REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.6%      
    AEROSPACE & DEFENSE — 0.4%      
185,000   Bombardier, Inc.(a)   7.8750 04/15/27 $ 184,522
168,000   Howmet Aerospace, Inc.   6.8750 05/01/25   172,837
403,000   TransDigm, Inc.   6.3750 06/15/26   398,115
186,000   TransDigm, Inc.   5.5000 11/15/27   177,660
              933,134
    AUTOMOTIVE — 0.5%      
180,000   American Axle & Manufacturing, Inc.   6.2500 03/15/26   169,527
388,000   Ford Motor Company   4.3460 12/08/26   378,195
177,000   Ford Motor Company   4.7500 01/15/43   138,417
165,000   Ford Motor Company   5.2910 12/08/46   136,280
403,000   Goodyear Tire & Rubber Company (The)   5.0000 05/31/26   389,632
              1,212,051
    BIOTECH & PHARMA — 0.2%      
99,000   BC Ltd.(a)   9.0000 01/30/28   98,753
179,000   Bausch Health Companies, Inc.(a)   11.0000 09/30/28   140,945
33,000   Bausch Health Companies, Inc.(a)   14.0000 10/15/30   20,760
127,000   Endo Luxembourg Finance Company I Sarl / Endo US, Inc.(a)   6.1250 04/01/29   99,092
188,000   Par Pharmaceutical, Inc.(a)   7.5000 04/01/27   147,323
              506,873
    CABLE & SATELLITE — 0.9%      
398,000   CCO Holdings, LLC / CCO Holdings Capital(a)   5.0000 02/01/28   371,899
179,000   CCO Holdings, LLC / CCO Holdings Capital(a)   5.3750 06/01/29   165,775
185,000   CCO Holdings, LLC / CCO Holdings Capital(a)   4.7500 03/01/30   162,293
188,000   CCO Holdings, LLC / CCO Holdings Capital(a)   4.5000 08/15/30   160,959
192,000   CCO Holdings, LLC / CCO Holdings Capital(a)   4.2500 02/01/31   160,176
180,000   DISH DBS Corporation   5.8750 11/15/24   170,087
173,000   DISH DBS Corporation   7.7500 07/01/26   140,731
391,000   DISH DBS Corporation   7.3750 07/01/28   281,434
385,000   Sirius XM Radio, Inc.(a)   5.5000 07/01/29   361,307
192,000   Sirius XM Radio, Inc.(a)   4.1250 07/01/30   164,637
              2,139,298
    COMMERCIAL SUPPORT SERVICES — 0.1%      
179,000   Prime Security Services Borrower, LLC (a)   5.7500 04/15/26   176,266
126,000   RR Donnelley & Sons Company   8.2500 07/01/27   111,424

 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.6% (Continued)      
    COMMERCIAL SUPPORT SERVICES — 0.1% (Continued)     $ 287,690
             
    CONTAINERS & PACKAGING — 0.4%      
394,000   Ball Corporation   4.0000 11/15/23   388,935
371,000   Pactiv, LLC B   7.9500 12/15/25   367,329
327,000   Sealed Air Corporation(a)   6.8750 07/15/33   340,261
              1,096,525
    ELECTRIC UTILITIES — 0.6%      
414,000   Calpine Corporation(a)   5.1250 03/15/28   375,746
177,000   FirstEnergy Corporation   4.1500 07/15/27   169,371
403,000   PG&E Corporation   5.0000 07/01/28   378,135
621,000   Talen Energy Supply, LLC   6.5000 06/01/25   239,085
403,000   Vistra Operations Company, LLC(a)   5.5000 09/01/26   392,024
              1,554,361
    ELECTRICAL EQUIPMENT — 0.2%      
375,000   WESCO Distribution, Inc.(a)   7.2500 06/15/28   384,627
             
    ENTERTAINMENT CONTENT — 0.3%      
725,000   Diamond Sports Group, LLC / Diamond Sports Finance(a)   5.3750 08/15/26   53,922
370,000   Liberty Interactive, LLC   8.5000 07/15/29   187,398
411,000   Univision Communications, Inc.(a)   5.1250 02/15/25   400,907
              642,227
    FOOD — 0.7%      
185,000   Kraft Heinz Foods Company   3.0000 06/01/26   175,899
177,000   Kraft Heinz Foods Company   3.8750 05/15/27   172,250
135,000   Kraft Heinz Foods Company   6.3750 07/15/28   142,915
125,000   Kraft Heinz Foods Company(a)   7.1250 08/01/39   143,869
156,000   Kraft Heinz Foods Company   5.0000 06/04/42   149,191
150,000   Kraft Heinz Foods Company   5.2000 07/15/45   146,365
165,000   Kraft Heinz Foods Company   4.3750 06/01/46   143,743
154,000   Kraft Heinz Foods Company   4.8750 10/01/49   143,476
137,000   Post Holdings, Inc.(a)   5.7500 03/01/27   135,122
192,000   Post Holdings, Inc.(a)   4.6250 04/15/30   169,175
195,000   Post Holdings, Inc.(a)   4.5000 09/15/31   168,155
              1,690,160

 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.6% (Continued)      
    FORESTRY, PAPER & WOOD PRODUCTS — 0.1%      
415,000   Louisiana-Pacific Corporation(a)   3.6250 03/15/29 $ 359,733
             
    HEALTH CARE FACILITIES & SERVICES — 1.1%      
179,000   Centene Corporation   4.6250 12/15/29   169,907
186,000   Centene Corporation   3.3750 02/15/30   163,803
188,000   Centene Corporation   3.0000 10/15/30   161,024
195,000   Centene Corporation   2.5000 03/01/31   159,616
188,000   CHS/Community Health Systems, Inc.(a)   6.8750 04/15/29   118,115
408,000   DaVita, Inc.(a)   4.6250 06/01/30   343,891
203,000   DaVita, Inc.(a)   3.7500 02/15/31   158,970
173,000   HCA, Inc.   5.3750 02/01/25   173,657
364,000   HCA, Inc.   5.8750 02/15/26   369,925
163,000   HCA, Inc.   5.6250 09/01/28   165,588
183,000   HCA, Inc.   3.5000 09/01/30   163,756
183,000   Tenet Healthcare Corporation   6.1250 10/01/28   170,395
364,000   Tenet Healthcare Corporation   6.8750 11/15/31   335,857
              2,654,504
    HOME & OFFICE PRODUCTS — 0.1%      
177,000   Newell Brands, Inc.   4.4500 04/01/26   167,518
             
    HOME CONSTRUCTION — 0.3%      
229,000   Beazer Homes USA, Inc. B   6.7500 03/15/25   225,583
400,000   Toll Brothers Finance Corporation B   4.3750 04/15/23   398,299
              623,882
    INSURANCE — 0.2%      
42,000   MBIA, Inc.   6.6250 10/01/28   38,944
391,000   Radian Group, Inc.   4.5000 10/01/24   378,464
              417,408
    INTERNET MEDIA & SERVICES — 0.3%      
168,000   Netflix, Inc.   4.8750 04/15/28   167,584
157,000   Netflix, Inc.   5.8750 11/15/28   163,272
354,000   Netflix, Inc.(a)   4.8750 06/15/30   350,009
              680,865
           

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.6% (Continued)      
    LEISURE FACILITIES & SERVICES — 0.5%      
197,000   BC ULC / New Red Finance, Inc.(a)   4.0000 10/15/30 $ 166,612
183,000   Carnival Corporation(a)   7.6250 03/01/26   166,765
188,000   Carnival Corporation(a)   5.7500 03/01/27   156,305
135,000   Carnival Corporation   6.6500 01/15/28   104,135
195,000   Hilton Domestic Operating Company, Inc.(a)   3.6250 02/15/32   163,300
379,000   MGM Resorts International   5.7500 06/15/25   374,668
189,000   NCL Corporation Ltd.(a)   5.8750 03/15/26   165,052
188,000   Royal Caribbean Cruises Ltd.(a)   5.5000 04/01/28   161,928
              1,458,765
    METALS & MINING — 0.2%      
189,000   FMG Resources August 2006 Pty Ltd.(a)   4.3750 04/01/31   166,456
154,000   Freeport-McMoRan, Inc.   5.4500 03/15/43   149,842
185,000   Novelis Corporation(a)   4.7500 01/30/30   167,706
              484,004
    OIL & GAS PRODUCERS — 1.9%      
204,000   Apache Corporation   4.8750 11/15/27   190,883
171,000   Apache Corporation   5.1000 09/01/40   149,544
185,000   Cheniere Energy Partners, L.P.   4.0000 03/01/31   166,161
39,000   Cheniere Energy, Inc.(a)   4.6250 10/15/28   37,202
137,000   Cheniere Energy, Inc.   4.6250 10/15/28   130,685
179,000   Comstock Resources, Inc.(a)   6.7500 03/01/29   164,571
160,000   Continental Resources Inc.(a)   5.7500 01/15/31   156,890
403,000   EQM Midstream Partners, L.P.   4.0000 08/01/24   390,342
180,000   EQT Corporation   3.9000 10/01/27   170,632
375,000   Murphy Oil Corporation   7.0500 05/01/29   384,339
415,000   New Fortress Energy, Inc.(a)   6.7500 09/15/25   397,846
197,000   New Fortress Energy, Inc.(a)   6.5000 09/30/26   181,538
189,000   NGL Energy Operating, LLC / NGL Energy Finance(a)   7.5000 02/01/26   178,776
188,000   Occidental Petroleum Corporation   2.9000 08/15/24   180,407
379,000   Occidental Petroleum Corporation   5.5500 03/15/26   383,237
189,000   Occidental Petroleum Corporation   3.5000 08/15/29   174,555
143,000   Occidental Petroleum Corporation   8.8750 07/15/30   168,653
156,000   Occidental Petroleum Corporation   6.6250 09/01/30   165,798
160,000   Occidental Petroleum Corporation   6.1250 01/01/31   167,150

 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.6% (Continued)      
    OIL & GAS PRODUCERS — 1.9% (Continued)      
150,000   Occidental Petroleum Corporation   6.4500 09/15/36 $ 158,047
304,000   Ovintiv, Inc.   8.1250 09/15/30   343,703
175,000   Western Midstream Operating, L.P.   5.3000 02/01/30   160,297
              4,601,256
    OIL & GAS SERVICES & EQUIPMENT — 0.4%      
463,000   Nabors Industries, Inc. B   5.7500 02/01/25   449,469
525,000   Transocean, Inc.(a)   8.0000 02/01/27   483,737
              933,206
    REAL ESTATE INVESTMENT TRUSTS — 0.6%      
402,000   Iron Mountain, Inc.(a)   4.8750 09/15/27   381,928
185,000   Iron Mountain, Inc.(a)   5.2500 07/15/30   167,367
406,000   iStar, Inc.   4.2500 08/01/25   403,477
189,000   MPT Operating Partnership, L.P. / MPT Finance   3.5000 03/15/31   132,560
186,000   SBA Communications Corporation   3.8750 02/15/27   172,068
200,000   SBA Communications Corporation   3.1250 02/01/29   169,688
              1,427,088
    RETAIL - CONSUMER STAPLES — 0.3%      
195,000   Albertsons Companies Inc. / Safeway Inc.(a)   3.5000 03/15/29   168,493
294,000   New Albertsons, L.P.   8.0000 05/01/31   307,559
236,000   Rite Aid Corporation B   7.7000 02/15/27   102,462
226,000   Safeway, Inc.   7.2500 02/01/31   230,106
              808,620
    RETAIL - DISCRETIONARY — 0.2%      
189,000   Magic MergerCo, Inc.(a)   7.8750 05/01/29   143,876
423,000   Staples, Inc.(a)   10.7500 04/15/27   323,016
              466,892
    SEMICONDUCTORS — 0.2%      
388,000   Amkor Technology, Inc.(a)   6.6250 09/15/27   390,080
             
    SPECIALTY FINANCE — 0.3%      
392,000   OneMain Finance Corporation   5.6250 03/15/23   391,983
171,000   OneMain Finance Corporation   6.8750 03/15/25   169,881
168,000   OneMain Finance Corporation   7.1250 03/15/26   167,143
              729,007

 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.6% (Continued)      
    STEEL — 0.2%      
392,000   United States Steel Corporation   6.6500 06/01/37 $ 372,318
             
    TECHNOLOGY HARDWARE — 0.4%      
324,000   Dell, Inc.   7.1000 04/15/28   355,955
186,000   Imola Merger Corporation(a)   4.7500 05/15/29   161,958
137,000   Pitney Bowes, Inc.   4.6250 03/15/24   133,027
175,000   Western Digital Corporation   4.7500 02/15/26   169,230
400,000   Xerox Corporation   3.8000 05/15/24   388,589
              1,208,759
    TECHNOLOGY SERVICES — 0.3%      
356,000   Sabre GLBL, Inc.(a)   9.2500 04/15/25   364,789
379,000   Unisys Corporation(a)   6.8750 11/01/27   287,627
              652,416
    TELECOMMUNICATIONS — 1.1%      
173,000   Embarq Corporation   7.9950 06/01/36   83,530
406,000   Frontier Communications Corporation(a)   5.0000 05/01/28   367,226
152,000   Sprint Capital Corporation   6.8750 11/15/28   162,771
128,000   Sprint Capital Corporation   8.7500 03/15/32   158,057
173,000   Sprint Corporation   7.8750 09/15/23   175,771
169,000   Sprint Corporation   7.1250 06/15/24   172,806
165,000   Sprint Corporation   7.6250 02/15/25   171,491
341,000   Sprint Corporation   7.6250 03/01/26   361,130
157,000   Telecom Italia Capital S.A.   7.2000 07/18/36   133,579
152,000   Telecom Italia Capital S.A.   7.7210 06/04/38   131,344
185,000   T-Mobile USA, Inc.   3.5000 04/15/31   165,778
160,000   Vodafone Group plc(b) USD SWAP SEMI 30/360 5YR + 4.873% 7.0000 04/04/79   164,993
180,000   Windstream Escrow, LLC / Windstream Escrow Finance(a)   7.7500 08/15/28   145,972
197,000   Zayo Group Holdings, Inc.(a)   4.0000 03/01/27   156,507
              2,550,955
    TRANSPORTATION & LOGISTICS — 0.6%      
154,000   American Airlines, Inc.(a)   11.7500 07/15/25   171,633
183,000   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)   5.5000 04/20/26   179,547
179,000   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)   5.7500 04/20/29   173,482

 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.6% (Continued)      
    TRANSPORTATION & LOGISTICS — 0.6% (Continued)      
163,000   Delta Air Lines, Inc.   7.3750 01/15/26 $ 169,768
183,000   Hawaiian Brand Intellectual Property Ltd. (a)   5.7500 01/20/26   174,993
402,000   United Airlines Holdings, Inc.   5.0000 02/01/24   400,190
186,000   United Airlines, Inc.(a)   4.3750 04/15/26   176,806
186,000   United Airlines, Inc.(a)   4.6250 04/15/29   170,048
              1,616,467
       
  TOTAL CORPORATE BONDS (Cost $35,711,061)    

33,050,689

             
    U.S. GOVERNMENT & AGENCIES — 18.2%      
    U.S. TREASURY NOTES — 18.2%      
12,080,000   United States Treasury Note   0.8750 01/31/24   11,625,206
8,131,000   United States Treasury Note   2.5000 05/31/24   7,909,621
9,679,000   United States Treasury Note   1.1250 01/15/25   9,117,542
4,831,000   United States Treasury Note   1.5000 01/31/27   4,430,838
1,739,000   United States Treasury Note   3.1250 11/15/28   1,691,993
1,449,000   United States Treasury Note   2.6250 02/15/29   1,369,871
1,449,000   United States Treasury Note   2.3750 05/15/29   1,348,306
1,159,000   United States Treasury Note   1.5000 02/15/30   1,015,347
3,510,000   United States Treasury Note   0.6250 08/15/30   2,851,738
1,514,000   United States Treasury Note   0.8750 11/15/30   1,248,577
2,062,000   United States Treasury Note   1.6250 05/15/31   1,790,235
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $47,824,649)           44,399,274
           
    SHORT-TERM INVESTMENTS – 62.7%      
    U.S. TREASURY BILLS — 59.6%      
7,577,000   United States Treasury Bill(c)   0.0000 03/16/23   7,536,545
23,060,000   United States Treasury Bill(c)   0.0000 04/20/23   22,833,885
39,432,000   United States Treasury Bill(c)   0.0000 04/27/23   39,012,337
8,274,000   United States Treasury Bill(c)   0.0000 05/18/23   8,164,095
70,137,000   United States Treasury Bill(c)   0.0000 11/02/23   67,742,681
  TOTAL U.S. TREASURY BILLS (Cost $145,522,915)           145,289,543
             

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 3.1% (Continued)      
    MONEY MARKET FUNDS - 3.1%      
7,499,157   First American Government Obligations Fund, Class X, 4.13% (Cost $7,499,157)(d)       $ 7,499,157
             
    TOTAL SHORT-TERM INVESTMENTS - (Cost $153,022,072)                        152,788,700
           
    TOTAL INVESTMENTS - 94.5% (Cost $236,557,782)     $ 230,238,663
    OTHER ASSETS IN EXCESS OF LIABILITIES- 5.5%    

13,464,317

    NET ASSETS - 100.0%        

$ 243,702,980

           
               
 

 

 

 

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 January 31, 2023 the total market value of 144A securities is 13,329,265 or 5.5% of net assets.
(b) Variable rate security; the rate shown represents the rate on January 31, 2023.
(c) Zero coupon bond.
(d) Rate disclosed is the seven day effective yield as of January 31, 2023.
   

 

 

 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

CREDIT DEFAULT SWAP              
Notional Amount Premiums Paid (Received) Reference Entity (I) Counterparty Expiration Date Pay/Receive Fixed Rate Fixed Rate Value  Unrealized Appreciation
 $      22,000,000  $                          16,728  To Sell Protection - CDX HY CDSI S38 5Y PRC, pays Quarterly  BNP Paribas 12/20/2027 Receive 5.00%  $  582,252  $          598,980
                 
TOTAL              $  582,252  $          598,980
                 
(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 *            
Security Number of Shares Notional Value Interest Rate Payable Termination Date Counterparty Value/ Unrealized Appreciation
 BlackRock High Yield Bond Portfolio - Institutional Class  12,299,557  $  81,669,055 SOFR + 175 bps 7/31/2025 Barclays  $                2,951,893
 Invesco High Yield Municpal Fund  2,822,857       24,736,978 SOFR + 161 bps 1/10/2024 Goldman Sachs                         358,221
 Invesco High Yield Municpal Fund  131,029          1,121,609 SOFR + 175 bps 7/31/2025 Barclays                            43,240
 Ishares IBOXX High Yield Corporate Bond  151,586       11,161,277 Fed Funds - 40 bps 7/20/2023 Barclays                         409,282
 Lord Abbett High Yield Fund  3,450,776       21,153,257 SOFR + 161 bps 10/20/2023 Goldman Sachs                         586,632
 Nuveen High Yield Municipal Bond Fund  1,258,900       31,219,454 OBFR + 50 bps 12/31/2049 Societe Generale                         958,030
 Nuveen High Yield Municipal Bond Fund  171,076          2,549,036 SOFR + 150 bps 12/5/2023 Barclays                         106,067
 Nuveen High Yield Municipal Bond Fund  3,635,285       55,407,957 SOFR + 161 bps 1/10/2024 Goldman Sachs                     1,011,666
 PGIM High Yield Fund - Class Z  4,482,020       20,393,191 SOFR + 161 bps 10/31/2023 Goldman Sachs                         582,663
TOTAL            $                7,007,694
             
             
* 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. Each total return swap pays monthly.

 

 

SOFR  - Secured Overnight Financing Rate
FED FUNDS  - Federal Funds Rate
OBFR  - Overnight Bank Funding Rate

 

 

 

REDWOOD MANAGED MUNICIPAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 96.8%      
    FIXED INCOME - 96.8%      
9,801   American Century High-Yield Municipal Fund, Class I       $ 87,422
10,872   BlackRock High Yield Municipal Fund, Institutional Class         98,171
2,657,771   Invesco High Yield Municipal Fund, Class Y         23,627,584
5,037,177   Invesco Rochester Municipal Opportunities Fund, Class Y         35,109,124
8,311   Lord Abbett High Yield Municipal Bond Fund, Class I         90,006
2,021,663   MainStay MacKay High Yield Municipal Bond Fund         23,794,969
11,735   MFS Municipal High Income Fund, Class I         87,307
11,741   Northern High Yield Municipal Fund, Shares Class         89,000
3,616,221   Nuveen High Yield Municipal Bond Fund, Class I         56,123,754
9,921   Nuveen Short Duration High Yield Municipal Bond, Class I         96,130
2,342,834   PIMCO High Yield Municipal Bond Fund, Institutional Class         19,773,518
14,801   Pioneer High Income Municipal Fund, Class Y         94,725
6,929   Western Asset Municipal High Income Fund, Class I         88,895
    TOTAL OPEN END FUNDS (Cost $152,316,603)        

159,160,605

               
    SHORT-TERM INVESTMENTS — 2.5%      
    MONEY MARKET FUNDS - 2.5%      
293,466   BlackRock Liquidity Funds MuniCash, Institutional Class, 1.40%(a)(b)         293,525
3,307,242   First American Government Obligations Fund, Class X, 4.13%(b)         3,307,242
206,546   JPMorgan Municipal Money Market Fund, Agency Class, 1.66%(b)         206,546
263,189   JPMorgan Tax Free Money Market Fund, Agency Class, 1.78%(a)(b)         263,189
    TOTAL MONEY MARKET FUNDS (Cost $4,070,433)  

4,070,502

               
    TOTAL INVESTMENTS - 99.3% (Cost $156,387,036)     $ 163,231,107
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%    

1,143,547

    NET ASSETS - 100.0%        

$ 164,374,654

           

 

 

(a) All or a portion of this security is held in a separate collateral account.
(b)

Rate disclosed is the seven day effective yield as of January 31, 2023.

 

 

 

REDWOOD MANAGED MUNICIPAL INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

January 31, 2023

 

 

TOTAL RETURN SWAPS *                        
Security   Number of Shares   Notional Value   Interest Rate Payable   Termination Date   Counterparty   Value/ Unrealized Appreciation
Invesco High Yield Municipal Fund         1,600,000    $      14,000,000   SOFR + 175 bps^   7/31/2025   Barclays    $            224,000
Invesco High Yield Municipal Fund                 57,143                     500,750   SOFR + 161 bps^^   1/10/2024   Goldman Sachs                         7,251
Nuveen High Yield Municipal Bond         1,635,056             25,000,000   SOFR + 175 bps^   7/31/2025   Barclays                   376,063
                         
TOTAL                        $            607,314

 

 

* 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. Each total return swap pays monthly.

 

SOFR

  - Secured Overnight Financing Rate

 

 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 64.9%      
    Brazil - 4.1%      
783,574   B3 S.A. - Brasil Bolsa Balcao       $ 2,002,316
454,511   Gerdau S.A.         2,946,137
341,305   Petroleo Brasileiro S.A.         1,983,033
170,908   Vale S.A.         3,194,844
             

10,126,330

    Canada - 12.4%      
157,338   ARC Resources Ltd.         1,828,247
140,394   Barrick Gold Corporation         2,745,665
36,145   Canadian Natural Resources Ltd.         2,218,720
108,598   Cenovus Energy, Inc.         2,169,544
26,556   CGI, Inc.(a)         2,276,206
83,125   Empire Company Ltd., Class A         2,392,261
40,580   Imperial Oil Ltd.         2,217,980
25,785   Loblaw Companies Ltd.         2,310,123
26,155   Nutrien Ltd.         2,165,167
73,445   Open Text Corporation         2,463,660
64,677   Suncor Energy, Inc.         2,244,891
68,629   Teck Resources Ltd., Class B         2,969,067
28,438   West Fraser Timber Company Ltd.         2,472,786
             

30,474,317

    Cayman Islands - 1.4%      
198,300   NetEase, Inc.         3,533,281
             
    China - 3.0%      
5,636,000   China Galaxy Securities Company Ltd., H Shares         3,033,489
769,500   China Shenhua Energy Company Ltd., H Shares         2,389,828
1,917,000   COSCO SHIPPING Holdings Company Ltd., H Shares         1,980,460
             

7,403,777

    Finland - 1.0%      
47,334   Orion OYJ, Class B         2,531,101
             
    France - 1.0%      
39,202   TotalEnergies S.E.         2,428,231
             

 

 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 64.9% (Continued)      
    Israel - 0.9%      
16,930   Check Point Software Technologies Ltd.(a)       $ 2,153,496
             
    Japan - 15.3%      
156,500   Astellas Pharma, Inc.         2,299,914
94,600   Honda Motor Company Ltd.         2,331,235
23,200   Hoya Corporation         2,531,467
82,600   ITOCHU Corporation         2,654,995
72,600   KDDI Corporation         2,264,392
49,000   Konami Group Corporation         2,398,454
244,100   Marubeni Corporation         2,975,799
96,700   Mitsui & Company Ltd.         2,838,479
678,400   Nissan Motor Company Ltd.         2,415,149
90,400   Ono Pharmaceutical Company Ltd.         1,961,336
69,600   Recruit Holdings Company Ltd.         2,216,281
257,900   Renesas Electronics Corporation(a)         2,634,727
20,500   Shin-Etsu Chemical Company Ltd.         3,004,791
50,700   SoftBank Group Corporation         2,393,619
81,700   Takeda Pharmaceutical Company Ltd.         2,567,682
             

37,488,320

    Korea  (Republic Of) - 4.2%      
161,805   HMM Company Ltd.         2,854,178
46,353   Kia Motors Corporation         2,511,217
133,480   Korean Air Lines Company Ltd.(a)         2,625,172
32,139   KT&G Corporation(b)         2,411,038
             

10,401,605

    Netherlands - 5.7%      
463,022   Aegon N.V.         2,534,818
76,370   Koninklijke Ahold Delhaize N.V.         2,273,500
768,583   Koninklijke KPN N.V.         2,624,327
56,472   OCI N.V.         1,917,801
49,360   QIAGEN N.V.(a)         2,395,830
20,161   Wolters Kluwer N.V.         2,194,939
             

13,941,215

 

 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 64.9% (Continued)      
    Singapore - 1.0%      
359,800   Singapore Exchange Ltd.       $ 2,525,143
             
    Sweden - 2.9%      
22,976   Evolution A.B.         2,570,698
210,977   Hennes & Mauritz A.B., Class B         2,584,452
812,156   Telia Company A.B.         2,095,067
             

7,250,217

    Switzerland - 3.1%      
10,057   Kuehne + Nagel International A.G.         2,390,470
26,699   Novartis A.G.         2,404,884
134,692   UBS Group A.G.         2,860,184
             

7,655,538

    Taiwan  Province Of China - 4.1%      
501,000   Evergreen Marine Corp Taiwan Ltd.         2,532,828
38,000   Largan Precision Company Ltd.         2,685,758
1,006,000   Wan Hai Lines Ltd.         2,539,593
1,137,000   Yang Ming Marine Transport Corporation         2,363,550
             

10,121,729

    Thailand - 2.0%      
432,300   Advanced Info Service PCL         2,567,962
1,957,200   Indorama Ventures PCL         2,414,677
             

4,982,639

    United Kingdom - 2.8%      
393,985   BP PLC         2,374,373
131,125   GSK PLC         2,300,943
78,203   Shell PLC         2,288,746
             

6,964,062

               
    TOTAL COMMON STOCKS (Cost $140,331,350)    

  159,981,001

 

 

 

 

 

            

 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    SHORT-TERM INVESTMENTS — 32.8%      
    U.S. TREASURY BILLS — 25.4%      
2,021,000   United States Treasury Bill(b)   0.0000 02/23/23   $                           2,015,517
4,040,000   United States Treasury Bill(b)   0.0000 03/16/23 4,018,430
20,223,000   United States Treasury Bill(b)   0.0000 04/27/23   20,007,772
27,621,000   United States Treasury Bill(b)   0.0000 10/05/23   26,766,685
10,295,000   United States Treasury Bill(b)   0.0000 11/02/23   9,943,552
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $62,792,915)           62,751,956
             
Shares              
    MONEY MARKET FUNDS - 7.4%      
18,216,027   First American Government Obligations Fund, Class X, 4.13% (Cost $18,216,027)(c)(d)         18,216,027
             
    TOTAL SHORT-TERM INVESTMENTS (Cost $81,008,942)       80,967,983
           
           
    TOTAL INVESTMENTS - 97.7% (Cost $221,340,292)     $ 240,948,984
    OTHER ASSETS IN EXCESS OF LIABILITIES- 2.3%    

5,786,174

    NET ASSETS - 100.0%        

$ 246,735,158

           
               
 
LTD  - Limited Company  
NV  - Naamioze Vennootschap  
OYJ  - Julkinen osakeyhtiö  
PLC  - Public Limited Company  
S.A.  - Société Anonyme  
     
(a) Non-income producing security.  
(b) Zero coupon bond.  
(c) All or a portion of this security is held in a separate collateral account.  
(d) Rate disclosed is the seven day effective yield as of January 31, 2023.  

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

 

TOTAL RETURN SWAPS*                        
Security   Number of Shares   Notional Value Currency Interest Rate Payable   Termination Date   Counterparty   Value/ Unrealized Appreciation (Depreciation)
Adaro Enegery Indonesia TBK            8,549,500             2,176,505  USD   OBFR +0.90%    10/31/2023    Barclays     $       (490,976)
Aena Sme Sa                   18,352             2,152,690  EUR   ESTRON +0.45%    2/28/2023    Societe Generale                 402,990
Aker Bp Asa                   66,091          20,098,273  NOK   1-Mth NIBOR +0.35%    2/28/2023    Societe Generale                     (5,960)
Amadeus It Group Sa                   41,553             2,017,398  EUR   ESTRON +0.45%    2/28/2023    Societe Generale                 413,317
Ap Moller - Maersk A/S                      1,100          16,907,000  DKK   1M CIBOR +0.30%    2/28/2023    Societe Generale               (138,257)
Arcelormittal Sa                   96,275             2,365,958  EUR   ESTRON +0.45%    2/28/2023    Societe Generale                 396,131
Danske Bank A/S                133,703          18,357,422  DKK   1M CIBOR +0.30%    2/28/2023    Societe Generale                    93,795
Deutsche Lufthansa Ag                316,561             2,458,096  EUR   ESTRON +0.45%    2/28/2023    Societe Generale                 669,668
Diasorin Spa                   16,109             2,100,614  EUR   ESTRON +0.45%    2/28/2023    Societe Generale               (195,255)
Dsv A/S                   15,985          17,527,553  DKK   1M CIBOR +0.30%    2/28/2023    Societe Generale                    68,918
Equinor Asa                   58,848          20,702,726  NOK   1M NIBOR +0.35%    2/28/2023    Societe Generale               (285,971)
Ford Otomotiv Sanayi A/S                110,722             3,103,346  USD   SOFR +0.80%    11/2/2023    Goldman Sachs               (101,300)
Grupo Aerport Del Sureste-B                   96,287             2,176,200  USD   OBFR +0.60%    10/30/2023    Barclays                 432,925
Grupo Mexico SAB DE CV-SER B                616,680             2,212,150  USD   OBFR +0.60%    10/30/2023    Barclays                 530,724
Hellenic Telecommun Organiza                137,219             2,002,025  EUR   ESTRON +0.95%    2/28/2023    Societe Generale                  (17,900)
International Container                719,828             2,101,747  USD   OBFR +0.90%    11/7/2023    Barclays                 627,048
Jeronimo Martins Sgps Sa                103,604             2,090,729  EUR   ESTRON +0.50%    2/28/2023    Societe Generale                  (27,030)
Mercedes-Benz Group Ag                   37,030             2,273,642  EUR   ESTRON +0.45%    2/28/2023    Societe Generale                 271,717
Norsk Hydro Asa                337,897          24,774,608  NOK   1M NIBOR  +0.35%    2/28/2023    Societe Generale                 237,668
OMV AV                   47,603             2,222,870  EUR   1M EURIBOR +0.40%    11/2/2023    Barclays                  (43,777)
Pandora A/S                   39,885          19,467,869  DKK   1M CIBOR +0.30%    2/28/2023    Societe Generale                 454,091
Petronas Chemicals Group BHD            1,156,300             2,146,850  USD   OBFR +0.90%    10/31/2023    Barclays                 118,543
Public Bank Berhad            2,317,900             2,197,029  USD   OBFR +0.90%    10/31/2023    Barclays                 108,906
Recordati Industria Chimica E Farmaceutica Spa                   56,570             2,192,088  EUR   ESTRON +0.45%    2/28/2023    Societe Generale                    84,864
Red Electrica Corporacion Sa                132,969             2,162,076  EUR   ESTRON +0.45%    2/28/2023    Societe Generale                     (2,891)
Repsol Sa                159,544             2,369,228  EUR   ESTRON +0.45%    2/28/2023    Societe Generale                    41,625
Shaanxi Coal Industry - A                774,600             2,144,001  USD   OBFR +0.90%    10/30/2023    Barclays                    98,142
Shanxi Lu'An Environmental - A                940,834             2,132,199  USD   OBFR +0.90%    10/30/2023    Barclays                 625,946
SOC Quimica Y Minera Chile - B                   22,557             1,823,701  USD   SOFR +0.90%    11/6/2023    Goldman Sachs                 370,518
Telenor Asa                236,354          21,650,026  NOK   1M NIBOR +0.35%    2/28/2023    Societe Generale                 301,941
Turk Hava Yollari                 400,708             3,017,100  USD   SOFR +0.80%    11/2/2023    Goldman Sachs                  (86,379)
United Tractors TBK PT            1,036,500             2,151,935  USD   OBFR +0.90%    10/31/2023    Barclays               (457,112)
Zangge Mining Co. Ltd. - A                583,503             2,174,759  USD   OBFR +0.90%    10/27/2023    Barclays                 232,169
                         $     4,728,838
                         

* 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.

 

 

OBF – Overnight Bank Funding Rate

ESTRON – Euro Short Term Rate

NIBOR – Norwegian Interbank Offered Rate

CIBOR – Copenhagen Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

EURIBOR – Euro Interbank Offered Rate

 

 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 52.2%      
    ADVERTISING & MARKETING - 1.8%      
53,363   Interpublic Group of Companies, Inc. (The)       $ 1,945,615
23,050   Omnicom Group, Inc.         1,982,069
             

3,927,684

    APPAREL & TEXTILE PRODUCTS - 0.7%      
55,952   VF Corporation         1,731,155
             
    AUTOMOTIVE - 0.5%      
7,074   Tesla, Inc.(a)         1,225,358
             
    BANKING - 0.2%      
3,778   JPMorgan Chase & Company         528,769
             
    BIOTECH & PHARMA - 3.6%      
11,330   AbbVie, Inc.         1,674,008
1,866   Eli Lilly and Company         642,184
20,877   Gilead Sciences, Inc.         1,752,415
71,847   Organon & Company         2,164,750
164,982   Viatris, Inc.         2,006,181
             

8,239,538

    CHEMICALS - 1.7%      
35,916   Dow, Inc.         2,131,615
21,196   LyondellBasell Industries N.V., Class A         2,049,441
             

4,181,056

    CONTAINERS & PACKAGING - 1.7%      
149,639   Amcor PLC         1,804,646
50,022   International Paper Company         2,091,920
             

3,896,566

    DIVERSIFIED INDUSTRIALS - 0.7%      
14,419   3M Company         1,659,339
             
    E-COMMERCE DISCRETIONARY - 1.0%      
22,541   Amazon.com, Inc.(a)         2,324,653

 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 52.2% (Continued)      
    ELECTRIC UTILITIES - 3.9%      
29,996   Dominion Energy, Inc.       $ 1,908,945
18,186   Duke Energy Corporation         1,863,156
27,954   Edison International         1,926,031
23,447   Pinnacle West Capital Corporation         1,747,974
26,850   Southern Company (The)         1,817,208
             

9,263,314

    ENTERTAINMENT CONTENT - 0.9%      
92,273   Paramount Global, Class B         2,137,043
             
    FOOD - 0.8%      
46,304   Kraft Heinz Company (The)         1,876,701
             
    HEALTH CARE FACILITIES & SERVICES - 0.2%      
937   UnitedHealth Group, Inc.         467,741
             
    HEALTH CARE REIT - 0.8%      
69,683   Healthpeak Properties, Inc.         1,914,889
             
    HOME & OFFICE PRODUCTS - 1.9%      
141,581   Newell Brands, Inc.         2,259,633
12,517   Whirlpool Corporation         1,947,520
             

4,207,153

    HOUSEHOLD PRODUCTS - 1.1%      
10,392   Colgate-Palmolive Company         774,516
13,423   Kimberly-Clark Corporation         1,745,124
             

2,519,640

    INTERNET MEDIA & SERVICES - 1.2%      
16,782   Alphabet, Inc., Class A(a)         1,658,733
8,158   Meta Platforms, Inc., Class A(a)         1,215,297
             

2,874,030

    LEISURE PRODUCTS - 0.7%      
29,253   Hasbro, Inc.         1,730,900

 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 52.2% (Continued)      
    MACHINERY - 1.6%      
7,612   Snap-on, Inc.       $ 1,893,333
22,793   Stanley Black & Decker, Inc.         2,035,642
             

3,928,975

    MEDICAL EQUIPMENT & DEVICES - 1.1%      
23,343   Medtronic plc         1,953,576
1,095   Thermo Fisher Scientific, Inc.         624,511
             

2,578,087

    METALS & MINING - 0.9%      
39,156   Newmont Corporation         2,072,527
             
    MULTI ASSET CLASS REIT - 0.7%      
70,847   Vornado Realty Trust         1,727,958
             
    OFFICE REIT - 0.8%      
25,560   Boston Properties, Inc.         1,905,242
             
    OIL & GAS PRODUCERS - 3.6%      
63,499   Coterra Energy, Inc.         1,589,380
26,365   Devon Energy Corporation         1,667,323
12,222   Diamondback Energy, Inc.         1,785,878
94,625   Kinder Morgan, Inc.         1,731,637
7,496   Pioneer Natural Resources Company         1,726,704
             

8,500,922

    RETAIL - CONSUMER STAPLES - 0.7%      
43,741   Walgreens Boots Alliance, Inc.         1,612,293
             
    RETAIL - DISCRETIONARY - 1.3%      
21,237   Best Buy Company, Inc.         1,884,147
2,137   Home Depot, Inc. (The)         692,751
1,765   Lowe's Companies, Inc.         367,561
             

2,944,459

    RETAIL REIT - 1.7%      
28,948   Realty Income Corporation         1,963,543

 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 52.2% (Continued)      
    RETAIL REIT - 1.7% (Continued)      
15,239   Simon Property Group, Inc.       $ 1,957,602
             

3,921,145

    SEMICONDUCTORS - 2.2%      
7,146   Advanced Micro Devices, Inc.(a)         537,022
771   Broadcom, Inc.         451,043
62,706   Intel Corporation         1,772,072
9,502   NVIDIA Corporation         1,856,405
3,526   QUALCOMM, Inc.         469,698
             

5,086,240

    SOFTWARE - 3.4%      
1,602   Adobe, Inc.(a)         593,285
712   Intuit, Inc.         300,941
21,163   Microsoft Corporation         5,244,403
4,854   Salesforce, Inc.(a)         815,326
9,644   Splunk, Inc.(a)         923,606
             

7,877,561

    TECHNOLOGY HARDWARE - 5.0%      
39,563   Apple, Inc.         5,708,546
53,855   Corning, Inc.         1,863,922
61,718   HP, Inc.         1,798,463
35,621   Seagate Technology Holdings plc         2,414,391
             

11,785,322

    TECHNOLOGY SERVICES - 1.1%      
12,210   International Business Machines Corporation         1,645,054
1,199   Mastercard, Inc., Class A         444,349
1,995   Visa, Inc., Class A         459,269
             

2,548,672

    TELECOMMUNICATIONS - 1.6%      
94,651   AT&T, Inc.         1,928,041
46,522   Verizon Communications, Inc.         1,933,919
             

3,861,960

    TOBACCO & CANNABIS - 1.5%      
39,355   Altria Group, Inc.         1,772,549

 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 52.2% (Continued)      
    TOBACCO & CANNABIS - 1.5% (Continued)      
18,400   Philip Morris International, Inc.       $ 1,918,017
             

3,690,566

    TRANSPORTATION & LOGISTICS - 0.8%      
9,653   United Parcel Service, Inc., Class B         1,788,025
             
    TRANSPORTATION EQUIPMENT - 0.8%      
7,285   Cummins, Inc.         1,817,899
             
    TOTAL COMMON STOCKS (Cost $110,713,173)    

  122,353,382

               
    EXCHANGE-TRADED FUNDS — 20.0%      
    EQUITY - 17.2%      
111,474   iShares Core S&P Small-Cap ETF         11,553,165
254,753   Schwab International Small-Cap Equity ETF         8,755,861
76,684   Vanguard FTSE All World ex-US Small-Cap ETF         8,574,805
57,449   Vanguard Small-Cap ETF         11,615,038
             

40,498,869

    FIXED INCOME - 2.8%      
60,975   iShares 20+ Year Treasury Bond ETF         6,534,691
             
    TOTAL EXCHANGE-TRADED FUNDS (Cost $41,026,172)    

  47,033,560

               
    OPEN END FUNDS — 0.1%      
    FIXED INCOME - 0.1%      
10,175   Nuveen California High Yield Municipal Bond Fund, Class I         84,754
5,824   Nuveen High Yield Municipal Bond Fund Class I, Class I         90,396
    TOTAL OPEN END FUNDS (Cost $210,905)        

175,150

 

 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 14.5%      
    U.S. TREASURY NOTES — 14.5%      
11,501,000   United States Treasury Note   2.7500 08/31/23   $ 11,369,686
1,238,000   United States Treasury Note   2.5000 05/31/24   1,204,294
10,435,000   United States Treasury Note   3.2500 08/31/24   10,243,828
1,742,000   United States Treasury Note   1.1250 01/15/25   1,640,950
9,699,000   United States Treasury Note   3.1250 08/15/25   9,490,244
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $34,470,234)           33,949,002
           
    SHORT-TERM INVESTMENTS — 10.9%      
    U.S. TREASURY BILLS — 8.2%        
3,675,000   United States Treasury Bill(b)   0.0000 02/23/23  3,665,030
8,081,000   United States Treasury Bill(b)   0.0000 03/16/23   8,037,854
1,548,000   United States Treasury Bill(b)   0.0000 05/18/23   1,527,438
6,272,000   United States Treasury Bill(b)   0.0000 11/02/23   6,057,889
  TOTAL U.S. TREASURY BILLS (Cost $19,301,913)           19,288,211
             
Shares              
    MONEY MARKET FUNDS - 2.7%      
3,849,450   First American Government Obligations Fund, Class X, 4.13%(c)         3,849,449
2,566,827   Goldman Sachs Financial Square Government Fund, Administration Shares, , 3.96%(c)         2,566,827
    TOTAL MONEY MARKET FUNDS (Cost $6,416,276)  

6,416,276

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $25,718,189)  

25,704,487

         
    TOTAL INVESTMENTS - 97.7% (Cost $212,138,673)     $ 229,215,581
    OTHER ASSETS IN EXCESS OF LIABILITIES- 2.3%    

5,448,682

    NET ASSETS - 100.0%        

$ 234,664,263

  

 

 

 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2023

 

 

 

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 January 31, 2023.

 

 

TOTAL RETURN SWAPS *                
Security   Number of Shares Notional Value Interest Rate Payable Termination Date Counterparty   Unrealized Appreciation
Ishares IBOXX High Yield Corporate Bond                124,155  $           9,141,533 Fed Funds + 20 bps  2/27/2023 Barclays    $                335,219
Invesco High Yield Municipal Bond Fund Class I            1,234,286             10,816,172 SOFR + 161 bps  1/10/2024 Goldman Sachs                       156,631
SPDR Bloomberg BARC Convertible - Institutional Class                425,335             27,366,054 Fed Funds + 40 bps  10/23/2023 Barclays                  1,646,046
iShares Preferred & Income - Institutional Class                893,862             27,289,607 Fed Funds + 40 bps  10/23/2023 Barclays                  2,744,157
Nuveen High Yield Municipal Bond Fund Class I                650,403                9,817,926 SOFR + 161 bps  1/10/2024 Goldman Sachs                       276,328
TOTAL                $           5,158,381

 

 

* 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. Each swap pays monthly.

 

FED FUNDS -Federal Funds Rate
SOFR -Secured Overnight Financing Rate