# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-23-070208
**Filing Date:** 2023-3
**Character Count:** 112719
**Document Hash:** 745411cf1e390f7e0037472fa28f082f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070208.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001752724-23-070208

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20230430

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 23770234

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

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  |  |  | **Fair Value** |
|  | **OPEN END FUNDS — 2.9%** |  |  |  |
|  | **FIXED INCOME - 2.9%** |  |  |  |
| 2938055 | Holbrook Structured Income Fund, Class I **(Cost $29,291,652)** <sup>(i)</sup> |  |  | &nbsp;&nbsp;&nbsp; $28998603 |
|  |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **PREFERRED STOCKS** — **3.5%** |  |  |  |
|  | **ASSET MANAGEMENT** — **0.2%** |  |  |  |
| 77317 | Gladstone Investment Corporation | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp; 1803032 |
|  | **INDUSTRIAL INTERMEDIATE PROD** — **1.3%** |  |  |  |
| 551628 | Steel Partners Holdings, L.P. | 6.0000 | &nbsp;&nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp; 12759156 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.3%** |  |  |  |
| 124000 | Vinebrook Homes Trust, Inc. 144A<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;10/07/27 | &nbsp;&nbsp;&nbsp; 2976000 |
|  | **REAL ESTATE SERVICES** — **1.6%** |  |  |  |
| 200000 | Greystone SDOF Preferred Equity, LLC 144A<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;12/23/25 | &nbsp;&nbsp;&nbsp; 5000000 |
| 3000 | UIRC-GSA International, LLC 144A<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;Perpetual | &nbsp;&nbsp;&nbsp; 3120000 |
| 8180 | UIRC-GSA International, LLC 144A<sup>(a)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;Perpetual | &nbsp;&nbsp;&nbsp; 8507200 |
|  |  |  |  | 16627200 |
|  | **SPECIALTY FINANCE** — **0.1%** |  |  |  |
| 12000 | Priority Income Fund, Inc. | 6.2500 | &nbsp;&nbsp;&nbsp;06/30/26 | &nbsp;&nbsp;&nbsp; 283800 |
| 35000 | Priority Income Fund, Inc. | 6.0000 | &nbsp;&nbsp;&nbsp;12/31/26 | &nbsp;&nbsp;&nbsp; 796250 |
|  |  |  |  | 1080050 |
|  | **TOTAL PREFERRED STOCKS (Cost $35,309,889)** |  |  | 35245438 |
| **Principal Amount ($)** |  |  |  |  |
|  | **ASSET BACKED SECURITIES — 35.2%** |  |  |  |
|  | **AUTO LOAN** — **0.2%** |  |  |  |
| 672345 | Luxury Lease Partners Auto Lease Trust Series 2019-ARC1 B<sup>(a)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;12/15/26 | 671434 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK 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, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 35.2% (Continued)** | **ASSET BACKED SECURITIES — 35.2% (Continued)** |  |  |  |
|  | **AUTO LOAN** — **0.2% (Continued)** | **AUTO LOAN** — **0.2% (Continued)** |  |  |  |
| 1250000 | Luxury Lease Partners Auto Lease Trust Series 2021-ARC2 B<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;&nbsp;07/15/27 | $1193640 |
|  |  |  |  |  | 1865074 |
|  | **CLO** — **19.4%** | **CLO** — **19.4%** |  |  |  |
| 5000000 | Apres Static CLO Ltd.<sup>(a),(b)</sup> | US0003M + 2.400% | 7.1920 | &nbsp;&nbsp;&nbsp;10/15/28 | 5013510 |
| 4175000 | Apres Static CLO Ltd. Series 2019-1A DR<sup>(a),(b)</sup> | US0003M + 7.760% | 12.5520 | &nbsp;&nbsp;&nbsp;10/15/28 | 4187258 |
| 3522364 | Avery Point IV CLO Ltd. Series 2014-1A D<sup>(a),(b)</sup> | US0003M + 3.500% | 8.3180 | &nbsp;&nbsp;&nbsp;04/25/26 | 3529278 |
| 3000000 | Brightwood Capital MM CLO Ltd. Series 2021-2A C1<sup>(a),(b)</sup> | US0003M + 2.900% | 7.6920 | &nbsp;&nbsp;&nbsp;11/15/30 | 2896695 |
| 1000000 | Brightwood Capital MM CLO Ltd. Series 2021-2A D<sup>(a),(b)</sup> | US0003M + 4.000% | 8.7920 | &nbsp;&nbsp;&nbsp;11/15/30 | 946639 |
| 2076458 | Catamaran CLO Ltd. Series 2014-2A C<sup>(a),(b)</sup> | US0003M + 3.500% | 8.2950 | &nbsp;&nbsp;&nbsp;10/18/26 | 2077402 |
| 5000000 | Catamaran CLO Ltd. Series 2014-1A BR<sup>(a),(b)</sup> | US0003M + 2.160% | 6.9750 | &nbsp;&nbsp;&nbsp;04/22/30 | 4771565 |
| 12400000 | Cutwater Ltd. Series 2014-1A CR<sup>(a),(b)</sup> | US0003M + 3.600% | 8.3920 | &nbsp;&nbsp;&nbsp;07/15/26 | 12399219 |
| 6000000 | Greywolf CLO II Ltd. Series 2013-1A DRR<sup>(a),(b)</sup> | US0003M + 7.050% | 11.8420 | &nbsp;&nbsp;&nbsp;04/15/34 | 5484960 |
| 101428 | Halcyon Loan Advisors Funding Ltd. Series 2014-1A D<sup>(a),(b)</sup> | US0003M + 3.500% | 8.2950 | &nbsp;&nbsp;&nbsp;04/18/26 | 101428 |
| 1220000 | Highbridge Loan Management 7-2015 Ltd. Series 2015 ER<sup>(a),(b)</sup> | US0003M + 5.000% | 9.6060 | &nbsp;&nbsp;&nbsp;03/15/27 | 1182137 |
| 4000000 | JFIN CLO Ltd. Series 2012-1A BR<sup>(a),(b)</sup> | US0003M + 2.350% | 7.1580 | &nbsp;&nbsp;&nbsp;07/20/28 | 4012000 |
| 1000000 | LCM XX, L.P. Series 20A CR<sup>(a),(b)</sup> | US0003M + 1.950% | 6.7580 | &nbsp;&nbsp;&nbsp;10/20/27 | 992330 |
| 3895000 | LCM XX, L.P. Series 20A Class DR<sup>(a),(b)</sup> | US0003M + 2.800% | 7.6080 | &nbsp;&nbsp;&nbsp;10/20/27 | 3833011 |
| 3869000 | Longfellow Place CLO Ltd.<sup>(a),(b)</sup> | US0003M + 4.500% | 9.2920 | &nbsp;&nbsp;&nbsp;04/15/29 | 3870617 |
| 5580643 | Marathon CLO VII Ltd. Series 2014-7A C<sup>(a),(b)</sup> | US0003M + 3.800% | 8.6020 | &nbsp;&nbsp;&nbsp;10/28/25 | 5575391 |
| 7100000 | Mount Logan Funding LP Series 2018-1A DR<sup>(a),(b)</sup> | US0003M + 4.500% | 8.8250 | &nbsp;&nbsp;&nbsp;01/22/33 | 6631592 |
| 11010939 | Mountain View CLO Ltd. Series 2014-1A DRR<sup>(a),(b)</sup> | US0003M + 3.650% | 8.4420 | &nbsp;&nbsp;&nbsp;10/15/26 | 11010234 |
| 1500000 | Mountain View CLO X Ltd. Series 2015-10A DR<sup>(a),(b)</sup> | US0003M + 2.600% | 7.4150 | &nbsp;&nbsp;&nbsp;10/13/27 | 1501239 |
| 3700000 | Newfleet CLO 2016-1 Ltd.<sup>(a),(b)</sup> | US0003M + 2.950% | 7.7580 | &nbsp;&nbsp;&nbsp;04/20/28 | 3686317 |
| 5070000 | Parallel Ltd.<sup>(a),(b)</sup> | US0003M + 2.550% | 7.3580 | &nbsp;&nbsp;&nbsp;07/20/27 | 5074183 |
| 1825000 | PennantPark CLO II Ltd. Series 2020-2A D<sup>(a),(b)</sup> | US0003M + 6.500% | 11.2920 | &nbsp;&nbsp;&nbsp;01/15/32 | 1696283 |
| 2250000 | PennantPark CLO Ltd. Series 2021-3A D<sup>(a),(b)</sup> | US0003M + 4.100% | 8.9150 | &nbsp;&nbsp;&nbsp;10/22/32 | 2053289 |
| 5000000 | Saranac CLO III Ltd. Series 2014-3A CR<sup>(a),(b)</sup> | US0003M + 2.350% | 7.1030 | &nbsp;&nbsp;&nbsp;06/22/30 | 4898575 |
| 5000000 | Saranac Clo VII Ltd. Series 2014-2A CR<sup>(a),(b)</sup> | US0003M + 2.250% | 6.9250 | &nbsp;&nbsp;&nbsp;11/20/29 | 4881535 |
| 3000000 | Saratoga Investment Corp CLO Ltd. Series 2013-1A DR3<sup>(a),(b)</sup> | US0003M + 4.000% | 8.8080 | &nbsp;&nbsp;&nbsp;04/20/33 | 2729481 |
| 4000000 | Saratoga Investment Corporation CLO Ltd. Series 2013-1A ER3<sup>(a),(b)</sup> | US0003M + 7.500% | 12.3080 | &nbsp;&nbsp;&nbsp;04/20/33 | 3468108 |
| 1974647 | Silvermore CLO Ltd. Series 2014-1A C<sup>(a),(b)</sup> | US0003M + 3.450% | 8.0560 | &nbsp;&nbsp;&nbsp;05/15/26 | 1972074 |
| 8400000 | Symphony CLO XIV Ltd. Series 2014-14A CR<sup>(a),(b)</sup> | US0003M + 2.100% | 6.8920 | &nbsp;&nbsp;&nbsp;07/14/26 | 8417942 |
| 500000 | Symphony CLO XIV Ltd. Series 2014-14A E<sup>(a),(b)</sup> | US0003M + 4.600% | 9.3920 | &nbsp;&nbsp;&nbsp;07/14/26 | 492293 |
| 4000000 | Symphony CLO XVII Ltd.<sup>(a),(b)</sup> | US0003M + 2.650% | 7.4420 | &nbsp;&nbsp;&nbsp;04/15/28 | 3965952 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK 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, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 35.2% (Continued)** | **ASSET BACKED SECURITIES — 35.2% (Continued)** |  |  |  |
|  | **CLO** — **19.4% (Continued)** | **CLO** — **19.4% (Continued)** |  |  |  |
| 800000 | Symphony CLO XVII Ltd.<sup>(a),(b)</sup> | US0003M + 5.550% | 10.3420 | &nbsp;&nbsp;&nbsp;04/15/28 | $783214 |
| 992000 | Telos CLO 2014-5 Ltd.<sup>(a),(b)</sup> | US0003M + 3.300% | 8.0920 | &nbsp;&nbsp;&nbsp;04/17/28 | 961526 |
| 7642628 | Telos Clo Ltd. Series 2013-3A CR<sup>(a),(b)</sup> | US0003M + 2.600% | 7.3920 | &nbsp;&nbsp;&nbsp;07/17/26 | 7656873 |
| 13435000 | Telos Clo Ltd. Series 2013-3A DR<sup>(a),(b)</sup> | US0003M + 3.750% | 8.5420 | &nbsp;&nbsp;&nbsp;07/17/26 | 13445494 |
| 10410000 | Telos CLO Ltd. Series 2014-6A DR<sup>(a),(b)</sup> | US0003M + 3.700% | 8.4920 | &nbsp;&nbsp;&nbsp;01/17/27 | 10414622 |
| 2360000 | Telos CLO Ltd. Series 2014-5A CR<sup>(a),(b)</sup> | US0003M + 2.150% | 6.9420 | &nbsp;&nbsp;&nbsp;04/17/28 | 2339480 |
| 2000000 | Tiaa Clo III Ltd. Series 2017-2A B<sup>(a),(b)</sup> | US0003M + 1.500% | 6.2920 | &nbsp;&nbsp;&nbsp;01/16/31 | 1975886 |
| 845000 | TICP CLO II-2 LTD<sup>(a),(b)</sup> | US0003M + 2.950% | 7.7580 | &nbsp;&nbsp;&nbsp;04/20/28 | 841303 |
| 500000 | TICP CLO III-2 Ltd.<sup>(a),(b)</sup> | US0003M + 5.900% | 10.7080 | &nbsp;&nbsp;&nbsp;04/20/28 | 496332 |
| 5800000 | Venture XXIII CLO Ltd. Series 2016-23A ER2<sup>(a),(b)</sup> | US0003M + 7.550% | 12.3480 | &nbsp;&nbsp;&nbsp;07/19/34 | 4856479 |
| 5545029 | WhiteHorse IX Ltd. Series 2014-9A D<sup>(a),(b)</sup> | US0003M + 3.600% | 8.3920 | &nbsp;&nbsp;&nbsp;07/17/26 | 5543354 |
| 5447780 | WhiteHorse X Ltd. Series 2015-10A DR<sup>(a),(b)</sup> | US0003M + 3.000% | 7.7920 | &nbsp;&nbsp;&nbsp;04/17/27 | 5427433 |
| 1500000 | Zais CLO 3 Ltd. Series 2015-3A BR<sup>(a),(b)</sup> | US0003M + 2.650% | 7.4420 | &nbsp;&nbsp;&nbsp;07/15/31 | 1431977 |
| 6500000 | Zais CLO 5 Ltd. Series 2016-2A B<sup>(a),(b)</sup> | US0003M + 3.300% | 8.0920 | &nbsp;&nbsp;&nbsp;10/15/28 | 6512357 |
| 7500000 | Zais Clo 9 Ltd. Series 2018-2A C<sup>(a),(b)</sup> | US0003M + 2.350% | 7.1580 | &nbsp;&nbsp;&nbsp;07/20/31 | 7058595 |
|  |  |  |  |  | 193097462 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **3.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **3.1%** |  |  |  |
| 4068974 | Cascade Funding Mortgage Trust Series 2022-AB2 M3<sup>(a),(c)</sup> |  | 2.0000 | &nbsp;&nbsp;&nbsp;02/25/52 | 3021787 |
| 1675000 | CFMT, LLC Series 2022-EBO2 M3<sup>(a),(c)</sup> |  | 5.3280 | &nbsp;&nbsp;&nbsp;07/25/54 | 1615953 |
| 1000000 | CHNGE Mortgage Trust Series 2022-1 B2<sup>(a),(c)</sup> |  | 4.5350 | &nbsp;&nbsp;&nbsp;01/25/67 | 807595 |
| 3308995 | Farmer Mac Agricultural Real Estate Trust Series 2021-1 B<sup>(a),(c)</sup> |  | 3.2370 | &nbsp;&nbsp;&nbsp;01/25/51 | 2280354 |
| 2972084 | Imperial Fund Mortgage Trust 2022-NQM7<sup>(a),(d)</sup> |  | 7.3690 | &nbsp;&nbsp;&nbsp;11/25/67 | 3057522 |
| 5000000 | Imperial Fund Mortgage Trust 2023-NQM1<sup>(a),(d)</sup> |  | 6.7030 | &nbsp;&nbsp;&nbsp;02/25/68 | 4999945 |
| 2000000 | Lakeview Trust Series 2022-3 M3<sup>(a)</sup> |  | 5.4370 | &nbsp;&nbsp;&nbsp;05/29/52 | 1894580 |
| 1000000 | PRPM, LLC Series 2020-6 A2<sup>(a),(d)</sup> |  | 4.7030 | &nbsp;&nbsp;&nbsp;11/25/25 | 870824 |
| 5000000 | RMF Proprietary Issuance Trust Series 2022-2 M3<sup>(a),(c)</sup> |  | 3.7500 | &nbsp;&nbsp;&nbsp;06/25/62 | 3258398 |
| 12500000 | RMF Proprietary Issuance Trust Series 2022-3 M3<sup>(a),(c)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;08/25/62 | 9035605 |
| 500000 | Verus Securitization Trust 2023-1<sup>(a),(d)</sup> |  | 5.8500 | &nbsp;&nbsp;&nbsp;12/25/67 | 500759 |
|  |  |  |  |  | 31343322 |
|  | **NON AGENCY CMBS** — **10.6%** | **NON AGENCY CMBS** — **10.6%** |  |  |  |
| 2200000 | BB-UBS Trust Series 2012-TFT B<sup>(a),(c)</sup> |  | 3.5590 | &nbsp;&nbsp;&nbsp;06/05/30 | 1992696 |
| 4000000 | Capital Funding Mortgage Trust Series 2021-19 B<sup>(a),(b)</sup> | US0001M + 15.210% | 19.5800 | &nbsp;&nbsp;&nbsp;11/06/23 | 3960565 |
| 253500 | Capital Funding Mortgage Trust Series 2022-P01 B<sup>(a),(b)</sup> | TSFR1M + 13.700% | 18.0340 | &nbsp;&nbsp;&nbsp;06/20/24 | 248017 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK 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, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 35.2% (Continued)** | **ASSET BACKED SECURITIES — 35.2% (Continued)** |  |  |  |
|  | **NON AGENCY CMBS** — **10.6% (Continued)** | **NON AGENCY CMBS** — **10.6% (Continued)** |  |  |  |
| 800000 | Capital Funding Multifamily Mortgage Trust Series 2022-PM01 B<sup>(a),(b)</sup> | TSFR1M + 9.500% | 13.8340 | &nbsp;&nbsp;&nbsp;03/01/25 | $788678 |
| 800000 | Capital Funding Multifamily Mortgage Trust Series 2022-MF03 B<sup>(a),(b)</sup> | TSFR1M + 9.380% | 13.7140 | &nbsp;&nbsp;&nbsp;04/01/25 | 788842 |
| 800000 | Capital Funding Multifamily Mortgage Trust Series 2022-MF05 B<sup>(a),(b)</sup> | TSFR1M + 10.420% | 14.7540 | &nbsp;&nbsp;&nbsp;05/15/25 | 796287 |
| 3297771 | Colony Multifamily Mortgage Trust 2014-1<sup>(a),(c)</sup> |  | 5.0430 | &nbsp;&nbsp;&nbsp;04/20/50 | 3253364 |
| 800000 | COMM Mortgage Trust<sup>(a),(c)</sup> |  | 4.2930 | &nbsp;&nbsp;&nbsp;07/10/45 | 780281 |
| 3695000 | COMM Mortgage Trust Series 2012-CR5 F<sup>(a),(c)</sup> |  | 4.4210 | &nbsp;&nbsp;&nbsp;12/10/45 | 2743537 |
| 73460496 | COMM Mortgage Trust<sup>(c),(e)</sup> |  | 0.8340 | &nbsp;&nbsp;&nbsp;09/10/47 | 779071 |
| 19972745 | COMM Mortgage Trust<sup>(c),(e)</sup> |  | 0.8000 | &nbsp;&nbsp;&nbsp;08/10/48 | 332772 |
| 2415000 | CSMC OA, LLC Series 2014-USA B<sup>(a)</sup> |  | 4.1850 | &nbsp;&nbsp;&nbsp;09/15/37 | 2088677 |
| 7000000 | GS Mortgage Securities Corp Trust Series 2018-3PCK B<sup>(a),(b)</sup> | US0001M + 2.750% | 7.2090 | &nbsp;&nbsp;&nbsp;09/15/31 | 6664454 |
| 4000000 | GS Mortgage Securities Corp Trust Series 2018-3PCK C<sup>(a),(b)</sup> | US0001M + 3.500% | 7.9590 | &nbsp;&nbsp;&nbsp;09/15/31 | 3728042 |
| 2426839 | GS Mortgage Securities Corporation II Series 2018-SRP5 A<sup>(a),(b)</sup> | US0001M + 1.800% | 6.2590 | &nbsp;&nbsp;&nbsp;09/15/31 | 2074861 |
| 918018 | GS Mortgage Securities Corporation II Series 2018-SRP5 B<sup>(a),(b)</sup> | US0001M + 3.000% | 7.4590 | &nbsp;&nbsp;&nbsp;09/15/31 | 677211 |
| 9463000 | GS Mortgage Securities Trust Series 2010-C1 C<sup>(a),(c)</sup> |  | 5.6350 | &nbsp;&nbsp;&nbsp;08/10/43 | 9298506 |
| 1182199 | GS Mortgage Securities Trust Series 2011-GC5 AS<sup>(a),(c)</sup> |  | 5.1540 | &nbsp;&nbsp;&nbsp;08/10/44 | 1163958 |
| 6385000 | Hudsons Bay Simon JV Trust Series 2015-HB10 A10<sup>(a)</sup> |  | 4.1540 | &nbsp;&nbsp;&nbsp;08/05/34 | 5650962 |
| 3072000 | JPMBB Commercial Mortgage Securities Trust Series 2013-C12 D<sup>(c)</sup> |  | 4.1120 | &nbsp;&nbsp;&nbsp;07/15/45 | 2896091 |
| 4503000 | JPMBB Commercial Mortgage Securities Trust Series 2014-C18 C<sup>(c)</sup> |  | 4.7350 | &nbsp;&nbsp;&nbsp;02/15/47 | 4150287 |
| 1000000 | JPMBB Commercial Mortgage Securities Trust Series 2014-C25 B<sup>(c)</sup> |  | 4.3470 | &nbsp;&nbsp;&nbsp;11/15/47 | 931841 |
| 3550000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 D<sup>(a),(c)</sup> |  | 4.1020 | &nbsp;&nbsp;&nbsp;05/15/46 | 3113795 |
| 580000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 D<sup>(a),(c)</sup> |  | 4.8910 | &nbsp;&nbsp;&nbsp;04/15/47 | 544841 |
| 3300000 | Morgan Stanley Capital I Trust Series 2013-ALTM D<sup>(a),(c)</sup> |  | 3.7050 | &nbsp;&nbsp;&nbsp;02/05/35 | 2541215 |
| 10681000 | Morgan Stanley Capital I Trust Series 2019-BPR B<sup>(a),(b)</sup> | US0001M + 2.350% | 6.8090 | &nbsp;&nbsp;&nbsp;05/15/36 | 10100940 |
| 7576000 | Morgan Stanley Capital I Trust Series 2019-BPR C<sup>(a),(b)</sup> | US0001M + 3.300% | 7.7590 | &nbsp;&nbsp;&nbsp;05/15/36 | 7088067 |
| 2300000 | Morgan Stanley Capital I Trust Series 2016-PSQ D<sup>(a),(c)</sup> |  | 3.8260 | &nbsp;&nbsp;&nbsp;01/10/38 | 1875571 |
| 977239 | Morgan Stanley Capital I Trust Series 2012-C4 D<sup>(a),(c)</sup> |  | 5.1640 | &nbsp;&nbsp;&nbsp;03/15/45 | 923704 |
| 4405000 | MSCG Trust Series 2015-ALDR B<sup>(a),(c)</sup> |  | 3.4620 | &nbsp;&nbsp;&nbsp;06/07/35 | 3921941 |
| 2153093 | WFRBS Commercial Mortgage Trust Series 2012-C9 D<sup>(a),(c)</sup> |  | 4.9150 | &nbsp;&nbsp;&nbsp;11/15/45 | 2042972 |
| 6231000 | WFRBS Commercial Mortgage Trust Series 2012-C9 E<sup>(a),(c)</sup> |  | 4.9150 | &nbsp;&nbsp;&nbsp;11/15/45 | 5851577 |
| 3110000 | WFRBS Commercial Mortgage Trust Series 2013-C14 C<sup>(c)</sup> |  | 3.9560 | &nbsp;&nbsp;&nbsp;06/15/46 | 2165337 |
| 2000000 | WFRBS Commercial Mortgage Trust Series 2013-C16 D<sup>(a),(c)</sup> |  | 4.9870 | &nbsp;&nbsp;&nbsp;09/15/46 | 1832200 |
| 2167000 | WFRBS Commercial Mortgage Trust Series 2014-C21 C<sup>(c)</sup> |  | 4.2340 | &nbsp;&nbsp;&nbsp;08/15/47 | 1960638 |
| 1252000 | WFRBS Commercial Mortgage Trust 2012-C7 Series 2012-C7 D<sup>(a),(c)</sup> |  | 4.8060 | &nbsp;&nbsp;&nbsp;06/15/45 | 676080 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK 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, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 35.2% (Continued)** | **ASSET BACKED SECURITIES — 35.2% (Continued)** |  |  |  |
|  | **NON AGENCY CMBS** — **10.6% (Continued)** | **NON AGENCY CMBS** — **10.6% (Continued)** |  |  |  |
| 5000000 | XCALI Mortgage Trust Series 2020-5 A<sup>(a),(b)</sup> | US0001M + 3.250% | 7.6930 | &nbsp;&nbsp;&nbsp;10/15/23 | $4978271 |
| 500000 | X-Caliber Funding, LLC Series 2021-7 B1<sup>(a),(b)</sup> | US0001M + 6.000% | 10.3690 | &nbsp;&nbsp;&nbsp;01/06/26 | 474668 |
|  |  |  |  |  | 105880817 |
|  | **OTHER ABS** — **1.1%** | **OTHER ABS** — **1.1%** |  |  |  |
| 4049923 | Coinstar Funding, LLC Series Series 2017-1A A2<sup>(a)</sup> |  | 5.2160 | &nbsp;&nbsp;&nbsp;04/25/47 | 3127384 |
| 2000000 | FMC GMSR Issuer Trust Series 2022-GT1 A<sup>(a)</sup> |  | 6.1900 | &nbsp;&nbsp;&nbsp;04/25/27 | 1820539 |
| 2223900 | HRR Funding, LLC<sup>(a)</sup> |  | 9.0000 | &nbsp;&nbsp;&nbsp;12/20/36 | 1980383 |
| 2521238 | New Residential Mortgage, LLC Series 2020-FNT1 A<sup>(a)</sup> |  | 5.4370 | &nbsp;&nbsp;&nbsp;06/25/25 | 2393306 |
| 1282511 | New Residential Mortgage, LLC Series 2020-FNT2 A<sup>(a)</sup> |  | 5.4370 | &nbsp;&nbsp;&nbsp;07/25/25 | 1219826 |
|  |  |  |  |  | 10541438 |
|  | **RESIDENTIAL MORTGAGE** — **0.8%** | **RESIDENTIAL MORTGAGE** — **0.8%** |  |  |  |
| 3000000 | VCAT, LLC Series 2021-NPL5 A2<sup>(a),(d)</sup> |  | 3.8440 | &nbsp;&nbsp;&nbsp;09/25/51 | 2553632 |
| 3877547 | VOLT C, LLC Series 2021-NPL9 A1<sup>(a),(d)</sup> |  | 1.9920 | &nbsp;&nbsp;&nbsp;05/25/51 | 3553053 |
| 2500000 | VOLT XCIV, LLC Series 2021-NPL3 A2<sup>(a),(d)</sup> |  | 4.9490 | &nbsp;&nbsp;&nbsp;02/27/51 | 2328993 |
|  |  |  |  |  | 8435678 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $361,635,268)** | **TOTAL ASSET BACKED SECURITIES (Cost $361,635,268)** |  |  | 351163791 |
|  | **CORPORATE BONDS — 55.3%** | **CORPORATE BONDS — 55.3%** |  |  |  |
|  | **ASSET MANAGEMENT** — **26.4%** | **ASSET MANAGEMENT** — **26.4%** |  |  |  |
| 15435000 | Apollo Investment Corporation |  | 5.2500 | &nbsp;&nbsp;&nbsp;03/03/25 | 14988002 |
| 937464 | B Riley Financial, Inc. |  | 5.5000 | &nbsp;&nbsp;&nbsp;03/31/26 | 21327305 |
| 83645 | B Riley Financial, Inc. |  | 6.5000 | &nbsp;&nbsp;&nbsp;09/30/26 | 1949765 |
| 11385000 | Capital Southwest Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;01/31/26 | 10604331 |
| 6760000 | Capital Southwest Corporation |  | 3.3750 | &nbsp;&nbsp;&nbsp;10/01/26 | 5999568 |
| 19920000 | Fidus Investment Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;01/31/26 | 18519126 |
| 31881 | First Eagle Alternative Capital BDC, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;05/25/26 | 748247 |
| 20380000 | Gladstone Capital Corporation |  | 5.1250 | &nbsp;&nbsp;&nbsp;01/31/26 | 19259100 |
| 299501 | Great Elm Capital Corporation |  | 6.7500 | &nbsp;&nbsp;&nbsp;01/31/25 | 7316809 |
| 564452 | Great Elm Capital Corporation |  | 5.8750 | &nbsp;&nbsp;&nbsp;06/30/26 | 13247688 |
| 51970 | Hennessy Advisors, Inc. |  | 4.8750 | &nbsp;&nbsp;&nbsp;12/31/26 | 1235847 |
| 319888 | Horizon Technology Finance Corporation |  | 4.8750 | &nbsp;&nbsp;&nbsp;03/30/26 | 7613334 |
| 10573000 | Investcorp Credit Management BDC, Inc. |  | 4.8750 | &nbsp;&nbsp;&nbsp;04/01/26 | 9692692 |
| 9117000 | Main Street Capital Corporation |  | 3.0000 | &nbsp;&nbsp;&nbsp;07/14/26 | 8026852 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK 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, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 55.3% (Continued)** | **CORPORATE BONDS — 55.3% (Continued)** |  |  |  |
|  | **ASSET MANAGEMENT** — **26.4% (Continued)** | **ASSET MANAGEMENT** — **26.4% (Continued)** |  |  |  |
| 2000000 | Medallion Financial Corporation<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;&nbsp;12/30/27 | $1949380 |
| 15882000 | Monroe Capital Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;02/15/26 | 14746358 |
| 10000000 | NewtekOne, Inc. |  | 8.1250 | &nbsp;&nbsp;&nbsp;02/01/25 | 10079073 |
| 8695 | OFS Credit Company, Inc. |  | 6.1250 | &nbsp;&nbsp;&nbsp;04/30/26 | 201289 |
| 27594 | Oxford Square Capital Corporation |  | 6.2500 | &nbsp;&nbsp;&nbsp;04/30/26 | 659497 |
| 20655000 | PennantPark Floating Rate Capital Ltd. |  | 4.2500 | &nbsp;&nbsp;&nbsp;04/01/26 | 18650011 |
| 12027000 | PennantPark Investment Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;05/01/26 | 10861855 |
| 12541000 | PennantPark Investment Corporation |  | 4.0000 | &nbsp;&nbsp;&nbsp;11/01/26 | 10740200 |
| 21764000 | Saratoga Investment Corporation |  | 4.3750 | &nbsp;&nbsp;&nbsp;02/28/26 | 20089121 |
| 10225000 | Saratoga Investment Corporation |  | 4.3500 | &nbsp;&nbsp;&nbsp;02/28/27 | 9320190 |
| 253395 | Saratoga Investment Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;04/30/27 | 6018131 |
| 779908 | Trinity Capital, Inc. |  | 7.0000 | &nbsp;&nbsp;&nbsp;01/16/25 | 19497700 |
|  |  |  |  |  | 263341471 |
|  | **BANKING** — **0.1%** | **BANKING** — **0.1%** |  |  |  |
| 1235000 | Credit Suisse A.G.<sup>(b)</sup> | 7\*(USISDA30-USISDA02) | 10.0000 | &nbsp;&nbsp;&nbsp;08/28/30 | 790463 |
|  | **COMMERCIAL SUPPORT SERVICES** — **2.5%** | **COMMERCIAL SUPPORT SERVICES** — **2.5%** |  |  |  |
| 1661446 | Charah Solutions, Inc. |  | 8.5000 | &nbsp;&nbsp;&nbsp;08/31/26 | 25270594 |
|  | **ELECTRICAL EQUIPMENT** — **0.8%** | **ELECTRICAL EQUIPMENT** — **0.8%** |  |  |  |
| 244309 | Babcock & Wilcox Enterprises, Inc. |  | 8.1250 | &nbsp;&nbsp;&nbsp;02/28/26 | 6049090 |
| 66144 | Babcock & Wilcox Enterprises, Inc. |  | 6.5000 | &nbsp;&nbsp;&nbsp;12/31/26 | 1493532 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7542622 |
|  | **ENTERTAINMENT CONTENT** — **1.8%** | **ENTERTAINMENT CONTENT** — **1.8%** |  |  |  |
| 726902 | Chicken Soup for The Soul Entertainment, Inc. |  | 9.5000 | &nbsp;&nbsp;&nbsp;07/31/25 | 18463311 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **2.8%** | **INSTITUTIONAL FINANCIAL SERVICES** — **2.8%** |  |  |  |
| 166253 | Arlington Asset Investment Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;08/01/26 | 3882008 |
| 743489 | B Riley Financial, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;12/31/26 | 16170886 |
| 4334000 | Jefferies Group, LLC / Jefferies Group Capital<sup>(b)</sup> | 10\*(USISDA10-USISDA02) | 0.0000 | &nbsp;&nbsp;&nbsp;06/30/37 | 2550381 |
| 3312000 | Jefferies Group, LLC / Jefferies Group Capital<sup>(b)</sup> | 10\*(USISDA10-USISDA02) | 0.0000 | &nbsp;&nbsp;&nbsp;10/31/37 | 2048306 |
| 1938000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISDA30-USISDA02) | 0.0001 | &nbsp;&nbsp;&nbsp;07/20/25 | 1733225 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK 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, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 55.3% (Continued)** | **CORPORATE BONDS — 55.3% (Continued)** |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **2.8% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES** — **2.8% (Continued)** |  |  |  |
| 2269000 | Morgan Stanley Series MTn VARIABLE<sup>(b)</sup> | 5\*(USISDA30-USISDA02) | 0.0001 | &nbsp;&nbsp;&nbsp;08/30/28 | $1853739 |
|  |  |  |  |  | 28238545 |
|  | **INSURANCE** — **1.6%** | **INSURANCE** — **1.6%** |  |  |  |
| 10943000 | AmTrust Financial Services, Inc. |  | 6.1250 | &nbsp;&nbsp;&nbsp;08/15/23 | 10722004 |
| 1650319 | Atlas Financial Holdings, Inc. |  | 7.2500 | &nbsp;&nbsp;&nbsp;04/27/27 | 1401855 |
| 4062079 | ATLAS FINANCIAL HOLDINGS, INC. |  | 12.0000 | &nbsp;&nbsp;&nbsp;06/30/24 | 3432456 |
|  |  |  |  |  | 15556315 |
|  | **MACHINERY** — **0.0%<sup>(f)</sup>** | **MACHINERY** — **0.0%<sup>(f)</sup>** |  |  |  |
| 2500000 | Briggs & Stratton Corporation<sup>(g)</sup> |  | 6.8750 | &nbsp;&nbsp;&nbsp;12/15/20 | 26563 |
|  | **METALS & MINING** — **2.6%** | **METALS & MINING** — **2.6%** |  |  |  |
| 21054000 | Alliance Resource Operating Partners, L.P. /<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;&nbsp;05/01/25 | 20868303 |
| 185110 | Ramaco Resources, Inc. |  | 9.0000 | &nbsp;&nbsp;&nbsp;07/30/26 | 4785094 |
|  |  |  |  |  | 25653397 |
|  | **OIL & GAS PRODUCERS** — **4.0%** | **OIL & GAS PRODUCERS** — **4.0%** |  |  |  |
| 17109000 | Talos Production, Inc. |  | 12.0000 | &nbsp;&nbsp;&nbsp;01/15/26 | 18157440 |
| 21750000 | W&T Offshore, Inc.<sup>(a)</sup> |  | 11.7500 | &nbsp;&nbsp;&nbsp;02/01/26 | 22049748 |
|  |  |  |  |  | 40207188 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.6%** | **REAL ESTATE INVESTMENT TRUSTS** — **0.6%** |  |  |  |
| 44006 | Gladstone Land Corporation |  | 5.0000 | &nbsp;&nbsp;&nbsp;01/31/26 | 1064065 |
| 210500 | HC Government Realty Trust, Inc.<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;&nbsp;08/14/27 | 5254606 |
|  |  |  |  |  | 6318671 |
|  | **REAL ESTATE SERVICES** — **0.9%** | **REAL ESTATE SERVICES** — **0.9%** |  |  |  |
| 8500000 | Carrington HLDG Company LLC<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;&nbsp;01/01/26 | 8320215 |
|  | **SOFTWARE** — **1.0%** | **SOFTWARE** — **1.0%** |  |  |  |
| 4000000 | Blast Motion, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;02/15/25 | 4000000 |
| 315552 | Synchronoss Technologies, Inc. |  | 8.3750 | &nbsp;&nbsp;&nbsp;06/30/26 | 5692558 |
|  |  |  |  |  | 9692558 |
|  | **SPECIALTY FINANCE** — **9.8%** | **SPECIALTY FINANCE** — **9.8%** |  |  |  |
| 9000000 | ACRES Commercial Realty Corporation |  | 5.7500 | &nbsp;&nbsp;&nbsp;08/15/26 | 8888873 |
| 1500000 | Broadmark Realty Capital, Inc.<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;11/15/26 | 1368434 |
| 1000000 | Dakota Financial, LLC<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;09/30/26 | 898837 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK 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, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 55.3% (Continued)** | **CORPORATE BONDS — 55.3% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE** — **9.8% (Continued)** | **SPECIALTY FINANCE** — **9.8% (Continued)** |  |  |  |
| 2000000 | First Help Financial, LLC<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;11/15/26 | $1861737 |
| 4000000 | InvestCo, LLC / Preston Ventures, LLC / LS<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;&nbsp;08/13/26 | 3631445 |
| 3250000 | Medallion Financial Corporation B<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;02/26/26 | 3193125 |
| 4000000 | National Funding, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;08/31/26 | 3673949 |
| 14495000 | Nexpoint Real Estate Finance, Inc. |  | 5.7500 | &nbsp;&nbsp;&nbsp;05/01/26 | 12981195 |
| 5000000 | OWS Cre Funding I, LLC<sup>(a),(b)</sup> | US0001M + 4.900% | 9.2690 | &nbsp;&nbsp;&nbsp;09/15/23 | 4819432 |
| 5000000 | PDOF MSN Issuer, LLC<sup>(a)</sup> | SOFRRATE + 4.500% | 8.8000 | &nbsp;&nbsp;&nbsp;03/01/25 | 4970146 |
| 110247 | Ready Capital Corporation |  | 6.2000 | &nbsp;&nbsp;&nbsp;07/30/26 | 2544501 |
| 1297791 | Ready Capital Corporation |  | 5.7500 | &nbsp;&nbsp;&nbsp;02/15/26 | 29849193 |
| 2000000 | Regent Capital Corporation<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;12/28/26 | 1846267 |
| 20000 | Sachem Capital Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;03/30/27 | 440000 |
| 189688 | Sachem Capital Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;12/30/26 | 4106745 |
| 20000 | Sachem Capital Corporation |  | 8.0000 | &nbsp;&nbsp;&nbsp;09/30/27 | 444600 |
| 60680 | Sachem Capital Corporation |  | 7.1250 | &nbsp;&nbsp;&nbsp;06/30/24 | 1486660 |
| 77468 | Sachem Capital Corporation |  | 6.8750 | &nbsp;&nbsp;&nbsp;12/30/24 | 1856133 |
| 81828 | Sachem Capital Corporation |  | 7.7500 | &nbsp;&nbsp;&nbsp;09/30/25 | 1987193 |
| 3000000 | Synergy One Lending, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;10/14/26 | 2738064 |
| 3000000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;09/24/24 | 2737198 |
| 2000000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/25 | 1900132 |
|  |  |  |  |  | 98223859 |
|  | **WHOLESALE - CONSUMER STAPLES** — **0.4%** | **WHOLESALE - CONSUMER STAPLES** — **0.4%** |  |  |  |
| 3900000 | Cooks Venture, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;01/15/25 | 3900000 |
|  | **TOTAL CORPORATE BONDS (Cost $585,433,814)** | **TOTAL CORPORATE BONDS (Cost $585,433,814)** |  |  | 551545772 |
|  | **U.S. GOVERNMENT & AGENCIES — 1.4%** | **U.S. GOVERNMENT & AGENCIES — 1.4%** |  |  |  |
|  | **U.S. TREASURY INFLATION PROTECTED** — **1.4%** | **U.S. TREASURY INFLATION PROTECTED** — **1.4%** |  |  |  |
| 7655520 | United States Treasury Inflation Indexed Bonds |  | 0.6250 | &nbsp;&nbsp;&nbsp;01/15/24 | 7505806 |
| 6915420 | United States Treasury Inflation Indexed Bonds |  | 0.1250 | &nbsp;&nbsp;&nbsp;04/15/25 | 6628089 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $14,126,929)** |  |  |  | 14133895 |

---

---

| | | |
|:---|:---|:---|
| **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** | **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.7%** | |
|  | **MONEY MARKET FUNDS - 2.7%** | |
| 26767991 | First American Government Obligations Fund, Class X, 4.13% (Cost $26,767,991)<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; $26767991 |
|  | **TOTAL INVESTMENTS - 101.0% (Cost $1,052,565,543)** | &nbsp;&nbsp;&nbsp; $1007855490 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%** | &nbsp;&nbsp; (9554240) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $998301250 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| REIT | - Real Estate Investment Trust |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | Term Secured Overnight Financing Rate 1 Month |
| US0001M | ICE LIBOR USD 1 Month |
| US0003M | ICE LIBOR USD 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 January 31, 2023 the total market value of 144A securities is 457,531,972 or 45.8% of net assets.

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

<sup>(c)</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>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2023.

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

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

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

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

<sup>(i)</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 Income Fund

- **b. EDGAR series identifier (if any):** S000054226

- **c. LEI of Series:** 549300I4FYPC6WMGV713

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

- **a. Date of fiscal year-end:** 2023-04-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1014029726.50

**Total Liabilities:** $15728476.58

**Net Assets:** $998301249.92

**Cash Not Reported:** $32887.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1167.12215000 | **1-Year:** 41211.85151500 | **5-Year:** 58717.47515700 | **10-Year:** 11091.89319600 | **30-Year:** 19758.90430200

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

- **3-Month:** 2740.04637700 | **1-Year:** 15359.57983300 | **5-Year:** 7128.82323200 | **10-Year:** 10578.19008100 | **30-Year:** 5717.42748900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228717 | 0.38%                | 0.03%                | 1.64%                |
| Class ID C000170314 | 0.28%                | -0.02%               | 1.61%                |
| Class ID C000170313 | 0.32%                | 0.06%                | 1.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1199494.35             | $18271.60                                  |
| Month 2  | $-1002883.56             | $-3050496.27                               |
| Month 3  | $547062.85               | $9409249.66                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Regents Capital Corporation                                            | REGCAP 6 12/28/26     | CUSIP: 75902UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1846266.90   | 0.18%             | 2026-12-28      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Chicken Soup for the Soul Entertainment Inc.                           | CSSE 9 1/2            | CUSIP: 16842Q308<br>LEI: 549300THRJ0EJ1DIID72 | Long             | EP               | CORP              | US        |    726902 | NS      | $18463310.80  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VCAT LLC                                                               | VCAT 2021-NPL5 A2     | CUSIP: 91824AAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2553632.10   | 0.26%             | 2051-09-25      | Floating      | 3.84%                 | Yes           |                  2 | On Loan: No      |
| Ready Capital Corp.                                                    | RC 5 3/4              | CUSIP: 75574U606<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |   1297791 | NS      | $29849193.00  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ticp Clo Ltd                                                           | TICP 2018-3R E        | CUSIP: 87249GAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $496332.00    | 0.05%             | 2028-04-20      | Floating      | 10.71%                | Yes           |                  2 | On Loan: No      |
| Telos CLO 2014-5 Ltd/Llc                                               | TELOS 2014-5A CR      | CUSIP: 87974KAY0<br>LEI: 5493001KXOX6VRHBB435 | Long             | ABS-CBDO         | CORP              | KY        |   2360000 | PA      | $2339479.80   | 0.23%             | 2028-04-17      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| Zais Clo 5 Limited                                                     | ZAIS5 2016-2A B       | CUSIP: 98875LAE9<br>LEI: 5493001XJXUE8BZ0Q137 | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6512356.50   | 0.65%             | 2028-10-15      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| First Help Financial LLC                                               | FIHEFI 6 11/15/26     | CUSIP: 32050FAA6<br>LEI: 549300N8R7JO1WEZGT69 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1861736.96   | 0.19%             | 2026-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Ows Cre Funding I LLC                                                  | OWSCRE FLOAT 09/15/23 | CUSIP: 67114QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4819431.50   | 0.48%             | 2023-09-15      | Floating      | 9.27%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                            | GSMS 2018-SRP5 B      | CUSIP: 36255TAJ1<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    918018 | PA      | $677210.81    | 0.07%             | 2031-09-15      | Floating      | 7.46%                 | Yes           |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust 2013 C16                              | WFRBS 2013-C16 D      | CUSIP: 92938EBR3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1832199.80   | 0.18%             | 2046-09-15      | Floating      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XIV Ltd/Llc                                               | SYMP 2014-14A CR      | CUSIP: 87159QBZ0<br>LEI: 54930085JMJSZBQ6N270 | Long             | ABS-CBDO         | CORP              | KY        |   8400000 | PA      | $8417942.40   | 0.84%             | 2026-07-14      | Floating      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| HC Government Realty Trust Inc.                                        | HC GOV REALTY         | CUSIP: 40417L205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    210500 | NS      | $5254606.25   | 0.53%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LONGFELLOW PLACE CLO LTD                                               | LONGF 2013-1A DRR     | CUSIP: 54303PAW5<br>LEI: 549300FY38ZCUKZQU403 | Long             | ABS-CBDO         | CORP              | KY        |   3869000 | PA      | $3870617.24   | 0.39%             | 2029-04-15      | Floating      | 9.29%                 | Yes           |                  2 | On Loan: No      |
| Symphony Clo XVII Limited                                              | SYMP 2016-17A ER      | CUSIP: 87165XAL9<br>LEI: 549300X84MR2MGY6OR68 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $783214.40    | 0.08%             | 2028-04-15      | Floating      | 10.34%                | Yes           |                  2 | On Loan: No      |
| Msccg Trust                                                            | MSCCG 2015-ALDR B     | CUSIP: 55352NAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4405000 | PA      | $3921941.09   | 0.39%             | 2035-06-07      | Floating      | 3.46%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mtg LLC / Nrz Fnt Excess LLC                           | NZES 2020-FNT2 A      | CUSIP: 64830YAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1282511 | PA      | $1219825.95   | 0.12%             | 2025-07-25      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Telos Clo 2014-6 Ltd                                                   | TELOS 2014-6A DR      | CUSIP: 87970UBC9<br>LEI: 549300S94NIRW4K03T89 | Long             | ABS-CBDO         | CORP              | KY        |  10410000 | PA      | $10414622.04  | 1.04%             | 2027-01-17      | Floating      | 8.49%                 | Yes           |                  2 | On Loan: No      |
| NewtekOne Inc                                                          | NEWT 8 1/8 02/01/25   | CUSIP: 652526AD6<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10079072.50  | 1.01%             | 2025-02-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust 2011-C2                                | WFRBS 2012-C9 E       | CUSIP: 92930RAK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6231000 | PA      | $5851576.96   | 0.59%             | 2045-11-15      | Floating      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| Zais Clo 3 Ltd/Llc                                                     | ZCLO3 2015-3A BR      | CUSIP: 98887HAN4<br>LEI: 549300SYHU0CNKIXQ691 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1431976.50   | 0.14%             | 2031-07-15      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust 2011-C2                                | WFRBS 2012-C9 D       | CUSIP: 92930RAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2153093 | PA      | $2042971.52   | 0.20%             | 2045-11-15      | Floating      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| Capital Southwest Corporation                                          | CSWC 3 3/8 10/01/26   | CUSIP: 140501AC1<br>LEI: 54930023YZ4YEJEDBO56 | Long             | DBT              | RF                | US        |   6760000 | PA      | $5999567.60   | 0.60%             | 2026-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust 2012-CCRE5                                   | COMM 2012-CR5 F       | CUSIP: 12623SAW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3695000 | PA      | $2743536.76   | 0.27%             | 2045-12-10      | Floating      | 4.42%                 | Yes           |                  2 | On Loan: No      |
| Uirc-Gsa International, Llc                                            | UIRCIN 6 PERP         | CUSIP: 90278W303<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8180 | NS      | $8507200.00   | 0.85%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Zais Clo 9 Limited                                                     | ZAIS9 2018-2A C       | CUSIP: 98875NAE5<br>LEI: 549300GT2U4OLB9UL559 | Long             | ABS-CBDO         | CORP              | KY        |   7500000 | PA      | $7058595.00   | 0.71%             | 2031-07-20      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Hennessy Advisors                                                      | HNNA 4 7/8            | CUSIP: 425885209<br>LEI: 549300OM5HCSFZO7FR31 | Long             | EP               | CORP              | US        |     51970 | NS      | $1235846.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidus Investment Corporation                                           | FDUS 4 3/4 01/31/26   | CUSIP: 316500AB3<br>LEI: 549300836CRWCROFBC02 | Long             | DBT              | CORP              | US        |  19920000 | PA      | $18519126.40  | 1.86%             | 2026-01-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wf-Rbs Commercial Mtg Tst 2012-C7                                      | WFRBS 2012-C7 D       | CUSIP: 92936TAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1252000 | PA      | $676080.00    | 0.07%             | 2045-06-15      | Floating      | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Comm 2015-Ccre25 Mortgage Trust                                        | COMM 2015-CR25 XA     | CUSIP: 12593PAX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19972745 | PA      | $332771.90    | 0.03%             | 2048-08-10      | Floating      | 0.80%                 | No            |                  2 | On Loan: No      |
| B. Riley Financial Inc                                                 | RILY 6 1/2            | CUSIP: 05580M801<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     83645 | NS      | $1949764.95   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2020-6 LLC                                                        | PRPM 2020-6 A2        | CUSIP: 693587AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $870823.90    | 0.09%             | 2025-11-25      | Floating      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Ready Capital Corp.                                                    | RC 6.2                | CUSIP: 75574U408<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |    110247 | NS      | $2544500.76   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Saranac CLO III Ltd/ Saranac CLO III LLC                               | SRANC 2014-3A CR      | CUSIP: 803169AU5<br>LEI: 5493000LWP4BVD5LGS13 | Long             | DBT              | CORP              | JE        |   5000000 | PA      | $4898575.00   | 0.49%             | 2030-06-22      | Floating      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2016-PSQ                                | MSC 2016-PSQ D        | CUSIP: 61765YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2300000 | PA      | $1875571.11   | 0.19%             | 2038-01-10      | Floating      | 3.83%                 | Yes           |                  2 | On Loan: No      |
| Newfleet Clo 2016-1                                                    | NEWFL 2016-1A DR      | CUSIP: 65130PAU4<br>LEI: 5493003RFBB86V8THH68 | Long             | ABS-CBDO         | CORP              | US        |   3700000 | PA      | $3686317.40   | 0.37%             | 2028-04-20      | Floating      | 7.76%                 | Yes           |                  2 | On Loan: No      |
| Mountain View CLO X Ltd / LLC                                          | MVW 2015-10A DR       | CUSIP: 62432CAY7<br>LEI: 549300RHYK4B5L898W39 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501239.00   | 0.15%             | 2027-10-13      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| Telos CLO 2014-5 Ltd/Llc                                               | TELOS 2014-5A DR      | CUSIP: 87974KBA1<br>LEI: 5493001KXOX6VRHBB435 | Long             | ABS-CBDO         | CORP              | KY        |    992000 | PA      | $961525.76    | 0.10%             | 2028-04-17      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| Talos Prodtn Inc                                                       | TALO 12 01/15/26      | CUSIP: 87485LAC8<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |  17109000 | PA      | $18157439.52  | 1.82%             | 2026-01-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| APRES STATIC CLO LTD                                                   | APRES 2019-1A DR      | CUSIP: 03835KAL4<br>LEI: 549300VFKWV6WXBKA202 | Long             | ABS-CBDO         | CORP              | KY        |   4175000 | PA      | $4187257.80   | 0.42%             | 2028-10-15      | Floating      | 12.55%                | Yes           |                  2 | On Loan: No      |
| Coinstar Funding, LLC                                                  | COIN 2017-1A A2       | CUSIP: 19260MAA4<br>LEI: 5493004UNX3RE1I4DH23 | Long             | ABS-O            | CORP              | US        |   4049922 | PA      | $3127382.96   | 0.31%             | 2047-04-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| PennantPark Investment Corporation                                     | PNNT 4 11/01/26       | CUSIP: 708062AD6<br>LEI: 529900OK432R4C6NQQ73 | Long             | DBT              | CORP              | US        |  12541000 | PA      | $10740199.69  | 1.08%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe                                                                 | MRCC 4 3/4 02/15/26   | CUSIP: 610335AB7<br>LEI: 549300RZ898DGFGWKV04 | Long             | DBT              | RF                | US        |  15882000 | PA      | $14746357.59  | 1.48%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Capital Southwest Corporation                                          | CSWC 4 1/2 01/31/26   | CUSIP: 140501AB3<br>LEI: 54930023YZ4YEJEDBO56 | Long             | DBT              | RF                | US        |  11385000 | PA      | $10604330.55  | 1.06%             | 2026-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sachem Capital Corp                                                    | SACH 7 3/4            | CUSIP: 78590A406<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     81828 | NS      | $1987192.98   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Charah Solutions Inc                                                   | CHRA 8 1/2            | CUSIP: 15957P204<br>LEI: 549300I6O29493834F54 | Long             | EP               | CORP              | US        |   1661446 | NS      | $25270593.66  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooks Venture Inc.                                                     | COOKVN 5 1/2 01/15/25 | CUSIP: 216378AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3900000 | PA      | $3900000.00   | 0.39%             | 2025-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Saranac CLO VII Ltd/ Saranac CLO VII LLC                               | SRANC 2014-2A CR      | CUSIP: 80317EAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   5000000 | PA      | $4881535.00   | 0.49%             | 2029-11-20      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| ACRES Commercial Realty Corp                                           | ACR 5 3/4 08/15/26    | CUSIP: 00489QAA0<br>LEI: 549300RUJWPCMY4JFR46 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8888872.59   | 0.89%             | 2026-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse, Nassau Branch                                           | CS 10 08/28/30        | CUSIP: 22546VJG2<br>LEI: ANGGYXNX0JLX3X63JN86 | Long             | DBT              | CORP              | CH        |   1235000 | PA      | $790462.99    | 0.08%             | 2030-08-28      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST-P01                                     | CFGMS 2022-P01 B      | CUSIP: 14022CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    253500 | PA      | $248016.85    | 0.02%             | 2024-06-20      | Floating      | 18.03%                | Yes           |                  2 | On Loan: No      |
| LUXURY LEASE PARTNERS AUTO LEASE TRUST 2019-ARC1                       | LLP 2019-ARC1 B       | CUSIP: 55069RAB8<br>LEI: 549300J5XQIZMR9LLR50 | Long             | ABS-O            | CORP              | US        |    672345 | PA      | $671434.17    | 0.07%             | 2026-12-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| APRES STATIC CLO LTD                                                   | APRES 2019-1A BR      | CUSIP: 03835JBE2<br>LEI: 549300VFKWV6WXBKA202 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5013510.00   | 0.50%             | 2028-10-15      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| National Funding Inc                                                   | NATLFD 5 3/4 08/31/26 | CUSIP: 636190AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3673948.56   | 0.37%             | 2026-08-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MULTIFAMILY MORTGAGE TRUST-PM01                        | MCFMT 2022-PM01 B     | CUSIP: 14022TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $788677.84    | 0.08%             | 2025-03-01      | Floating      | 13.83%                | Yes           |                  2 | On Loan: No      |
| Nexpoint Real Estate Finance Inc                                       | NREF 5 3/4 05/01/26   | CUSIP: 65342VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14495000 | PA      | $12981194.96  | 1.30%             | 2026-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Saratoga Investment Corp.                                              | SAR 4 3/8 02/28/26    | CUSIP: 80349AAD1<br>LEI: 54930023WJCWPAGSWE41 | Long             | DBT              | CORP              | US        |  21764000 | PA      | $20089121.56  | 2.01%             | 2026-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Briggs & Stratton Corporation                                          | BGG 6 7/8 12/15/20    | CUSIP: 109043AG4<br>LEI: 549300OYTIWYSPR42284 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $26562.50     | 0.00%             | 2020-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Trinity Capital Inc.                                                   | TRIN 7                | CUSIP: 896442506<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |    779908 | NS      | $19497700.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Halcyon Loan Advisors Funding Ltd                                      | HLA 2014-1A D         | CUSIP: 40538CAN0<br>LEI: 549300U92YP85EMXX728 | Long             | ABS-CBDO         | CORP              | KY        |    101428 | PA      | $101428.30    | 0.01%             | 2026-04-18      | Floating      | 8.29%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                           | TII 0 1/8 04/15/25    | CUSIP: 912828ZJ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $6628089.28   | 0.66%             | 2025-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Great Elm Capital Corporation                                          | GECC 6 3/4 01/31/25   | CUSIP: 390320406<br>LEI: 549300JTA9ODXNIVFC33 | Long             | EP               | CORP              | US        |    299501 | NS      | $7316809.43   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                                         | MSC 2019-BPR B        | CUSIP: 61769GAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10681000 | PA      | $10100940.52  | 1.01%             | 2036-05-15      | Floating      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| Mountain View CLO 2014-1 Ltd/Llc                                       | MVW 2014-1A DRR       | CUSIP: 62431XBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  11010939 | PA      | $11010234.22  | 1.10%             | 2026-10-15      | Floating      | 8.44%                 | Yes           |                  2 | On Loan: No      |
| Main Street Capital Corp.                                              | MAIN 3 07/14/26       | CUSIP: 56035LAE4<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |   9117000 | PA      | $8026851.50   | 0.80%             | 2026-07-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL FUND MORTGAGE TRUST 2023-NQM1                                 | IMPRL 2023-NQM1 A2    | CUSIP: 45290BAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4999945.00   | 0.50%             | 2068-02-25      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                            | GSMS 2018-SRP5 A      | CUSIP: 36255TAA0<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |   2426839 | PA      | $2074861.04   | 0.21%             | 2031-09-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Telos CLO 2013-3 Ltd                                                   | TELOS 2013-3A DR      | CUSIP: 87969DAS6<br>LEI: 25490083G97ZZN6SR263 | Long             | ABS-CBDO         | CORP              | KY        |  13435000 | PA      | $13445492.74  | 1.35%             | 2026-07-17      | Floating      | 8.54%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage Securities Trust 2010-C1                                   | GSMS 2010-C1 C        | CUSIP: 36249KAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9463000 | PA      | $9298506.56   | 0.93%             | 2043-08-10      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| MOUNT LOGAN FUNDING 2018-1 LP                                          | MTLOG 2018-1A DR      | CUSIP: 621887AJ7<br>LEI: 54930018JSRPYZJUUR90 | Long             | ABS-CBDO         | CORP              | KY        |   7100000 | PA      | $6631591.70   | 0.66%             | 2033-01-22      | Floating      | 8.82%                 | Yes           |                  2 | On Loan: No      |
| Gladstone Land Corp.                                                   | LAND 5                | CUSIP: 376549507<br>LEI: 54930002B3Q17H38FG74 | Long             | EP               | CORP              | US        |     44006 | NS      | $1064065.08   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Capital Corporation                                          | GLAD 5 1/8 01/31/26   | CUSIP: 376535AC4<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | DBT              | CORP              | US        |  20380000 | PA      | $19259100.00  | 1.93%             | 2026-01-31      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VOLT XCIV LLC                                                          | VOLT 2021-NPL3 A2     | CUSIP: 92873AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2328992.75   | 0.23%             | 2051-02-27      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| HRR FUNDING LLC                                                        | HRR 2021-1 B          | CUSIP: 40390PAB4<br>LEI: 549300VSTRU4XB27Q639 | Long             | ABS-O            | CORP              | US        |   2223900 | PA      | $1980382.93   | 0.20%             | 2036-12-20      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| FARM MORTGAGE TRUST                                                    | FARM 2021-1 B         | CUSIP: 30768WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3308995 | PA      | $2280354.18   | 0.23%             | 2051-01-25      | Floating      | 3.24%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST                   | JPMBB 2014-C18 C      | CUSIP: 46641JBC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4503000 | PA      | $4150286.76   | 0.42%             | 2047-02-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                                    | COMM 2014-UBS5 XA     | CUSIP: 12592KBD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  73460496 | PA      | $779070.60    | 0.08%             | 2047-09-10      | Floating      | 0.83%                 | No            |                  2 | On Loan: No      |
| B. Riley Financial Inc                                                 | RILY 5 1/2            | CUSIP: 05580M827<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    937464 | NS      | $21327306.00  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                           | TII 0 5/8 01/15/24    | CUSIP: 912828B25<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $7505805.82   | 0.75%             | 2024-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| RMF PROPRIETARY ISSUANCE TRUST 2022-3                                  | RPIT 2022-3 M3        | CUSIP: 74970FAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12500000 | PA      | $9035606.25   | 0.91%             | 2062-08-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PENNANTPARK CLO III LTD                                                | PNTPK 2021-3A D       | CUSIP: 70806JAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2053289.25   | 0.21%             | 2032-10-22      | Floating      | 8.92%                 | Yes           |                  2 | On Loan: No      |
| Two Roads Shared Trust                                                 | HLBRK-STR IN-I        | CUSIP: 90214Q626<br>LEI: 549300REHU8QC2CK4V30 | Long             | EC               | RF                | US        |   2938055 | NS      | $28998602.76  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage Securities Corp                                            | GSMS 2018-3PCK C      | CUSIP: 36255YAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3728042.40   | 0.37%             | 2031-09-15      | Floating      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTWOOD CAPITAL MM CLO LTD                                          | BWCAP 2021-2A C1      | CUSIP: 10949WAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2896695.00   | 0.29%             | 2030-11-15      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| PENNANTPARK CLO II LTD                                                 | PNTPK 2020-2A D       | CUSIP: 70806UAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1825000 | PA      | $1696282.75   | 0.17%             | 2032-01-15      | Floating      | 11.29%                | Yes           |                  2 | On Loan: No      |
| Sachem Capital Corp                                                    | SACH 6                | CUSIP: 78590A604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    189688 | NS      | $4106745.20   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Finl Cor                                                     | MFIN 7 1/2 12/30/27   | CUSIP: 583928AE6<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1949380.00   | 0.20%             | 2027-12-30      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Hudson's Bay Simon JV Trust                                            | HBCT 2015-HB10 A10    | CUSIP: 44422PBN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6385000 | PA      | $5650961.88   | 0.57%             | 2034-08-05      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2022-EBO2 LLC                                                     | CFMT 2022-EBO2 M3     | CUSIP: 12527QAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1675000 | PA      | $1615952.90   | 0.16%             | 2054-07-25      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XIV Ltd/Llc                                               | SYMP 2014-14A E       | CUSIP: 87159QAW8<br>LEI: 54930085JMJSZBQ6N270 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $492292.50    | 0.05%             | 2026-07-14      | Floating      | 9.39%                 | Yes           |                  2 | On Loan: No      |
| CAPTIAL FUNDING MORTGAGE TRUST-019                                     | CFGMS 2021-19 B       | CUSIP: 14019QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3960565.20   | 0.40%             | 2023-11-06      | Floating      | 19.58%                | Yes           |                  2 | On Loan: No      |
| LCM XX Limited Partnership / LCM XX LLC                                | LCM 20A DR            | CUSIP: 50188WAH1<br>LEI: 549300VQTTD2PAP2Y421 | Long             | ABS-CBDO         | CORP              | KY        |   3895000 | PA      | $3833011.08   | 0.38%             | 2027-10-20      | Floating      | 7.61%                 | Yes           |                  2 | On Loan: No      |
| Steel Partners Holdings L.P.                                           | SPLP 6                | CUSIP: 85814R206<br>LEI: 5493009U8Z59G5SIZ389 | Long             | EP               | CORP              | US        |    551628 | NS      | $12759155.64  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sachem Capital Corp                                                    | SACH 6 7/8            | CUSIP: 78590A307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     77468 | NS      | $1856133.28   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wf-Rbs Com Mg Tst                                                      | WFRBS 2014-C21 C      | CUSIP: 92939FAY5<br>LEI: 5493000F7E2NMQ4HIO61 | Long             | ABS-O            | CORP              | US        |   2167000 | PA      | $1960637.67   | 0.20%             | 2047-08-15      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Atlas Financial Holdings Inc                                           | AFHIF 12 06/30/24     | CUSIP: 049323AC2<br>LEI: 549300Z9YLIPI6RZNO23 | Long             | DBT              | CORP              | KY        |   4062079 | PA      | $3432456.36   | 0.34%             | 2024-06-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Catamaran CLO Ltd. 2014-1 Ltd.                                         | CRMN 2014-1A BR       | CUSIP: 14889DAQ1<br>LEI: 549300C8Q7ISEHHDRH76 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4771565.00   | 0.48%             | 2030-04-22      | Floating      | 6.98%                 | Yes           |                  2 | On Loan: No      |
| Saratoga Investment Corporation CLO 2013-1 Ltd.                        | SARAT 2013-1A DR3     | CUSIP: 80349BBP1<br>LEI: 549300471O2DE0Y4L506 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2729481.00   | 0.27%             | 2033-04-20      | Floating      | 8.81%                 | Yes           |                  2 | On Loan: No      |
| TICP CLO II Ltd                                                        | TICP 2018-IIA C       | CUSIP: 87249TAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    845000 | PA      | $841303.13    | 0.08%             | 2028-04-20      | Floating      | 7.76%                 | Yes           |                  2 | On Loan: No      |
| Pennantpark Floating Rate Capital Limited                              | PFLT 4 1/4 04/01/26   | CUSIP: 70806AAA4<br>LEI: 529900BH3IP6381K4L72 | Long             | DBT              | RF                | US        |  20655000 | PA      | $18650011.09  | 1.87%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Dakota Financial Llc                                                   | DAKFIN 5 09/30/26     | CUSIP: 23422TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $898837.46    | 0.09%             | 2026-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synchronoss Technologies Inc                                           | SNCR 8 3/8            | CUSIP: 87157B301<br>LEI: 5493007Z5J8Z2TA76376 | Long             | EP               | CORP              | US        |    315552 | NS      | $5692558.08   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust 2014-C25                    | JPMBB 2014-C25 B      | CUSIP: 46643PBK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $931840.80    | 0.09%             | 2047-11-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Symphony Clo XVII Limited                                              | SYMP 2016-17A DR      | CUSIP: 87165UAU5<br>LEI: 549300X84MR2MGY6OR68 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3965952.00   | 0.40%             | 2028-04-15      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                              | MSBAM 2013-C9 D       | CUSIP: 61762DAG6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-O            | CORP              | US        |   3550000 | PA      | $3113795.17   | 0.31%             | 2046-05-15      | Floating      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| Carrington Holding Company LLC                                         | CARR 8 01/01/2026     | CUSIP: 144523AC1<br>LEI: 635400MJJEAT2FUN2F71 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8320214.89   | 0.83%             | 2026-01-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Group LLC/Jefferies Group Capital Finance Inc                | JEF 10 06/30/37       | CUSIP: 47233JAQ1<br>LEI: NY9Q8VBNB6D1L6YV0J84 | Long             | DBT              | CORP              | US        |   4334000 | PA      | $2550381.31   | 0.26%             | 2037-06-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| First Eagle Alternative Capital Bdc Inc                                | FCRD 5                | CUSIP: 26943B407<br>LEI: ZPFGW6VV73M9CW4FN909 | Long             | EP               | CORP              | US        |     31881 | NS      | $748247.07    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Catamaran CLO 2014-2 Ltd./LLC                                          | CRMN 2014-2A C        | CUSIP: 14889HAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2076458 | PA      | $2077402.46   | 0.21%             | 2026-10-18      | Floating      | 8.29%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mtg LLC / Nrz Fnt Excess LLC                           | NZES 2020-FNT1 A      | CUSIP: 64830YAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2521238 | PA      | $2393305.54   | 0.24%             | 2025-06-25      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| GSRPM Mortgage Loan Trust                                              | GSMS 2011-GC5 AS      | CUSIP: 36191YAE8<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |   1182199 | PA      | $1163957.81   | 0.12%             | 2044-08-10      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| LCM XX Limited Partnership / LCM XX LLC                                | LCM 20A CR            | CUSIP: 50188WAG3<br>LEI: 549300VQTTD2PAP2Y421 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $992330.00    | 0.10%             | 2027-10-20      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Synergy One Lending Incorporated                                       | SYNLND 5 1/2 10/14/26 | CUSIP: 87168KAA8<br>LEI: 2549004FXPNKCLIN8250 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2738064.06   | 0.27%             | 2026-10-14      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Saratoga Investment Corp.                                              | SAR 6                 | CUSIP: 80349A802<br>LEI: 54930023WJCWPAGSWE41 | Long             | EP               | CORP              | US        |    253395 | NS      | $6018131.25   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                                                    | FRST AM-GV OB-X       | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  26767991 | PA      | $26767991.30  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                         | MS FLOAT 08/30/28     | CUSIP: 61760QDG6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2269000 | PA      | $1853738.97   | 0.19%             | 2028-08-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Colony Multi Mtg Tr 2014-1                                             | COLNY 2014-1 F        | CUSIP: 19624HAN8<br>LEI: 549300AVW3V996Y85W68 | Long             | ABS-O            | CORP              | US        |   3297771 | PA      | $3253363.72   | 0.33%             | 2050-04-20      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Sachem Capital Corp                                                    | SACH 6                | CUSIP: 78590A703<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $440000.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CFMT 2022-AB2 LLC                                                      | CFMT 2022-AB2 M3      | CUSIP: 12530JAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4068974 | PA      | $3021786.97   | 0.30%             | 2052-02-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Sachem Capital Corp                                                    | SACH 8                | CUSIP: 78590A877<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $444600.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc.                                                  | METC 9                | CUSIP: 75134P402<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EP               | CORP              | US        |    185110 | NS      | $4785093.50   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Clo Vii Ltd/Llc                                               | MCLO 2014-7A C        | CUSIP: 56577AAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5580643 | PA      | $5575391.24   | 0.56%             | 2025-10-28      | Floating      | 8.60%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2013-ALTM                               | MSC 2013-ALTM D       | CUSIP: 61690LAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3300000 | PA      | $2541215.16   | 0.25%             | 2035-02-05      | Floating      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Investcorp CR Mgmt BDC Inc                                             | ICMB 4 7/8 04/01/26   | CUSIP: 46090RAA2<br>LEI: 549300ZRNRCSKPLGYQ55 | Long             | DBT              | CORP              | US        |  10573000 | PA      | $9692692.02   | 0.97%             | 2026-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Medallion Finl Cor                                                     | MFIN 7 1/4 02/26/26   | CUSIP: 583928AG1<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3193125.00   | 0.32%             | 2026-02-26      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Greystone Sdof Pfd Equity LLC                                          | GRSDOF 6 3/4          | CUSIP: 39808B206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    200000 | NS      | $5000000.00   | 0.50%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Whitehorse Limited                                                     | WITEH 2015-10A DR     | CUSIP: 96525WAR4<br>LEI: 549300UT33WDDDZEYN84 | Long             | ABS-CBDO         | CORP              | KY        |   5447780 | PA      | $5427432.61   | 0.54%             | 2027-04-17      | Floating      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| PennantPark Investment Corporation                                     | PNNT 4 1/2 05/01/26   | CUSIP: 708062AC8<br>LEI: 529900OK432R4C6NQQ73 | Long             | DBT              | CORP              | US        |  12027000 | PA      | $10861855.15  | 1.09%             | 2026-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Parallel 2015-1 Ltd.                                                   | PARL 2015-1A DR       | CUSIP: 69915VAW0<br>LEI: 549300IVH7GEF68EFD31 | Long             | ABS-CBDO         | CORP              | KY        |   5070000 | PA      | $5074182.75   | 0.51%             | 2027-07-20      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| LAKEVIEW TRUST 2022-EBO3                                               | BVEBO 2022-3 M3       | CUSIP: 51236JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1894580.00   | 0.19%             | 2052-05-29      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Saratoga Investment Corp.                                              | SAR 4.35 02/28/27     | CUSIP: 80349AAF6<br>LEI: 54930023WJCWPAGSWE41 | Long             | DBT              | CORP              | US        |  10225000 | PA      | $9320189.75   | 0.93%             | 2027-02-28      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| W & T Offshore Inc.                                                    | WTI 11 3/4 02/01/26   | CUSIP: 92922PAM8<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |  21750000 | PA      | $22049748.28  | 2.21%             | 2026-02-01      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Priority Income Fund Inc                                               | PRIORT 6 1/4          | CUSIP: 74274W814<br>LEI: 549300QXQ3QH1Z59TL58 | Long             | EP               | RF                | US        |     12000 | NS      | $283800.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLT C LLC                                                             | VOLT 2021-NPL9 A1     | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3877547 | PA      | $3553053.46   | 0.36%             | 2051-05-25      | Floating      | 1.99%                 | Yes           |                  2 | On Loan: No      |
| XCAL 2021-7 MORTGAGE TRUST                                             | XCAL 2021-7 B1        | CUSIP: 98370NAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $474668.00    | 0.05%             | 2026-01-06      | Floating      | 10.37%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                  | XCALFD 5 09/24/24     | CUSIP: 98373XAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2737197.90   | 0.27%             | 2024-09-24      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sachem Capital Corp                                                    | SACH 7 1/8            | CUSIP: 78590A208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     60680 | NS      | $1486660.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                             | JPMBB 2013-C12 D      | CUSIP: 46639NAX9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3072000 | PA      | $2896091.14   | 0.29%             | 2045-07-15      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| BB-UBS Trust 2012-Show                                                 | BBUBS 2012-TFT B      | CUSIP: 05490AAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $1992695.54   | 0.20%             | 2030-06-05      | Floating      | 3.56%                 | Yes           |                  2 | On Loan: No      |
| Oxford Square Cap Corp                                                 | OXSQ 6 1/4            | CUSIP: 69181V305<br>LEI: 549300EGQH8WWU1U6Q06 | Long             | EP               | CORP              | US        |     27594 | NS      | $659496.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadmark Realty Capital Inc                                           | BRMK 5 11/15/26       | CUSIP: 11135BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1368434.19   | 0.14%             | 2026-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Gladstone Investment Corporation                                       | GAIN 5                | CUSIP: 376546800<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     77317 | NS      | $1803032.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Uirc-Gsa International, Llc                                            | UIRCIN 6 1/2 PERP     | CUSIP: 90278W402<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3000 | NS      | $3120000.00   | 0.31%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Saratoga Investment Corporation CLO 2013-1 Ltd.                        | SARAT 2013-1A ER3     | CUSIP: 80349CAQ8<br>LEI: 549300471O2DE0Y4L506 | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3468108.00   | 0.35%             | 2033-04-20      | Floating      | 12.31%                | Yes           |                  2 | On Loan: No      |
| Ofs Credit Company Inc                                                 | OCCI 6 1/8            | CUSIP: 67111Q305<br>LEI: 549300A7A6U0QNX5FB55 | Long             | EP               | RF                | US        |      8695 | NS      | $201289.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHNGE MORTGAGE TRUST 2022-1                                            | CHNGE 2022-1 B2       | CUSIP: 17030JAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $807594.60    | 0.08%             | 2067-01-25      | Floating      | 4.53%                 | Yes           |                  2 | On Loan: No      |
| Telos CLO 2013-3 Ltd                                                   | TELOS 2013-3A CR      | CUSIP: 87969DAQ0<br>LEI: 25490083G97ZZN6SR263 | Long             | ABS-CBDO         | CORP              | KY        |   7642628 | PA      | $7656873.40   | 0.77%             | 2026-07-17      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| Horizon Technology Finance Corporation                                 | HRZN 4 7/8            | CUSIP: 44045A409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    319888 | NS      | $7613334.40   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST                     | MSBAM 2014-C15 D      | CUSIP: 61763KAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    580000 | PA      | $544841.39    | 0.05%             | 2047-04-15      | Floating      | 4.89%                 | Yes           |                  2 | On Loan: No      |
| HPS LOAN MANAGEMENT 7-2015 LTD                                         | HLM 7A-2015 ER        | CUSIP: 40437TAA3<br>LEI: 254900IU43NDZ7HEB142 | Long             | ABS-CBDO         | CORP              | KY        |   1220000 | PA      | $1182137.30   | 0.12%             | 2027-03-15      | Floating      | 9.61%                 | Yes           |                  2 | On Loan: No      |
| Atlas Financial Holdings Inc                                           | AFHIF 6 5/8 04/27/27  | CUSIP: 049323AB4<br>LEI: 549300Z9YLIPI6RZNO23 | Long             | DBT              | CORP              | KY        |   1650319 | PA      | $1401855.22   | 0.14%             | 2027-04-27      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Cutwater 2014-I Ltd/Llc                                                | CTWTR 2014-1A CR      | CUSIP: 23222TAU4<br>LEI: 254900Z407FNBKBWKE10 | Long             | ABS-CBDO         | CORP              | KY        |  12400000 | PA      | $12399218.80  | 1.24%             | 2026-07-15      | Floating      | 8.39%                 | Yes           |                  2 | On Loan: No      |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp | ARLP 7 1/2 05/01/25   | CUSIP: 01879NAA3<br>LEI: 2549007036KGPSVTHP54 | Long             | DBT              | CORP              | US        |  21054000 | PA      | $20868303.72  | 2.09%             | 2025-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AmTrust Financial Services Inc.                                        | AFSI 6 1/8 08/15/23   | CUSIP: 032359AE1<br>LEI: 549300SNNS1GRWBTGA28 | Long             | DBT              | CORP              | US        |  10943000 | PA      | $10722003.27  | 1.07%             | 2023-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PDOF Msn Issuer LLC                                                    | PDOFMS FLOAT 03/01/25 | CUSIP: 69429PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4970146.00   | 0.50%             | 2025-03-01      | Floating      | 8.80%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                            | GSMS 2018-3PCK B      | CUSIP: 36255YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $6664455.00   | 0.67%             | 2031-09-15      | Floating      | 7.21%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                  | XCALFD 5 03/01/25     | CUSIP: 98373XAX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1900131.80   | 0.19%             | 2025-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| JFIN CLO LTD                                                           | JFIN 2012-1A BR       | CUSIP: 46616AAU0<br>LEI: 2549009ITDOWQA202P03 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4012000.00   | 0.40%             | 2028-07-20      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Whitehorse IX                                                          | WITEH 2014-9A D       | CUSIP: 965249AE5<br>LEI: 5493006SRQWF2ZFME608 | Long             | ABS-CBDO         | CORP              | KY        |   5545029 | PA      | $5543354.22   | 0.56%             | 2026-07-17      | Floating      | 8.39%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MULTIFAMILY MORTGAGE TRUST-MF05                        | MCFMT 2022-MF05 B     | CUSIP: 14020NAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $796286.80    | 0.08%             | 2025-05-15      | Floating      | 14.75%                | Yes           |                  2 | On Loan: No      |
| X-CALI 2020-5 MORTGAGE TRUST                                           | XCALI 2020-5 A        | CUSIP: 98401JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4978270.50   | 0.50%             | 2023-10-15      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| Avery Point IV CLO, Limited/ Avery Point IV CLO, Corp                  | AVERY 2014-1A D       | CUSIP: 05363UAL7<br>LEI: 549300RWY6OWBAXCT467 | Long             | ABS-CBDO         | CORP              | KY        |   3522364 | PA      | $3529278.18   | 0.35%             | 2026-04-25      | Floating      | 8.32%                 | Yes           |                  2 | On Loan: No      |
| MidCap Financial Investment Corp                                       | MFIC 5 1/4 03/03/25   | CUSIP: 03761UAG1<br>LEI: 5493005P14I7WFB3FW47 | Long             | DBT              | CORP              | US        |  15435000 | PA      | $14988002.40  | 1.50%             | 2025-03-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Babcock & Wilcox Enterprises Incorporation                             | BW 6 1/2              | CUSIP: 05614L506<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     66144 | NS      | $1493531.52   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Mortgage Trust                                              | COMM 2013-CR9 B       | CUSIP: 12625UAE3<br>LEI: 549300C72XVZH4MIKU63 | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $780280.88    | 0.08%             | 2045-07-10      | Floating      | 4.29%                 | Yes           |                  2 | On Loan: No      |
| B. Riley Financial Inc                                                 | RILY 5                | CUSIP: 05580M793<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    743489 | NS      | $16170885.75  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-1                                      | VERUS 2023-1 A1       | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500759.10    | 0.05%             | 2067-12-25      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Venture XXIII CLO Ltd/LLC                                              | VENTR 2016-23A ER2    | CUSIP: 92332DAE7<br>LEI: 549300BWBX8PTZD3W768 | Long             | ABS-CBDO         | CORP              | KY        |   5800000 | PA      | $4856479.20   | 0.49%             | 2034-07-19      | Floating      | 12.35%                | Yes           |                  2 | On Loan: No      |
| Blast Motion Inc                                                       | BLAMTN 5 1/2 02/15/25 | CUSIP: 09345BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.40%             | 2025-02-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Silvermore CLO ltd./LLC                                                | SMORE 2014-1A C       | CUSIP: 828428AG7<br>LEI: 254900XWIIO2JU37JD03 | Long             | ABS-CBDO         | CORP              | KY        |   1974647 | PA      | $1972074.00   | 0.20%             | 2026-05-15      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| CSMC TRUST                                                             | CSMC 2014-USA B       | CUSIP: 12649AAJ8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-O            | CORP              | US        |   2415000 | PA      | $2088676.99   | 0.21%             | 2037-09-15      | Fixed         | 4.18%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTWOOD CAPITAL MM CLO LTD                                          | BWCAP 2021-2A D       | CUSIP: 10949WAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $946639.00    | 0.09%             | 2030-11-15      | Floating      | 8.79%                 | Yes           |                  2 | On Loan: No      |
| Investco Llc                                                           | INVECO 5 1/8 08/13/26 | CUSIP: 46090UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3631445.44   | 0.36%             | 2026-08-13      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Babcock & Wilcox Enterprises Incorporation                             | BW 8 1/8              | CUSIP: 05614L308<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |    244309 | NS      | $6049090.84   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Group LLC/Jefferies Group Capital Finance Inc                | JEF 10 10/31/37       | CUSIP: 47233JBB3<br>LEI: NY9Q8VBNB6D1L6YV0J84 | Long             | DBT              | CORP              | US        |   3312000 | PA      | $2048306.40   | 0.21%             | 2037-10-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust 2013-C14                               | WFRBS 2013-C14 C      | CUSIP: 92890PAJ3<br>LEI: 549300GADFYEKC4OLM57 | Long             | ABS-O            | CORP              | US        |   3110000 | PA      | $2165336.88   | 0.22%             | 2046-06-15      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| Priority Income Fund Inc                                               | PRIORT 6              | CUSIP: 74274W798<br>LEI: 549300QXQ3QH1Z59TL58 | Long             | EP               | RF                | US        |     35000 | NS      | $796250.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LUXURY LEASE PARTNERS AUTO LEASE TRUST 2021-ARC2                       | LLP 2021-ARC2 B       | CUSIP: 55069TAB4<br>LEI: 549300J5XQIZMR9LLR50 | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1193640.25   | 0.12%             | 2027-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL FUND MORTGAGE TRUST 2022-NQM7                                 | IMPRL 2022-NQM7 A1    | CUSIP: 452763AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2972084 | PA      | $3057522.02   | 0.31%             | 2067-11-25      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Vinebrook Homes Trust Inc                                              | VINBRK 6 1/2          | CUSIP: 92737L209<br>LEI: 5493007VIZSKYNAKUH78 | Long             | EP               | CORP              | US        |    124000 | NS      | $2976000.00   | 0.30%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Morgan Stanley                                                         | MS FLOAT 07/20/25     | CUSIP: 61760QGQ1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1938000 | PA      | $1733225.11   | 0.17%             | 2025-07-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Arlington Asset Investment Corp                                        | AAIC 6                | CUSIP: 041356809<br>LEI: 549300LA9ZT7L8G7IT53 | Long             | EP               | CORP              | US        |    166253 | NS      | $3882007.55   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                                         | MSC 2019-BPR C        | CUSIP: 61769GAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7576000 | PA      | $7088067.72   | 0.71%             | 2036-05-15      | Floating      | 7.76%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR ISSUER TRUST                                                  | FMMSR 2022-GT1 A      | CUSIP: 30259RAM7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1820539.40   | 0.18%             | 2027-04-25      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2011-C2                                 | MSC 2012-C4 D         | CUSIP: 61760VAE3<br>LEI: 5493005SNWQW3UUOQX45 | Long             | ABS-O            | CORP              | US        |    977239 | PA      | $923704.45    | 0.09%             | 2045-03-15      | Floating      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MULTIFAMILY MORTGAGE TRUST-MF03                        | MCFMT 2022-MF03 B     | CUSIP: 14023HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $788841.84    | 0.08%             | 2025-04-01      | Floating      | 13.71%                | Yes           |                  2 | On Loan: No      |
| GREYWOLF CLO LTD                                                       | GWOLF 2013-1A DRR     | CUSIP: 39808GAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5484960.00   | 0.55%             | 2034-04-15      | Floating      | 11.84%                | No            |                  2 | On Loan: No      |
| Great Elm Capital Corporation                                          | GECC 5 7/8            | CUSIP: 390320604<br>LEI: 549300JTA9ODXNIVFC33 | Long             | EP               | CORP              | US        |    564452 | NS      | $13247688.44  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| RMF PROPRIETARY ISSUANCE TRUST 2022-2                                  | RPIT 2022-2 M3        | CUSIP: 74970CAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $3258397.50   | 0.33%             | 2062-06-25      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Tiaa Clo III Ltd                                                       | TIA 2017-2A B         | CUSIP: 87272HAC4<br>LEI: 54930043TEPI4UKGHU90 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1975886.00   | 0.20%             | 2031-01-16      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer