# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-001137
**Filing Date:** 2025-9
**Character Count:** 162108
**Document Hash:** c57be835e49d47f7d5eab303325dbd50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001137.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000910472-25-001137

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251336846

**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 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 0.4%** |  |  |  |
|  | **INSURANCE - 0.4%** |  |  |  |
| 3242 | Specialty Transportation Holdings, LLC<sup>(a),(b),(c)</sup> |  |  | &nbsp;&nbsp;&nbsp; $9179733 |
|  | **TOTAL COMMON STOCKS (Cost $5,635,360)** |  |  | &nbsp;&nbsp; 9179733 |
|  | **OPEN END FUNDS — 0.2%** |  |  |  |
|  | **FIXED INCOME - 0.2%** |  |  |  |
| 500000 | Holbrook Total Return Fund, Class I<sup>(k)</sup> |  |  | &nbsp;&nbsp;&nbsp; 5028350 |
|  | **TOTAL OPEN END FUNDS (Cost $5,000,000)** |  |  | &nbsp;&nbsp; 5028350 |
|  |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **PREFERRED STOCKS** — **4.7%** |  |  |  |
|  | **ASSET MANAGEMENT** — **1.1%** |  |  |  |
| 1084339 | Gladstone Investment Corporation | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/26 | &nbsp;&nbsp;&nbsp; 27043415 |
|  | **INDUSTRIAL INTERMEDIATE PROD** — **0.5%** |  |  |  |
| 561946 | Steel Partners Holdings, L.P. | 6.0000 | &nbsp;&nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp; 13930641 |
|  | **INSURANCE** — **2.3%** |  |  |  |
| 933627 | American National Group, Inc. | 6.6300 | &nbsp;&nbsp;&nbsp;Perpetual | &nbsp;&nbsp;&nbsp; 23620763 |
| 1515999 | Enstar Group Ltd. | 7.0000 | &nbsp;&nbsp;&nbsp;Perpetual | &nbsp;&nbsp;&nbsp; 34867977 |
|  |  |  |  | 58488740 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.1%** |  |  |  |
| 124000 | Vinebrook Homes Trust, Inc. 144A<sup>(b),(d)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;10/07/27 | &nbsp;&nbsp;&nbsp; 2604000 |
|  | **REAL ESTATE SERVICES** — **0.7%** |  |  |  |
| 288000 | Greystone SDOF Preferred Equity, LLC 144A<sup>(d)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;12/23/25 | &nbsp;&nbsp;&nbsp; 7156800 |
| 3950 | UIRC-GSA International, LLC 144A<sup>(d)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;Perpetual | &nbsp;&nbsp;&nbsp; 3476000 |
| 9180 | UIRC-GSA International, LLC 144A<sup>(d)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;Perpetual | &nbsp;&nbsp;&nbsp; 8262000 |
|  |  |  |  | 18894800 |
|  | **TOTAL PREFERRED STOCKS (Cost $120,479,443)** |  |  | 120961596 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 39.0%** | **ASSET BACKED SECURITIES — 39.0%** |  |  |  |
|  | **AGENCY CMBS** — **0.2%** | **AGENCY CMBS** — **0.2%** |  |  |  |
| 2100000 | FREMF Mortgage Trust Series 2016-K56 C<sup>(d),(e)</sup> |  | 3.9630 | &nbsp;&nbsp;&nbsp;06/25/49 | $2076449 |
| 2000000 | FREMF Mortgage Trust Series 2016-K57 C<sup>(d),(e)</sup> |  | 3.9160 | &nbsp;&nbsp;&nbsp;08/25/49 | 1973816 |
|  |  |  |  |  | 4050265 |
|  | **CLO** — **32.0%** | **CLO** — **32.0%** |  |  |  |
| 500000 | 522 Funding CLO Ltd. Series 2018-3A CR<sup>(d),(f)</sup> | TSFR3M + 2.312% | 6.6370 | &nbsp;&nbsp;&nbsp;10/20/31 | 502166 |
| 3695000 | ACAS CLO Ltd. Series 2015-1A CRR<sup>(d),(f)</sup> | TSFR3M + 2.462% | 6.7910 | &nbsp;&nbsp;&nbsp;10/18/28 | 3709843 |
| 10500000 | ACAS CLO Ltd. Series 2015-1A DRR<sup>(d),(f)</sup> | TSFR3M + 3.212% | 7.5410 | &nbsp;&nbsp;&nbsp;10/18/28 | 10594941 |
| 895000 | Allegro CLO X Ltd. Series 2019-1A CRR<sup>(d),(f)</sup> | TSFR3M + 2.050% | 6.3750 | &nbsp;&nbsp;&nbsp;04/20/32 | 898247 |
| 3100000 | AMMC CLO XII Ltd. Series 2013-12A DR<sup>(d),(f)</sup> | TSFR3M + 2.962% | 7.2620 | &nbsp;&nbsp;&nbsp;11/10/30 | 3114675 |
| 1000000 | Annisa CLO Ltd. Series 2016-2A DRR<sup>(d),(f)</sup> | TSFR3M + 2.800% | 7.1250 | &nbsp;&nbsp;&nbsp;07/20/31 | 1001351 |
| 9000000 | APEX CREDIT CLO LTD Series 2018-2A CR3<sup>(d),(f)</sup> | TSFR3M + 1.900% | 6.2250 | &nbsp;&nbsp;&nbsp;10/20/31 | 8994798 |
| 15225000 | Apex Credit Clo Ltd. Series 2018-1A CR<sup>(d),(f)</sup> | TSFR3M + 2.000% | 6.3180 | &nbsp;&nbsp;&nbsp;04/25/31 | 15216503 |
| 345000 | Apidos CLO XXIV Series 2016-24A BRR<sup>(d),(f)</sup> | TSFR3M + 2.312% | 6.6370 | &nbsp;&nbsp;&nbsp;10/20/30 | 346431 |
| 375000 | ARES XLV CLO Ltd. Series 2017-45A DR<sup>(d),(f)</sup> | TSFR3M + 2.100% | 6.4180 | &nbsp;&nbsp;&nbsp;10/15/30 | 374011 |
| 1500000 | ARES XLVII CLO Ltd. Series 2018-47A C<sup>(d),(f)</sup> | TSFR3M + 2.012% | 6.3290 | &nbsp;&nbsp;&nbsp;04/15/30 | 1500000 |
| 2750000 | Ares XXXVII CLO Ltd. Series 2015-4A CRR<sup>(d),(f)</sup> | TSFR3M + 2.750% | 7.0680 | &nbsp;&nbsp;&nbsp;10/15/30 | 2759785 |
| 2095000 | Atlas Senior Loan Fund Ltd. Series 2017-8A C<sup>(d),(f)</sup> | TSFR3M + 2.812% | 7.1290 | &nbsp;&nbsp;&nbsp;01/16/30 | 2103022 |
| 4000000 | Atlas Senior Loan Fund Ltd. Series 2017-8A D<sup>(d),(f)</sup> | TSFR3M + 3.962% | 8.2790 | &nbsp;&nbsp;&nbsp;01/16/30 | 4033424 |
| 7000000 | Atlas Senior Loan Fund VII Ltd. Series 2016-7A CR<sup>(d),(f)</sup> | TSFR3M + 2.762% | 7.0910 | &nbsp;&nbsp;&nbsp;11/27/31 | 7034671 |
| 3275000 | Atlas Senior Loan Fund XI Ltd. Series 2018-11A C<sup>(d),(f)</sup> | TSFR3M + 2.212% | 6.5250 | &nbsp;&nbsp;&nbsp;07/26/31 | 3287347 |
| 5000000 | Atlas Senior Loan Fund XII Ltd. Series 2018-12A D<sup>(d),(f)</sup> | TSFR3M + 3.332% | 7.6500 | &nbsp;&nbsp;&nbsp;10/24/31 | 5022730 |
| 5000000 | Atlas Senior Loan Fund XIII Series 2019-13A D<sup>(d),(f)</sup> | TSFR3M + 4.372% | 8.7040 | &nbsp;&nbsp;&nbsp;04/22/31 | 5041080 |
| 4905000 | Atrium IX Series 9A CR2<sup>(d),(f)</sup> | TSFR3M + 2.262% | 6.5920 | &nbsp;&nbsp;&nbsp;05/28/30 | 4924723 |
| 1010000 | Atrium XIII Series 13A<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3810 | &nbsp;&nbsp;&nbsp;11/21/30 | 1013173 |
| 17000000 | Bain Capital Credit CLO Series 2018-2A CR<sup>(d),(f)</sup> | TSFR3M + 1.950% | 6.2750 | &nbsp;&nbsp;&nbsp;07/19/31 | 17014790 |
| 13400000 | Barings CLO Ltd. Series 2015-IA DR<sup>(d),(f)</sup> | TSFR3M + 2.862% | 7.1870 | &nbsp;&nbsp;&nbsp;01/20/31 | 13491334 |
| 2260000 | Battalion CLO VIII Ltd. Series 2015-8A BR2<sup>(d),(f)</sup> | TSFR3M + 2.262% | 6.5910 | &nbsp;&nbsp;&nbsp;07/18/30 | 2273545 |
| 8500000 | Battalion CLO XII Ltd. Series 2018-12A DRR<sup>(d),(f)</sup> | TSFR3M + 2.600% | 6.9240 | &nbsp;&nbsp;&nbsp;05/17/31 | 8476064 |
| 905000 | Betony CLO 2 Ltd. Series 2018-1A B<sup>(d),(f)</sup> | TSFR3M + 2.112% | 6.4220 | &nbsp;&nbsp;&nbsp;04/30/31 | 906476 |
| 2330000 | BlueMountain CLO Ltd. Series 2015-4A CR<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4870 | &nbsp;&nbsp;&nbsp;04/20/30 | 2335969 |
| 6500000 | BlueMountain CLO Ltd. Series 2015-4A DR<sup>(d),(f)</sup> | TSFR3M + 3.212% | 7.5370 | &nbsp;&nbsp;&nbsp;04/20/30 | 6535263 |
| 3520000 | BlueMountain CLO Ltd. Series 2018-1A C<sup>(d),(f)</sup> | TSFR3M + 2.312% | 6.6220 | &nbsp;&nbsp;&nbsp;07/30/30 | 3535773 |
| 2337500 | BlueMountain CLO Ltd. Series 2013-2<sup>(d),(f)</sup> | TSFR3M + 2.212% | 6.5440 | &nbsp;&nbsp;&nbsp;10/22/30 | 2342972 |
| 5350000 | BlueMountain CLO Ltd. Series 2018-3A C<sup>(d),(f)</sup> | TSFR3M + 2.462% | 6.7800 | &nbsp;&nbsp;&nbsp;10/25/30 | 5374610 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 39.0% (Continued)** | **ASSET BACKED SECURITIES — 39.0% (Continued)** |  |  |  |
|  | **CLO** — **32.0% (Continued)** | **CLO** — **32.0% (Continued)** |  |  |  |
| 1000000 | BlueMountain CLO Ltd. Series 2016-3A CR<sup>(d),(f)</sup> | TSFR3M + 2.462% | 6.7880 | &nbsp;&nbsp;&nbsp;11/15/30 | $1004737 |
| 5000000 | BlueMountain CLO Ltd. Series 2015-3A CR<sup>(d),(f)</sup> | TSFR3M + 2.862% | 7.1870 | &nbsp;&nbsp;&nbsp;04/20/31 | 5001610 |
| 2180000 | BlueMountain CLO Ltd. Series 2018-2A C<sup>(d),(f)</sup> | TSFR3M + 2.462% | 6.7880 | &nbsp;&nbsp;&nbsp;08/15/31 | 2192557 |
| 1000000 | BlueMountain Fuji US Clo II Ltd. Series 2017-2A<sup>(d),(f)</sup> | TSFR3M + 2.412% | 6.7370 | &nbsp;&nbsp;&nbsp;10/20/30 | 1004528 |
| 665000 | Canyon Capital CLO Ltd. Series 2014-1A BR<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3720 | &nbsp;&nbsp;&nbsp;01/30/31 | 666873 |
| 290000 | Canyon Capital CLO Ltd. Series 2016-1A BR<sup>(d),(f)</sup> | TSFR3M + 1.962% | 6.2790 | &nbsp;&nbsp;&nbsp;07/15/31 | 290704 |
| 5000000 | Canyon CLO Ltd. Series 2018-1A B<sup>(d),(f)</sup> | TSFR3M + 1.962% | 6.2790 | &nbsp;&nbsp;&nbsp;07/15/31 | 5016805 |
| 952000 | Carbone Clo Ltd. Series 2017-1A<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3870 | &nbsp;&nbsp;&nbsp;01/20/31 | 954822 |
| 18000000 | Carlyle Global Market Strategies CLO Ltd. Series 2013-3A<sup>(d),(f)</sup> | TSFR3M + 2.712% | 7.0290 | &nbsp;&nbsp;&nbsp;10/15/30 | 18061519 |
| 750000 | Carlyle Global Market Strategies CLO Ltd. Series 2014-5A CRR<sup>(d),(f)</sup> | TSFR3M + 2.512% | 6.8290 | &nbsp;&nbsp;&nbsp;07/15/31 | 753535 |
| 7476000 | Catamaran CLO Ltd. Series 2014-1A BR<sup>(d),(f)</sup> | TSFR3M + 2.422% | 6.7540 | &nbsp;&nbsp;&nbsp;04/22/30 | 7529175 |
| 18480000 | Catamaran CLO Ltd. Series 2018-1A D<sup>(d),(f)</sup> | TSFR3M + 3.912% | 8.2300 | &nbsp;&nbsp;&nbsp;10/25/31 | 18609026 |
| 10000000 | CIFC Funding Ltd. Series 2013-4A DR2<sup>(d),(f)</sup> | TSFR3M + 1.900% | 6.2140 | &nbsp;&nbsp;&nbsp;04/27/31 | 9960010 |
| 4000000 | Crown Point CLO 7 Ltd. Series 2018-7A D<sup>(d),(f)</sup> | TSFR3M + 3.762% | 8.0870 | &nbsp;&nbsp;&nbsp;10/20/31 | 4026792 |
| 500000 | Dryden 41 Senior Loan Fund Series 2015-41A CR<sup>(d),(f)</sup> | TSFR3M + 2.012% | 6.3290 | &nbsp;&nbsp;&nbsp;04/15/31 | 501969 |
| 1500000 | Dryden 49 Senior Loan Fund Series 2017-49A CR<sup>(d),(f)</sup> | TSFR3M + 2.312% | 6.6410 | &nbsp;&nbsp;&nbsp;07/18/30 | 1507206 |
| 355000 | Dryden 54 Senior Loan Fund Series 2017-54A C<sup>(d),(f)</sup> | TSFR3M + 2.412% | 6.7370 | &nbsp;&nbsp;&nbsp;10/19/29 | 356954 |
| 1100000 | Dryden 55 CLO Ltd. Series 2018-55A C<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4790 | &nbsp;&nbsp;&nbsp;04/15/31 | 1103358 |
| 280290 | Dryden 70 CLO Ltd. Series 2018-70A B<sup>(d),(f)</sup> | TSFR3M + 1.962% | 6.2790 | &nbsp;&nbsp;&nbsp;01/16/32 | 281416 |
| 1500000 | Eaton Vance Clo Ltd. Series 2015-1A DR<sup>(d),(f)</sup> | TSFR3M + 2.762% | 7.0870 | &nbsp;&nbsp;&nbsp;01/20/30 | 1502535 |
| 2110000 | Eaton Vance CLO Ltd. Series 2014-1RA C<sup>(d),(f)</sup> | TSFR3M + 2.362% | 6.6790 | &nbsp;&nbsp;&nbsp;07/15/30 | 2120510 |
| 9800000 | Elevation CLO Ltd. Series 2018-10A DR<sup>(d),(f)</sup> | TSFR3M + 2.400% | 6.7250 | &nbsp;&nbsp;&nbsp;10/20/31 | 9758350 |
| 5951710 | Ellington Clo II Ltd. Series 2017-2A C<sup>(d),(f)</sup> | TSFR3M + 3.162% | 7.4880 | &nbsp;&nbsp;&nbsp;02/15/29 | 5966273 |
| 7000000 | Ellington Clo III Ltd. Series 2018-3A C<sup>(d),(f)</sup> | TSFR3M + 2.512% | 6.8370 | &nbsp;&nbsp;&nbsp;07/20/30 | 7023135 |
| 995000 | Fortress Credit Bsl VII Ltd. Series 2019-1A CR<sup>(d),(f)</sup> | TSFR3M + 2.100% | 6.4190 | &nbsp;&nbsp;&nbsp;07/23/32 | 999251 |
| 290000 | Fortress Credit BSL VIII Ltd. Series 2019-2A CR<sup>(d),(f)</sup> | TSFR3M + 2.000% | 6.3250 | &nbsp;&nbsp;&nbsp;10/20/32 | 290891 |
| 250000 | Galaxy XX CLO Ltd. Series 2015-20A D1R<sup>(d),(f)</sup> | TSFR3M + 2.862% | 7.1870 | &nbsp;&nbsp;&nbsp;04/20/31 | 250355 |
| 1000000 | Galaxy XXI CLO Ltd. Series 2015-21A DR<sup>(d),(f)</sup> | TSFR3M + 2.912% | 7.2370 | &nbsp;&nbsp;&nbsp;04/20/31 | 1003651 |
| 6425000 | Galaxy XXVI CLO Ltd. Series 2018-26A DR<sup>(d),(f)</sup> | TSFR3M + 2.950% | 7.2760 | &nbsp;&nbsp;&nbsp;11/22/31 | 6459194 |
| 1175000 | Greywolf CLO V Ltd. Series 2015-1A BR<sup>(d),(f)</sup> | TSFR3M + 2.262% | 6.5800 | &nbsp;&nbsp;&nbsp;01/27/31 | 1177734 |
| 1000000 | Halcyon Loan Advisors Funding Ltd. Series 2017-1A BR<sup>(d),(f)</sup> | TSFR3M + 2.512% | 6.8300 | &nbsp;&nbsp;&nbsp;06/25/29 | 1002842 |
| 2131945 | Halcyon Loan Advisors Funding Ltd. Series 2017-2A<sup>(d),(f)</sup> | TSFR3M + 2.362% | 6.6840 | &nbsp;&nbsp;&nbsp;01/17/30 | 2132843 |
| 8650000 | Halcyon Loan Advisors Funding Ltd. Series 2018-2A B<sup>(d),(f)</sup> | TSFR3M + 2.612% | 6.9440 | &nbsp;&nbsp;&nbsp;01/22/31 | 8684436 |
| 499730 | Harbourview CLO Series 7RA B<sup>(d),(f)</sup> | TSFR3M + 1.962% | 6.2910 | &nbsp;&nbsp;&nbsp;07/18/31 | 500329 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 39.0% (Continued)** | **ASSET BACKED SECURITIES — 39.0% (Continued)** |  |  |  |
|  | **CLO** — **32.0% (Continued)** | **CLO** — **32.0% (Continued)** |  |  |  |
| 2501439 | Highbridge Loan Management Series 3A-2014 BR<sup>(d),(f)</sup> | TSFR3M + 2.662% | 6.9910 | &nbsp;&nbsp;&nbsp;07/18/29 | $2510234 |
| 12150000 | ICG US CLO LTD Series 2018-1A C<sup>(d),(f)</sup> | TSFR3M + 2.862% | 7.1870 | &nbsp;&nbsp;&nbsp;04/21/31 | 12221175 |
| 13282000 | ICG US CLO Ltd. Series 2014-2A DRR<sup>(d),(f)</sup> | TSFR3M + 2.962% | 7.2790 | &nbsp;&nbsp;&nbsp;01/15/31 | 13376847 |
| 2800000 | Jamestown CLO XI Ltd. Series 2018-11A A2<sup>(d),(f)</sup> | TSFR3M + 1.962% | 6.2820 | &nbsp;&nbsp;&nbsp;07/14/31 | 2809475 |
| 12400000 | Jefferson Mill CLO Ltd. Series 2015-1A CRR<sup>(d),(f)</sup> | TSFR3M + 2.550% | 6.8750 | &nbsp;&nbsp;&nbsp;10/20/31 | 12475330 |
| 8875000 | Jefferson Mill CLO Ltd. Series 2015-1A DR<sup>(d),(f)</sup> | TSFR3M + 3.812% | 8.1370 | &nbsp;&nbsp;&nbsp;10/20/31 | 8935652 |
| 5000000 | KKR CLO 12 Ltd. Series 12 DR2<sup>(d),(f)</sup> | TSFR3M + 3.362% | 7.6790 | &nbsp;&nbsp;&nbsp;10/15/30 | 5033200 |
| 3000000 | KKR CLO 15 Ltd. Series 15 DR2<sup>(d),(f)</sup> | TSFR3M + 3.000% | 7.3290 | &nbsp;&nbsp;&nbsp;01/18/32 | 3013344 |
| 4522000 | KKR CLO 21 Ltd. Series 21 D<sup>(d),(f)</sup> | TSFR3M + 2.862% | 7.1790 | &nbsp;&nbsp;&nbsp;04/15/31 | 4546573 |
| 3450000 | KKR Financial CLO Ltd. Series 2013-1A BR2<sup>(d),(f)</sup> | TSFR3M + 1.950% | 6.2680 | &nbsp;&nbsp;&nbsp;04/15/29 | 3458535 |
| 3750000 | LCM 30 Ltd. Series 30A CR<sup>(d),(f)</sup> | TSFR3M + 2.262% | 6.5870 | &nbsp;&nbsp;&nbsp;04/20/31 | 3760699 |
| 7750000 | LCM XV, L.P. Series 15A CR<sup>(d),(f)</sup> | TSFR3M + 2.662% | 6.9870 | &nbsp;&nbsp;&nbsp;07/20/30 | 7797275 |
| 4330000 | LCM XVII, L.P. Series 17A CRR<sup>(d),(f)</sup> | TSFR3M + 2.362% | 6.6790 | &nbsp;&nbsp;&nbsp;10/15/31 | 4348511 |
| 6021334 | LCM XXV Ltd. Series 25A<sup>(d),(f)</sup> | TSFR3M + 2.562% | 6.8870 | &nbsp;&nbsp;&nbsp;07/20/30 | 6038067 |
| 1190000 | Madison Park Funding XXIV Ltd. Series 2016-24A CR2<sup>(d),(f)</sup> | TSFR3M + 2.050% | 6.3750 | &nbsp;&nbsp;&nbsp;10/20/29 | 1192382 |
| 3831448 | MidOcean Credit CLO II Series 2013-2A DR<sup>(d),(f)</sup> | TSFR3M + 3.012% | 7.3260 | &nbsp;&nbsp;&nbsp;01/29/30 | 3840824 |
| 397148 | MidOcean Credit CLO III Series 2014-3A BR<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3870 | &nbsp;&nbsp;&nbsp;04/21/31 | 397789 |
| 2050000 | MidOcean Credit CLO III Series 2014-3A CR<sup>(d),(f)</sup> | TSFR3M + 2.262% | 6.5870 | &nbsp;&nbsp;&nbsp;04/21/31 | 2054500 |
| 953893 | Midocean Credit CLO IX Series 2018-9A B<sup>(d),(f)</sup> | TSFR3M + 2.012% | 6.3370 | &nbsp;&nbsp;&nbsp;07/20/31 | 954581 |
| 1000000 | MidOcean Credit CLO VI Series 2016-6A CRRR<sup>(d),(f)</sup> | TSFR3M + 2.200% | 6.5250 | &nbsp;&nbsp;&nbsp;04/20/33 | 1004792 |
| 700000 | Mountain View CLO, LLC Series 2017-2A C<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4790 | &nbsp;&nbsp;&nbsp;01/16/31 | 700526 |
| 12600000 | MP CLO III LTD Series 2013-1A DR<sup>(d),(f)</sup> | TSFR3M + 3.312% | 7.6370 | &nbsp;&nbsp;&nbsp;10/20/30 | 12706457 |
| 12500000 | Nassau Ltd. Series 2017-IIA D<sup>(d),(f)</sup> | TSFR3M + 2.942% | 7.2590 | &nbsp;&nbsp;&nbsp;01/15/30 | 12510938 |
| 12350000 | Northwoods Capital XII-B Ltd. Series 2018-12BA CR<sup>(d),(f)</sup> | TSFR3M + 2.050% | 6.3680 | &nbsp;&nbsp;&nbsp;06/15/31 | 12361399 |
| 6000000 | Northwoods Capital XIV-B Ltd. Series 2018-14BA D<sup>(d),(f)</sup> | TSFR3M + 3.662% | 7.9700 | &nbsp;&nbsp;&nbsp;11/13/31 | 6026046 |
| 1505000 | OCP CLO Ltd. Series 2014-5A BR<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3750 | &nbsp;&nbsp;&nbsp;04/26/31 | 1510341 |
| 2500000 | Octagon Investment Partners 26 Ltd. Series 2016-1A CR<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3790 | &nbsp;&nbsp;&nbsp;07/15/30 | 2508455 |
| 3130000 | Octagon Investment Partners 39 Ltd. Series 2018-3A D<sup>(d),(f)</sup> | TSFR3M + 3.212% | 7.5370 | &nbsp;&nbsp;&nbsp;10/20/30 | 3148955 |
| 500000 | Octagon Investment Partners XIV Ltd. Series 2012-1A BRR<sup>(d),(f)</sup> | TSFR3M + 2.362% | 6.6790 | &nbsp;&nbsp;&nbsp;07/15/29 | 501320 |
| 2000000 | Octagon Investment Partners XVI Ltd. Series 2013-1A DR<sup>(d),(f)</sup> | TSFR3M + 3.262% | 7.5840 | &nbsp;&nbsp;&nbsp;07/17/30 | 2006440 |
| 1250000 | Octagon Investment Partners XXII Ltd. Series 2014-1A CRR<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4940 | &nbsp;&nbsp;&nbsp;01/22/30 | 1254879 |
| 4500000 | Octagon Investment Partners XXII Ltd. Series 2014-1A DRR<sup>(d),(f)</sup> | TSFR3M + 3.012% | 7.3440 | &nbsp;&nbsp;&nbsp;01/22/30 | 4526600 |
| 7000000 | OZLM IX Ltd. Series 2014-9A CRR<sup>(d),(f)</sup> | TSFR3M + 3.512% | 7.8370 | &nbsp;&nbsp;&nbsp;10/20/31 | 7051079 |
| 2845000 | OZLM VI Ltd. Series 2014-6A B1T<sup>(d),(f)</sup> | TSFR3M + 2.000% | 6.3220 | &nbsp;&nbsp;&nbsp;04/17/31 | 2851583 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 39.0% (Continued)** | **ASSET BACKED SECURITIES — 39.0% (Continued)** |  |  |  |
|  | **CLO** — **32.0% (Continued)** | **CLO** — **32.0% (Continued)** |  |  |  |
| 16470000 | OZLM VI Ltd. Series 2014-6A CT<sup>(d),(f)</sup> | TSFR3M + 2.900% | 7.2220 | &nbsp;&nbsp;&nbsp;04/17/31 | $16532405 |
| 2450000 | OZLM XVIII Ltd. Series 2018-18A C<sup>(d),(f)</sup> | TSFR3M + 2.112% | 6.4290 | &nbsp;&nbsp;&nbsp;04/15/31 | 2461963 |
| 8000000 | OZLM XVIII Ltd. Series 2018-18A D<sup>(d),(f)</sup> | TSFR3M + 3.112% | 7.4290 | &nbsp;&nbsp;&nbsp;04/15/31 | 8024392 |
| 4915000 | OZLM XX Ltd. Series 2018-20A B<sup>(d),(f)</sup> | TSFR3M + 2.212% | 6.5370 | &nbsp;&nbsp;&nbsp;04/20/31 | 4939398 |
| 4305000 | OZLM XXI Ltd. Series 2017-21A C<sup>(d),(f)</sup> | TSFR3M + 2.932% | 7.2570 | &nbsp;&nbsp;&nbsp;01/20/31 | 4328105 |
| 5642000 | OZLM XXII Ltd. Series 2018-22A C<sup>(d),(f)</sup> | TSFR3M + 2.912% | 7.2340 | &nbsp;&nbsp;&nbsp;01/17/31 | 5669211 |
| 620000 | OZLM XXIV Ltd. Series 2019-24A BR<sup>(d),(f)</sup> | TSFR3M + 2.612% | 6.9370 | &nbsp;&nbsp;&nbsp;07/20/32 | 623386 |
| 6200000 | PPM CLO Ltd. Series 2018-1A D<sup>(d),(f)</sup> | TSFR3M + 3.512% | 7.8290 | &nbsp;&nbsp;&nbsp;07/15/31 | 6239376 |
| 250000 | Rad CLO 4 Ltd. Series 2019-4A CR<sup>(d),(f)</sup> | TSFR3M + 2.200% | 6.5180 | &nbsp;&nbsp;&nbsp;04/25/32 | 251031 |
| 2082220 | Ready Capital Mortgage Financing, LLC Series 2023-FL11 A<sup>(d),(f)</sup> | TSFR1M + 2.374% | 6.7260 | &nbsp;&nbsp;&nbsp;10/25/39 | 2087026 |
| 16515000 | Regatta XIII Funding Ltd. Series 2018-2A CR<sup>(d),(f)</sup> | TSFR3M + 2.700% | 7.0180 | &nbsp;&nbsp;&nbsp;07/15/31 | 16572191 |
| 1000000 | Rockford Tower CLO Ltd. Series 2017-3A C<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3870 | &nbsp;&nbsp;&nbsp;10/20/30 | 1002649 |
| 10000000 | Rockford Tower CLO Ltd. Series 2017-3A D<sup>(d),(f)</sup> | TSFR3M + 2.912% | 7.2370 | &nbsp;&nbsp;&nbsp;10/20/30 | 10058730 |
| 5000000 | Rockford Tower CLO Ltd. Series 2018-1A D<sup>(d),(f)</sup> | TSFR3M + 3.262% | 7.5840 | &nbsp;&nbsp;&nbsp;05/20/31 | 5028220 |
| 3628887 | Saranac CLO VII Ltd. Series 2014-2A CR<sup>(d),(f)</sup> | TSFR3M + 2.512% | 6.8340 | &nbsp;&nbsp;&nbsp;11/20/29 | 3629123 |
| 5000000 | Shackleton CLO Ltd. Series 2013-1A<sup>(d),(f)</sup> | TSFR3M + 2.212% | 6.5290 | &nbsp;&nbsp;&nbsp;07/15/30 | 5028647 |
| 1555000 | Shackleton CLO Ltd. Series 2013-4RA<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4820 | &nbsp;&nbsp;&nbsp;04/13/31 | 1560201 |
| 2750000 | Shackleton CLO Ltd. Series 2014-5RA C<sup>(d),(f)</sup> | TSFR3M + 2.412% | 6.7100 | &nbsp;&nbsp;&nbsp;05/07/31 | 2764682 |
| 5500000 | Sound Point CLO II Ltd. Series 2013-1A A3R<sup>(d),(f)</sup> | TSFR3M + 2.112% | 6.4250 | &nbsp;&nbsp;&nbsp;01/26/31 | 5511182 |
| 2625227 | Sound Point CLO III-R LTD Series 2013-2RA D<sup>(d),(f)</sup> | TSFR3M + 3.212% | 7.5290 | &nbsp;&nbsp;&nbsp;04/15/29 | 2625497 |
| 7500000 | Sound Point CLO IX Ltd. Series 2015-2A BRRR<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3870 | &nbsp;&nbsp;&nbsp;07/20/32 | 7529423 |
| 10000000 | Sound Point CLO IX Ltd. Series 2015-2A CRRR<sup>(d),(f)</sup> | TSFR3M + 2.762% | 7.0870 | &nbsp;&nbsp;&nbsp;07/20/32 | 10037740 |
| 2500000 | Sound Point CLO VII-R Ltd. Series 2014-3RA C<sup>(d),(f)</sup> | TSFR3M + 2.512% | 6.8310 | &nbsp;&nbsp;&nbsp;10/23/31 | 2511780 |
| 1000000 | Sound Point CLO V-R LTD Series 2014-1RA B<sup>(d),(f)</sup> | TSFR3M + 2.012% | 6.3410 | &nbsp;&nbsp;&nbsp;07/18/31 | 1004192 |
| 10500000 | Sound Point CLO V-R LTD Series 2014-1RA C<sup>(d),(f)</sup> | TSFR3M + 2.362% | 6.6910 | &nbsp;&nbsp;&nbsp;07/18/31 | 10537926 |
| 10375985 | Sound Point CLO XV Ltd. Series 2017-1A D<sup>(d),(f)</sup> | TSFR3M + 3.862% | 8.1810 | &nbsp;&nbsp;&nbsp;01/23/29 | 10403305 |
| 2890000 | Sound Point CLO XVI Ltd. Series 2017-2A CR<sup>(d),(f)</sup> | TSFR3M + 2.462% | 6.7800 | &nbsp;&nbsp;&nbsp;07/25/30 | 2902771 |
| 3000000 | Sound Point CLO XXI Ltd. Series 2018-3A B<sup>(d),(f)</sup> | TSFR3M + 2.462% | 6.7750 | &nbsp;&nbsp;&nbsp;10/26/31 | 3028648 |
| 20000000 | Sound Point CLO XXII LTD Series 2019-1A CRR<sup>(d),(f)</sup> | TSFR3M + 2.050% | 6.3750 | &nbsp;&nbsp;&nbsp;01/20/32 | 20039839 |
| 8440000 | Sounds Point CLO IV-R LTD Series 2013-3RA C<sup>(d),(f)</sup> | TSFR3M + 2.512% | 6.8410 | &nbsp;&nbsp;&nbsp;04/18/31 | 8480360 |
| 15000000 | Steele Creek CLO LTD Series 2019-1A CRR<sup>(d),(f)</sup> | TSFR3M + 2.200% | 6.5180 | &nbsp;&nbsp;&nbsp;04/15/32 | 15021855 |
| 1425000 | Steele Creek Clo Ltd. Series 2017-1A C<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4790 | &nbsp;&nbsp;&nbsp;10/15/30 | 1431083 |
| 2305000 | Steele Creek CLO Ltd. Series 2014-1RA C<sup>(d),(f)</sup> | TSFR3M + 2.212% | 6.5370 | &nbsp;&nbsp;&nbsp;04/21/31 | 2310601 |
| 690000 | Steele Creek CLO Ltd. Series 2016-1A CR<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4800 | &nbsp;&nbsp;&nbsp;06/15/31 | 692712 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 39.0% (Continued)** | **ASSET BACKED SECURITIES — 39.0% (Continued)** |  |  |  |
|  | **CLO** — **32.0% (Continued)** | **CLO** — **32.0% (Continued)** |  |  |  |
| 1250000 | Symphony CLO XIX Ltd. Series 2018-19A D<sup>(d),(f)</sup> | TSFR3M + 2.812% | 7.1290 | &nbsp;&nbsp;&nbsp;04/16/31 | $1250395 |
| 480000 | Symphony CLO XV Ltd. Series 2014-15A CR3<sup>(d),(f)</sup> | TSFR3M + 2.612% | 6.9340 | &nbsp;&nbsp;&nbsp;01/17/32 | 482255 |
| 3755000 | Symphony CLO XVI Ltd. Series 2015-16A C1RR<sup>(d),(f)</sup> | TSFR3M + 2.200% | 6.5180 | &nbsp;&nbsp;&nbsp;10/15/31 | 3770718 |
| 2662000 | TCI-Symphony CLO Ltd. Series 2017-1A CR<sup>(d),(f)</sup> | TSFR3M + 2.062% | 6.3790 | &nbsp;&nbsp;&nbsp;07/15/30 | 2666225 |
| 785000 | THL Credit Wind River Clo Ltd. Series 2019-3A CR2<sup>(d),(f)</sup> | TSFR3M + 2.000% | 6.3180 | &nbsp;&nbsp;&nbsp;04/15/31 | 788395 |
| 10800000 | THL Credit Wind River CLO Ltd. Series 2014-3KRA C<sup>(d),(f)</sup> | TSFR3M + 2.562% | 6.8790 | &nbsp;&nbsp;&nbsp;10/15/30 | 10854346 |
| 750000 | THL Credit Wind River CLO Ltd. Series 2015-1A C1<sup>(d),(f)</sup> | TSFR3M + 2.412% | 6.7370 | &nbsp;&nbsp;&nbsp;10/20/30 | 754652 |
| 6000000 | THL Credit Wind River CLO Ltd. Series 2015-1A DR<sup>(d),(f)</sup> | TSFR3M + 3.262% | 7.5870 | &nbsp;&nbsp;&nbsp;10/20/30 | 6030155 |
| 2215000 | TIAA CLO IV Ltd. Series 2018-1A BR<sup>(d),(f)</sup> | TSFR3M + 2.150% | 6.4750 | &nbsp;&nbsp;&nbsp;01/20/32 | 2226837 |
| 9200000 | TRINITAS CLO IV LTD Series 2016-4A DR<sup>(d),(f)</sup> | TSFR3M + 3.622% | 7.9510 | &nbsp;&nbsp;&nbsp;10/18/31 | 9266056 |
| 15250000 | Trinitas Clo VIII Ltd. Series 2018-8A D<sup>(d),(f)</sup> | TSFR3M + 3.362% | 7.6870 | &nbsp;&nbsp;&nbsp;07/20/31 | 15317053 |
| 10625000 | Venture 31 CLO Ltd. Series 2018-31A C1<sup>(d),(f)</sup> | TSFR3M + 2.212% | 6.5370 | &nbsp;&nbsp;&nbsp;04/20/31 | 10650851 |
| 7000000 | Venture 32 CLO Ltd. Series 2018-32A B<sup>(d),(f)</sup> | TSFR3M + 1.912% | 6.2410 | &nbsp;&nbsp;&nbsp;07/18/31 | 7024668 |
| 3000000 | VENTURE XIII CLO Ltd. Series 2013-13A CR<sup>(d),(f)</sup> | TSFR3M + 2.562% | 6.8690 | &nbsp;&nbsp;&nbsp;09/10/29 | 3000954 |
| 4000000 | VENTURE XIII CLO Ltd. Series 2013-13A DR<sup>(d),(f)</sup> | TSFR3M + 3.562% | 7.8690 | &nbsp;&nbsp;&nbsp;09/10/29 | 4014972 |
| 15625000 | Venture XXII CLO Ltd. Series 2015-22A CR<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4790 | &nbsp;&nbsp;&nbsp;01/15/31 | 15664156 |
| 3500000 | Venture XXVIII CLO Ltd. Series 2017-28A C2R<sup>(d),(f)</sup> | TSFR3M + 2.462% | 6.7870 | &nbsp;&nbsp;&nbsp;07/20/30 | 3517277 |
| 3000000 | Venture XXX CLO Ltd. Series 2017-30A C<sup>(d),(f)</sup> | TSFR3M + 2.212% | 6.5290 | &nbsp;&nbsp;&nbsp;01/15/31 | 3008211 |
| 1434758 | Voya CLO Ltd. Series 2015-1A CR<sup>(d),(f)</sup> | TSFR3M + 2.612% | 6.9410 | &nbsp;&nbsp;&nbsp;01/18/29 | 1435291 |
| 3355000 | Voya CLO Ltd. Series 2014-2A BRR<sup>(d),(f)</sup> | TSFR3M + 2.362% | 6.6840 | &nbsp;&nbsp;&nbsp;04/17/30 | 3362445 |
| 2500000 | Voya CLO Ltd. Series 2013-1A BR<sup>(d),(f)</sup> | TSFR3M + 2.162% | 6.4790 | &nbsp;&nbsp;&nbsp;10/15/30 | 2507750 |
| 6500000 | Voya CLO Ltd. Series 2016-1A CR<sup>(d),(f)</sup> | TSFR3M + 2.912% | 7.2370 | &nbsp;&nbsp;&nbsp;01/20/31 | 6519416 |
| 4700000 | Voya CLO Ltd. Series 2014-4A BR2<sup>(d),(f)</sup> | TSFR3M + 2.352% | 6.6720 | &nbsp;&nbsp;&nbsp;07/14/31 | 4721644 |
| 950000 | Voya CLO Ltd. Series 2018-3A CR2<sup>(d),(f)</sup> | TSFR3M + 2.350% | 6.6680 | &nbsp;&nbsp;&nbsp;10/15/31 | 954323 |
| 250000 | Voya CLO Ltd. Series 2016-3A BR2<sup>(d),(f)</sup> | TSFR3M + 2.250% | 6.5790 | &nbsp;&nbsp;&nbsp;10/18/31 | 251132 |
| 11486759 | Wellfleet CLO Ltd. Series 2016-2A CR<sup>(d),(f)</sup> | TSFR3M + 3.212% | 7.5370 | &nbsp;&nbsp;&nbsp;10/20/28 | 11570808 |
| 11375000 | Wind River CLO Ltd. Series 2013-1A CR<sup>(d),(f)</sup> | TSFR3M + 3.912% | 8.2370 | &nbsp;&nbsp;&nbsp;07/20/30 | 11467854 |
| 7000000 | Z Capital Credit Partners CLO Ltd. Series 2018-1A B<sup>(d),(f)</sup> | TSFR3M + 2.712% | 7.0290 | &nbsp;&nbsp;&nbsp;01/16/31 | 7019012 |
| 8825000 | Zais Clo 11 Ltd. Series 2018-11A CR<sup>(d),(f)</sup> | TSFR3M + 2.450% | 6.7750 | &nbsp;&nbsp;&nbsp;01/20/32 | 8861851 |
| 5000000 | Zais Clo 14 Ltd. Series 2020-14A DR2<sup>(d),(f)</sup> | TSFR3M + 3.300% | 7.6180 | &nbsp;&nbsp;&nbsp;04/15/32 | 5013740 |
| 2075000 | Zais CLO 3 Ltd. Series 2015-3A BR<sup>(d),(f)</sup> | TSFR3M + 2.912% | 7.2290 | &nbsp;&nbsp;&nbsp;07/15/31 | 2097746 |
| 12400000 | Zais Clo 7 Ltd. Series 2017-2A C<sup>(d),(f)</sup> | TSFR3M + 2.712% | 7.0290 | &nbsp;&nbsp;&nbsp;04/15/30 | 12452762 |
|  |  |  |  |  | 820284045 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 39.0% (Continued)** | **ASSET BACKED SECURITIES — 39.0% (Continued)** |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **0.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **0.7%** |  |  |  |
| 14296590 | Finance of America Structured Securities Trust Series 2022-S3 A1<sup>(d),(e)</sup> |  | 2.0000 | &nbsp;&nbsp;&nbsp;06/25/52 | $14345066 |
| 2699225 | Imperial Fund Mortgage Trust Series 2022-NQM7 A1<sup>(d),(g)</sup> |  | 7.3690 | &nbsp;&nbsp;&nbsp;11/25/67 | 2706056 |
| 327391 | Verus Securitization Trust Series 2023-1 A1<sup>(d),(g)</sup> |  | 5.8500 | &nbsp;&nbsp;&nbsp;12/25/67 | 326942 |
| 142823 | Verus Securitization Trust Series 2023-3 A2<sup>(d),(g)</sup> |  | 6.4380 | &nbsp;&nbsp;&nbsp;03/25/68 | 143239 |
| 386941 | Verus Securitization Trust Series 2023-5 A1<sup>(d),(g)</sup> |  | 6.4760 | &nbsp;&nbsp;&nbsp;06/25/68 | 388773 |
|  |  |  |  |  | 17910076 |
|  | **NON AGENCY CMBS** — **4.8%** | **NON AGENCY CMBS** — **4.8%** |  |  |  |
| 5429243 | BPR Trust Series 2021-WILL A<sup>(d),(f)</sup> | TSFR1M + 1.864% | 6.2060 | &nbsp;&nbsp;&nbsp;06/15/38 | 5418346 |
| 20340000 | BX Commercial Mortgage Trust Series 2019-IMC E<sup>(d),(f)</sup> | TSFR1M + 2.196% | 6.5380 | &nbsp;&nbsp;&nbsp;04/15/34 | 19802127 |
| 7000000 | COMM Mortgage Trust Series 2016-COR1 B |  | 3.8970 | &nbsp;&nbsp;&nbsp;10/10/49 | 6587881 |
| 5520000 | Hudsons Bay Simon JV Trust Series 2015-HB10 B10<sup>(d)</sup> |  | 4.9060 | &nbsp;&nbsp;&nbsp;08/05/34 | 5499954 |
| 5224892 | J.P. Morgan Chase Commercial Mortgage Securities Series 2019-MFP D<sup>(d),(f)</sup> | TSFR1M + 1.707% | 6.0490 | &nbsp;&nbsp;&nbsp;07/15/36 | 5101892 |
| 12316411 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 A<sup>(d)</sup> |  | 7.2910 | &nbsp;&nbsp;&nbsp;05/05/29 | 12851933 |
| 25745000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 B<sup>(d)</sup> |  | 8.5420 | &nbsp;&nbsp;&nbsp;05/05/29 | 27327651 |
| 6600000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C<sup>(d),(e)</sup> |  | 8.7520 | &nbsp;&nbsp;&nbsp;05/05/29 | 6932149 |
| 5494063 | SMR Mortgage Trust Series 2022-IND B<sup>(d),(f)</sup> | TSFR1M + 2.400% | 6.7420 | &nbsp;&nbsp;&nbsp;02/15/39 | 5507555 |
| 1328038 | XCAL MORTGAGE TRUST Series 2019-1 A<sup>(d),(f)</sup> | TSFR1M + 3.864% | 0.0000 | &nbsp;&nbsp;&nbsp;12/31/25 | 536946 |
| 943580 | XCALI Mortgage Trust Series 2020-5 A<sup>(d),(f)</sup> | TSFR1M + 3.370% | 7.6990 | &nbsp;&nbsp;&nbsp;12/31/25 | 941730 |
| 2868852 | X-Caliber Funding, LLC Series 2023-MF9 A<sup>(d),(f)</sup> | TSFR1M + 3.250% | 7.5800 | &nbsp;&nbsp;&nbsp;11/25/26 | 2863587 |
| 4000000 | X-Caliber Funding, LLC Series 2024-MSD A<sup>(d),(f)</sup> | TSFR1M + 4.250% | 8.5790 | &nbsp;&nbsp;&nbsp;01/01/27 | 4005612 |
| 15000000 | XRL ALC, LLC Series 2025-OZK A<sup>(d)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;06/20/28 | 15036261 |
| 5000000 | XRL ALC, LLC Series 2025-OZK B1<sup>(d)</sup> |  | 13.5000 | &nbsp;&nbsp;&nbsp;06/20/28 | 5012362 |
|  |  |  |  |  | 123425986 |
|  | **OTHER ABS** — **1.3%** | **OTHER ABS** — **1.3%** |  |  |  |
| 2000000 | FMC GMSR Issuer Trust Series 2022-GT1 A<sup>(d)</sup> |  | 6.1900 | &nbsp;&nbsp;&nbsp;04/25/27 | 2004282 |
| 2175080 | HRR Funding, LLC Series 2021-1<sup>(c),(d)</sup> |  | 9.0000 | &nbsp;&nbsp;&nbsp;12/20/36 | 1163668 |
| 29071501 | OWS Cre Funding I, LLC Series 2021-MARG A<sup>(d),(f)</sup> | US0001M + 4.900% | 9.8600 | &nbsp;&nbsp;&nbsp;09/15/25 | 28983664 |
| 302302 | Pagaya AI Debt Trust Series 2024-2 A<sup>(d)</sup> |  | 6.3190 | &nbsp;&nbsp;&nbsp;08/15/31 | 304302 |
| 334535 | Pagaya AI Debt Trust Series 2024-3 A<sup>(d)</sup> |  | 6.2580 | &nbsp;&nbsp;&nbsp;10/15/31 | 336482 |
|  |  |  |  |  | 32792398 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $999,537,107)** | **TOTAL ASSET BACKED SECURITIES (Cost $999,537,107)** |  |  | 998462770 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 50.0%** | **CORPORATE BONDS — 50.0%** |  |  |  |
|  | **ASSET MANAGEMENT** — **23.2%** | **ASSET MANAGEMENT** — **23.2%** |  |  |  |
| 170712 | B Riley Financial, Inc. |  | 5.5000 | &nbsp;&nbsp;&nbsp;03/31/26 | $3916133 |
| 9500000 | Blue Owl Technology Finance Corporation<sup>(d)</sup> |  | 6.1000 | &nbsp;&nbsp;&nbsp;03/15/28 | 9556666 |
| 8388000 | Capital Southwest Corporation |  | 3.3750 | &nbsp;&nbsp;&nbsp;10/01/26 | 8139044 |
| 255449 | Crescent Capital BDC, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;05/25/26 | 6353017 |
| 23861000 | Fidus Investment Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;01/31/26 | 23571929 |
| 9309000 | Fidus Investment Corporation |  | 3.5000 | &nbsp;&nbsp;&nbsp;11/15/26 | 9036710 |
| 10905000 | Fidus Investment Corporation |  | 6.7500 | &nbsp;&nbsp;&nbsp;03/19/30 | 10917847 |
| 12774000 | FS KKR Capital Corporation |  | 3.1250 | &nbsp;&nbsp;&nbsp;10/12/28 | 11778566 |
| 36068000 | Gladstone Capital Corporation |  | 5.1250 | &nbsp;&nbsp;&nbsp;01/31/26 | 36059704 |
| 690892 | Great Elm Capital Corporation |  | 5.8800 | &nbsp;&nbsp;&nbsp;06/30/26 | 17403569 |
| 509190 | Horizon Technology Finance Corporation |  | 4.8800 | &nbsp;&nbsp;&nbsp;03/30/26 | 12729750 |
| 22690000 | Investcorp Credit Management BDC, Inc. |  | 4.8750 | &nbsp;&nbsp;&nbsp;04/01/26 | 22319497 |
| 10000000 | Logan Ridge Finance Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;10/30/26 | 10028500 |
| 9000000 | Main Street Capital Corporation |  | 6.9500 | &nbsp;&nbsp;&nbsp;03/01/29 | 9360272 |
| 2000000 | Medallion Financial Corporation<sup>(d)</sup> |  | 7.5000 | &nbsp;&nbsp;&nbsp;12/30/27 | 1983530 |
| 1935000 | MidCap Financial Investment Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;07/16/26 | 1894294 |
| 33543000 | Monroe Capital Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;02/15/26 | 33034468 |
| 42580000 | New Mountain Finance Corporation |  | 6.2000 | &nbsp;&nbsp;&nbsp;10/15/27 | 43106478 |
| 430780 | OFS Capital Corporation |  | 7.5000 | &nbsp;&nbsp;&nbsp;07/31/28 | 10812578 |
| 25130000 | OFS Capital Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;02/10/26 | 24792568 |
| 46465000 | PennantPark Floating Rate Capital Ltd. |  | 4.2500 | &nbsp;&nbsp;&nbsp;04/01/26 | 45816154 |
| 31452000 | PennantPark Investment Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;05/01/26 | 31014851 |
| 42270000 | PennantPark Investment Corporation |  | 4.0000 | &nbsp;&nbsp;&nbsp;11/01/26 | 40681517 |
| 38500000 | Portman Ridge Finance Corporation |  | 4.8750 | &nbsp;&nbsp;&nbsp;04/30/26 | 38156469 |
| 45840000 | Saratoga Investment Corporation |  | 4.3750 | &nbsp;&nbsp;&nbsp;02/28/26 | 45157294 |
| 18482000 | Saratoga Investment Corporation |  | 4.3500 | &nbsp;&nbsp;&nbsp;02/28/27 | 17629116 |
| 168976 | Saratoga Investment Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;04/30/27 | 4217641 |
| 1203000 | Stellus Capital Investment Corporation |  | 4.8750 | &nbsp;&nbsp;&nbsp;03/30/26 | 1187636 |
| 9500000 | Stellus Capital Investment Corporation |  | 7.2500 | &nbsp;&nbsp;&nbsp;04/01/30 | 9501076 |
| 28873000 | Trinity Capital, Inc. |  | 4.3750 | &nbsp;&nbsp;&nbsp;08/24/26 | 27972670 |
| 21327000 | Trinity Capital, Inc. |  | 4.2500 | &nbsp;&nbsp;&nbsp;12/15/26 | 20477594 |
| 9395000 | WhiteHorse Finance, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;12/15/26 | 9092593 |
|  |  |  |  |  | 597699731 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 50.0% (Continued)** | **CORPORATE BONDS — 50.0% (Continued)** |  |  |  |
|  | **BANKING** — **3.3%** | **BANKING** — **3.3%** |  |  |  |
| 4000000 | First Maryland Capital I<sup>(f)</sup> | TSFR3M + 1.262% | 5.5790 | &nbsp;&nbsp;&nbsp;01/15/27 | $3932004 |
| 18114000 | First Maryland Capital II<sup>(f)</sup> | TSFR3M + 1.112% | 5.3880 | &nbsp;&nbsp;&nbsp;02/01/27 | 17757039 |
| 4500000 | NewtekOne, Inc.<sup>(d)</sup> |  | 8.3750 | &nbsp;&nbsp;&nbsp;04/01/30 | 4562367 |
| 51000 | NexBank Capital, Inc.<sup>(d),(f)</sup> | TSFR3M + 5.200% | 9.4910 | &nbsp;&nbsp;&nbsp;07/01/72 | 50872500 |
| 7000000 | Truist Financial Corporation<sup>(f)</sup> | TSFR3M + 1.242% | 5.5320 | &nbsp;&nbsp;&nbsp;04/01/27 | 6898488 |
|  |  |  |  |  | 84022398 |
|  | **COMMERCIAL SUPPORT SERVICES** — **2.0%** | **COMMERCIAL SUPPORT SERVICES** — **2.0%** |  |  |  |
| 2192148 | Charah Solutions, Inc.<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;&nbsp;08/31/26 | 49323330 |
|  | **ELECTRICAL EQUIPMENT** — **3.0%** | **ELECTRICAL EQUIPMENT** — **3.0%** |  |  |  |
| 78068000 | Babcock & Wilcox Enterprises Inc<sup>(b),(d)</sup> |  | 8.7500 | &nbsp;&nbsp;&nbsp;06/30/30 | 78068000 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **3.3%** | **INSTITUTIONAL FINANCIAL SERVICES** — **3.3%** |  |  |  |
| 87753000 | B Riley Financial, Inc.<sup>(b),(d)</sup> |  | 8.0000 | &nbsp;&nbsp;&nbsp;01/01/28 | 84242880 |
|  | **INSURANCE** — **3.3%** | **INSURANCE** — **3.3%** |  |  |  |
| 53241000 | Kuvare US Holdings, Inc.<sup>(d),(f)</sup> | H15T5Y + 6.541% | 7.0000 | &nbsp;&nbsp;&nbsp;02/17/51 | 53180781 |
| 32210000 | United Insurance Holdings Corporation |  | 7.2500 | &nbsp;&nbsp;&nbsp;12/15/27 | 32210000 |
|  |  |  |  |  | 85390781 |
|  | **MACHINERY** — **0.0%<sup>(h)</sup>** | **MACHINERY** — **0.0%<sup>(h)</sup>** |  |  |  |
| 2500000 | Briggs & Stratton Corporation<sup>(i)</sup> |  | 6.8750 | &nbsp;&nbsp;&nbsp;12/15/20 | 9375 |
|  | **METALS & MINING** — **0.5%** | **METALS & MINING** — **0.5%** |  |  |  |
| 550000 | Ramaco Resources, Inc. |  | 8.2500 | &nbsp;&nbsp;&nbsp;07/31/30 | 13626250 |
| 9472 | Ramaco Resources, Inc. |  | 8.3800 | &nbsp;&nbsp;&nbsp;11/30/29 | 239357 |
|  |  |  |  |  | 13865607 |
|  | **OIL & GAS PRODUCERS** — **0.9%** | **OIL & GAS PRODUCERS** — **0.9%** |  |  |  |
| 24630000 | W&T Offshore, Inc.<sup>(d)</sup> |  | 10.7500 | &nbsp;&nbsp;&nbsp;02/01/29 | 22497658 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.7%** | **OIL & GAS SERVICES & EQUIPMENT** — **0.7%** |  |  |  |
| 19395238 | Shelf Drilling North Sea Holdings Ltd. |  | 9.8750 | &nbsp;&nbsp;&nbsp;11/22/28 | 18910357 |
|  | **PUBLISHING & BROADCASTING** — **0.1%** | **PUBLISHING & BROADCASTING** — **0.1%** |  |  |  |
| 2000000 | Cumulus Media New Holdings, Inc.<sup>(d)</sup> |  | 6.7500 | &nbsp;&nbsp;&nbsp;07/01/26 | 1302500 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 50.0% (Continued)** | **CORPORATE BONDS — 50.0% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.2%** | **REAL ESTATE INVESTMENT TRUSTS** — **0.2%** |  |  |  |
| 210500 | HC Government Realty Trust, Inc.<sup>(d)</sup> |  | 7.0000 | &nbsp;&nbsp;&nbsp;08/14/27 | $3946875 |
|  | **SPECIALTY FINANCE** — **9.5%** | **SPECIALTY FINANCE** — **9.5%** |  |  |  |
| 20635000 | ACRES Commercial Realty Corporation |  | 5.7500 | &nbsp;&nbsp;&nbsp;08/15/26 | 20209328 |
| 237555 | Atlanticus Holdings Corporation |  | 9.2500 | &nbsp;&nbsp;&nbsp;01/31/29 | 5988762 |
| 1500000 | Broadmark Realty Capital, Inc.<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;11/15/26 | 1443364 |
| 1000000 | Dakota Financial, LLC<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;09/30/26 | 978622 |
| 35000000 | Eagle Point Defensive Income Trust<sup>(f)</sup> | TSFR3M + 3.800% | 8.1100 | &nbsp;&nbsp;&nbsp;04/30/28 | 35196793 |
| 25000000 | Eagle Point Enhanced Income Trust<sup>(f)</sup> | TSFR3M + 4.500% | 8.8260 | &nbsp;&nbsp;&nbsp;11/15/29 | 24566612 |
| 25000000 | EPT 16, LLC<sup>(d)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;08/01/28 | 24917250 |
| 4500000 | Equify Financial, LLC<sup>(d)</sup> |  | 9.5000 | &nbsp;&nbsp;&nbsp;04/30/30 | 4497355 |
| 2000000 | First Help Financial, LLC<sup>(d)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;11/15/26 | 1961489 |
| 25000000 | Franklin BSP Realty Trust, Inc.<sup>(d),(f)</sup> | TSFR3M + 4.000% | 8.3140 | &nbsp;&nbsp;&nbsp;04/25/28 | 25148174 |
| 4000000 | InvestCo, LLC / Preston Ventures, LLC / LS<sup>(d)</sup> |  | 5.1250 | &nbsp;&nbsp;&nbsp;08/13/26 | 3934400 |
| 3250000 | Medallion Financial Corporation B<sup>(d)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;02/26/26 | 3232882 |
| 4500000 | MMP Capital, LLC<sup>(d)</sup> |  | 9.5000 | &nbsp;&nbsp;&nbsp;10/18/29 | 4511250 |
| 4000000 | National Funding, Inc.<sup>(d)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;08/31/26 | 3918433 |
| 15008000 | Nexpoint Real Estate Finance, Inc. |  | 5.7500 | &nbsp;&nbsp;&nbsp;05/01/26 | 14844368 |
| 4976790 | PDOF MSN Issuer, LLC<sup>(d),(f)</sup> | SOFRRATE + 4.500% | 8.8200 | &nbsp;&nbsp;&nbsp;03/01/26 | 4879372 |
| 49738000 | ReadyCap Holdings, LLC<sup>(d)</sup> |  | 9.3750 | &nbsp;&nbsp;&nbsp;03/01/28 | 49702194 |
| 317944 | Sachem Capital Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;12/30/26 | 7293635 |
| 3000000 | X-Caliber Funding, LLC<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/25 | 2958370 |
| 2000000 | X-Caliber Funding, LLC<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/26 | 1991191 |
|  |  |  |  |  | 242173844 |
|  | **TOTAL CORPORATE BONDS (Cost $1,273,423,646)** | **TOTAL CORPORATE BONDS (Cost $1,273,423,646)** |  |  | 1281453336 |
|  | **TERM LOANS — 0.9%** | **TERM LOANS — 0.9%** |  |  |  |
|  | **SOFTWARE** — **0.9%** | **SOFTWARE** — **0.9%** |  |  |  |
| 22172019 | Synchronoss Technologies, Inc.<sup>(f)</sup> | TSFR1M + 7.000% | 11.3190 | &nbsp;&nbsp;&nbsp;04/24/29 | 21950299 |
|  | **TOTAL TERM LOANS (Cost $21,752,116)** |  |  |  | 21950299 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 1.8%** | **U.S. GOVERNMENT & AGENCIES — 1.8%** |  |  |  |
|  | **U.S. TREASURY INFLATION PROTECTED** — **1.8%** | **U.S. TREASURY INFLATION PROTECTED** — **1.8%** |  |  |  |
| 45443250 | United States Treasury Inflation Indexed Bonds |  | 1.6250 | &nbsp;&nbsp;&nbsp;04/15/30 | $45788707 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $45,739,858)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $45,739,858)** |  |  | 45788707 |
| **Shares** |  | **Expiration Date** |  |  |  |
|  | **WARRANT — 0.0%<sup>(h)</sup>** | **WARRANT — 0.0%<sup>(h)</sup>** |  |  |  |
|  | **ASSET MANAGEMENT - 0.0% <sup>(h)</sup>** | **ASSET MANAGEMENT - 0.0% <sup>(h)</sup>** |  |  |  |
| 351012 | B Riley Financial Inc. Com Warrants<sup>(b)</sup> | 04/01/2032 |  |  | &nbsp;&nbsp;&nbsp; 613885 |
|  | **TOTAL WARRANT (Cost $111,622)** | **TOTAL WARRANT (Cost $111,622)** |  |  | &nbsp;&nbsp; 613885 |
|  | **SHORT-TERM INVESTMENTS — 3.5%** | **SHORT-TERM INVESTMENTS — 3.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 3.5%** | **MONEY MARKET FUNDS - 3.5%** |  |  |  |
| 89176955 | First American Government Obligations Fund, Class X, 4.19% (Cost $89,176,955)<sup>(j)</sup> | First American Government Obligations Fund, Class X, 4.19% (Cost $89,176,955)<sup>(j)</sup> | First American Government Obligations Fund, Class X, 4.19% (Cost $89,176,955)<sup>(j)</sup> |  | &nbsp;&nbsp;&nbsp; 89176955 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $2,560,856,107)** | **TOTAL INVESTMENTS - 100.5% (Cost $2,560,856,107)** |  |  | &nbsp;&nbsp;&nbsp; $2572615631 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** |  |  | &nbsp;&nbsp; (11826383) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $2560789248 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |

---

---

| |
|:---|
| **HOLBROOK INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | |
|:---|:---|
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | Term Secured Overnight Financing Rate 3 Month |
| US0001M | ICE LIBOR USD 1 Month |

---

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

<sup>(b)</sup> The security is illiquid; total illiquid securities represent 8.80% of net assets. Illiquid security.

<sup>(c)</sup> The value of this security has been determined in good faith by the Adviser as the Valuation Designee pursuant to valuation procedures approved by the Board of Trustees.

<sup>(d)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025 the total market value of 144A securities is 1,457,661,792 or 56.9% of net assets.

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

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

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

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

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

<sup>(k)</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:** 2026-04-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2600353501.86

**Total Liabilities:** $39564253.72

**Net Assets:** $2560789248.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 16523.86575300 | **1-Year:** 74815.64368700 | **5-Year:** 212746.08289100 | **10-Year:** 29321.97903700 | **30-Year:** -4958.11695800

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

- **3-Month:** 1735.45413000 | **1-Year:** 59071.97711600 | **5-Year:** 86926.43497300 | **10-Year:** 5433.63738300 | **30-Year:** 3310.44159400

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228717 | 0.90%                | 0.76%                | 0.62%                |
| Class ID C000170314 | 0.87%                | 0.64%                | 0.70%                |
| Class ID C000170313 | 1.02%                | 0.68%                | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1472559.18             | $11261114.39                               |
| Month 2  | $3491523.58              | $2064382.91                                |
| Month 3  | $944234.09               | $1739864.31                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bluemountain CLO 2015-4 Ltd.                                              | BLUEM 2015-4A CR        | CUSIP: 09628NAU6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2330000 | PA      | $2335969.46   | 0.09%             | 2030-04-20      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| NewtekOne Inc                                                             | NEWT 8 3/8 04/01/30     | CUSIP: 652526AE4<br>LEI: 549300YLU78IA8GKJ688 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4562366.99   | 0.18%             | 2030-04-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| APIDOS CLO XXIV                                                           | APID 2016-24A BRR       | CUSIP: 03759CAX8<br>LEI: 549300PPHIOJQEKPJH29 | Long             | ABS-CBDO         | CORP              | KY        |    345000 | PA      | $346430.72    | 0.01%             | 2030-10-20      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| Ellington Clo Ii Llc                                                      | ECLO 2017-2A C          | CUSIP: 28852EAE9<br>LEI: 254900YE647HYXEP3N43 | Long             | ABS-CBDO         | CORP              | US        |   5951710 | PA      | $5966273.41   | 0.23%             | 2029-02-15      | Floating      | 7.49%                 | Yes           |                  2 | On Loan: No      |
| Tci-Symphony Clo 2017-1 Ltd                                               | TSYMP 2017-1A CR        | CUSIP: 87232BAK8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2662000 | PA      | $2666224.59   | 0.10%             | 2030-07-15      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Nassau 2017-II Ltd.                                                       | NCC 2017-IIA D          | CUSIP: 631709AE2<br>LEI: 549300UA9BSPM14TR379 | Long             | ABS-CBDO         | CORP              | KY        |  12500000 | PA      | $12510937.50  | 0.49%             | 2030-01-15      | Floating      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Crown Point CLO 7 LTD/LLC                                                 | CRNPT 2018-7A D         | CUSIP: 22846MAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4026792.00   | 0.16%             | 2031-10-20      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| Stellus Capital Investment Corporation                                    | SCM 4 7/8 03/30/26      | CUSIP: 858568AB4<br>LEI: 5493001DZV6QC1KUSC43 | Long             | DBT              | RF                | US        |   1203000 | PA      | $1187635.84   | 0.05%             | 2026-03-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd.                                                     | BLUEM 2018-1A C         | CUSIP: 09629TAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3520000 | PA      | $3535773.12   | 0.14%             | 2030-07-30      | Floating      | 6.62%                 | 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        |   6000000 | PA      | $6030154.80   | 0.24%             | 2030-10-20      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO II Ltd.                                                   | SNDPT 2013-1A A3R       | CUSIP: 83608GAS5<br>LEI: 549300Q00FJ0WHHYC788 | Long             | ABS-CBDO         | CORP              | KY        |   5500000 | PA      | $5511181.50   | 0.22%             | 2031-01-26      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Galaxy Xx Clo Ltd                                                         | GALXY 2015-20A D1R      | CUSIP: 36320MAS7<br>LEI: 549300S1CAKZT00VQL17 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250354.75    | 0.01%             | 2031-04-20      | Floating      | 7.19%                 | 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        |  18480000 | PA      | $18609027.36  | 0.73%             | 2031-10-25      | Floating      | 8.23%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO 2014-3 Ltd.                          | CGMS 2014-5A CRR        | CUSIP: 14311AAY8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $753534.75    | 0.03%             | 2031-07-15      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| Jefferson Mill Clo Limited                                                | JEFFM 2015-1A DR        | CUSIP: 47421MBC6<br>LEI: 549300RV1TCF15DHXS87 | Long             | ABS-CBDO         | CORP              | KY        |   8875000 | PA      | $8935651.75   | 0.35%             | 2031-10-20      | Floating      | 8.14%                 | Yes           |                  2 | On Loan: No      |
| RAD CLO LTD 2024-4R                                                       | RAD 2019-4A CR          | CUSIP: 749984AE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251030.75    | 0.01%             | 2032-04-25      | Floating      | 6.52%                 | 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      | $1961489.16   | 0.08%             | 2026-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Jamestown Clo Limited                                                     | JTWN 2018-11A A2        | CUSIP: 47049QAC0<br>LEI: 549300ICXRO4NIJIWJ29 | Long             | ABS-CBDO         | CORP              | KY        |   2800000 | PA      | $2809475.20   | 0.11%             | 2031-07-14      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Ows Cre Funding I LLC                                                     | OWSCRE 2021-MARG A      | CUSIP: 67114QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  29071501 | PA      | $28983663.98  | 1.13%             | 2025-09-15      | Floating      | 9.86%                 | Yes           |                  2 | On Loan: No      |
| Shackleton 2014-V-R Clo Ltd / Llc                                         | SHACK 2014-5RA C        | CUSIP: 81881JAG7<br>LEI: 549300OM5GJJFIKCOZ48 | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2764682.25   | 0.11%             | 2031-05-07      | Floating      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| Wind River 2019-3 Clo Ltd.                                                | WINDR 2019-3A CR2       | CUSIP: 97314JAN5<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |    785000 | PA      | $788395.13    | 0.03%             | 2031-04-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Harbourview Clo VII Ltd.                                                  | HARV7 7RA B             | CUSIP: 41165TAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    499730 | PA      | $500329.14    | 0.02%             | 2031-07-18      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Franklin Bsp Realty Trust Inc                                             | FBRT Float 04/25/28     | CUSIP: 35243JAC5<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $25148173.75  | 0.98%             | 2028-04-25      | Floating      | 8.31%                 | Yes           |                  2 | On Loan: No      |
| Equify Financial LLC                                                      | EQUIFY 9 1/2 04/30/30   | CUSIP: 29446PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4497354.90   | 0.18%             | 2030-04-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| HC Government Realty Trust Inc.                                           | HCGRTI 7                | CUSIP: 40417L205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    210500 | NS      | $3946875.00   | 0.15%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Lcm 30 Ltd / Lcm 30 Llc                                                   | LCM 30A CR              | CUSIP: 50200YAU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3750000 | PA      | $3760698.75   | 0.15%             | 2031-04-20      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Fidus Investment Corporation                                              | FDUS 3 1/2 11/15/26     | CUSIP: 316500AC1<br>LEI: 549300836CRWCROFBC02 | Long             | DBT              | CORP              | US        |   9309000 | PA      | $9036709.89   | 0.35%             | 2026-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| W & T Offshore Inc.                                                       | WTI 10 3/4 02/01/29     | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |  24630000 | PA      | $22497657.75  | 0.88%             | 2029-02-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Zais Clo 3 Ltd/Llc                                                        | ZCLO3 2015-3A BR        | CUSIP: 98887HAN4<br>LEI: 549300SYHU0CNKIXQ691 | Long             | ABS-CBDO         | CORP              | KY        |   2075000 | PA      | $2097746.36   | 0.08%             | 2031-07-15      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| Atlanticus Holdings Corp.                                                 | ATLC 9 1/4              | CUSIP: 04914Y409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    237555 | NS      | $5988761.55   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Shelf Drilling North Sea Holdings Ltd.                                    | SHLFNS 9 7/8 11/22/28   | CUSIP: G23639AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  19395238 | PA      | $18910357.05  | 0.74%             | 2028-11-22      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Capital Southwest Corporation                                             | CSWC 3 3/8 10/01/26     | CUSIP: 140501AC1<br>LEI: 54930023YZ4YEJEDBO56 | Long             | DBT              | RF                | US        |   8388000 | PA      | $8139044.16   | 0.32%             | 2026-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING XL LTD                                               | ATRM 9A CR2             | CUSIP: 55821CAE4<br>LEI: 549300UTF8S11AHH4P70 | Long             | ABS-CBDO         | CORP              | KY        |   4905000 | PA      | $4924723.01   | 0.19%             | 2030-05-28      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Uirc-Gsa International, Llc                                               | UIRCIN 6 PERP           | CUSIP: 90278W303<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9180 | NS      | $8262000.00   | 0.32%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sound Point Clo XXII Ltd.                                                 | SNDPT 2019-1A CRR       | CUSIP: 83611KBA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  20000000 | PA      | $20039840.00  | 0.78%             | 2032-01-20      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SpecialTransportHolding                                                   | SpecialTransportHolding | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3242 | NS      | $9179732.86   | 0.36%             |  |  |  | No            |                  3 | On Loan: No      |
| Ramaco Resources Inc.                                                     | METC 8 1/4              | CUSIP: 75134P808<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EP               | CORP              | US        |    550000 | NS      | $13626250.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidus Investment Corporation                                              | FDUS 4 3/4 01/31/26     | CUSIP: 316500AB3<br>LEI: 549300836CRWCROFBC02 | Long             | DBT              | CORP              | US        |  23861000 | PA      | $23571929.47  | 0.92%             | 2026-01-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SOUND POINT CLO XV LTD                                                    | SNDPT 2017-1A D         | CUSIP: 83609RAG6<br>LEI: 549300YVZ0M0XDDYS744 | Long             | ABS-CBDO         | CORP              | KY        |  10375985 | PA      | $10403304.92  | 0.41%             | 2029-01-23      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Whitehorse Finance Inc.                                                   | WHF 4 12/15/26          | CUSIP: 96524VAB2<br>LEI: 5493006LP9COIV2ZIB05 | Long             | DBT              | RF                | US        |   9395000 | PA      | $9092592.99   | 0.36%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO 2015-4 Ltd.                                              | BLUEM 2015-4A DR        | CUSIP: 09628NAW2<br>LEI: 549300EB3KHH9T7ICE44 | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6535262.50   | 0.26%             | 2030-04-20      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xxi.. Ltd                                                            | OZLM 2017-21A C         | CUSIP: 67112AAG6<br>LEI: 5493002HF6D1C4B1AK86 | Long             | ABS-CBDO         | CORP              | US        |   4305000 | PA      | $4328104.94   | 0.17%             | 2031-01-20      | Floating      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Loan Fund XII Ltd.                                           | ATCLO 2018-12A D        | CUSIP: 04942UAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5022730.00   | 0.20%             | 2031-10-24      | Floating      | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Symphony Clo XV LLC                                                       | SYMP 2014-15A CR3       | CUSIP: 87154EBL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $482255.04    | 0.02%             | 2032-01-17      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Voya Clo 2016-3 Ltd.                                                      | VOYA 2016-3A BR2        | CUSIP: 92915HBC6<br>LEI: 549300001G5S0D8B8343 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251131.50    | 0.01%             | 2031-10-18      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-3                                               | PAID 2024-3 A           | CUSIP: 69547XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    334535 | PA      | $336482.14    | 0.01%             | 2031-10-15      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XXII Ltd.                                     | OCT22 2014-1A CRR       | CUSIP: 67572YBU5<br>LEI: 549300MQ9W5DWZ8QX450 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1254878.75   | 0.05%             | 2030-01-22      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| MMP Capital LLC                                                           | MMPCAP 9 1/2 10/18/29   | CUSIP: 55330PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4511250.00   | 0.18%             | 2029-10-18      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo Ix  Ltd                                                   | SNDPT 2015-2A BRRR      | CUSIP: 83609GBQ7<br>LEI: 549300W2FX6HEXN27U70 | Long             | ABS-CBDO         | CORP              | KY        |   7500000 | PA      | $7529422.50   | 0.29%             | 2032-07-20      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| MidOcean Credit CLO III/MidOcean Credit CLO III LLC                       | MIDO 2014-3A BR         | CUSIP: 59802UAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    397148 | PA      | $397788.54    | 0.02%             | 2031-04-21      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                                             | MSC 2024-BPR2 B         | CUSIP: 61776EAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  25745000 | PA      | $27327650.70  | 1.07%             | 2029-05-05      | Fixed         | 8.54%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Ltd                                                                  | OZLM 2018-22A C         | CUSIP: 67111VAJ5<br>LEI: 549300SDDOLWC85Q9Q65 | Long             | ABS-CBDO         | CORP              | KY        |   5642000 | PA      | $5669211.37   | 0.22%             | 2031-01-17      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| LCM XV Limited Partnership                                                | LCM 15A CR              | CUSIP: 50184NAP7<br>LEI: 549300HV40B88JRNJD93 | Long             | ABS-CBDO         | CORP              | KY        |   7750000 | PA      | $7797275.00   | 0.30%             | 2030-07-20      | Floating      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| Wind River 2015-1 CLO Ltd.                                                | WINDR 2015-1A C1        | CUSIP: 88432FBC2<br>LEI: 549300H4V7OE3OL7II20 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $754651.50    | 0.03%             | 2030-10-20      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2024-MSD A         | CUSIP: 98373XBW9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4005612.00   | 0.16%             | 2027-01-01      | Floating      | 8.58%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo III Inc.                                                  | SNDPT 2013-2RA D        | CUSIP: 83611LAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2625227 | PA      | $2625497.11   | 0.10%             | 2029-04-15      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Trinity Capital Inc.                                                      | TRIN 4 1/4 12/15/26     | CUSIP: 896442AH3<br>LEI: 549300YGT4SBRQYDVU48 | Long             | DBT              | CORP              | US        |  21327000 | PA      | $20477593.79  | 0.80%             | 2026-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PennantPark Investment Corporation                                        | PNNT 4 11/01/26         | CUSIP: 708062AD6<br>LEI: 529900OK432R4C6NQQ73 | Long             | DBT              | CORP              | US        |  42270000 | PA      | $40681517.07  | 1.59%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fremf 2012 Kf01 Mortgage Trust                                            | FREMF 2016-K56 C        | CUSIP: 30289UAU6<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2100000 | PA      | $2076449.34   | 0.08%             | 2049-06-25      | Floating      | 3.96%                 | Yes           |                  2 | On Loan: No      |
| Monroe                                                                    | MRCC 4 3/4 02/15/26     | CUSIP: 610335AB7<br>LEI: 549300RZ898DGFGWKV04 | Long             | DBT              | RF                | US        |  33543000 | PA      | $33034468.33  | 1.29%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ozlm Xviii Limited                                                        | OZLM 2018-18A D         | CUSIP: 67112GAG3<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | US        |   8000000 | PA      | $8024392.00   | 0.31%             | 2031-04-15      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| SMR MORTGAGE TRUST 2022-IND                                               | SMR 2022-IND B          | CUSIP: 78458MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5494063 | PA      | $5507555.18   | 0.22%             | 2039-02-15      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| Trinity Capital Inc.                                                      | TRIN 4 3/8 08/24/26     | CUSIP: 896442AG5<br>LEI: 549300YGT4SBRQYDVU48 | Long             | DBT              | CORP              | US        |  28873000 | PA      | $27972670.28  | 1.09%             | 2026-08-24      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Venture 32 Clo Ltd.                                                       | VENTR 2018-32A B        | CUSIP: 92325QAQ0<br>LEI: 549300UP09C89Q3HWD39 | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7024668.00   | 0.27%             | 2031-07-18      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XVI Ltd.                                                     | SYMP 2015-16A C1RR      | CUSIP: 87165VBB4<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |   3755000 | PA      | $3770718.43   | 0.15%             | 2031-10-15      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Kuvare United States Holdings Inc                                         | KUVARE 7 02/17/51       | CUSIP: 50149XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  53241000 | PA      | $53180781.23  | 2.08%             | 2051-02-17      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Charah Solutions Inc                                                      | CHRA 8 1/2              | CUSIP: 15957P204<br>LEI: 549300I6O29493834F54 | Long             | EP               | CORP              | US        |   2192148 | NS      | $49323330.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| VERUS SEC TR 2023-5                                                       | VERUS 2023-5 A1         | CUSIP: 924934AA0<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-O            | CORP              | US        |    386941 | PA      | $388773.03    | 0.02%             | 2068-06-25      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XXIV Ltd                                             | MDPK 2016-24A CR2       | CUSIP: 55820NBA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1190000 | PA      | $1192382.38   | 0.05%             | 2029-10-20      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO Ltd.                                                           | ICG 2018-1A C           | CUSIP: 449258AD4<br>LEI: 63540028G9FPZW4LFZ33 | Long             | ABS-CBDO         | CORP              | KY        |  12150000 | PA      | $12221174.70  | 0.48%             | 2031-04-21      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Saranac CLO VII Ltd.                                                      | SRANC 2014-2A CR        | CUSIP: 80317EAJ8<br>LEI: 5493000RC2FP2JRHW627 | Long             | ABS-CBDO         | CORP              | JE        |   3628887 | PA      | $3629123.28   | 0.14%             | 2029-11-20      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| Ellington Clo I Limted                                                    | ECLO 2018-3A C          | CUSIP: 28852LAJ2<br>LEI: 254900V20GCNJI0I7591 | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7023135.00   | 0.27%             | 2030-07-20      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Vi                                                                   | OZLM 2014-6A B1T        | CUSIP: 67108LBP7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2845000 | PA      | $2851583.33   | 0.11%             | 2031-04-17      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                                             | MSC 2024-BPR2 A         | CUSIP: 61776EAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12316411 | PA      | $12851933.30  | 0.50%             | 2029-05-05      | Fixed         | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners Ltd                                           | OCT26 2016-1A CR        | CUSIP: 67590YAS9<br>LEI: 549300ZYOSZSIH0Y3392 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2508455.00   | 0.10%             | 2030-07-15      | Floating      | 6.38%                 | 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        |  20635000 | PA      | $20209328.22  | 0.79%             | 2026-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Atlas Sr Ln Fd Vii Ltd                                                    | ATCLO 2016-7A CR        | CUSIP: 04941TAY6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7034671.00   | 0.27%             | 2031-11-27      | Floating      | 7.09%                 | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                                          | DRSLF 2017-49A CR       | CUSIP: 26244QAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1507206.00   | 0.06%             | 2030-07-18      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| BLUEMOUNTAIN CLO 2016-3 Ltd.                                              | BLUEM 2016-3A CR        | CUSIP: 09628VAS3<br>LEI: 549300EYIDIF4X8MHI21 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004737.00   | 0.04%             | 2030-11-15      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Kkr Financial Clo 18 Ltd.                                                 | KKR 12 DR2              | CUSIP: 48250RBL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5033200.00   | 0.20%             | 2030-10-15      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| Halcyon Ln Advisors Fdg 2018-2 Ltd/Llc                                    | HLA 2018-2A B           | CUSIP: 40490AAG5<br>LEI: 549300OG6D5MQUG20S28 | Long             | ABS-CBDO         | CORP              | KY        |   8650000 | PA      | $8684435.65   | 0.34%             | 2031-01-22      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| National Funding Inc                                                      | NATLFD 5 3/4 08/31/26   | CUSIP: 636190AA8<br>LEI: 254900M755T2IVN0F977 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3918432.84   | 0.15%             | 2026-08-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 39 Ltd.                                       | OCT39 2018-3A D         | CUSIP: 67592CAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3130000 | PA      | $3148955.28   | 0.12%             | 2030-10-20      | Floating      | 7.54%                 | 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        |  15008000 | PA      | $14844368.23  | 0.58%             | 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        |  45840000 | PA      | $45157293.88  | 1.76%             | 2026-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Battalion Clo Xii Ltd                                                     | BATLN 2018-12A DRR      | CUSIP: 07133RBC8<br>LEI: 549300JIE0P78OIZGS60 | Long             | ABS-CBDO         | CORP              | KY        |   8500000 | PA      | $8476064.00   | 0.33%             | 2031-05-17      | Floating      | 6.92%                 | Yes           |                  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      | $9375.00      | 0.00%             | 2020-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Kkr Financial Clo 18 Ltd.                                                 | KKR 15 DR2              | CUSIP: 48251MBJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3013344.00   | 0.12%             | 2032-01-18      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL VIII LTD                                              | FCBSL 2019-2A CR        | CUSIP: 34962DAU0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $290890.88    | 0.01%             | 2032-10-20      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2014-4 Ltd                                                       | VOYA 2014-4A BR2        | CUSIP: 92914RBC5<br>LEI: 549300JHU3YI1LLL3V27 | Long             | ABS-CBDO         | CORP              | KY        |   4700000 | PA      | $4721643.50   | 0.18%             | 2031-07-14      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| J P Morgan Chase Commercial Mortgage Securities Trust 2019-MFP            | JPMCC 2019-MFP D        | CUSIP: 46651MAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5224892 | PA      | $5101892.29   | 0.20%             | 2036-07-15      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Steele Creek Clo 2016 1 Ltd                                               | STCR 2016-1A CR         | CUSIP: 858102AZ9<br>LEI: 5493003PZ3HX9NW9PS65 | Long             | ABS-CBDO         | CORP              | IE        |    690000 | PA      | $692711.70    | 0.03%             | 2031-06-15      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Zais Matrix CDO I                                                         | ZAIS 2020-14A DR2       | CUSIP: 98888BBQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5013740.00   | 0.20%             | 2032-04-15      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| Voya CLO 2016-1 Limited                                                   | VOYA 2016-1A CR         | CUSIP: 92915CAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6519415.50   | 0.25%             | 2031-01-20      | Floating      | 7.24%                 | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO 2013-2 Ltd.                                              | BLUEM 2013-2A CR        | CUSIP: 09626YAU4<br>LEI: 549300KGXMRFX2DKIX03 | Long             | ABS-CBDO         | CORP              | KY        |   2337500 | PA      | $2342972.09   | 0.09%             | 2030-10-22      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| MP CLO VII LLC                                                            | MP7 2015-1A DRR         | CUSIP: 55320RAN7<br>LEI: 5493005EOEZ6JX072G15 | Long             | ABS-CBDO         | CORP              | KY        |  10500000 | PA      | $10594941.00  | 0.41%             | 2028-10-18      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| Venture XIII CLO Ltd.                                                     | VENTR 2013-13A CR       | CUSIP: 92329NAS9<br>LEI: 549300ZVVNSDW7WU0O73 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3000954.00   | 0.12%             | 2029-09-10      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                              | TII 1 5/8 04/15/30      | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  45000000 | PA      | $45788707.31  | 1.79%             | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Regatta Funding Ltd.                                                      | REG13 2018-2A CR        | CUSIP: 75888FAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  16515000 | PA      | $16572191.45  | 0.65%             | 2031-07-15      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Eagle Point Defensive Income Trust                                        | EGPNTD FLOAT 04/30/28   | CUSIP: 26982MAA6<br>LEI: 254900J2H3BOAUD0N649 | Long             | DBT              | CORP              | US        |  35000000 | PA      | $35196792.75  | 1.37%             | 2028-04-30      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| First Maryland Capital I                                                  | MTB Float 01/15/27      | CUSIP: 320808AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3932004.40   | 0.15%             | 2027-01-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Z CAPITAL CREDIT PARTNERS CLO 2018-1 LTD                                  | ZCCP 2018-1A B          | CUSIP: 98878CAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7019012.00   | 0.27%             | 2031-01-16      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Comm 2016 Cor1 Mgt                                                        | COMM 2016-COR1 B        | CUSIP: 12594MBE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $6587880.60   | 0.26%             | 2049-10-10      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | SNCR TL 1L USD          | CUSIP: BL5083896<br>LEI: N/A                  | Long             | LON              | CORP              | N/A       |  22172019 | PA      | $21950298.72  | 0.86%             | 2029-04-24      | Variable      | 11.32%                | No            |                  2 | On Loan: No      |
| XRL ALC, LLC                                                              | XRL 2025-OZK A          | CUSIP: 98383MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15000000 | PA      | $15036261.00  | 0.59%             | 2028-06-20      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WELLFLEET CLO 2016-2 LTD                                                  | WELF 2016-2A CR         | CUSIP: 94949LAS9<br>LEI: 254900SGJWAIVC8ISP96 | Long             | ABS-CBDO         | CORP              | KY        |  11486759 | PA      | $11570807.73  | 0.45%             | 2028-10-20      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| Eaton Vance Clo 2014-1 Ltd                                                | EATON 2014-1RA C        | CUSIP: 27830TAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2110000 | PA      | $2120509.91   | 0.08%             | 2030-07-15      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| MP CLO VII LLC                                                            | MP7 2015-1A CRR         | CUSIP: 55320RAL1<br>LEI: 5493005EOEZ6JX072G15 | Long             | ABS-CBDO         | CORP              | KY        |   3695000 | PA      | $3709842.82   | 0.14%             | 2028-10-18      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Trinitas Clo VIII Ltd.                                                    | TRNTS 2018-8A D         | CUSIP: 89642RAG2<br>LEI: 5493000JXST1RIX07H55 | Long             | ABS-CBDO         | CORP              | KY        |  15250000 | PA      | $15317054.25  | 0.60%             | 2031-07-20      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO 2018-3 LLC                                               | BLUEM 2018-2A C         | CUSIP: 09629VAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2180000 | PA      | $2192556.80   | 0.09%             | 2031-08-15      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Northwoods Capital Ltd                                                    | WOODS 2018-12BA CR      | CUSIP: 66858CAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  12350000 | PA      | $12361399.05  | 0.48%             | 2031-06-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| National Commerce Capital Trust I                                         | TFC Float 04/01/27      | CUSIP: 635454AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6898487.54   | 0.27%             | 2027-04-01      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| XRL ALC, LLC                                                              | XRL 2025-OZK B1         | CUSIP: 98383MAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5012362.00   | 0.20%             | 2028-06-20      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Canyon Clo 2016-1 Ltd.                                                    | CANYC 2018-1A B         | CUSIP: 13877BAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5016805.00   | 0.20%             | 2031-07-15      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2013-1 Ltd / Voya CLO 2013-1 LLC                                 | INGIM 2013-1A BR        | CUSIP: 92917CAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2507750.00   | 0.10%             | 2030-10-15      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Gladstone Capital Corporation                                             | GLAD 5 1/8 01/31/26     | CUSIP: 376535AC4<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | DBT              | CORP              | US        |  36068000 | PA      | $36059704.36  | 1.41%             | 2026-01-31      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BPR TRUST 2021-WILL                                                       | BPR 2021-WILL A         | CUSIP: 05591VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5429243 | PA      | $5418346.49   | 0.21%             | 2038-06-15      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fnd                                                    | DRSLF 2018-55A C        | CUSIP: 26245MAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1103358.30   | 0.04%             | 2031-04-15      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| HRR FDG LCC 2021                                                          | HRR 2021-1 B            | CUSIP: 40390PAB4<br>LEI: 549300VSTRU4XB27Q639 | Long             | ABS-O            | CORP              | US        |   2175080 | PA      | $1163667.79   | 0.05%             | 2036-12-20      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Sound Point CLO V Limited                                                 | SNDPT 2014-1RA C        | CUSIP: 83607EAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10500000 | PA      | $10537926.00  | 0.41%             | 2031-07-18      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| Dryden 41 Senior Loan Fund LLC                                            | DRSLF 2015-41A CR       | CUSIP: 26244KAS5<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501968.50    | 0.02%             | 2031-04-15      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Allegro CLO X Ltd.                                                        | ALLEG 2019-1A CRR       | CUSIP: 01750FAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    895000 | PA      | $898247.06    | 0.04%             | 2032-04-20      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Cumulus Media New Holdings Inc                                            | CUMINT 6 3/4 07/01/26   | CUSIP: 23110AAA4<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1302500.00   | 0.05%             | 2026-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| B. Riley Financial Inc                                                    | RILY 5 1/2              | CUSIP: 05580M827<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    170712 | NS      | $3916133.28   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ICG US CLO 2014-2 Ltd./ICG US CLO 2014-2 LLC                              | ICG 2014-2A DRR         | CUSIP: 44929BBC4<br>LEI: 635400O9MVLOIBCDSR77 | Long             | ABS-CBDO         | CORP              | KY        |  13282000 | PA      | $13376846.76  | 0.52%             | 2031-01-15      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-2                                               | PAID 2024-2 A           | CUSIP: 694961AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302302 | PA      | $304302.47    | 0.01%             | 2031-08-15      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Venture XIII CLO Ltd.                                                     | VENTR 2013-13A DR       | CUSIP: 92329NAU4<br>LEI: 549300ZVVNSDW7WU0O73 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4014972.00   | 0.16%             | 2029-09-10      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Steele Creek Clo 2017 1 Ltd                                               | STCR 2017-1A C          | CUSIP: 85816VAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1425000 | PA      | $1431083.33   | 0.06%             | 2030-10-15      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| First Maryland Capital II                                                 | MTB Float 02/01/27      | CUSIP: 32082CAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18114000 | PA      | $17757038.63  | 0.69%             | 2027-02-01      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Sachem Capital Corp                                                       | SACH 6                  | CUSIP: 78590A604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    317944 | NS      | $7293635.36   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Financial Corp.                                                 | MFIN 7 1/2 12/30/27     | CUSIP: 583928AE6<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1983530.00   | 0.08%             | 2027-12-30      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BX TRUST                                                                  | BX 2019-IMC E           | CUSIP: 05608BAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20340000 | PA      | $19802127.01  | 0.77%             | 2034-04-15      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Wind River 2013-1 CLO Ltd/LLC                                             | WINDR 2013-1A CR        | CUSIP: 87244DAP9<br>LEI: 549300HNMTL6LADXI169 | Long             | ABS-CBDO         | CORP              | KY        |  11375000 | PA      | $11467854.13  | 0.45%             | 2030-07-20      | Floating      | 8.24%                 | Yes           |                  2 | On Loan: No      |
| HALCYON LOAN ADVISORS FUNDING 2017-2 LTD                                  | HLA 2017-2A B           | CUSIP: 40490BAE8<br>LEI: 549300IKIM3YK4H3N895 | Long             | ABS-CBDO         | CORP              | KY        |   2131945 | PA      | $2132842.66   | 0.08%             | 2030-01-17      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| American National Group Inc.                                              | ANGINC 6 5/8 PERP       | CUSIP: 025676867<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |    933627 | NS      | $23620763.10  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockford Tower Clo 2017-3 Ltd                                             | ROCKT 2017-3A D         | CUSIP: 77341DAJ6<br>LEI: 549300V5ZF7112UGSH89 | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10058730.00  | 0.39%             | 2030-10-20      | Floating      | 7.24%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit Clo 2018-2 Limited                                    | BCC 2018-2A CR          | CUSIP: 05682VAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |  17000000 | PA      | $17014790.00  | 0.66%             | 2031-07-19      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Apex Credit Clo 2018 Ltd                                                  | APEXC 2018-2A CR3       | CUSIP: 03754LBG9<br>LEI: 254900YNP6L0KTS2VO90 | Long             | ABS-CBDO         | CORP              | KY        |   9000000 | PA      | $8994798.00   | 0.35%             | 2031-10-20      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Babson CLO 2015-I LLC                                                     | BABSN 2015-IA DR        | CUSIP: 056162AU4<br>LEI: 549300QR3VQZ1T0JUI29 | Long             | ABS-CBDO         | CORP              | KY        |  13400000 | PA      | $13491334.40  | 0.53%             | 2031-01-20      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Voya Clo 2015-1 Ltd                                                       | VOYA 2015-1A CR         | CUSIP: 92914NAQ4<br>LEI: 54930085W413OSH6FR69 | Long             | ABS-CBDO         | CORP              | KY        |   1434758 | PA      | $1435291.45   | 0.06%             | 2029-01-18      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Technology Finance Corp.                                         | OTFINC 6.1 03/15/28     | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9556665.51   | 0.37%             | 2028-03-15      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XIV Ltd.                                      | OCT16 2013-1A DR        | CUSIP: 67590BAY6<br>LEI: 549300QEN35HTPJ3BX33 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2006440.00   | 0.08%             | 2030-07-17      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| Steel Partners Holdings L.P.                                              | SPLP 6                  | CUSIP: 85814R206<br>LEI: 5493009U8Z59G5SIZ389 | Long             | EP               | CORP              | US        |    561946 | NS      | $13930641.34  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Two Roads Shared Trust                                                    | HOLBROOK T R F-I        | CUSIP: 90214Q493<br>LEI: 549300REHU8QC2CK4V30 | Long             | EC               | RF                | US        |    500000 | NS      | $5028350.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| APEX CREDIT CLO 2018 LTD                                                  | APEXC 2018-1A CR        | CUSIP: 03755HAS2<br>LEI: 254900YNP6L0KTS2VO90 | Long             | ABS-CBDO         | CORP              | KY        |  15225000 | PA      | $15216504.45  | 0.59%             | 2031-04-25      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mtg Tr 2016-K57                                                     | FREMF 2016-K57 C        | CUSIP: 30295DAJ1<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2000000 | PA      | $1973816.00   | 0.08%             | 2049-08-25      | Floating      | 3.92%                 | Yes           |                  2 | On Loan: No      |
| Catamaran CLO Ltd. 2014-1 Ltd.                                            | CRMN 2014-1A BR         | CUSIP: 14889DAQ1<br>LEI: 549300C8Q7ISEHHDRH76 | Long             | ABS-CBDO         | CORP              | KY        |   7476000 | PA      | $7529174.55   | 0.29%             | 2030-04-22      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| 522 Funding Clo 2018-3(A) Ltd.                                            | MORGN 2018-3A CR        | CUSIP: 33835NAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502165.50    | 0.02%             | 2031-10-20      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPTAL 24-BPR2                                             | MSC 2024-BPR2 C         | CUSIP: 61776EAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6600000 | PA      | $6932148.96   | 0.27%             | 2029-05-05      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Pennantpark Floating Rate Capital Ltd.                                    | PFLT 4 1/4 04/01/26     | CUSIP: 70806AAA4<br>LEI: 529900BH3IP6381K4L72 | Long             | DBT              | RF                | US        |  46465000 | PA      | $45816155.31  | 1.79%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fortress Credit BSL Limited                                               | FCBSL 2019-1A CR        | CUSIP: 34956NAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    995000 | PA      | $999250.64    | 0.04%             | 2032-07-23      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCAL 2023-MF9 A         | CUSIP: 98373XBD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2868852 | PA      | $2863586.97   | 0.11%             | 2026-11-25      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| Dakota Financial Llc                                                      | DAKFIN 5 09/30/26       | CUSIP: 23422TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978621.70    | 0.04%             | 2026-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ReadyCap Holdings LLC                                                     | RDYCAP 9 3/8 03/01/28   | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |  49738000 | PA      | $49702194.11  | 1.94%             | 2028-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Halcyon Loan Advisors Funding 2017-1 Ltd                                  | HLA 2017-1A BR          | CUSIP: 40538PAS0<br>LEI: 549300DR1B057AG4RV71 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002842.00   | 0.04%             | 2029-06-25      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| Dryden 70 clo ltd/llc                                                     | DRSLF 2018-70A B        | CUSIP: 26252EAE9<br>LEI: 549300S32UW0TE4JM250 | Long             | ABS-CBDO         | CORP              | NL        |    280290 | PA      | $281416.49    | 0.01%             | 2032-01-16      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Venture CDO Ltd.                                                          | VENTR 2015-22A CR       | CUSIP: 92331LAY6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  15625000 | PA      | $15664156.25  | 0.61%             | 2031-01-15      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Lcm Xxv Ltd/Lcm Xxv Llc                                                   | LCM 25A C2              | CUSIP: 50189PAN2<br>LEI: 549300FY8UGGJMQNCO13 | Long             | ABS-CBDO         | CORP              | KY        |   6021334 | PA      | $6038067.29   | 0.24%             | 2030-07-20      | Floating      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xviii Limited                                                        | OZLM 2018-18A C         | CUSIP: 67112GAE8<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | US        |   2450000 | PA      | $2461963.35   | 0.10%             | 2031-04-15      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Symphony Clo XIX                                                          | SYMP 2018-19A D         | CUSIP: 87165YAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1250395.00   | 0.05%             | 2031-04-16      | Floating      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO 2015-3 Ltd.                                              | BLUEM 2015-3A CR        | CUSIP: 09628JAS0<br>LEI: 5493009UJ1T6R11V4458 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5001610.00   | 0.20%             | 2031-04-20      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Ares XLVII CLO Ltd.                                                       | ARES 2018-47A C         | CUSIP: 04016VAG0<br>LEI: 5493001J0ZSE1Y09WE50 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500000.00   | 0.06%             | 2030-04-15      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO IV LLC                                                       | TRNTS 2016-4A DR        | CUSIP: 89640XAT3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9200000 | PA      | $9266056.00   | 0.36%             | 2031-10-18      | Floating      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| B. Riley Financial Inc                                                    | RILY 8 01/01/28         | CUSIP: 05580MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  87753000 | PA      | $84242880.00  | 3.29%             | 2028-01-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO XI Ltd                                                    | SNDPT 2013-3RA C        | CUSIP: 83609YAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8440000 | PA      | $8480360.08   | 0.33%             | 2031-04-18      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| VENTURE 31 CLO LTD                                                        | VENTR 2018-31A C1       | CUSIP: 92331VAG3<br>LEI: 549300WIVX6V4NHW6X79 | Long             | ABS-CBDO         | CORP              | KY        |  10625000 | PA      | $10650850.63  | 0.42%             | 2031-04-20      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Midocean Credit Clo Vi/Llc                                                | MIDO 2016-6A CRRR       | CUSIP: 59802XBS1<br>LEI: 549300YUUBR2C1GYW366 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004792.00   | 0.04%             | 2033-04-20      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Ramaco Resources Inc.                                                     | METC 8 3/8              | CUSIP: 75134P709<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EP               | CORP              | US        |      9472 | NS      | $239357.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ZAIS CLO 11 LIMITED                                                       | ZAIS 2018-11A CR        | CUSIP: 98887YAS6<br>LEI: 549300FPW2E2MXLOFH93 | Long             | ABS-CBDO         | CORP              | KY        |   8825000 | PA      | $8861851.44   | 0.35%             | 2032-01-20      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Tiaa CLO IV Ltd / Tiaa CLO IV LLC                                         | TIA 2018-1A BR          | CUSIP: 88631YAS6<br>LEI: 5493000Q4E256SBMCY29 | Long             | ABS-CBDO         | CORP              | KY        |   2215000 | PA      | $2226836.96   | 0.09%             | 2032-01-20      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| B. RILEY FINANCIAL INC                                                    | B. RILEY FIN 7R WARRANT | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               | CORP              | US        |    351012 | NS      | $613884.89    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Greywolf CLO V Ltd.                                                       | GWOLF 2015-1A BR        | CUSIP: 39808PAQ9<br>LEI: 549300RJBZLY8V18YD77 | Long             | ABS-CBDO         | CORP              | KY        |   1175000 | PA      | $1177734.23   | 0.05%             | 2031-01-27      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| New Mountain Finance Corporation                                          | NMFC 6.2 10/15/27       | CUSIP: 647551AG5<br>LEI: 549300L1MPTT1H7SES77 | Long             | DBT              | CORP              | US        |  42580000 | PA      | $43106477.86  | 1.68%             | 2027-10-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO 2014-1 Ltd.                                            | CANYC 2014-1A BR        | CUSIP: 13875LAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    665000 | PA      | $666872.64    | 0.03%             | 2031-01-30      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Venture XXVIII CLO Ltd                                                    | VENTR 2017-28A C2R      | CUSIP: 92331ABE3<br>LEI: 54930010DKR017G3JK24 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3517277.05   | 0.14%             | 2030-07-20      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| NexBank Capital, Inc.                                                     | NEXBAN FLOAT PERP       | CUSIP: 65341T305<br>LEI: 549300H29S945S4X7A03 | Long             | EP               | CORP              | US        |     51000 | PA      | $50872500.00  | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| DRYDEN 54 SENIOR LOAN FUND LLC                                            | DRSLF 2017-54A C        | CUSIP: 26244RAC5<br>LEI: 54930064P37IJ78XTR63 | Long             | ABS-CBDO         | CORP              | KY        |    355000 | PA      | $356954.28    | 0.01%             | 2029-10-19      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| OFS Cap Corp                                                              | OFS 4 3/4 02/10/26      | CUSIP: 67103BAA8<br>LEI: 549300XTK3HSWPDBJD13 | Long             | DBT              | RF                | US        |  25130000 | PA      | $24792568.43  | 0.97%             | 2026-02-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SOUND POINT CLO VII-R LTD                                                 | SNDPT 2014-3RA C        | CUSIP: 83610HAG5<br>LEI: 549300IYECLSB6ZQZB89 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2511780.00   | 0.10%             | 2031-10-23      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| Elevation CLO 2018-10 Ltd.                                                | AWPT 2018-10A DR        | CUSIP: 28623CAS0<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |   9800000 | PA      | $9758350.00   | 0.38%             | 2031-10-20      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| Saratoga Investment Corp.                                                 | SAR 6                   | CUSIP: 80349A802<br>LEI: 54930023WJCWPAGSWE41 | Long             | EP               | CORP              | US        |    168976 | NS      | $4217640.96   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hps Loan Management 3-2014 Ltd & Hps Loan Management 3-2014 Llc           | HLM 3A-2014 BR          | CUSIP: 40436XAG2<br>LEI: 5493006ZY0SLETMEU160 | Long             | ABS-CBDO         | CORP              | KY        |   2501439 | PA      | $2510233.62   | 0.10%             | 2029-07-18      | Floating      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| First American Funds Inc.                                                 | FRST AM-GV OB-X         | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  92753417 | PA      | $92753416.54  | 3.62%             |  |  |  | No            |                  1 | 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        |   2095000 | PA      | $2103021.76   | 0.08%             | 2030-01-16      | Floating      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| KKR Financial CLO 2013-1 Ltd.                                             | KKR 2013-1A BR2         | CUSIP: 48249VBA8<br>LEI: 549300ZUUB37M3VWNC17 | Long             | ABS-CBDO         | CORP              | KY        |   3450000 | PA      | $3458535.30   | 0.14%             | 2029-04-15      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| VENTURE XXX CLO LTD                                                       | VENTR 2017-30A C        | CUSIP: 92331NAG1<br>LEI: 5493001R7OPCYBM5NH78 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3008211.00   | 0.12%             | 2031-01-15      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Portman Ridge Finance Corporation                                         | PTMN 4 7/8 04/30/26     | CUSIP: 73688FAC6<br>LEI: 254900YM5BVQKA01I468 | Long             | DBT              | CORP              | US        |  38500000 | PA      | $38156468.74  | 1.49%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| American Coastal Insurance Corp.                                          | ACIC 6 1/4 12/15/27     | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |  32210000 | PA      | $32210000.00  | 1.26%             | 2027-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fidus Investment Corporation                                              | FDUS 6 3/4 03/19/30     | CUSIP: 316500AD9<br>LEI: 549300836CRWCROFBC02 | Long             | DBT              | CORP              | US        |  10905000 | PA      | $10917846.53  | 0.43%             | 2030-03-19      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Carbone CLO, Limited / Carbone CLO LLC                                    | CRBN 2017-1A B          | CUSIP: 141312AE8<br>LEI: 5493005I53NEC017LN87 | Long             | ABS-CBDO         | CORP              | KY        |    952000 | PA      | $954821.73    | 0.04%             | 2031-01-20      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Mountain View CLO IX Ltd.                                                 | MVEW 2017-2A C          | CUSIP: 62432LAE1<br>LEI: 549300URXZ1TS31FK720 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $700526.40    | 0.03%             | 2031-01-16      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Vi                                                                   | OZLM 2014-6A CT         | CUSIP: 67108LBR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  16470000 | PA      | $16532404.83  | 0.65%             | 2031-04-17      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2018-3 LLC                                                       | VOYA 2018-3A CR2        | CUSIP: 92917KAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $954322.50    | 0.04%             | 2031-10-15      | Floating      | 6.67%                 | 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        |  22690000 | PA      | $22319496.58  | 0.87%             | 2026-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Medallion Financial Corp.                                                 | MFIN 7 1/4 02/26/26     | CUSIP: 583928AG1<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3232882.25   | 0.13%             | 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        |    288000 | NS      | $7156800.00   | 0.28%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Midocean Credit CLO II Ltd.                                               | MIDO 2013-2A DR         | CUSIP: 59863KAQ0<br>LEI: 549300EKSLXKVD2RWW61 | Long             | ABS-CBDO         | CORP              | KY        |   3831448 | PA      | $3840824.02   | 0.15%             | 2030-01-29      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| PennantPark Investment Corporation                                        | PNNT 4 1/2 05/01/26     | CUSIP: 708062AC8<br>LEI: 529900OK432R4C6NQQ73 | Long             | DBT              | CORP              | US        |  31452000 | PA      | $31014851.48  | 1.21%             | 2026-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Stellus Capital Investment Corporation                                    | SCM 7 1/4 04/01/30      | CUSIP: 858568AC2<br>LEI: 5493001DZV6QC1KUSC43 | Long             | DBT              | RF                | US        |   9500000 | PA      | $9501075.59   | 0.37%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XXII Ltd.                                     | OCT22 2014-1A DRR       | CUSIP: 67572YBW1<br>LEI: 549300MQ9W5DWZ8QX450 | Long             | ABS-CBDO         | CORP              | KY        |   4500000 | PA      | $4526599.50   | 0.18%             | 2030-01-22      | Floating      | 7.34%                 | Yes           |                  2 | On Loan: No      |
| Saratoga Investment Corp.                                                 | SAR 4.35 02/28/27       | CUSIP: 80349AAF6<br>LEI: 54930023WJCWPAGSWE41 | Long             | DBT              | CORP              | US        |  18482000 | PA      | $17629115.77  | 0.69%             | 2027-02-28      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund XIII LLC                                           | ATCLO 2019-13A D        | CUSIP: 04942VAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5041080.00   | 0.20%             | 2031-04-22      | Floating      | 8.70%                 | Yes           |                  2 | On Loan: No      |
| ZAIS CLO 7 LTD                                                            | ZAIS7 2017-2A C         | CUSIP: 98887VAE3<br>LEI: 549300XFDOUEB0QTZS87 | Long             | ABS-CBDO         | CORP              | KY        |  12400000 | PA      | $12452762.00  | 0.49%             | 2030-04-15      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO 2018-3 LTD/LLC                                           | BLUEM 2018-3A C         | CUSIP: 09630AAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5350000 | PA      | $5374610.00   | 0.21%             | 2030-10-25      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| PPM CLO 2018-1 LTD                                                        | PPMC 2018-1A D          | CUSIP: 69355DAG2<br>LEI: 549300NI5BL19ELU5U14 | Long             | ABS-CBDO         | CORP              | KY        |   6200000 | PA      | $6239376.20   | 0.24%             | 2031-07-15      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                                     | XCALFD 5 09/01/24       | CUSIP: 98373XAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2958369.60   | 0.12%             | 2025-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Portman Ridge Finance Corporation                                         | LRFC 5 1/4 10/30/26     | CUSIP: 541098AB5<br>LEI: 254900YM5BVQKA01I468 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10028500.00  | 0.39%             | 2026-10-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Investment Corp                                          | MFIC 4 1/2 07/16/26     | CUSIP: 03761UAH9<br>LEI: 5493005P14I7WFB3FW47 | Long             | DBT              | CORP              | US        |   1935000 | PA      | $1894293.58   | 0.07%             | 2026-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| XCAL 2019-IL-1 MORTGAGE TRUST                                             | XCAL 2019-1 A           | CUSIP: 98370LAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1328038 | PA      | $536945.76    | 0.02%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO 2014-5 Ltd.                                                       | OCP 2014-5A BR          | CUSIP: 67102SAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1505000 | PA      | $1510341.25   | 0.06%             | 2031-04-26      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Secured Loan Fund VIII Ltd/Llc                               | ATCLO 2017-8A D         | CUSIP: 04943AAJ8<br>LEI: 2549008VGBH29LRDN709 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4033424.00   | 0.16%             | 2030-01-16      | Floating      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| Lcm XVII LP                                                               | LCM 17A CRR             | CUSIP: 50190AAT9<br>LEI: 549300K6S4MWQOINB710 | Long             | ABS-CBDO         | CORP              | KY        |   4330000 | PA      | $4348510.75   | 0.17%             | 2031-10-15      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo Ix  Ltd                                                   | SNDPT 2015-2A CRRR      | CUSIP: 83609GBS3<br>LEI: 549300W2FX6HEXN27U70 | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10037740.00  | 0.39%             | 2032-07-20      | Floating      | 7.09%                 | Yes           |                  2 | On Loan: No      |
| READY CAPITAL MORTGAGE FINANCING 20                                       | RCMT 2023-FL11 A        | CUSIP: 75575RAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2082220 | PA      | $2087025.81   | 0.08%             | 2039-10-25      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| Galaxy XXI CLO Ltd                                                        | GALXY 2015-21A DR       | CUSIP: 36320WAS5<br>LEI: 549300BW4412X0TZDD77 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003651.00   | 0.04%             | 2031-04-20      | Floating      | 7.24%                 | Yes           |                  2 | On Loan: No      |
| Broadmark Realty Capital Inc                                              | BRMK 5 11/15/26         | CUSIP: 11135BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1443363.90   | 0.06%             | 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        |   1084339 | NS      | $27043414.66  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Uirc-Gsa International, Llc                                               | UIRCIN 6 1/2 PERP       | CUSIP: 90278W402<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3950 | NS      | $3476000.00   | 0.14%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Northwoods Capital XIV-B Ltd.                                             | WOODS 2018-14BA D       | CUSIP: 66860CAJ2<br>LEI: 549300QQDSTCZ860F679 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $6026046.00   | 0.24%             | 2031-11-13      | Floating      | 7.97%                 | Yes           |                  2 | On Loan: No      |
| AMMC CLO XII Ltd.                                                         | AMMC 2013-12A DR        | CUSIP: 00176CAU5<br>LEI: 549300YZO1X7UK2OVY35 | Long             | ABS-CBDO         | CORP              | KY        |   3100000 | PA      | $3114675.40   | 0.12%             | 2030-11-10      | Floating      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Atrium Xiii                                                               | ATRM 13A C              | CUSIP: 04966HAG1<br>LEI: 549300BF3YFW8EHN6F75 | Long             | ABS-CBDO         | CORP              | KY        |   1010000 | PA      | $1013173.42   | 0.04%             | 2030-11-21      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Babcock & Wilcox Enterprises Inc.                                         | BW 8.75 06/30/30        | CUSIP: 05614LAB6<br>LEI: 5493006H661OZN2C0T54 | Long             | DBT              | CORP              | US        |  78068000 | PA      | $78068000.00  | 3.05%             | 2030-06-30      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Horizon Technology Finance Corporation                                    | HRZN 4 7/8              | CUSIP: 44045A409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    509190 | NS      | $12729750.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Annisa Clo Limited                                                        | ANNSA 2016-2A DRR       | CUSIP: 036011AW4<br>LEI: 635400B2JX1NQDWJQK96 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001351.00   | 0.04%             | 2031-07-20      | Floating      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| PDOF Msn Issuer LLC                                                       | PDOFMS FLOAT 03/01/25   | CUSIP: 69429PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4976790 | PA      | $4879372.46   | 0.19%             | 2026-03-01      | Floating      | 8.82%                 | 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      | $1991191.40   | 0.08%             | 2026-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Betony Clo Ltd.                                                           | BTNY2 2018-1A B         | CUSIP: 08763QAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    905000 | PA      | $906476.06    | 0.04%             | 2031-04-30      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Midocean Credit CLO IX                                                    | MIDO 2018-9A B          | CUSIP: 59802MAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    953893 | PA      | $954581.01    | 0.04%             | 2031-07-20      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| OZLM Funding IX Ltd./LLC                                                  | OZLM 2014-9A CRR        | CUSIP: 67109KAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7051079.00   | 0.28%             | 2031-10-20      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-3                                         | VERUS 2023-3 A2         | CUSIP: 92539GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142823 | PA      | $143239.15    | 0.01%             | 2068-03-25      | Floating      | 6.44%                 | 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        |    943580 | PA      | $941729.68    | 0.04%             | 2025-12-31      | Floating      | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XIV Ltd / Octagon Investment Partners XIV LLC | OCT14 2012-1A BRR       | CUSIP: 67590ABV3<br>LEI: 549300QEN35HTPJ3BX33 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501320.00    | 0.02%             | 2029-07-15      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Eagle Point Enhanced Income Trust                                         | EAGLPO Float 11/15/29   | CUSIP: 269806AA3<br>LEI: 254900X2NX42WZSOAZ97 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $24566611.50  | 0.96%             | 2029-11-15      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Voya CLO 2014-2 Ltd.                                                      | VOYA 2014-2A BRR        | CUSIP: 92912VBE4<br>LEI: 549300L8S87K3SMP0R77 | Long             | ABS-CBDO         | CORP              | KY        |   3355000 | PA      | $3362444.75   | 0.13%             | 2030-04-17      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO V Limited                                                 | SNDPT 2014-1RA B        | CUSIP: 83607EAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004192.00   | 0.04%             | 2031-07-18      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Ares Xlv Clo Ltd                                                          | ARES 2017-45A DR        | CUSIP: 04016QAL0<br>LEI: 549300VFCO6SQG8OL714 | Long             | ABS-CBDO         | CORP              | US        |    375000 | PA      | $374011.13    | 0.01%             | 2030-10-15      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Bluemountain Fuji US CLO I Ltd.                                           | BLUEM 2017-2A B         | CUSIP: 09629EAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004528.00   | 0.04%             | 2030-10-20      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| Main Street Capital Corp.                                                 | MAIN 6.95 03/01/29      | CUSIP: 56035LAH7<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9360271.62   | 0.37%             | 2029-03-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-1                                         | VERUS 2023-1 A1         | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    327391 | PA      | $326942.46    | 0.01%             | 2067-12-25      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Rockford Tower Clo 2017-3 Ltd                                             | ROCKT 2017-3A C         | CUSIP: 77341DAG2<br>LEI: 549300V5ZF7112UGSH89 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002649.00   | 0.04%             | 2030-10-20      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Sound Pt Clo Xxi Ltd / Llc                                                | SNDPT 2018-3A B         | CUSIP: 83613HAG2<br>LEI: 5493001O6AOY43J70E72 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3028647.60   | 0.12%             | 2031-10-26      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Kkr Clo 21 Ltd                                                            | KKR 21 D                | CUSIP: 48252KAG4<br>LEI: 5493008X0MRR4A6VYF15 | Long             | ABS-CBDO         | CORP              | US        |   4522000 | PA      | $4546572.55   | 0.18%             | 2031-04-15      | Floating      | 7.18%                 | 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      | $3934400.00   | 0.15%             | 2026-08-13      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Mp Clo Iii, Ltd                                                           | MP3 2013-1A DR          | CUSIP: 553205AJ4<br>LEI: 549300FWSFBNCWDD1P18 | Long             | ABS-CBDO         | CORP              | KY        |  12600000 | PA      | $12706457.40  | 0.50%             | 2030-10-20      | Floating      | 7.64%                 | Yes           |                  2 | On Loan: No      |
| JEFFERSON MILL CLO LTD                                                    | JEFFM 2015-1A CRR       | CUSIP: 47421MBN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  12400000 | PA      | $12475330.00  | 0.49%             | 2031-10-20      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Steele Creek Clo 2014-1R Ltd.                                             | STCR 2014-1RA C         | CUSIP: 85816WAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2305000 | PA      | $2310601.15   | 0.09%             | 2031-04-21      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Ozlm Xxi.. Ltd                                                            | OZLM 2018-20A B         | CUSIP: 67112MAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4915000 | PA      | $4939398.06   | 0.19%             | 2031-04-20      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Crescent Capital BDC, Inc.                                                | CCABDC 5                | CUSIP: 225655208<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EP               | CORP              | US        |    255449 | NS      | $6353016.63   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson's Bay Simon JV Trust                                               | HBCT 2015-HB10 B10      | CUSIP: 44422PBW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5520000 | PA      | $5499954.12   | 0.21%             | 2034-08-05      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Enstar Group Ltd                                                          | ESGR 7 PERP             | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |   1515999 | NS      | $34867977.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenergy Co Ltd.                                                          | SHACK 2013-4RA B        | CUSIP: 81882HAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CN        |   1555000 | PA      | $1560201.48   | 0.06%             | 2031-04-13      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Finance of America Structured Securities Trust 2022-S3                    | FASST 2022-S3 A1        | CUSIP: 31739PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14296590 | PA      | $14345065.18  | 0.56%             | 2052-06-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| FS KKR Capital Corp                                                       | FSK 3 1/8 10/12/28      | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |  12774000 | PA      | $11778566.25  | 0.46%             | 2028-10-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO III/MidOcean Credit CLO III LLC                       | MIDO 2014-3A CR         | CUSIP: 59802UAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2050000 | PA      | $2054499.75   | 0.08%             | 2031-04-21      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2013-IV Ltd                                                  | CIFC 2013-4A DR2        | CUSIP: 12549FCA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $9960010.00   | 0.39%             | 2031-04-27      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL FUND MORTGAGE TRUST 2022-NQM7                                    | IMPRL 2022-NQM7 A1      | CUSIP: 452763AA3<br>LEI: 984500DDE091107DY398 | Long             | ABS-O            | CORP              | US        |   2699225 | PA      | $2706055.96   | 0.11%             | 2067-11-25      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| STEELE CREEK CLO LTD 2019-1                                               | STCR 2019-1A CRR        | CUSIP: 85817BAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  15000000 | PA      | $15021855.00  | 0.59%             | 2032-04-15      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Vinebrook Homes Trust Inc                                                 | VINBRK 6 1/2            | CUSIP: 92737L209<br>LEI: 5493007VIZSKYNAKUH78 | Long             | EP               | CORP              | US        |    124000 | NS      | $2604000.00   | 0.10%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Thl Credit Wr 2014-3K Clo Ltd                                             | WINDR 2014-3KRA C       | CUSIP: 88390BAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10800000 | PA      | $10854345.60  | 0.42%             | 2030-10-15      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | EPTLLC 7 1/4 08/01/28   | CUSIP: 26889BAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25000000 | PA      | $24917250.00  | 0.97%             | 2028-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Canyon CLO 2016-1 Ltd / Canyon CLO 2016-1 LLC                             | CANYC 2016-1A BR        | CUSIP: 13887PAM7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $290703.83    | 0.01%             | 2031-07-15      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Rockford Tower Clo 2018-1 Ltd/ Llc                                        | ROCKT 2018-1A D         | CUSIP: 77342JAG8<br>LEI: 549300KPFGDIQ0PMP224 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5028220.00   | 0.20%             | 2031-05-20      | Floating      | 7.58%                 | 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      | $2004281.60   | 0.08%             | 2027-04-25      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Ozlm XXIV Ltd.                                                            | OZLM 2019-24A BR        | CUSIP: 67113DBG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    620000 | PA      | $623386.44    | 0.02%             | 2032-07-20      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| Battalion CLO VIII Ltd.                                                   | BATLN 2015-8A BR2       | CUSIP: 07132ACG6<br>LEI: 549300WH2OE0BGHQQP83 | Long             | ABS-CBDO         | CORP              | KY        |   2260000 | PA      | $2273545.08   | 0.09%             | 2030-07-18      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Loan Fund XI Ltd                                             | ATCLO 2018-11A C        | CUSIP: 04941YAL3<br>LEI: 635400RPGP64VI1SZW03 | Long             | ABS-CBDO         | CORP              | KY        |   3275000 | PA      | $3287346.75   | 0.13%             | 2031-07-26      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies Clo 2013-3 LLC                           | CGMS 2013-3A CR         | CUSIP: 14310GAW0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  18000000 | PA      | $18061518.60  | 0.71%             | 2030-10-15      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| GALAXY XXVI CLO LTD                                                       | GALXY 2018-26A DR       | CUSIP: 36321LAQ2<br>LEI: 549300GJYHKO4BDEN716 | Long             | ABS-CBDO         | CORP              | KY        |   6425000 | PA      | $6459193.85   | 0.25%             | 2031-11-22      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| Great Elm Capital Corporation                                             | GECC 5 7/8              | CUSIP: 390320604<br>LEI: 549300JTA9ODXNIVFC33 | Long             | EP               | CORP              | US        |    690892 | NS      | $17403569.48  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sound Point  Clo Xvi Limited                                              | SNDPT 2017-2A CR        | CUSIP: 83610KAN3<br>LEI: 549300ZK5CJ7PM7YBH85 | Long             | ABS-CBDO         | CORP              | KY        |   2890000 | PA      | $2902770.91   | 0.11%             | 2030-07-25      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Eaton Vance CLO 2015-1 LLC                                                | EATON 2015-1A DR        | CUSIP: 27830KBA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1502535.00   | 0.06%             | 2030-01-20      | Floating      | 7.09%                 | Yes           |                  2 | On Loan: No      |
| OFS Cap Corp                                                              | OFS 7 1/2               | CUSIP: 67103B803<br>LEI: 549300XTK3HSWPDBJD13 | Long             | EP               | RF                | US        |    430780 | NS      | $10812578.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares XXXVII Clo Limited                                                   | ARES 2015-4A CRR        | CUSIP: 04015NAU8<br>LEI: 635400YF4AHA6NB2CU53 | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2759784.50   | 0.11%             | 2030-10-15      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Shackleton 2013-Iii Clo Ltd                                               | SHACK 2013-3A CR        | CUSIP: 81881QAW6<br>LEI: 549300S9WB2KLCOJR134 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5028646.50   | 0.20%             | 2030-07-15      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer