nbsp;&nbsp;&nbsp; $585960831 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.0)%** | &nbsp;&nbsp; (22608211) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $563352620 |

---

---

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

---

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

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

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is 538,412,954 or 95.6% of net assets.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on January 31, 2026

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2026.

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

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

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

<sup>(i)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

## 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:** 2026-01-31

**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:** $589656494.57

**Total Liabilities:** $26303874.88

**Net Assets:** $563352619.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 130.27253200 | **1-Year:** 10289.91530800 | **5-Year:** 73099.63659100 | **10-Year:** 19059.31846400 | **30-Year:** 4867.59788100

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

- **3-Month:** 17920.82573200 | **1-Year:** 11563.00905900 | **5-Year:** 6039.88695000 | **10-Year:** 1101.10788600 | **30-Year:** 815.16383100

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234270 | 0.47%                | 0.51%                | 0.55%                |
| Class ID C000234271 | 0.49%                | 0.64%                | 0.47%                |
| Class ID C000234272 | 0.51%                | 0.66%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7903.87                 | $41040.49                                  |
| Month 2  | $351039.84               | $-303753.72                                |
| Month 3  | $13348.82                | $370504.63                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| A&D MORTGAGE TRUST 2023-NQM2                                     | ADMT 2023-NQM2 A1  | CUSIP: 00002DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1287717 | PA      | $1289380.97   | 0.23%             | 2068-05-25      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2025-NQM1                                     | ADMT 2025-NQM5 A1  | CUSIP: 00250AAC8<br>LEI: 984500CE0D9FE0NM4277 | Long             | ABS-O            | CORP              | US        |    795400 | PA      | $800085.86    | 0.14%             | 2070-12-25      | Floating      | 5.12%                 | 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        |   9240000 | PA      | $9287382.72   | 1.65%             | 2031-01-15      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Loan Fund XII Ltd.                                  | ATCLO 2018-12A D   | CUSIP: 04942UAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5019555.00   | 0.89%             | 2031-10-24      | Floating      | 7.00%                 | 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        |  11250000 | PA      | $11328030.00  | 2.01%             | 2031-04-22      | Floating      | 8.04%                 | 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        |    147794 | PA      | $147890.06    | 0.03%             | 2030-01-16      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Secured Loan Fund VIII Ltd/Llc                      | ATCLO 2017-8A D    | CUSIP: 04943AAJ8<br>LEI: 2549008VGBH29LRDN709 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4042264.00   | 0.72%             | 2030-01-16      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| BAHA TRUST 2024-MAR                                              | BAHA 2024-MAR D    | CUSIP: 05493XAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10567058.00  | 1.88%             | 2041-12-10      | Floating      | 9.20%                 | Yes           |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                               | BX 2019-IMC F      | CUSIP: 05608BAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4912448.00   | 0.87%             | 2034-04-15      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust 2025-NQM2                        | BRAVO 2025-NQM2 A1 | CUSIP: 10569NAC5<br>LEI: 254900TZWRKTBX2YNW23 | Long             | ABS-O            | CORP              | US        |   2538032 | PA      | $2571806.09   | 0.46%             | 2064-11-25      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB13 LLC                                               | CFMT 2024-HB13 M3  | CUSIP: 12530VAD7<br>LEI: 984500D67D63D8645054 | Long             | ABS-O            | CORP              | US        |    440000 | PA      | $422577.58    | 0.08%             | 2034-05-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB14 LLC                                               | CFMT 2024-HB14 M3  | CUSIP: 12530XAD3<br>LEI: 9845005986F840FBE847 | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1447792.20   | 0.26%             | 2034-06-25      | Floating      | 3.00%                 | 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      | $9021609.00   | 1.60%             | 2030-10-24      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Comm 2015-CCRE23 Mortgage Trust                                  | COMM 2014-CR21 E   | CUSIP: 12592RAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590367 | PA      | $588714.63    | 0.10%             | 2047-12-10      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Comm 2015-CCRE23 Mortgage Trust                                  | COMM 2014-CR21 F   | CUSIP: 12592RAQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4978916.00   | 0.88%             | 2047-12-10      | Fixed         | 3.00%                 | 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        |   3188957 | PA      | $6880.17      | 0.00%             | 2049-12-15      | Floating      | 0.60%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-GATE                                                   | CSMC 2021-GATE C   | CUSIP: 12662UAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5899317.60   | 1.05%             | 2036-12-15      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSMC 2021-GATE                                                   | CSMC 2021-GATE E   | CUSIP: 12662UAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2919923.70   | 0.52%             | 2036-12-15      | Floating      | 8.35%                 | 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      | $8095242.78   | 1.44%             | 2030-07-15      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Canyon CLO 2016-1 Ltd / Canyon CLO 2016-1 LLC                    | CANYC 2016-1A DR   | CUSIP: 13887PAR6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2975000 | PA      | $2982669.55   | 0.53%             | 2031-07-15      | Floating      | 6.73%                 | 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        |   2478000 | PA      | $2482285.45   | 0.44%             | 2026-08-04      | Floating      | 14.20%                | 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      | $4531860.90   | 0.80%             | 2028-06-02      | Floating      | 14.95%                | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST-028                               | CFGMS 2024-28 B    | CUSIP: 14022BAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2102137 | PA      | $2112648.60   | 0.38%             | 2026-11-01      | Floating      | 14.66%                | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST- 033                              | CFGMS 2025-33 B    | CUSIP: 14022HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4750000 | PA      | $4780016.68   | 0.85%             | 2029-10-31      | Floating      | 12.18%                | 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        |   3750000 | PA      | $3759855.38   | 0.67%             | 2026-11-01      | Floating      | 13.20%                | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST- 032                              | CFGMS 2025-32 B    | CUSIP: 14023AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2401752.00   | 0.43%             | 2027-12-15      | Floating      | 12.80%                | 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        |  10801789 | PA      | $10920251.56  | 1.94%             | 2028-02-10      | Floating      | 17.11%                | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO 2014-3 Ltd.                 | CGMS 2015-1A DR3   | CUSIP: 14311DBU9<br>LEI: 549300KW8WXBEPNZQZ89 | Long             | ABS-CBDO         | CORP              | KY        |  11995000 | PA      | $11995000.00  | 2.13%             | 2031-07-20      | Floating      | 6.88%                 | 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      | $15554653.84  | 2.76%             | 2030-04-22      | Floating      | 7.36%                 | 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      | $485245.75    | 0.09%             | 2034-08-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Cfmt 2025 AB3 LLC                                                | CFMT 2025-AB3 M3   | CUSIP: 15723JAE2<br>LEI: 984500B0B47A6AEABC92 | Long             | ABS-O            | CORP              | US        |   2617639 | PA      | $2288888.58   | 0.41%             | 2055-05-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Cfmt 2025 AB3 LLC                                                | CFMT 2025-AB3 M4   | CUSIP: 15723JAF9<br>LEI: 984500B0B47A6AEABC92 | Long             | ABS-O            | CORP              | US        |   1172291 | PA      | $936235.35    | 0.17%             | 2055-05-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | CAS 2025-R05 2A1   | CUSIP: 20753CAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    730801 | PA      | $731877.76    | 0.13%             | 2045-07-25      | Floating      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | CAS 2024-R02 1M1   | CUSIP: 20754GAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   3702579 | PA      | $3707766.22   | 0.66%             | 2044-02-25      | Floating      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | CAS 2025-R01 1A1   | CUSIP: 20755JAA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    394867 | PA      | $395289.26    | 0.07%             | 2045-01-25      | Floating      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | CAS 2025-R04 1M1   | CUSIP: 20755TAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    340143 | PA      | $340930.85    | 0.06%             | 2045-05-25      | Floating      | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | CAS 2024-R03 2M1   | CUSIP: 207941AA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    549493 | PA      | $550272.17    | 0.10%             | 2044-03-25      | Floating      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Crown Point CLO 7 LTD/LLC                                        | CRNPT 2018-7A D    | CUSIP: 22846MAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4019140.00   | 0.71%             | 2031-10-20      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Dryden 40 Senior Loan Fund Limited Liability Company             | DRSLF 2015-40A DR  | CUSIP: 26244GAL9<br>LEI: 549300BH0PFEW6WVTN52 | Long             | ABS-CBDO         | CORP              | KY        |   8800000 | PA      | $8826294.40   | 1.57%             | 2031-08-15      | Floating      | 7.21%                 | Yes           |                  2 | 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      | $3262242.75   | 0.58%             | 2030-07-18      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Dryden 37 Senior Loan Fund                                       | DRSLF 2017-54A D   | CUSIP: 26244RAD3<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $301484.70    | 0.05%             | 2029-10-19      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                                 | DRSLF 2018-64A D   | CUSIP: 26251LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $252045.75    | 0.04%             | 2031-04-18      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| Ecp Clo 2015-7 Ltd/Llc                                           | GLGU 2018-1A CR    | CUSIP: 26829CBC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4013420.00   | 0.71%             | 2030-04-22      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2023-1                                                      | EFMT 2023-1 A2     | CUSIP: 26844QAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59613 | PA      | $59467.33     | 0.01%             | 2068-02-25      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Eaton Vance Clo 2014-1 Ltd                                       | EATON 2014-1RA D   | CUSIP: 27830TAJ4<br>LEI: 549300FGUQU2JZ0I6P32 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500000.00    | 0.09%             | 2030-07-15      | Floating      | 6.98%                 | 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      | $497308.19    | 0.09%             | 2031-10-15      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| ELLINGTON CLO LTD 2017-1R                                        | ECLO 2017-1A DR    | CUSIP: 28851QAL7<br>LEI: 254900TQC62LFRK4R517 | Long             | ABS-CBDO         | CORP              | KY        |    996498 | PA      | $997435.18    | 0.18%             | 2029-10-15      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| Fremf 2019-KF73 Mortgage Trust                                   | FREMF 2019-KF61 B  | CUSIP: 30311LAG9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    284594 | PA      | $278356.21    | 0.05%             | 2029-04-25      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | FNR 2024-11 BK     | CUSIP: 3136BRFK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    303212 | PA      | $303402.82    | 0.05%             | 2051-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                            | FNR 2025-6 DL      | CUSIP: 3136BUUF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2317374 | PA      | $1312178.73   | 0.23%             | 2053-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD           | FHR 5385 CK        | CUSIP: 3137HBMS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    465402 | PA      | $469577.57    | 0.08%             | 2051-08-25      | Fixed         | 5.00%                 | 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        |    472678 | PA      | $474916.21    | 0.08%             | 2050-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                        | FRST AM-GV OB-X    | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  35790004 | PA      | $35790004.10  | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortress Cr Bsl Ltd 2022-17                                      | FCBSL 2022-1A D    | CUSIP: 34964HAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  27000000 | PA      | $27154089.00  | 4.82%             | 2034-10-23      | Floating      | 8.47%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                    | STACR 2024-DNA2 M1 | CUSIP: 35564NCX9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   3496600 | PA      | $3506837.25   | 0.62%             | 2044-05-25      | Floating      | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                    | STACR 2025-DNA3 M1 | CUSIP: 35564UAR8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    605681 | PA      | $607053.52    | 0.11%             | 2045-09-25      | Floating      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| GSMS 2024-FAIR                                                   | GSMS 2024-FAIR D   | CUSIP: 36270JAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4270000 | PA      | $4385290.85   | 0.78%             | 2029-07-15      | Floating      | 8.21%                 | 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      | $1005424.00   | 0.18%             | 2029-07-18      | Floating      | 7.53%                 | 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      | $17952464.90  | 3.19%             | 2031-01-22      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Hps Loan Management 5-2015 Ltd. / Hps Loan Management 5-2015 LLC | HLM 5A-2015 DR3    | CUSIP: 44331DAY5<br>LEI: 54930067MZ9NV8B3SZ80 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250716.50    | 0.04%             | 2030-10-15      | Floating      | 6.67%                 | 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      | $1053562.98   | 0.19%             | 2034-08-05      | Floating      | 5.45%                 | 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        |   6000000 | PA      | $2879340.00   | 0.51%             | 2031-04-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN    | JPMCC 2020-NNN DFX | CUSIP: 46652BBJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $413600.00    | 0.07%             | 2037-01-16      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 10 Ltd.                                                  | KKR 10 DR          | CUSIP: 48250GAW0<br>LEI: 549300N7FISC1W1QKR21 | Long             | ABS-CBDO         | CORP              | KY        |   1775000 | PA      | $1778171.93   | 0.32%             | 2029-09-15      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Kkr Financial Clo 18 Ltd.                                        | KKR 14 DR          | CUSIP: 48250WAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2004212.00   | 0.36%             | 2031-07-15      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Kkr Financial Clo 18 Ltd.                                        | KKR 15 DR2         | CUSIP: 48251MBJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3012240.00   | 0.53%             | 2032-01-18      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 24 LTD                                                   | KKR 24 DR          | CUSIP: 48252RAU8<br>LEI: 549300LGO0WGOG6NE245 | Long             | ABS-CBDO         | CORP              | KY        |   4812600 | PA      | $4855562.08   | 0.86%             | 2032-04-20      | Floating      | 7.18%                 | 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        |    634907 | PA      | $635415.91    | 0.11%             | 2029-10-20      | Floating      | 7.23%                 | 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      | $543460.16    | 0.10%             | 2030-07-15      | Fixed         | 10.49%                | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5       | MSBAM 2012-CKSV A2 | CUSIP: 553514AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5961113 | PA      | $5744694.41   | 1.02%             | 2030-10-15      | Fixed         | 3.28%                 | Yes           |                  2 | On Loan: No      |
| MFA 2024-NQM2 TRUST                                              | MFRA 2024-NQM2 A1  | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-O            | CORP              | US        |    697745 | PA      | $702061.57    | 0.12%             | 2069-08-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| MOO SECURITIZATION TRUST 2025-RM1                                | MOOST 2025-RM1 M2  | CUSIP: 614872AE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1093597.00   | 0.19%             | 2065-12-25      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MOO SECURITIZATION TRUST 2025-RM1                                | MOOST 2025-RM1 M3  | CUSIP: 614872AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2517746.40   | 0.45%             | 2065-12-25      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust               | MSBAM 2017-C34 XA  | CUSIP: 61767EAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  26146788 | PA      | $250833.99    | 0.04%             | 2052-11-15      | Floating      | 0.76%                 | No            |                  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      | $8887453.80   | 1.58%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                                    | MSC 2024-BPR2 D    | CUSIP: 61776EAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7250000 | PA      | $7332616.65   | 1.30%             | 2029-05-05      | Floating      | 8.75%                 | 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      | $5855142.60   | 1.04%             | 2029-05-05      | Floating      | 8.75%                 | 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        |    259450 | PA      | $260176.30    | 0.05%             | 2069-07-25      | Floating      | 5.04%                 | 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      | $1732300.20   | 0.31%             | 2031-01-16      | Floating      | 7.03%                 | 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      | $1004317.00   | 0.18%             | 2030-07-25      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO 2014-5 Ltd.                                              | OCP 2014-5A CR     | CUSIP: 67102SAS3<br>LEI: 254900NXH68CRC058O44 | Long             | ABS-CBDO         | CORP              | KY        |   1050000 | PA      | $1053350.55   | 0.19%             | 2031-04-26      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xvii Limited                                                | OZLM 2017-17A C    | CUSIP: 67111NAJ3<br>LEI: 549300EERMFPZ487P195 | Long             | ABS-CBDO         | CORP              | US        |   3115000 | PA      | $3129718.38   | 0.56%             | 2030-07-20      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| Ozlm XXI Ltd. / Ozlm XXI LLC                                     | OZLM 2017-21A C    | CUSIP: 67112AAG6<br>LEI: 5493002HF6D1C4B1AK86 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1506028.50   | 0.27%             | 2031-01-20      | Floating      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xviii Limited                                               | OZLM 2018-18A D    | CUSIP: 67112GAG3<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | KY        |   8750000 | PA      | $8771857.50   | 1.56%             | 2031-04-15      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Ozlm XXI Ltd.                                                    | OZLM 2018-20A C    | CUSIP: 67112MAG0<br>LEI: 5493002HF6D1C4B1AK86 | Long             | ABS-CBDO         | CORP              | US        |   7000000 | PA      | $7023464.00   | 1.25%             | 2031-04-20      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XVII Ltd.                            | OCT17 2013-1A DR2  | CUSIP: 67590GBQ1<br>LEI: 54930007Y57X4ONHQV20 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250840.50    | 0.04%             | 2031-01-25      | Floating      | 6.43%                 | 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      | $1006759.00   | 0.18%             | 2030-07-15      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| OCWEN LN INVESTMNT TR2024-HB1                                    | OLIT 2024-HB1 M3   | CUSIP: 675952AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1357947.22   | 0.24%             | 2037-02-25      | Fixed         | 3.00%                 | 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      | $589147.08    | 0.10%             | 2037-08-25      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $1864960.00   | 0.33%             | 2038-06-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ONITY LOAN INVESTMENT TRUST 2025-HB2                             | OLIT 2025-HB2 M4   | CUSIP: 68278FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1462900.95   | 0.26%             | 2038-11-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| PPM Clo 2018 LTD                                                 | PPMC 2018-1A D     | CUSIP: 69355DAG2<br>LEI: 549300NI5BL19ELU5U14 | Long             | ABS-CBDO         | CORP              | KY        |   9950000 | PA      | $10021261.90  | 1.78%             | 2031-07-15      | Floating      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| PRKCM TRUST 2023-AFC3                                            | PRKCM 2023-AFC3 A1 | CUSIP: 693984AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1088396 | PA      | $1096831.29   | 0.19%             | 2058-09-25      | Fixed         | 6.58%                 | 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        |    131527 | PA      | $131650.94    | 0.02%             | 2031-07-15      | Fixed         | 6.66%                 | Yes           |                  2 | On Loan: No      |
| Rockford Tower Clo 2018-1 Ltd/ Llc                               | ROCKT 2018-1A D    | CUSIP: 77342JAG8<br>LEI: 549300KPFGDIQ0PMP224 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5024595.00   | 0.89%             | 2031-05-20      | Floating      | 7.15%                 | 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      | $2302929.39   | 0.41%             | 2039-02-15      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Saranac CLO VII Ltd.                                             | SRANC 2014-2A DR   | CUSIP: 80317EAL3<br>LEI: 5493000RC2FP2JRHW627 | Long             | ABS-CBDO         | CORP              | JE        |   6537539 | PA      | $6578758.65   | 1.17%             | 2029-11-20      | Floating      | 7.52%                 | 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      | $5012260.00   | 0.89%             | 2031-05-07      | Floating      | 7.28%                 | 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      | $2910370.40   | 0.52%             | 2030-07-15      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Shenergy Co Ltd.                                                 | SHACK 2013-4RA C   | CUSIP: 81882HAG0<br>LEI: 300300PA40YYCBW4WW70 | Long             | ABS-CBDO         | CORP              | CN        |    250000 | PA      | $250987.00    | 0.04%             | 2031-04-13      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Shackleton 2015-VII-R CLO Ltd.                                   | SHACK 2015-7RA DRR | CUSIP: 81883AAY5<br>LEI: 549300NCJRO2LKFZ8G86 | Long             | ABS-CBDO         | CORP              | KY        |  10955000 | PA      | $10994930.98  | 1.95%             | 2031-07-15      | Floating      | 6.67%                 | Yes           |                  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      | $4014188.00   | 0.71%             | 2030-08-15      | Floating      | 7.76%                 | 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      | $2711300.28   | 0.48%             | 2030-04-15      | Floating      | 7.68%                 | 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      | $22605480.00  | 4.01%             | 2030-07-25      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO XX Ltd / Sound Point CLO XX LLC                  | SNDPT 2018-2A D    | CUSIP: 83611JAG0<br>LEI: 549300RTEBF0FW35D815 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501684.00    | 0.09%             | 2031-07-26      | Floating      | 6.93%                 | 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      | $6021559.93   | 1.07%             | 2030-10-15      | Floating      | 6.83%                 | 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      | $10040230.00  | 1.78%             | 2030-10-15      | Floating      | 7.28%                 | 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      | $4766463.50   | 0.85%             | 2031-10-22      | Floating      | 7.33%                 | 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      | $16076534.40  | 2.85%             | 2030-10-20      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Trinitas Clo VIII Ltd.                                           | TRNTS 2017-6A DR4  | CUSIP: 89640YBL7<br>LEI: 5493000JXST1RIX07H55 | Long             | ABS-CBDO         | CORP              | KY        |   3300000 | PA      | $3316087.50   | 0.59%             | 2034-01-25      | Floating      | 8.18%                 | 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      | $12094752.00  | 2.15%             | 2032-01-20      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| TRINITAS CLO XV LTD                                              | TRNTS 2021-15A D   | CUSIP: 89641XAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1511137.50   | 0.27%             | 2034-04-22      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| Trinitas Clo VIII Ltd.                                           | TRNTS 2018-8A D    | CUSIP: 89642RAG2<br>LEI: 5493000JXST1RIX07H55 | Long             | ABS-CBDO         | CORP              | KY        |  15250000 | PA      | $15305906.50  | 2.72%             | 2031-07-20      | Floating      | 7.03%                 | 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      | $10039400.00  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture 36 Clo Ltd.                                              | VENTR 2014-18A DR  | CUSIP: 92329FAV9<br>LEI: 549300AZL7IWJJ04HD37 | Long             | ABS-CBDO         | CORP              | KY        |   1896874 | PA      | $1898857.88   | 0.34%             | 2029-10-15      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| VERUS SEC TR 2023-4                                              | VERUS 2023-4 A1    | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-O            | CORP              | US        |    211812 | PA      | $212157.85    | 0.04%             | 2068-05-25      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TR 2024-9                                   | VERUS 2024-9 A1    | CUSIP: 92540RAC8<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-O            | CORP              | US        |   2453510 | PA      | $2479714.01   | 0.44%             | 2069-11-25      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2016-1 Limited                                          | VOYA 2016-1A CR    | CUSIP: 92915CAW4<br>LEI: 549300BRUAMTEA33B077 | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6516406.00   | 1.16%             | 2031-01-20      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Limited                                                 | VOYA 2017-1A C     | CUSIP: 92916MAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9159895 | PA      | $9207645.53   | 1.63%             | 2030-04-17      | Floating      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2013-1 Ltd / Voya CLO 2013-1 LLC                        | INGIM 2013-1A CR   | CUSIP: 92917CAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1304951.18   | 0.23%             | 2030-10-15      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| XCAL MTG TR 2021-7                                               | XCAL 2021-7 A      | CUSIP: 98370NAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5200000 | PA      | $5185252.28   | 0.92%             | 2026-04-15      | Floating      | 6.84%                 | 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      | $4178565.41   | 0.74%             | 2026-05-15      | Floating      | 9.84%                 | 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      | $475818.63    | 0.08%             | 2026-12-31      | Floating      | 11.82%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCALFD 11 09/01/24 | CUSIP: 98373XAD2<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $467765.65    | 0.08%             | 2026-10-15      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCALFD 25 09/01/25 | CUSIP: 98373XAE0<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300000.00    | 0.05%             | 2026-10-15      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCALFD 11 03/01/25 | CUSIP: 98373XAY6<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   2654000 | PA      | $2655486.24   | 0.47%             | 2026-03-25      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2023-MF9 B1   | CUSIP: 98373XBE9<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |    240437 | PA      | $239528.19    | 0.04%             | 2026-11-25      | Floating      | 10.20%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2023-HOAKS A  | CUSIP: 98373XBG4<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   4600000 | PA      | $4578560.78   | 0.81%             | 2026-04-25      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2023-DMNK B1  | CUSIP: 98373XBM1<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   3335000 | PA      | $3335038.35   | 0.59%             | 2026-04-25      | Floating      | 10.20%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2024-SURF A   | CUSIP: 98373XBP4<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6056259.60   | 1.08%             | 2028-09-25      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2024-OPAL A   | CUSIP: 98373XBS8<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3988245.20   | 0.71%             | 2026-02-25      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2024-OPAL B1  | CUSIP: 98373XBT6<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2442943.76   | 0.43%             | 2026-02-25      | Floating      | 10.75%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2024-MSD B1   | CUSIP: 98373XBX7<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   2748750 | PA      | $2763854.38   | 0.49%             | 2027-01-25      | Floating      | 10.00%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2025-OKG A    | CUSIP: 98373XCC2<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5000000.00   | 0.89%             | 2027-10-15      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                            | XCAL 2026-HPL B1   | CUSIP: 98373XCG3<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-O            | CORP              | US        |   5550000 | PA      | $5550000.00   | 0.99%             | 2028-12-06      | Floating      | 10.15%                | 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      | $187848.01    | 0.03%             | 2026-03-31      | Floating      | 12.09%                | Yes           |                  2 | On Loan: No      |
| ZAIS CLO 13 LTD                                                  | ZAIS 2019-13A D1   | CUSIP: 98876NAL8<br>LEI: 549300GODB02F7ODZK39 | Long             | ABS-CBDO         | CORP              | KY        |   6580000 | PA      | $6592804.68   | 1.17%             | 2032-07-15      | Floating      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| Zais Clo 7 Ltd                                                   | ZAIS7 2017-2A D    | CUSIP: 98887VAG8<br>LEI: 549300XFDOUEB0QTZS87 | Long             | ABS-CBDO         | CORP              | IE        |   7000000 | PA      | $7016142.00   | 1.25%             | 2030-04-15      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer