REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Principal              
Amount ($)      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.5%           
     AEROSPACE & DEFENSE — 0.2%           
 98,000   Bombardier, Inc.(a)  7.8750  04/15/27  $90,886 
 89,000   Howmet Aerospace, Inc.  6.8750  05/01/25   93,783 
 214,000   TransDigm, Inc.  6.3750  06/15/26   214,284 
 99,000   TransDigm, Inc.  5.5000  11/15/27   93,890 
               492,843 
     AUTOMOTIVE — 0.3%           
 96,000   American Axle & Manufacturing, Inc.  6.2500  03/15/26   90,966 
 206,000   Ford Motor Company  4.3460  12/08/26   202,727 
 94,000   Ford Motor Company  4.7500  01/15/43   77,607 
 88,000   Ford Motor Company  5.2910  12/08/46   75,927 
 214,000   Goodyear Tire & Rubber Company (The)  5.0000  05/31/26   210,545 
               657,772 
     BIOTECH & PHARMA — 0.1%           
 215,000   Bausch Health Companies, Inc.(a)  7.0000  01/15/28   119,977 
 107,000   Bausch Health Companies, Inc.(a)  6.2500  02/15/29   57,577 
 103,000   Endo Luxembourg Finance Company I Sarl / Endo US,(a)  6.1250  04/01/29   82,938 
 100,000   Par Pharmaceutical, Inc.(a)  7.5000  04/01/27   80,430 
               340,922 
     CABLE & SATELLITE — 0.4%           
 211,000   CCO Holdings, LLC / CCO Holdings Capital(a)  5.0000  02/01/28   204,002 
 95,000   CCO Holdings, LLC / CCO Holdings Capital(a)  5.3750  06/01/29   90,701 
 98,000   CCO Holdings, LLC / CCO Holdings Capital(a)  4.7500  03/01/30   89,317 
 100,000   CCO Holdings, LLC / CCO Holdings Capital(a)  4.5000  08/15/30   89,064 
 102,000   CCO Holdings, LLC / CCO Holdings Capital(a)  4.2500  02/01/31   88,635 
 96,000   DISH DBS Corporation  5.8750  11/15/24   88,599 
 92,000   DISH DBS Corporation  7.7500  07/01/26   76,616 
 207,000   DISH DBS Corporation  7.3750  07/01/28   148,454 
 204,000   Sirius XM Radio, Inc.(a)  5.5000  07/01/29   200,151 
 102,000   Sirius XM Radio, Inc.(a)  4.1250  07/01/30   91,917 
               1,167,456 
     CHEMICALS — 0.1%           
 208,000   Avient Corporation  5.2500  03/15/23   208,502 
 138,000   Olin Corporation  5.5000  08/15/22   138,173 
               346,675 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal              
Amount ($)      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.5% (Continued)           
     COMMERCIAL SUPPORT SERVICES — 0.1%           
 95,000   Prime Security Services Borrower, LLC / Prime(a)  5.7500  04/15/26  $96,697 
 126,000   RR Donnelley & Sons Company  8.2500  07/01/27   118,022 
               214,719 
     CONTAINERS & PACKAGING — 0.3%           
 209,000   Ball Corporation  4.0000  11/15/23   208,744 
 197,000   Pactiv, LLC B  7.9500  12/15/25   175,823 
 173,000   Sealed Air Corporation(a)  6.8750  07/15/33   183,178 
               567,745 
     ELECTRIC UTILITIES — 0.4%           
 219,000   Calpine Corporation(a)  5.1250  03/15/28   206,954 
 94,000   FirstEnergy Corporation  4.4000  07/15/27   92,267 
 214,000   PG&E Corporation  5.0000  07/01/28   196,310 
 329,000   Talen Energy Supply, LLC  6.5000  06/01/25   244,850 
 214,000   Vistra Operations Company, LLC(a)  5.5000  09/01/26   217,103 
               957,484 
     ELECTRICAL EQUIPMENT — 0.1%           
 199,000   WESCO Distribution, Inc.(a)  7.2500  06/15/28   206,467 
                 
     ENTERTAINMENT CONTENT — 0.2%           
 384,000   Diamond Sports Group, LLC / Diamond Sports Finance(a)  5.3750  08/15/26   84,960 
 196,000   Liberty Interactive, LLC  8.5000  07/15/29   132,316 
 218,000   Univision Communications, Inc.(a)  5.1250  02/15/25   212,259 
               429,535 
     FOOD — 0.4%           
 98,000   Kraft Heinz Foods Company  3.0000  06/01/26   95,014 
 94,000   Kraft Heinz Foods Company  3.8750  05/15/27   93,531 
 82,000   Kraft Heinz Foods Company  6.3750  07/15/28   91,166 
 67,000   Kraft Heinz Foods Company(a)  7.1250  08/01/39   77,814 
 83,000   Kraft Heinz Foods Company  5.0000  06/04/42   80,911 
 80,000   Kraft Heinz Foods Company  5.2000  07/15/45   79,759 
 88,000   Kraft Heinz Foods Company  4.3750  06/01/46   78,171 
 82,000   Kraft Heinz Foods Company  4.8750  10/01/49   77,563 
 73,000   Post Holdings, Inc.(a)  5.7500  03/01/27   72,904 
 102,000   Post Holdings, Inc.(a)  4.6250  04/15/30   91,630 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal              
Amount ($)      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.5% (Continued)           
     FOOD — 0.4% (Continued)           
 104,000   Post Holdings, Inc.(a)  4.5000  09/15/31  $91,799 
               930,262 
     FORESTRY, PAPER & WOOD PRODUCTS — 0.1%           
 220,000   Louisiana-Pacific Corporation(a)  3.6250  03/15/29   191,083 
                 
     HEALTH CARE FACILITIES & SERVICES — 0.7%           
 95,000   Centene Corporation  4.6250  12/15/29   93,813 
 99,000   Centene Corporation  3.3750  02/15/30   90,104 
 100,000   Centene Corporation  3.0000  10/15/30   89,377 
 104,000   Centene Corporation  2.5000  03/01/31   89,375 
 100,000   CHS/Community Health Systems, Inc.(a)  6.8750  04/15/29   55,771 
 216,000   DaVita, Inc.(a)  4.6250  06/01/30   177,533 
 108,000   DaVita, Inc.(a)  3.7500  02/15/31   82,335 
 92,000   HCA, Inc.  5.3750  02/01/25   93,998 
 193,000   HCA, Inc.  5.8750  02/15/26   199,713 
 87,000   HCA, Inc.  5.6250  09/01/28   90,120 
 97,000   HCA, Inc.  3.5000  09/01/30   88,673 
 97,000   Tenet Healthcare Corporation(a)  6.1250  10/01/28   94,688 
 193,000   Tenet Healthcare Corporation  6.8750  11/15/31   186,483 
               1,431,983 
     HOME & OFFICE PRODUCTS — 0.1%           
 210,000   Newell Brands, Inc.  4.1000  04/01/23   209,660 
 94,000   Newell Brands, Inc.  4.2000  04/01/26   92,953 
               302,613 
     HOME CONSTRUCTION — 0.1%           
 139,000   Beazer Homes USA, Inc. B  6.7500  03/15/25   132,977 
 212,000   Toll Brothers Finance Corporation B  4.3750  04/15/23   211,826 
               344,803 
     INSURANCE — 0.2%           
 219,000   Genworth Holdings, Inc.  4.8000  02/15/24   219,175 
 42,000   MBIA, Inc.  6.6250  10/01/28   40,159 
 207,000   Radian Group, Inc.  4.5000  10/01/24   204,491 
               463,825 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal              
Amount ($)      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.5% (Continued)           
     INTERNET MEDIA & SERVICES — 0.2%           
 89,000   Netflix, Inc.  4.8750  04/15/28  $88,535 
 84,000   Netflix, Inc.  5.8750  11/15/28   87,352 
 188,000   Netflix, Inc.(a)  4.8750  06/15/30   185,886 
               361,773 
     LEISURE FACILITIES & SERVICES — 0.5%           
 105,000   1011778 BC ULC / New Red Finance, Inc.(a)  4.0000  10/15/30   91,754 
 97,000   Carnival Corporation(a)  7.6250  03/01/26   84,119 
 100,000   Carnival Corporation(a)  5.7500  03/01/27   80,438 
 135,000   Carnival Corporation  6.6500  01/15/28   95,758 
 104,000   Hilton Domestic Operating Company, Inc.(a)  3.6250  02/15/32   89,971 
 201,000   MGM Resorts International  5.7500  06/15/25   199,493 
 101,000   NCL Corporation Ltd.(a)  5.8750  03/15/26   82,659 
 214,000   Royal Caribbean Cruises Ltd.  5.2500  11/15/22   212,612 
 100,000   Royal Caribbean Cruises Ltd.(a)  5.5000  04/01/28   75,786 
               1,012,590 
     METALS & MINING — 0.1%           
 101,000   FMG Resources August 2006 Pty Ltd.(a)  4.3750  04/01/31   88,022 
 82,000   Freeport-McMoRan, Inc.  5.4500  03/15/43   77,008 
 98,000   Novelis Corporation(a)  4.7500  01/30/30   90,797 
               255,827 
     OIL & GAS PRODUCERS — 1.0%           
 204,000   Apache Corporation  4.8750  11/15/27   192,669 
 91,000   Apache Corporation  5.1000  09/01/40   81,143 
 98,000   Cheniere Energy Partners, L.P.  4.0000  03/01/31   90,928 
 39,000   Cheniere Energy, Inc.(a)  4.6250  10/15/28   38,023 
 73,000   Cheniere Energy, Inc.  4.6250  10/15/28   71,171 
 95,000   Comstock Resources, Inc.(a)  6.7500  03/01/29   94,288 
 85,000   Continental Resources Inc/OK(a)  5.7500  01/15/31   83,925 
 214,000   EQM Midstream Partners, L.P.  4.0000  08/01/24   205,401 
 96,000   EQT Corporation  3.9000  10/01/27   93,575 
 199,000   Murphy Oil Corporation  7.0500  05/01/29   194,561 
 220,000   New Fortress Energy, Inc.(a)  6.7500  09/15/25   215,064 
 105,000   New Fortress Energy, Inc.(a)  6.5000  09/30/26   99,902 
 101,000   NGL Energy Operating, LLC / NGL Energy Finance(a)  7.5000  02/01/26   92,715 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal              
Amount ($)      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.5% (Continued)           
     OIL & GAS PRODUCERS — 1.0% (Continued)           
 100,000   Occidental Petroleum Corporation  2.9000  08/15/24  $99,250 
 201,000   Occidental Petroleum Corporation  5.5500  03/15/26   206,786 
 101,000   Occidental Petroleum Corporation  3.5000  08/15/29   95,093 
 76,000   Occidental Petroleum Corporation  8.8750  07/15/30   91,101 
 83,000   Occidental Petroleum Corporation  6.6250  09/01/30   92,181 
 85,000   Occidental Petroleum Corporation  6.1250  01/01/31   91,467 
 80,000   Occidental Petroleum Corporation  6.4500  09/15/36   89,071 
 161,000   Ovintiv, Inc.  8.1250  09/15/30   186,229 
 93,000   Western Midstream Operating, L.P.  5.3000  02/01/30   86,697 
               2,591,240 
     OIL & GAS SERVICES & EQUIPMENT — 0.2%           
 245,000   Nabors Industries, Inc. B  5.7500  02/01/25   225,008 
 278,000   Transocean, Inc.(a)  8.0000  02/01/27   187,062 
               412,070 
     REAL ESTATE INVESTMENT TRUSTS — 0.3%           
 213,000   Iron Mountain, Inc.(a)  4.8750  09/15/27   202,964 
 98,000   Iron Mountain, Inc.(a)  5.2500  07/15/30   91,891 
 215,000   iStar, Inc.  4.2500  08/01/25   205,300 
 101,000   MPT Operating Partnership, L.P. / MPT Finance  3.5000  03/15/31   87,173 
 99,000   SBA Communications Corporation  3.8750  02/15/27   94,575 
 106,000   SBA Communications Corporation  3.1250  02/01/29   92,901 
               774,804 
     REAL ESTATE SERVICES — 0.1%           
 212,000   Realogy Group, LLC / Realogy Co-Issuer Corporation(a)  4.8750  06/01/23   209,604 
                 
     RETAIL - CONSUMER STAPLES — 0.2%           
 104,000   Albertsons Companies Inc / Safeway Inc / New(a)  3.5000  03/15/29   91,295 
 178,000   New Albertsons, L.P.  8.0000  05/01/31   180,652 
 236,000   Rite Aid Corporation B  7.7000  02/15/27   165,776 
 120,000   Safeway, Inc.  7.2500  02/01/31   118,132 
               555,855 
     RETAIL - DISCRETIONARY — 0.1%           
 101,000   Magic MergerCo, Inc.(a)  7.8750  05/01/29   69,435 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal              
Amount ($)      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.5% (Continued)           
     RETAIL - DISCRETIONARY — 0.1% (Continued)           
 224,000   Staples, Inc.(a)  10.7500  04/15/27  $167,507 
               236,942 
     SEMICONDUCTORS — 0.1%           
 206,000   Amkor Technology, Inc.(a)  6.6250  09/15/27   205,014 
                 
     SPECIALTY FINANCE — 0.3%           
 210,000   Navient Corporation  5.5000  01/25/23   211,438 
 208,000   OneMain Finance Corporation  5.6250  03/15/23   208,335 
 91,000   OneMain Finance Corporation  6.8750  03/15/25   89,524 
 89,000   OneMain Finance Corporation  7.1250  03/15/26   86,335 
               595,632 
     STEEL — 0.1%           
 208,000   United States Steel Corporation  6.6500  06/01/37   179,534 
                 
     TECHNOLOGY HARDWARE — 0.3%           
 172,000   Dell, Inc.  7.1000  04/15/28   190,739 
 99,000   Imola Merger Corporation(a)  4.7500  05/15/29   92,344 
 137,000   Pitney Bowes, Inc.  4.6250  03/15/24   130,228 
 93,000   Western Digital Corporation  4.7500  02/15/26   91,727 
 212,000   Xerox Corporation  3.8000  05/15/24   206,136 
               711,174 
     TECHNOLOGY SERVICES — 0.2%           
 189,000   Sabre GLBL, Inc.(a)  9.2500  04/15/25   192,528 
 201,000   Unisys Corporation(a)  6.8750  11/01/27   188,740 
               381,268 
     TELECOMMUNICATIONS — 0.6%           
 199,000   CenturyLink, Inc.  7.5000  04/01/24   204,989 
 92,000   Embarq Corporation  7.9950  06/01/36   75,928 
 215,000   Frontier Communications Corporation(a)  5.0000  05/01/28   202,393 
 81,000   Sprint Capital Corporation  6.8750  11/15/28   91,033 
 68,000   Sprint Capital Corporation  8.7500  03/15/32   88,181 
 92,000   Sprint Corporation  7.8750  09/15/23   95,432 
 90,000   Sprint Corporation  7.1250  06/15/24   94,293 
 88,000   Sprint Corporation  7.6250  02/15/25   93,822 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal              
Amount ($)      Coupon Rate (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.5% (Continued)           
     TELECOMMUNICATIONS — 0.6% (Continued)           
 181,000   Sprint Corporation  7.6250  03/01/26  $198,844 
 84,000   Telecom Italia Capital S.A.  7.2000  07/18/36   69,909 
 81,000   Telecom Italia Capital S.A.  7.7210  06/04/38   67,447 
 98,000   T-Mobile USA, Inc.  3.5000  04/15/31   90,873 
 85,000   Vodafone Group plc(b)  7.0000  04/04/79   89,562 
 96,000   Windstream Escrow, LLC / Windstream Escrow Finance(a)  7.7500  08/15/28   86,381 
 105,000   Zayo Group Holdings, Inc.(a)  4.0000  03/01/27   91,704 
               1,640,791 
     TRANSPORTATION & LOGISTICS — 0.4%           
 82,000   American Airlines, Inc.(a)  11.7500  07/15/25   90,778 
 97,000   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)  5.5000  04/20/26   95,896 
 95,000   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)  5.7500  04/20/29   91,656 
 87,000   Delta Air Lines, Inc.  7.3750  01/15/26   91,468 
 97,000   Hawaiian Brand Intellectual Property Ltd. /(a)  5.7500  01/20/26   94,145 
 213,000   United Airlines Holdings, Inc.  5.0000  02/01/24   209,392 
 99,000   United Airlines, Inc.(a)  4.3750  04/15/26   94,759 
 99,000   United Airlines, Inc.(a)  4.6250  04/15/29   91,337 
               859,431 
                 
     TOTAL CORPORATE BONDS (Cost $22,789,218)         20,029,736 
                 
     U.S. GOVERNMENT & AGENCIES — 20.2%           
     U.S. TREASURY NOTES — 20.2 %           
 12,572,000   United States Treasury Note  0.8750  01/31/24   12,189,929 
 8,463,000   United States Treasury Note  2.5000  05/31/24   8,399,528 
 10,074,000   United States Treasury Note  1.1250  01/15/25   9,660,415 
 5,028,000   United States Treasury Note  1.5000  01/31/27   4,768,940 
 1,810,000   United States Treasury Note  3.1250  11/15/28   1,852,068 
 1,508,000   United States Treasury Note  2.6250  02/15/29   1,501,403 
 1,508,000   United States Treasury Note  2.3750  05/15/29   1,478,606 
 1,206,000   United States Treasury Note  1.5000  02/15/30   1,113,006 
 3,654,000   United States Treasury Note  0.6250  08/15/30   3,125,454 
 1,576,000   United States Treasury Note  0.8750  11/15/30   1,373,706 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal              
Amount ($)      Coupon Rate (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 20.2% (Continued)           
     U.S. TREASURY NOTES — 20.2% (Continued)           
 2,146,000   United States Treasury Note  1.6250  05/15/31  $1,979,434 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $49,769,448)         47,442,489 
                 
Shares               
     SHORT-TERM INVESTMENTS — 61.6%           
     U.S. TREASURY BILLS — 46.9%           
 24,000,000   United States Treasury Bill(c)  0.0000  08/04/22   23,996,380 
 12,908,000   United States Treasury Bill(c)  0.0000  09/08/22   12,879,404 
 24,000,000   United States Treasury Bill(c)  0.0000  11/03/22   23,847,060 
 17,629,000   United States Treasury Bill(c)  0.0000  01/26/23   17,386,505 
 24,000,000   United States Treasury Bill(c)  0.0000  04/20/23   23,515,082 
 8,611,000   United States Treasury Bill(c)  0.0000  05/18/23   8,420,329 
     TOTAL U.S. TREASURY BILLS (Cost $110,523,816)         110,044,760 
                 
     MONEY MARKET FUNDS - 14.7%           
 34,541,304   First American Government Obligations Fund Class X, 1.70%(d)         34,541,304 
     TOTAL MONEY MARKET FUNDS (Cost $34,541,304)           
                 
     TOTAL SHORT-TERM INVESTMENTS (Cost $145,065,120)         144,586,064 
                 
     TOTAL INVESTMENTS - 90.3% (Cost $217,623,786)        $212,058,289 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 9.7%         22,803,253 
     NET ASSETS - 100.0%        $234,861,542 

 

ETF - Exchange-Traded Fund
   
LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
S.A. - Société Anonyme

 

(a)  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, 2022 the total market value of 144A securities is 7,559,552 or 3.2% of net assets.

 

(b)  Variable rate security; the rate shown represents the rate on July 31, 2022.

 

(c)  Zero coupon bond.

 

(d)  Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
CREDIT DEFAULT SWAP 
  
Notional   Premiums Paid         Expiration  Pay/Receive         Unrealized 
Amount   (Received)   Reference Entity (I)  Counterparty  Date  Fixed Rate  Fixed Rate  Value   Appreciation 
$35,640,000    173,663   To Sell Protection - CDX HY CDSI S38 5Y PRC, pays Quarterly  BNP Paribas  6/20/2027  Receive  5.00%  $603,694   $430,031 
 TOTAL                       $603,694   $430,031 

 

(I)If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB.

 

TOTAL RETURN SWAPS *
                    Unrealized 
   Number of          Termination     Appreciation 
Security  Shares   Notional Value   Interest Rate Payable  Date  Counterparty  (Depreciation) 
BlackRock High Yield Bond Portfolio - Institutional Class   7,624,633   $52,000,000   3-Mth USD_LIBOR + 175 bps  7/31/2025  Barclays  $1,244,337 
BlackRock High Yield Bond Portfolio - Institutional Shares   1,659,452    11,517,261   3-Mth USD_LIBOR + 161 bps  7/31/2023  Goldman Sachs   65,714 
Invesco High Yield Municpal Fund   3,289,474    30,000,000   3-Mth USD_LIBOR + 161 bps  7/31/2025  Barclays   253,108 
iShares IBOXX High Yield Corporate Bond   313,664    23,969,513   1-Mth USD_LIBOR + 30 bps  10/24/2022  Societe Generale   550,882 
Lord Abbett High Yield Fund   11,453,397    72,669,039   3-Mth USD_LIBOR + 161 bps  7/20/2023  Goldman Sachs   1,696,768 
Mainstay MacKay High Yield Corporate Bond Fund - Institutional   14,371,257    72,107,782   3-Mth USD_LIBOR + 161 bps  7/21/2023  Goldman Sachs   1,127,541 
Nuveen High Yield Municipal Bond Fund   166,398    2,557,542   3-Mth USD_LIBOR + 150 bps  12/31/2049  Barclays   147,756 
TOTAL                     $5,086,106 

 

*The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.

 

 

REDWOOD MANAGED MUNICIPAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares      Fair Value 
     OPEN END FUNDS — 97.9%     
     FIXED INCOME - 97.9%     
 11,286   American Century High-Yield Municipal Fund, Class I  $104,738 
 12,528   BlackRock High Yield Municipal Fund, Institutional Class   116,759 
 2,835,629   Invesco Rochester Municipal Opportunities Fund, Class Y   20,473,241 
 1,801,802   Lord Abbett High Yield Municipal Bond Fund, Class I   20,252,252 
 13,516   MFS Municipal High Income Fund, Class I   104,341 
 13,501   Northern High Yield Municipal Fund   106,931 
 3,167,102   Nuveen High Yield Municipal Bond Fund, Class I   51,433,735 
 1,040,466   Nuveen Short Duration High Yield Municipal Bond, Class I   10,258,999 
 2,888,823   PIMCO High Yield Municipal Bond Fund, Institutional Class   25,392,752 
 3,071,020   Pioneer High Income Municipal Fund, Class Y   20,268,735 
 7,984   Western Asset Municipal High Income Fund, Class I   104,431 
     TOTAL OPEN END FUNDS (Cost $146,237,384)   148,616,914 
           
     SHORT-TERM INVESTMENTS — 1.6%     
     MONEY MARKET FUNDS - 1.6%     
 872,591   BlackRock Liquidity Funds MuniCash, Institutional Class, 0.96%(a)   872,853 
 1,177,438   First American Government Obligations Fund, Class X, 1.70%(a)   1,177,438 
 3,229   JPMorgan Municipal Money Market Fund, Agency Class, 0.94%(a)   3,229 
 314,658   JPMorgan Tax Free Money Market Fund, Agency Class, 0.91%(a)   314,707 
     TOTAL MONEY MARKET FUNDS (Cost $2,368,058)   2,368,227 
           
     TOTAL INVESTMENTS - 99.5% (Cost $148,605,442)  $150,985,141 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%   758,907 
     NET ASSETS - 100.0%  $151,744,048 
           
(a)Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

REDWOOD MANAGED MUNICIPAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
July 31, 2022
 
TOTAL RETURN SWAPS * 
   Number of          Termination     Unrealized 
Security  Shares   Notional Value   Interest Rate Payable  Date  Counterparty  Appreciation 
Invesco High Yield Municipal Fund   2,192,982   $20,000,000   3-Mth USD_LIBOR + 175 bps  7/31/2025  Barclays  $168,738 
Nuveen High Yield Municipal Bond   462,963    7,500,000   3-Mth USD_LIBOR + 161 bps  7/31/2025  Barclays   17,681 
PIMCO High Yield Municipal Bond   2,866,972    25,000,000   3-Mth USD_LIBOR + 175 bps  7/31/2025  Barclays   192,313 
Invesco High Yield Municipal Fund   219,539    1,949,506   3-Mth USD_LIBOR + 161 bps  5/30/2023  Goldman Sachs   65,875 
TOTAL                     $444,607 

 

*The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.

 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 29.4%           
     U.S. TREASURY NOTES — 29.4%           
 10,000,000 USD   United States Treasury Note  1.3750  02/15/23  $9,919,404 
 12,234,000 USD   United States Treasury Note  2.5000  05/31/24   12,142,245 
 14,060,000 USD   United States Treasury Note  1.1250  01/15/25   13,482,771 
 7,025,000 USD   United States Treasury Note  1.5000  01/31/27   6,663,048 
 7,163,000 USD   United States Treasury Note  1.3750  12/31/28   6,614,583 
 5,500,000 USD   United States Treasury Note  1.5000  02/15/30   5,075,898 
 7,266,000 USD   United States Treasury Note  1.3750  11/15/31   6,517,261 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $62,904,773)         60,415,210 
                 
Shares               
     SHORT-TERM INVESTMENTS — 61.8%           
     U.S. TREASURY BILLS — 15.1%           
 18,866,000 USD   United States Treasury Bill(a)  0.0000  09/08/22   18,824,206 
 12,446,000 USD   United States Treasury Bill(a)  0.0000  05/18/23   12,170,412 
     TOTAL U.S. TREASURY BILLS (Cost $31,086,615)         30,994,618 
                 
     MONEY MARKET FUNDS - 46.7%           
 95,515,756   First American Government Obligations Fund, Class X, 1.70%(b)         95,515,756 
 473,225   Morgan Stanley Institutional Liquidity Funds - Prime Portfolio, Institutional Class, 1.96%(b)         473,320 
     TOTAL MONEY MARKET FUNDS (Cost $95,989,076)         95,989,076 
                 
     TOTAL SHORT-TERM INVESTMENTS (Cost $127,075,691)         126,983,694 
                 
     TOTAL INVESTMENTS - 91.2% (Cost $189,980,464)        $187,398,904 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 8.8%         18,072,593 
     NET ASSETS - 100.0%        $205,471,497 
                 
(a)Zero coupon bond.

 

(b)Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
July 31, 2022
 
TOTAL RETURN SWAPS* 
                      
Security  Number of
Shares		   Notional
Value		   Interest Rate
Payable		  Termination
Date		  Counterparty  Unrealized
Appreciation		 
AP Moller - Maersk A/S   542    8,861,700   1-Mth LIBOR +0.30%  2/28/2023  Societe Generale  $227,712 
GN Store Nord AS   34,406    8,556,772   1-Mth LIBOR +0.30%  2/28/2023  Societe Generale   17,951 
                       245,663 

 

*The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receieve the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares      Fair Value 
     COMMON STOCKS — 56.6%     
     ADVERTISING & MARKETING - 1.8%     
 60,514   Interpublic Group of Companies, Inc. (The)  $1,807,553 
 25,903   Omnicom Group, Inc.   1,809,066 
         3,616,619 
     APPAREL & TEXTILE PRODUCTS - 0.8%     
 37,468   VF Corporation   1,674,070 
           
     AUTOMOTIVE - 0.9%     
 2,071   Tesla, Inc.(a)   1,846,193 
           
     BANKING - 0.2%     
 3,810   JPMorgan Chase & Company   439,522 
           
     BIOTECH & PHARMA - 3.7%     
 11,990   AbbVie, Inc.   1,720,685 
 1,844   Eli Lilly and Company   607,948 
 29,041   Gilead Sciences, Inc.   1,735,200 
 35,398   Pfizer, Inc.   1,787,953 
 176,557   Viatris, Inc.   1,710,837 
         7,562,623 
     CHEMICALS - 1.8%     
 34,525   Dow, Inc.   1,837,075 
 20,338   LyondellBasell Industries N.V., Class A   1,812,523 
         3,649,598 
     CONTAINERS & PACKAGING - 1.8%     
 144,230   Amcor PLC   1,867,778 
 42,115   International Paper Company   1,801,259 
         3,669,037 
     DIVERSIFIED INDUSTRIALS - 0.9%     
 13,569   3M Company   1,943,624 
           
     E-COMMERCE DISCRETIONARY - 1.4%     
 20,932   Amazon.com, Inc.(a)   2,824,773 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares      Fair Value 
     COMMON STOCKS — 56.6% (Continued)     
     ELECTRIC UTILITIES - 4.7%     
 29,354   Edison International  $1,989,321 
 47,487   FirstEnergy Corporation   1,951,716 
 26,011   Pinnacle West Capital Corporation   1,911,028 
 66,592   PPL Corporation   1,936,495 
 25,248   Southern Company (The)   1,941,319 
         9,729,879 
     FOOD - 1.7%     
 54,561   Conagra Brands, Inc.   1,866,532 
 46,862   Kraft Heinz Company (The)   1,725,927 
         3,592,459 
     HEALTH CARE FACILITIES & SERVICES - 1.2%     
 32,403   Cardinal Health, Inc.   1,929,923 
 915   UnitedHealth Group, Inc.   496,241 
         2,426,164 
     HOME & OFFICE PRODUCTS - 1.8%     
 91,162   Newell Brands, Inc.   1,842,384 
 10,909   Whirlpool Corporation   1,885,839 
         3,728,223 
     INSURANCE - 0.9%     
 18,927   Prudential Financial, Inc.   1,892,510 
           
     INTERNET MEDIA & SERVICES - 1.3%     
 14,560   Alphabet, Inc., Class A(a)   1,693,619 
 6,038   Meta Platforms, Inc., Class A(a)   960,646 
         2,654,265 
     LEISURE FACILITIES & SERVICES - 0.9%     
 14,808   Darden Restaurants, Inc.   1,843,448 
           
     MACHINERY - 1.7%     
 8,707   Snap-on, Inc.   1,950,803 
 15,936   Stanley Black & Decker, Inc.   1,551,051 
         3,501,854 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares      Fair Value 
     COMMON STOCKS — 56.6% (Continued)     
     MEDICAL EQUIPMENT & DEVICES - 0.3%     
 994   Thermo Fisher Scientific, Inc.  $594,820 
           
     METALS & MINING - 0.7%     
 33,632   Newmont Corporation   1,522,857 
           
     MULTI ASSET CLASS REIT - 0.9%     
 60,636   Vornado Realty Trust   1,842,728 
           
     OIL & GAS PRODUCERS - 4.7%     
 64,516   Coterra Energy, Inc.   1,973,544 
 104,730   Kinder Morgan, Inc.   1,884,093 
 31,093   ONEOK, Inc.   1,857,496 
 8,415   Pioneer Natural Resources Company   1,993,935 
 55,970   Williams Companies, Inc. (The)   1,908,017 
         9,617,085 
     RETAIL - CONSUMER STAPLES - 0.9%     
 46,765   Walgreens Boots Alliance, Inc.   1,852,829 
           
     RETAIL - DISCRETIONARY - 1.3%     
 23,413   Best Buy Company, Inc.   1,802,567 
 1,937   Home Depot, Inc. (The)   582,921 
 1,678   Lowe’s Companies, Inc.   321,387 
         2,706,875 
     RETAIL REIT - 0.9%     
 17,430   Simon Property Group, Inc.   1,893,595 
           
     SEMICONDUCTORS - 1.9%     
 4,587   Advanced Micro Devices, Inc.(a)   433,334 
 645   Broadcom, Inc.   345,385 
 44,587   Intel Corporation   1,618,953 
 6,447   NVIDIA Corporation   1,170,969 
 2,600   QUALCOMM, Inc.   377,156 
         3,945,797 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares      Fair Value 
     COMMON STOCKS — 56.6% (Continued)     
     SOFTWARE - 3.0%     
 1,196   Adobe, Inc.(a)  $490,504 
 685   Intuit, Inc.   312,476 
 18,859   Microsoft Corporation   5,294,476 
         6,097,456 
     SPECIALTY REITS - 0.9%     
 38,428   Iron Mountain, Inc.   1,863,374 
           
     TECHNOLOGY HARDWARE - 5.4%     
 36,746   Apple, Inc.   5,971,592 
 40,909   Cisco Systems, Inc.   1,856,041 
 129,543   Hewlett Packard Enterprise Company   1,844,692 
 22,291   Seagate Technology Holdings plc   1,782,834 
         11,455,159 
     TECHNOLOGY SERVICES - 1.2%     
 13,878   International Business Machines Corporation   1,815,103 
 1,034   Mastercard, Inc., Class A   365,819 
 1,723   Visa, Inc., Class A   365,466 
         2,546,388 
     TELECOMMUNICATIONS - 2.5%     
 87,272   AT&T, Inc.   1,638,968 
 164,533   Lumen Technologies, Inc.   1,791,764 
 36,021   Verizon Communications, Inc.   1,663,810 
         5,094,542 
     TIMBER REIT - 0.9%     
 51,516   Weyerhaeuser Company   1,871,061 
           
     TOBACCO & CANNABIS - 1.8%     
 42,065   Altria Group, Inc.   1,844,971 
 19,747   Philip Morris International, Inc.   1,918,422 
         3,763,393 
     TRANSPORTATION & LOGISTICS - 0.9%     
 9,701   United Parcel Service, Inc., Class B   1,890,628 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares            Fair Value 
     COMMON STOCKS — 56.6% (Continued)           
     TRANSPORTATION EQUIPMENT - 0.9%           
 8,791   Cummins, Inc.        $1,945,536 
                 
     TOTAL COMMON STOCKS (Cost $114,401,893)         117,098,984 
                 
     EXCHANGE-TRADED FUNDS — 17.3%           
     EQUITY - 17.3%           
 103,359   iShares Core S&P Small-Cap ETF         10,500,241 
 219,987   Schwab International Small-Cap Equity ETF         7,367,365 
 66,896   Vanguard FTSE All World ex-US Small-Cap ETF         7,313,071 
 53,641   Vanguard Small-Cap ETF         10,448,730 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $34,113,791)         35,629,407 
                 
     OPEN END FUNDS — 0.1%           
     FIXED INCOME - 0.1%           
 9,919   Nuveen California High Yield Municipal Bond Fund         86,297 
 5,664   Nuveen High Yield Municipal Bond Fund, Class I         91,991 
     TOTAL OPEN END FUNDS (Cost $206,474)         178,288 
                 
Principal      Coupon Rate        
Amount ($)      (%)  Maturity     
     U.S. GOVERNMENT & AGENCIES — 14.6%           
     U.S. TREASURY NOTES — 14.6%           
 6,489,000   United States Treasury Note  2.5000  05/31/24   6,440,333 
 8,136,000   United States Treasury Note  1.1250  01/15/25   7,801,979 
 4,054,000   United States Treasury Note  1.5000  01/31/27   3,845,124 
 977,000   United States Treasury Note  3.1250  11/15/28   999,708 
 814,000   United States Treasury Note  2.6250  02/15/29   810,439 
 815,000   United States Treasury Note  2.3750  05/15/29   799,114 
 6,502,000   United States Treasury Note  1.5000  02/15/30   6,000,634 
 1,972,000   United States Treasury Note  0.6250  08/15/30   1,686,753 
 851,000   United States Treasury Note  0.8750  11/15/30   741,766 
 1,158,000   United States Treasury Note  1.6250  05/15/31   1,068,119 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $32,138,489)         30,193,969 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares            Fair Value 
     SHORT-TERM INVESTMENTS — 9.5%           
     U.S. TREASURY BILLS — 5.5%           
 4,905,000   United States Treasury Bill(b)  0.0000  09/08/22  $4,894,134 
 6,606,000   United States Treasury Bill(b)  0.0000  05/18/23   6,459,725 
     TOTAL U.S. TREASURY BILLS (Cost $11,397,093)         11,353,859 
                 
     MONEY MARKET FUNDS - 4.0%           
 5,642,857   First American Government Obligations Fund Class X, 1.70%(c)         5,642,857 
 2,534,425   Goldman Sachs Financial Square Government Fund, Administration Shares, 1.44%(c)         2,534,425 
     TOTAL MONEY MARKET FUNDS (Cost $8,177,282)         8,177,282 
                 
     TOTAL SHORT-TERM INVESTMENTS (Cost $19,574,375)         19,531,141 
                 
     TOTAL INVESTMENTS - 98.1% (Cost $200,435,022)        $202,631,789 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%         3,874,436 
     NET ASSETS - 100.0%        $206,506,225 
                 
ETF - Exchange-Traded Fund
   
NV         - Naamioze Vennootschap
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust

 

(a)Non-income producing security.

 

(b)Zero coupon bond.

 

(c)Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
CREDIT DEFAULT SWAP 
    Premiums                        
Notional   Paid         Expiration  Pay/Receive  Fixed      Unrealized 
Amount   (Received)   Reference Entity (I)  Counterparty  Date  Fixed Rate  Rate  Value   Appreciation 
$21,780,000    106,127   CDX HY CDSI S37 5Y PRC  BNP Paribas  6/20/2027  Receive  5.00%   368,924   $262,797 

 

(I)If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB.

 

TOTAL RETURN SWAPS *
   Number of   Notional   Interest Rate  Termination     Unrealized 
Security  Shares   Value    Payable  Date  Counterparty  Appreciation 
Invesco High Yield Municipal Fund   219,539   $1,949,506   1- Mth LIBOR + 30 bps  5/26/2023  Goldman Sachs  $65,875 
SPDR Bloomberg BARC Convertible - Institutional Class   300,255    20,100,512   1- Mth LIBOR + 40 bps  7/20/2023  Barclays   295,509 
Ishares IBOXX High Yield Corporate Bond   262,915    20,088,546   1- Mth LIBOR + 40 bps  7/20/2023  Barclays   456,473 
iShares Preferred & Income - Institutional Class   596,925    20,084,556   1- Mth LIBOR + 40 bps  7/20/2023  Barclays   658,224 
TOTAL                     $1,476,081 

 

*The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swaps do not reset; payments only occur at termination.