# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-25-160496
**Filing Date:** 2025-6
**Character Count:** 62376
**Document Hash:** 6d9fdfa459b97d360512f19b97a6d102
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160496.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-160496

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251081787

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Holbrook Structured Credit Income Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**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:** $507881671.29

**Total Liabilities:** $3579554.97

**Net Assets:** $504302116.32

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 145.08436500 | **1-Year:** 14519.95514200 | **5-Year:** 70607.26204900 | **10-Year:** 11345.90442000 | **30-Year:** 3228.11477900

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

- **3-Month:** 24552.88105100 | **1-Year:** 19707.33410000 | **5-Year:** 7679.22812300 | **10-Year:** 1498.56404700 | **30-Year:** 1282.38370200

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234270 | 0.60%                | 0.31%                | -0.10%               |
| Class ID C000234271 | 0.62%                | 0.33%                | -0.08%               |
| Class ID C000234272 | 0.74%                | 0.35%                | -0.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $179560.13               | $575644.14                                 |
| Month 2  | $362891.72               | $-1579447.17                               |
| Month 3  | $-2459978.12             | $-1013986.45                               |

### Schedule of Portfolio Investments

| Name                                                                      | Title              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| A&D MORTGAGE TRUST 2023-NQM2                                              | ADMT 2023-NQM2 A1  | CUSIP: 00002DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1850862 | PA      | $1859706.03   | 0.37%             | 2068-05-25      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2024-NQM3                                              | ADMT 2024-NQM3 A1  | CUSIP: 00039HAA5<br>LEI: 9845009E581BS7E85066 | Long             | ABS-O            | CORP              | US        |   2633665 | PA      | $2665604.69   | 0.53%             | 2069-07-25      | Floating      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Allegro VII Clo Ltd                                                       | ALLEG 2018-1A D    | CUSIP: 01750CAJ2<br>LEI: 635400EBXLHIKFL2MP73 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1496301.00   | 0.30%             | 2031-06-13      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Loan Fund X Ltd/Llc                                          | ATCLO 2018-10A D   | CUSIP: 04942JAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5900000 | PA      | $5898318.50   | 1.17%             | 2031-01-15      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Secured Loan Fund VIII Ltd/Llc                               | ATCLO 2017-8A C    | CUSIP: 04943AAG4<br>LEI: 2549008VGBH29LRDN709 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751210.50    | 0.15%             | 2030-01-16      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                                       | BHMS 2018-MZB MZB  | CUSIP: 05549GAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13500000 | PA      | $13315596.75  | 2.64%             | 2025-07-15      | Floating      | 11.26%                | Yes           |                  2 | On Loan: No      |
| BX TRUST                                                                  | BX 2019-IMC F      | CUSIP: 05608BAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4857096.00   | 0.96%             | 2034-04-15      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| BX TRUST                                                                  | BX 2019-IMC G      | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196000 | PA      | $188346.53    | 0.04%             | 2034-04-15      | Floating      | 7.97%                 | Yes           |                  2 | On Loan: No      |
| BXHPP LTD                                                                 | BXHPP 2021-FILM A  | CUSIP: 05609JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  22000000 | PA      | $21064216.80  | 4.18%             | 2036-08-15      | Floating      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Bank 2017-Bnk9                                                            | BANK 2017-BNK9 XA  | CUSIP: 06540RAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12961718 | PA      | $217101.00    | 0.04%             | 2054-11-15      | Floating      | 0.75%                 | No            |                  2 | On Loan: No      |
| BATTALION CLO IX LTD                                                      | BATLN 2015-9A DR   | CUSIP: 07132EAQ8<br>LEI: 549300JMWGEYZEC6GK98 | Long             | ABS-CBDO         | CORP              | KY        |  17400000 | PA      | $17352793.80  | 3.44%             | 2031-07-15      | Floating      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Betony Clo Ltd.                                                           | BTNY2 2018-1A C    | CUSIP: 08763QAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    416000 | PA      | $415511.62    | 0.08%             | 2031-04-30      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Black Diamond CLO 2017-1 Ltd.                                             | BLACK 2017-1A C    | CUSIP: 09202VAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3919000 | PA      | $3912921.63   | 0.78%             | 2029-04-24      | Floating      | 8.49%                 | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO 2018-3 LLC                                               | BLUEM 2018-2A D    | CUSIP: 09629VAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1096922.20   | 0.22%             | 2031-08-15      | Floating      | 7.73%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2024-NQM2                                 | BRAVO 2024-NQM2 A1 | CUSIP: 10569KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    533748 | PA      | $538220.02    | 0.11%             | 2064-02-25      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2024-NQM3                                 | BRAVO 2024-NQM3 A1 | CUSIP: 10569LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    790352 | PA      | $796728.06    | 0.16%             | 2064-03-25      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2025-NQM2                                 | BRAVO 2025-NQM2 A1 | CUSIP: 10569NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2947909 | PA      | $2961384.46   | 0.59%             | 2064-11-25      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2024-NQM5                                 | BRAVO 2024-NQM5 A1 | CUSIP: 105925AA9<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-O            | CORP              | US        |    237265 | PA      | $238339.49    | 0.05%             | 2064-06-25      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2025-HB16 LLC                                                        | CFMT 2025-HB16 M3  | CUSIP: 12531BAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $460241.65    | 0.09%             | 2035-03-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2011-I Ltd.                                                  | CIFC 2013-2A B1LR  | CUSIP: 12549BAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    625000 | PA      | $624627.50    | 0.12%             | 2030-10-18      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2012-III Ltd.                                                | CIFC 2017-4A CR    | CUSIP: 12551JAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9000000 | PA      | $8977599.00   | 1.78%             | 2030-10-24      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| CIM TRUST 2023-R3                                                         | CIM 2023-R3 A1B    | CUSIP: 12570GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1537582.80   | 0.30%             | 2063-01-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Csmc Coml Mtg Tr 2016-Nxsr                                                | CSMC 2016-NXSR XA  | CUSIP: 12594PAX9<br>LEI: 549300XMRV4C4QGBZZ20 | Long             | ABS-O            | CORP              | US        |   4148585 | PA      | $25066.99     | 0.00%             | 2049-12-15      | Floating      | 0.67%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO 2014-1 Ltd.                                            | CANYC 2014-1A CR   | CUSIP: 13875LAU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1997198.00   | 0.40%             | 2031-01-30      | Floating      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| CANYON CAPITAL CLO LTD                                                    | CANYC 2012-1RA D   | CUSIP: 13876JAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5055000 | PA      | $5042979.21   | 1.00%             | 2030-07-15      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST  P-0                                       | CFGMS 2025-P05 B   | CUSIP: 139917AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2520000 | PA      | $2525592.89   | 0.50%             | 2025-08-04      | Floating      | 14.82%                | No            |                  2 | On Loan: No      |
| N/A                                                                       | CFGMS 2024-28 B    | CUSIP: 14022BAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4250000 | PA      | $4283253.70   | 0.85%             | 2026-11-01      | Floating      | 15.30%                | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST-029                                        | CFGMS 2024-29 B    | CUSIP: 14022JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4005762.80   | 0.79%             | 2026-11-01      | Floating      | 13.84%                | 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        |   5380113 | PA      | $5375872.64   | 1.07%             | 2025-12-31      | Floating      | 13.82%                | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST -031                                       | CFGMS 2025-31 B    | CUSIP: 14023CAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13000000 | PA      | $13074599.20  | 2.59%             | 2028-02-10      | Floating      | 15.32%                | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO 2014-3 Ltd.                          | CGMS 2015-1A DR3   | CUSIP: 14311DBU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  11995000 | PA      | $11946228.33  | 2.37%             | 2031-07-20      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| Catamaran CLO Ltd. 2014-1 Ltd.                                            | CRMN 2014-1A CR    | CUSIP: 14889DAS7<br>LEI: 549300C8Q7ISEHHDRH76 | Long             | ABS-CBDO         | CORP              | KY        |   6404998 | PA      | $6394122.31   | 1.27%             | 2030-04-22      | Floating      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Catamaran Clo 2018-1 Ltd                                                  | CRMN 2018-1A D     | CUSIP: 14900CAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502681.00    | 0.10%             | 2031-10-25      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding V Clo Ltd                                                   | CEDF 2016-5A DR    | CUSIP: 15032AAW7<br>LEI: 635400NWFWJ92O7QGD64 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1494141.00   | 0.30%             | 2031-07-17      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding VII CLO, Ltd                                                | CEDF 2018-7A E     | CUSIP: 15033AAA4<br>LEI: 549300G87EGFMLOYN341 | Long             | ABS-CBDO         | CORP              | KY        |   7250000 | PA      | $6996960.50   | 1.39%             | 2031-01-20      | Floating      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB15 LLC                                                        | CFMT 2024-HB15 M3  | CUSIP: 15723AAD3<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $937412.90    | 0.19%             | 2034-08-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | CGCMT 2018-B2 XA   | CUSIP: 17327FBG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8115329 | PA      | $133168.50    | 0.03%             | 2051-03-10      | Floating      | 0.69%                 | No            |                  2 | On Loan: No      |
| DOMINION MORTGAGE TRUST 2025-RTL1                                         | DFS 2025-RTL1 M    | CUSIP: 25746DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1503753.15   | 0.30%             | 2030-03-25      | Floating      | 10.19%                | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                                          | DRSLF 2017-49A DR  | CUSIP: 26244QAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1247610.00   | 0.25%             | 2030-07-18      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2023-1                                                               | EFMT 2023-1 A2     | CUSIP: 26844QAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70606 | PA      | $70668.66     | 0.01%             | 2068-02-25      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Eaton Vance Clo 2014-1 Ltd                                                | EATON 2014-1RA D   | CUSIP: 27830TAJ4<br>LEI: 549300FPTLP8I41O7F48 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497863.50    | 0.10%             | 2030-07-15      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| 1828 CLO Ltd/LLC                                                          | GUGG4 2016-1A CR   | CUSIP: 282523BF5<br>LEI: 549300TR3WW6GC2PC544 | Long             | ABS-CBDO         | CORP              | KY        |    495000 | PA      | $493999.61    | 0.10%             | 2031-10-15      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Elevation Clo 2017-8 LTD/Elevation Clo 2017-8 LLC                         | AWPT 2017-8A D     | CUSIP: 28622VAJ9<br>LEI: 549300OBPZDY731NEI33 | Long             | ABS-CBDO         | CORP              | KY        |   4260000 | PA      | $4244753.46   | 0.84%             | 2030-10-25      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| ELLINGTON CLO I LTD                                                       | ECLO 2017-1A DR    | CUSIP: 28851QAL7<br>LEI: 254900TQC62LFRK4R517 | Long             | ABS-CBDO         | CORP              | KY        |   2315872 | PA      | $2315869.69   | 0.46%             | 2029-10-15      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Ellington Clo Iv Ltd                                                      | ECLO 2019-4A D1    | CUSIP: 28853RAG4<br>LEI: 25490064KF1PM0300Z69 | Long             | ABS-CBDO         | CORP              | US        |    546372 | PA      | $548866.78    | 0.11%             | 2029-04-15      | Floating      | 10.02%                | Yes           |                  2 | On Loan: No      |
| Fremf 2016-K53 Mortgage Trust                                             | FREMF 2016-K53 B   | CUSIP: 30288LAN3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    450000 | PA      | $445837.95    | 0.09%             | 2049-03-25      | Floating      | 4.18%                 | Yes           |                  2 | On Loan: No      |
| Fremf 2012 Kf01 Mortgage Trust                                            | FREMF 2018-K75 B   | CUSIP: 30296PAS3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1235000 | PA      | $1214102.69   | 0.24%             | 2051-04-25      | Floating      | 3.98%                 | Yes           |                  2 | On Loan: No      |
| Fremf 2018-K78 Mtg Tr                                                     | FREMF 2018-K78 B   | CUSIP: 30296XAG2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2000000 | PA      | $1966145.80   | 0.39%             | 2051-06-25      | Floating      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| Fremf 2018-K733 Mtg Tr                                                    | FREMF 2018-K733 C  | CUSIP: 30297MAU4<br>LEI: 549300KQ08QVSM4XK212 | Long             | ABS-O            | USGSE             | US        |   2000000 | PA      | $1982595.60   | 0.39%             | 2025-09-25      | Floating      | 4.22%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust 2019-K736                                            | FREMF 2019-K736 C  | CUSIP: 30298MAC3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2000000 | PA      | $1961388.20   | 0.39%             | 2026-07-25      | Floating      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| Fremf 2017-K68 Mortgage Trust                                             | FREMF 2017-K68 B   | CUSIP: 30305EAE8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2000000 | PA      | $1965360.00   | 0.39%             | 2049-10-25      | Floating      | 3.84%                 | Yes           |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                                      | FREMF 2019-KF61 B  | CUSIP: 30311LAG9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    363685 | PA      | $353795.03    | 0.07%             | 2029-04-25      | Floating      | 6.65%                 | Yes           |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                                      | FREMF 2019-KF69 B  | CUSIP: 30313LAG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1598443 | PA      | $1541931.56   | 0.31%             | 2029-08-25      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF MORTGAGE TRUST                                                      | FREMF 2020-KF76 B  | CUSIP: 30316EAE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1747350 | PA      | $1708112.88   | 0.34%             | 2030-01-25      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                     | FNR 2024-20 CV     | CUSIP: 3136BRU88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1861424 | PA      | $1894527.79   | 0.38%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                     | FNR 2024-63 HA     | CUSIP: 3136BSRA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1622837 | PA      | $1634150.65   | 0.32%             | 2052-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                     | FNR 2025-6 DL      | CUSIP: 3136BUUF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2817374 | PA      | $1601286.07   | 0.32%             | 2053-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                    | FHR 5438 H         | CUSIP: 3137HFDS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1484055 | PA      | $1497505.87   | 0.30%             | 2050-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                                 | FRST AM-GV OB-X    | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  26173714 | PA      | $26173713.96  | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fremf 2017 K71 Mortgage Trust                                             | FREMF 2017-K71 C   | CUSIP: 35708WAU4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1000000 | PA      | $975051.60    | 0.19%             | 2050-11-25      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Fremf 2018 K73 Mortgage Trust                                             | FREMF 2018-K73 B   | CUSIP: 35708YAS5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    500000 | PA      | $490441.35    | 0.10%             | 2051-02-25      | Floating      | 3.98%                 | Yes           |                  2 | On Loan: No      |
| GSMS TRUST 2024-FAIR                                                      | GSMS 2024-FAIR D   | CUSIP: 36270JAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2770000 | PA      | $2841663.22   | 0.56%             | 2029-07-15      | Floating      | 8.21%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | GNR 2024-76 KA     | CUSIP: 38384NTQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    949743 | PA      | $957660.34    | 0.19%             | 2049-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Halcyon Ln Advisors Fdg 2018-2 Ltd/Llc                                    | HLA 2018-2A C      | CUSIP: 40490AAJ9<br>LEI: 549300OG6D5MQUG20S28 | Long             | ABS-CBDO         | CORP              | KY        |  17900000 | PA      | $17900125.30  | 3.55%             | 2031-01-22      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| HARVEST SBA LOAN TRUST 2024-1                                             | HSLT 2024-1 B      | CUSIP: 41756NAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1450829 | PA      | $1457014.90   | 0.29%             | 2051-12-25      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| HARVEST SBA LOAN TRUST 2024-1                                             | HSLT 2024-1 C      | CUSIP: 41756NAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2344540 | PA      | $2348596.39   | 0.47%             | 2051-12-25      | Floating      | 9.65%                 | Yes           |                  2 | On Loan: No      |
| Highbridge Loan Management 2 2013 Ltd.                                    | HLM 2013-2A CR     | CUSIP: 44330DAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7500000 | PA      | $7472280.00   | 1.48%             | 2029-10-20      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Hudson's Bay Simon JV Trust                                               | HBCT 2015-HB10 C10 | CUSIP: 44422PBY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1070000 | PA      | $1043977.60   | 0.21%             | 2034-08-05      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| J.P.MORGAN MORTGAGE TRUST 2023-10                                         | JPMMT 2023-10 A6   | CUSIP: 465986AK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    904694 | PA      | $907083.56    | 0.18%             | 2054-05-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST                      | JPMCC 2019-ICON XA | CUSIP: 46650RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  25514473 | PA      | $240331.03    | 0.05%             | 2034-01-05      | Floating      | 1.34%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST                      | JPMCC 2019-ICON XB | CUSIP: 46650RAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19539000 | PA      | $92708.65     | 0.02%             | 2034-01-05      | Floating      | 0.62%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST                      | JPMCC 2020-NNN DFX | CUSIP: 46652BBJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $486640.00    | 0.10%             | 2037-01-16      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2024-12                                          | JPMMT 2024-12 A4   | CUSIP: 46658TAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1836870 | PA      | $1858592.33   | 0.37%             | 2055-06-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2024-11                                        | JPMMT 2024-11 A6   | CUSIP: 46659AAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1268522 | PA      | $1278039.04   | 0.25%             | 2055-04-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 10 LTD                                                            | KKR 10 DR          | CUSIP: 48250GAW0<br>LEI: 549300N7FISC1W1QKR21 | Long             | ABS-CBDO         | CORP              | KY        |   1775000 | PA      | $1773709.58   | 0.35%             | 2029-09-15      | Floating      | 7.91%                 | Yes           |                  2 | On Loan: No      |
| KKR STATIC CLO I LTD                                                      | KSTAT 2022-1A ER2  | CUSIP: 48255RAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2492925.00   | 0.49%             | 2031-07-20      | Floating      | 10.02%                | Yes           |                  2 | On Loan: No      |
| Lcm XXII Ltd/ Lcm XXII Llc                                                | LCM 22A CR         | CUSIP: 50189GAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4605000 | PA      | $4603632.32   | 0.91%             | 2028-10-20      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Lcm XXIII Ltd/ Lcm XXIII Llc                                              | LCM 23A CR         | CUSIP: 52111PAM3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7611000 | PA      | $7604294.71   | 1.51%             | 2029-10-20      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| LUXURY LEASE PARTNERS AUTO LEASE TRUST 2024-4                             | LLP 2024-4 B       | CUSIP: 55068XAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    538000 | PA      | $541713.81    | 0.11%             | 2030-07-15      | Fixed         | 10.49%                | Yes           |                  2 | On Loan: No      |
| MFA 2024-NQM3 TRUST                                                       | MFRA 2024-NQM3 A1  | CUSIP: 55287GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4655250 | PA      | $4694273.61   | 0.93%             | 2069-12-25      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Marble Point Clo Xv Ltd                                                   | MP15 2019-1A E     | CUSIP: 56606XAA5<br>LEI: 549300CO8XB55W8SS394 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2950257.00   | 0.59%             | 2032-07-23      | Floating      | 11.37%                | Yes           |                  2 | On Loan: No      |
| MFA 2024-NQM2 TRUST                                                       | MFRA 2024-NQM2 A1  | CUSIP: 58004JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1044446 | PA      | $1043428.29   | 0.21%             | 2069-08-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2024-BPR2                                  | MSC 2024-BPR2 C    | CUSIP: 61776EAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6186752.40   | 1.23%             | 2029-05-05      | Floating      | 9.04%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2024-BPR2                                  | MSC 2024-BPR2 E    | CUSIP: 61776EAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6291286.30   | 1.25%             | 2029-05-05      | Floating      | 9.04%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-Nqm3                  | MSRM 2024-NQM3 A1  | CUSIP: 61776UAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    356051 | PA      | $354098.19    | 0.07%             | 2069-07-25      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Mountain View CLO IX Ltd.                                                 | MVEW 2017-2A D     | CUSIP: 62432LAG6<br>LEI: 549300URXZ1TS31FK720 | Long             | ABS-CBDO         | CORP              | KY        |   1725000 | PA      | $1724548.05   | 0.34%             | 2031-01-16      | Floating      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Newark BSL CLO 2 Ltd                                                      | NBCLO 2017-1A CR   | CUSIP: 65023PAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998753.00    | 0.20%             | 2030-07-25      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| Northwoods Capital Xii-B Ltd                                              | WOODS 2018-12BA D  | CUSIP: 66858CAJ6<br>LEI: 549300R06FSYRU75ZW78 | Long             | ABS-CBDO         | CORP              | KY        |  10350000 | PA      | $10309800.60  | 2.04%             | 2031-06-15      | Floating      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Northwoods Capital XIV-B Ltd.                                             | WOODS 2018-14BA D  | CUSIP: 66860CAJ2<br>LEI: 549300QQDSTCZ860F679 | Long             | ABS-CBDO         | CORP              | KY        |  12500000 | PA      | $12487887.50  | 2.48%             | 2031-11-13      | Floating      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xvii Limited                                                         | OZLM 2017-17A C    | CUSIP: 67111NAJ3<br>LEI: 549300EERMFPZ487P195 | Long             | ABS-CBDO         | CORP              | US        |   1840000 | PA      | $1836049.52   | 0.36%             | 2030-07-20      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xxi.. Ltd                                                            | OZLM 2017-21A C    | CUSIP: 67112AAG6<br>LEI: 5493002HF6D1C4B1AK86 | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1494033.00   | 0.30%             | 2031-01-20      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xxi.. Ltd                                                            | OZLM 2018-20A C    | CUSIP: 67112MAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5750000 | PA      | $5725303.75   | 1.14%             | 2031-04-20      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM4 TRUST                                                       | OBX 2024-NQM4 A1   | CUSIP: 67118TAA2<br>LEI: 549300JK5TDDSAIKZ665 | Long             | ABS-O            | CORP              | US        |   2045161 | PA      | $2058336.07   | 0.41%             | 2064-01-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM12 TRUST                                                      | OBX 2024-NQM12 A1  | CUSIP: 67448PAA1<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-O            | CORP              | US        |   6109746 | PA      | $6113207.79   | 1.21%             | 2064-07-25      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Ocean Trails CLO Ltd.                                                     | OCTR 2014-5A DRR   | CUSIP: 67515EAX4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4986170.00   | 0.99%             | 2031-10-13      | Floating      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XIV Ltd / Octagon Investment Partners XIV LLC | OCT14 2012-1A CRR  | CUSIP: 67590ABX9<br>LEI: 549300QEN35HTPJ3BX33 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5010565.00   | 0.99%             | 2029-07-15      | Floating      | 8.42%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XXVII Ltd.                                    | OCT27 2016-1A DR   | CUSIP: 67590XAS1<br>LEI: 6354001JUH8Y4IJVGL43 | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $998775.00    | 0.20%             | 2030-07-15      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 37 Ltd.                                       | OCT37 2018-2A C    | CUSIP: 67591VAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $995807.00    | 0.20%             | 2030-07-25      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| ONITY LOAN INVESTMENT TRUST 2024-HB2                                      | OLIT 2024-HB2 M3   | CUSIP: 68278DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $942713.10    | 0.19%             | 2037-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ONITY LOAN INVESTMENT TRUST 2024-HB2                                      | OLIT 2024-HB2 M4   | CUSIP: 68278DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1126819.38   | 0.22%             | 2037-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PPM CLO 2018-1 LTD                                                        | PPMC 2018-1A D     | CUSIP: 69355DAG2<br>LEI: 549300NI5BL19ELU5U14 | Long             | ABS-CBDO         | CORP              | KY        |   3750000 | PA      | $3741101.25   | 0.74%             | 2031-07-15      | Floating      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| PRKCM 2023-AFC3 TRUST                                                     | PRKCM 2023-AFC3 A1 | CUSIP: 693984AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1403335 | PA      | $1418881.08   | 0.28%             | 2058-09-25      | Fixed         | 6.58%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-1                                               | PAID 2024-1 A      | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    262462 | PA      | $264705.80    | 0.05%             | 2031-07-15      | Fixed         | 6.66%                 | Yes           |                  2 | On Loan: No      |
| PALMER SQUARE LOAN FUNDING LTD                                            | PSTAT 2021-4A C    | CUSIP: 69702HAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249307.75    | 0.05%             | 2029-10-15      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| PALMER SQUARE LOAN FUNDING LTD                                            | PSTAT 2021-4A D    | CUSIP: 69702JAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2252641.50   | 0.45%             | 2029-10-15      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| PALMER SQUARE LOAN FUNDING 2022-1 LTD                                     | PSTAT 2022-1A E    | CUSIP: 69702LAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1255861.25   | 0.25%             | 2030-04-15      | Floating      | 11.46%                | Yes           |                  2 | On Loan: No      |
| Park Avenue Institutional Advisers CLO 2018-1 LTD / LLC                   | PAIA 2018-1A C     | CUSIP: 70016RAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $999725.00    | 0.20%             | 2031-10-20      | Floating      | 7.86%                 | Yes           |                  2 | On Loan: No      |
| REACH ABS TRUST 2024-1                                                    | REACH 2024-1A A    | CUSIP: 75526PAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    232231 | PA      | $232979.77    | 0.05%             | 2031-02-18      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| SMR 2022-IND MORTGAGE TRUST                                               | SMR 2022-IND F     | CUSIP: 78458MAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3960743 | PA      | $3845670.51   | 0.76%             | 2039-02-15      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2024-3                                             | SEMT 2024-3 A4     | CUSIP: 81749JAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    753656 | PA      | $760315.07    | 0.15%             | 2054-04-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Shackleton 2013-Iii Clo Ltd                                               | SHACK 2013-3A DR   | CUSIP: 81881QAY2<br>LEI: 549300S9WB2KLCOJR134 | Long             | ABS-CBDO         | CORP              | KY        |   2900000 | PA      | $2894806.10   | 0.57%             | 2030-07-15      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| Shackleton 2017-XI CLO Ltd./LLC                                           | SHACK 2017-11A D   | CUSIP: 81883EAD3<br>LEI: 549300S19P71XFXC3657 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4006112.00   | 0.79%             | 2030-08-15      | Floating      | 8.23%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO VIII-R Ltd/Llc                                            | SNDPT 2015-1RA D1  | CUSIP: 83607HAG0<br>LEI: 549300RPMX5HA435Q562 | Long             | ABS-CBDO         | CORP              | KY        |   2702000 | PA      | $2697509.28   | 0.53%             | 2030-04-15      | Floating      | 8.27%                 | Yes           |                  2 | On Loan: No      |
| Sound Point  Clo Xvi Limited                                              | SNDPT 2017-2A D    | CUSIP: 83610KAG8<br>LEI: 549300ZK5CJ7PM7YBH85 | Long             | ABS-CBDO         | CORP              | KY        |  22500000 | PA      | $22542367.50  | 4.47%             | 2030-07-25      | Floating      | 8.14%                 | Yes           |                  2 | On Loan: No      |
| Steele Creek Clo 2017 1 Ltd                                               | STCR 2017-1A D     | CUSIP: 85816VAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1994822.00   | 0.40%             | 2030-10-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| TCI-FLATIRON CLO LTD                                                      | TFLAT 2017-1A D    | CUSIP: 87231BAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249079.50    | 0.05%             | 2030-11-17      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| TRK 2022-INV2 TRUST                                                       | TRK 2022-INV2 A1   | CUSIP: 87265XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49741 | PA      | $49436.66     | 0.01%             | 2057-06-25      | Floating      | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Thl Credit Wr 2014-3K Clo Ltd                                             | WINDR 2014-3KRA D  | CUSIP: 88390BAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10000000 | PA      | $9990470.00   | 1.98%             | 2030-10-15      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| THL Credit Wind River 2013-2 CLO LLC                                      | WINDR 2013-2A DR   | CUSIP: 88432ABC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $994687.00    | 0.20%             | 2030-10-18      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| Wind River CLO I Ltd.                                                     | WINDR 2014-1A DRR  | CUSIP: 88432CBE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3997692.00   | 0.79%             | 2031-07-18      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Wind River 2014-3 Clo LLC                                                 | WINDR 2014-3A DR2  | CUSIP: 88432DBL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4750000 | PA      | $4745706.00   | 0.94%             | 2031-10-22      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| Wind River 2015-1 CLO Ltd.                                                | WINDR 2015-1A DR   | CUSIP: 88432FBG3<br>LEI: 549300H4V7OE3OL7II20 | Long             | ABS-CBDO         | CORP              | KY        |  16000000 | PA      | $16033908.80  | 3.18%             | 2030-10-20      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| THL CREDIT WIND RIVER CLO LTD                                             | WINDR 2018-1A D    | CUSIP: 88432VAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $698773.60    | 0.14%             | 2030-07-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| Venture XVIII CLO Ltd.                                                    | VENTR 2014-18A DR  | CUSIP: 92329FAV9<br>LEI: 549300MWRVTJN0X3KI79 | Long             | ABS-CBDO         | CORP              | KY        |   4500000 | PA      | $4491940.50   | 0.89%             | 2029-10-15      | Floating      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Venture Xxvi Clo Ltd                                                      | VENTR 2017-26A D   | CUSIP: 92331MAD0<br>LEI: 549300XGJ8CFTLD6FC04 | Long             | ABS-CBDO         | CORP              | KY        |   4400000 | PA      | $4391675.20   | 0.87%             | 2029-01-20      | Floating      | 8.78%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2025-3                                         | VERUS 2025-3 A1    | CUSIP: 924928AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1003246.40   | 0.20%             | 2070-05-25      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-3                                         | VERUS 2023-3 A1    | CUSIP: 92539GAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7480572 | PA      | $7490751.75   | 1.49%             | 2068-03-25      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-4                                         | VERUS 2023-4 A1    | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-O            | CORP              | US        |    285477 | PA      | $285803.62    | 0.06%             | 2068-05-25      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2024-9                                         | VERUS 2024-9 A1    | CUSIP: 92540RAC8<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-O            | CORP              | US        |   2890270 | PA      | $2891999.86   | 0.57%             | 2069-11-25      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2015-3 Ltd.                                                      | VOYA 2015-3A CR    | CUSIP: 92913UAW6<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $996047.00    | 0.20%             | 2031-10-20      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2014-1 Ltd                                                       | INGIM 2014-1A CR   | CUSIP: 92915PAR6<br>LEI: 549300ITL5IR423IJ183 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999450.00    | 0.20%             | 2031-04-18      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Limited                                                          | VOYA 2017-1A C     | CUSIP: 92916MAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5109895 | PA      | $5098198.45   | 1.01%             | 2030-04-17      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2015-Lc22                           | WFCM 2015-LC22 XA  | CUSIP: 94989TBC7<br>LEI: 549300XO83D3BDYP0P62 | Long             | ABS-O            | CORP              | US        |   2545129 | PA      | $992.09       | 0.00%             | 2058-09-15      | Floating      | 0.70%                 | No            |                  2 | On Loan: No      |
| XCAL 2021-7 MORTGAGE TRUST                                                | XCAL 2021-7 B1     | CUSIP: 98370NAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4165000 | PA      | $4160893.31   | 0.83%             | 2026-01-06      | Floating      | 10.44%                | Yes           |                  2 | On Loan: No      |
| X-CALI 2021-10 MORTGAGE TRUST                                             | XCALI 2021-10 B1   | CUSIP: 98372NAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    471250 | PA      | $468523.11    | 0.09%             | 2025-06-30      | Floating      | 12.44%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCALFD 11 09/01/24 | CUSIP: 98373XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $497432.35    | 0.10%             | 2025-10-01      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCALFD 25 09/01/25 | CUSIP: 98373XAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.20%             | 2025-09-01      | Fixed         | 25.00%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCALFD 11 03/01/25 | CUSIP: 98373XAY6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2654000 | PA      | $2639683.79   | 0.52%             | 2026-03-01      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2023-MF9 B1   | CUSIP: 98373XBE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61827 | PA      | $61739.91     | 0.01%             | 2025-12-31      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2023-HOAKS A  | CUSIP: 98373XBG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4600000 | PA      | $4586738.66   | 0.91%             | 2025-05-15      | Floating      | 7.82%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2023-DMNK B1  | CUSIP: 98373XBM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3335000 | PA      | $3321740.04   | 0.66%             | 2025-05-15      | Floating      | 10.82%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-SURF A   | CUSIP: 98373XBP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5063585.00   | 1.00%             | 2027-08-04      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-OPAL A   | CUSIP: 98373XBS8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4002043.60   | 0.79%             | 2026-02-15      | Floating      | 8.32%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-OPAL B1  | CUSIP: 98373XBT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2452525.46   | 0.49%             | 2026-02-15      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-MSD B1   | CUSIP: 98373XBX7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1748750 | PA      | $1748223.63   | 0.35%             | 2027-01-01      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| X-CALI 2020-5 MORTGAGE TRUST                                              | XCALI 2020-5 B1    | CUSIP: 98401JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    374714 | PA      | $372917.41    | 0.07%             | 2025-12-31      | Floating      | 12.69%                | Yes           |                  2 | On Loan: No      |
| Zais Clo 5 Limited                                                        | ZAIS5 2016-2A C    | CUSIP: 98875LAG4<br>LEI: 5493001XJXUE8BZ0Q137 | Long             | ABS-CBDO         | CORP              | KY        |    334546 | PA      | $335182.92    | 0.07%             | 2028-10-15      | Floating      | 9.02%                 | Yes           |                  2 | On Loan: No      |
| ZAIS CLO 6 Ltd                                                            | ZAIS6 2017-1A D    | CUSIP: 98887TAE8<br>LEI: 549300ZPQFDVEE67IB71 | Long             | ABS-CBDO         | CORP              | KY        |   5595000 | PA      | $5589466.55   | 1.11%             | 2029-07-15      | Floating      | 8.40%                 | Yes           |                  2 | On Loan: No      |
| ZAIS CLO 7 LTD                                                            | ZAIS7 2017-2A D    | CUSIP: 98887VAG8<br>LEI: 549300XFDOUEB0QTZS87 | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7015092.00   | 1.39%             | 2030-04-15      | Floating      | 8.27%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer