| REDWOOD MANAGED VOLATILITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | OPEN END FUNDS — 5.7% | | | |
| | | REAL ESTATE - 5.7% | | | |
| 560,000 | | Redwood Real Estate Income Fund, Class I(a) (Cost $14,000,000) | | | | $ 14,005,600 |
| | | | | | | | |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | |
| | | CORPORATE BONDS — 12.8% | | | |
| | | AEROSPACE & DEFENSE — 0.4% | | | |
| 185,000 | | Bombardier, Inc.(b) | | 7.8750 | 04/15/27 | 184,560 |
| 168,000 | | Howmet Aerospace, Inc. | | 6.8750 | 05/01/25 | 170,721 |
| 403,000 | | TransDigm, Inc. | | 6.3750 | 06/15/26 | 399,262 |
| 186,000 | | TransDigm, Inc. | | 5.5000 | 11/15/27 | 176,631 |
| | | | | | | 931,174 |
| | | AUTOMOTIVE — 0.5% | | | |
| 180,000 | | American Axle & Manufacturing, Inc. | | 6.2500 | 03/15/26 | 176,365 |
| 388,000 | | Ford Motor Company | | 4.3460 | 12/08/26 | 378,568 |
| 177,000 | | Ford Motor Company | | 4.7500 | 01/15/43 | 138,655 |
| 165,000 | | Ford Motor Company | | 5.2910 | 12/08/46 | 136,503 |
| 403,000 | | Goodyear Tire & Rubber Company (The) | | 5.0000 | 05/31/26 | 392,152 |
| | | | | | | 1,222,243 |
| | | BIOTECH & PHARMA — 0.2% | | | |
| 99,000 | | BC Ltd. (b) | | 9.0000 | 01/30/28 | 99,343 |
| 179,000 | | Bausch Health Companies, Inc.(b) | | 11.0000 | 09/30/28 | 132,452 |
| 33,000 | | Bausch Health Companies, Inc.(b) | | 14.0000 | 10/15/30 | 21,047 |
| 127,000 | | Endo Luxembourg Finance Company I Sarl (b) | | 6.1250 | 04/01/29 | 92,659 |
| 188,000 | | Par Pharmaceutical, Inc. (b) | | 7.5000 | 04/01/27 | 138,155 |
| | | | | | | 483,656 |
| | | CABLE & SATELLITE — 0.9% | | | |
| 398,000 | | CCO Holdings, LLC / CCO Holdings Capital(b) | | 5.0000 | 02/01/28 | 368,179 |
| 179,000 | | CCO Holdings, LLC / CCO Holdings Capital(b) | | 5.3750 | 06/01/29 | 163,746 |
| 185,000 | | CCO Holdings, LLC / CCO Holdings Capital(b) | | 4.7500 | 03/01/30 | 160,546 |
| 188,000 | | CCO Holdings, LLC / CCO Holdings Capital(b) | | 4.5000 | 08/15/30 | 159,241 |
| 192,000 | | CCO Holdings, LLC / CCO Holdings Capital(b) | | 4.2500 | 02/01/31 | 158,027 |
| 180,000 | | DISH DBS Corporation | | 5.8750 | 11/15/24 | 165,484 |
| 173,000 | | DISH DBS Corporation | | 7.7500 | 07/01/26 | 112,676 |
| REDWOOD MANAGED VOLATILITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | CORPORATE BONDS — 12.8% (Continued) | | | |
| | | CABLE & SATELLITE — 0.9% (Continued) | | | |
| 391,000 | | DISH DBS Corporation | | 7.3750 | 07/01/28 | $ 221,386 |
| 385,000 | | Sirius XM Radio, Inc. (b) | | 5.5000 | 07/01/29 | 350,630 |
| 192,000 | | Sirius XM Radio, Inc. (b) | | 4.1250 | 07/01/30 | 157,687 |
| | | | | | | 2,017,602 |
| | | COMMERCIAL SUPPORT SERVICES — 0.1% | | | |
| 179,000 | | Prime Security Services Borrower, LLC / Prime(b) | | 5.7500 | 04/15/26 | 175,689 |
| 126,000 | | RR Donnelley & Sons Company | | 8.2500 | 07/01/27 | 128,796 |
| | | | | | | 304,485 |
| | | CONTAINERS & PACKAGING — 0.4% | | | |
| 394,000 | | Ball Corporation | | 4.0000 | 11/15/23 | 390,866 |
| 371,000 | | Pactiv, LLC B | | 7.9500 | 12/15/25 | 374,797 |
| 327,000 | | Sealed Air Corporation(b) | | 6.8750 | 07/15/33 | 342,251 |
| | | | | | | 1,107,914 |
| | | ELECTRIC UTILITIES — 0.5% | | | |
| 414,000 | | Calpine Corporation(b) | | 5.1250 | 03/15/28 | 375,853 |
| 177,000 | | FirstEnergy Corporation | | 4.1500 | 07/15/27 | 167,384 |
| 403,000 | | PG&E Corporation | | 5.0000 | 07/01/28 | 373,213 |
| 403,000 | | Vistra Operations Company, LLC(b) | | 5.5000 | 09/01/26 | 390,106 |
| | | | | | | 1,306,556 |
| | | ELECTRICAL EQUIPMENT — 0.2% | | | |
| 375,000 | | WESCO Distribution, Inc. (b) | | 7.2500 | 06/15/28 | 382,671 |
| | | | | | | |
| | | ENTERTAINMENT CONTENT — 0.2% | | | |
| 725,000 | | Diamond Sports Group, LLC / Diamond Sports Finance(b) | | 5.3750 | 08/15/26 | 23,109 |
| 370,000 | | Liberty Interactive, LLC | | 8.5000 | 07/15/29 | 140,008 |
| 411,000 | | Univision Communications, Inc. (b) | | 5.1250 | 02/15/25 | 403,224 |
| | | | | | | 566,341 |
| | | FOOD — 0.7% | | | |
| 185,000 | | Kraft Heinz Foods Company | | 3.0000 | 06/01/26 | 174,993 |
| 177,000 | | Kraft Heinz Foods Company | | 3.8750 | 05/15/27 | 169,738 |
| 135,000 | | Kraft Heinz Foods Company | | 6.3750 | 07/15/28 | 142,011 |
| 125,000 | | Kraft Heinz Foods Company(b) | | 7.1250 | 08/01/39 | 138,390 |
| 156,000 | | Kraft Heinz Foods Company | | 5.0000 | 06/04/42 | 145,948 |
| 150,000 | | Kraft Heinz Foods Company | | 5.2000 | 07/15/45 | 141,857 |
| REDWOOD MANAGED VOLATILITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | CORPORATE BONDS — 12.8% (Continued) | | | |
| | | FOOD — 0.7% (Continued) | | | |
| 165,000 | | Kraft Heinz Foods Company | | 4.3750 | 06/01/46 | $ 139,750 |
| 154,000 | | Kraft Heinz Foods Company | | 4.8750 | 10/01/49 | 140,207 |
| 137,000 | | Post Holdings, Inc. (b) | | 5.7500 | 03/01/27 | 134,389 |
| 192,000 | | Post Holdings, Inc. (b) | | 4.6250 | 04/15/30 | 169,458 |
| 195,000 | | Post Holdings, Inc. (b) | | 4.5000 | 09/15/31 | 165,992 |
| | | | | | | 1,662,733 |
| | | FORESTRY, PAPER & WOOD PRODUCTS — 0.1% | | | |
| 415,000 | | Louisiana-Pacific Corporation(b) | | 3.6250 | 03/15/29 | 363,565 |
| | | | | | | |
| | | HEALTH CARE FACILITIES & SERVICES — 1.1% | | | |
| 179,000 | | Centene Corporation | | 4.6250 | 12/15/29 | 166,457 |
| 186,000 | | Centene Corporation | | 3.3750 | 02/15/30 | 160,170 |
| 188,000 | | Centene Corporation | | 3.0000 | 10/15/30 | 157,197 |
| 195,000 | | Centene Corporation | | 2.5000 | 03/01/31 | 156,241 |
| 188,000 | | CHS/Community Health Systems, Inc. (b) | | 6.8750 | 04/15/29 | 124,806 |
| 408,000 | | DaVita, Inc. (b) | | 4.6250 | 06/01/30 | 347,821 |
| 203,000 | | DaVita, Inc. (b) | | 3.7500 | 02/15/31 | 162,980 |
| 173,000 | | HCA, Inc. | | 5.3750 | 02/01/25 | 172,069 |
| 364,000 | | HCA, Inc. | | 5.8750 | 02/15/26 | 365,066 |
| 163,000 | | HCA, Inc. | | 5.6250 | 09/01/28 | 163,621 |
| 183,000 | | HCA, Inc. | | 3.5000 | 09/01/30 | 160,860 |
| 183,000 | | Tenet Healthcare Corporation | | 6.1250 | 10/01/28 | 174,489 |
| 364,000 | | Tenet Healthcare Corporation | | 6.8750 | 11/15/31 | 364,875 |
| | | | | | | 2,676,652 |
| | | HOME & OFFICE PRODUCTS — 0.1% | | | |
| 177,000 | | Newell Brands, Inc. | | 4.4500 | 04/01/26 | 167,751 |
| | | | | | | |
| | | HOME CONSTRUCTION — 0.1% | | | |
| 229,000 | | Beazer Homes USA, Inc. B | | 6.7500 | 03/15/25 | 228,082 |
| | | | | | | |
| | | INSURANCE — 0.2% | | | |
| 42,000 | | MBIA, Inc. | | 6.6250 | 10/01/28 | 34,020 |
| 391,000 | | Radian Group, Inc. | | 4.5000 | 10/01/24 | 381,438 |
| | | | | | | 415,458 |
| REDWOOD MANAGED VOLATILITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | CORPORATE BONDS — 12.8% (Continued) | | | |
| | | INTERNET MEDIA & SERVICES — 0.3% | | | |
| 168,000 | | Netflix, Inc. | | 4.8750 | 04/15/28 | $ 166,160 |
| 157,000 | | Netflix, Inc. | | 5.8750 | 11/15/28 | 162,168 |
| 354,000 | | Netflix, Inc. (b) | | 4.8750 | 06/15/30 | 346,176 |
| | | | | | | 674,504 |
| | | LEISURE FACILITIES & SERVICES — 0.5% | | | |
| 197,000 | | BC ULC / New Red Finance, Inc. (b) | | 4.0000 | 10/15/30 | 169,485 |
| 183,000 | | Carnival Corporation(b) | | 7.6250 | 03/01/26 | 180,704 |
| 188,000 | | Carnival Corporation(b) | | 5.7500 | 03/01/27 | 174,084 |
| 135,000 | | Carnival Corporation | | 6.6500 | 01/15/28 | 124,640 |
| 195,000 | | Hilton Domestic Operating Company, Inc. (b) | | 3.6250 | 02/15/32 | 163,813 |
| 379,000 | | MGM Resorts International | | 5.7500 | 06/15/25 | 375,146 |
| 189,000 | | NCL Corporation Ltd. (b) | | 5.8750 | 03/15/26 | 179,018 |
| 188,000 | | Royal Caribbean Cruises Ltd. (b) | | 5.5000 | 04/01/28 | 177,363 |
| | | | | | | 1,544,253 |
| | | METALS & MINING — 0.2% | | | |
| 189,000 | | FMG Resources August 2006 Pty Ltd. (b) | | 4.3750 | 04/01/31 | 162,761 |
| 154,000 | | Freeport-McMoRan, Inc. | | 5.4500 | 03/15/43 | 143,579 |
| 185,000 | | Novelis Corporation(b) | | 4.7500 | 01/30/30 | 166,433 |
| | | | | | | 472,773 |
| | | OIL & GAS PRODUCERS — 1.9% | | | |
| 204,000 | | Apache Corporation | | 4.8750 | 11/15/27 | 191,118 |
| 171,000 | | Apache Corporation | | 5.1000 | 09/01/40 | 145,397 |
| 185,000 | | Cheniere Energy Partners, L.P. | | 4.0000 | 03/01/31 | 164,793 |
| 39,000 | | Cheniere Energy, Inc. (b) | | 4.6250 | 10/15/28 | 36,745 |
| 137,000 | | Cheniere Energy, Inc. | | 4.6250 | 10/15/28 | 129,078 |
| 179,000 | | Comstock Resources, Inc. (b) | | 6.7500 | 03/01/29 | 167,159 |
| 160,000 | | Continental Resources Inc.(b) | | 5.7500 | 01/15/31 | 154,550 |
| 403,000 | | EQM Midstream Partners, L.P. | | 4.0000 | 08/01/24 | 394,772 |
| 180,000 | | EQT Corporation | | 3.9000 | 10/01/27 | 168,888 |
| 375,000 | | Murphy Oil Corporation | | 7.0500 | 05/01/29 | 381,933 |
| 415,000 | | New Fortress Energy, Inc. (b) | | 6.7500 | 09/15/25 | 396,087 |
| 197,000 | | New Fortress Energy, Inc. (b) | | 6.5000 | 09/30/26 | 180,999 |
| 189,000 | | NGL Energy Operating, LLC / NGL Energy Finance(b) | | 7.5000 | 02/01/26 | 187,435 |
| 188,000 | | Occidental Petroleum Corporation | | 2.9000 | 08/15/24 | 182,309 |
| REDWOOD MANAGED VOLATILITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | CORPORATE BONDS — 12.8% (Continued) | | | |
| | | OIL & GAS PRODUCERS — 1.9% (Continued) | | | |
| 379,000 | | Occidental Petroleum Corporation | | 5.5500 | 03/15/26 | $ 377,351 |
| 189,000 | | Occidental Petroleum Corporation | | 3.5000 | 08/15/29 | 163,474 |
| 143,000 | | Occidental Petroleum Corporation | | 8.8750 | 07/15/30 | 165,482 |
| 156,000 | | Occidental Petroleum Corporation | | 6.6250 | 09/01/30 | 163,722 |
| 160,000 | | Occidental Petroleum Corporation | | 6.1250 | 01/01/31 | 163,880 |
| 150,000 | | Occidental Petroleum Corporation | | 6.4500 | 09/15/36 | 157,613 |
| 304,000 | | Ovintiv, Inc. | | 8.1250 | 09/15/30 | 337,754 |
| 175,000 | | Western Midstream Operating, L.P. | | 5.3000 | 02/01/30 | 159,208 |
| | | | | | | 4,569,747 |
| | | OIL & GAS SERVICES & EQUIPMENT — 0.4% | | | |
| 463,000 | | Nabors Industries, Inc. B | | 5.7500 | 02/01/25 | 454,157 |
| 525,000 | | Transocean, Inc. (b) | | 8.0000 | 02/01/27 | 506,648 |
| | | | | | | 960,805 |
| | | REAL ESTATE INVESTMENT TRUSTS — 0.4% | | | |
| 402,000 | | Iron Mountain, Inc. (b) | | 4.8750 | 09/15/27 | 377,364 |
| 185,000 | | Iron Mountain, Inc. (b) | | 5.2500 | 07/15/30 | 167,402 |
| 189,000 | | MPT Operating Partnership, L.P. / MPT Finance | | 3.5000 | 03/15/31 | 136,330 |
| 186,000 | | SBA Communications Corporation | | 3.8750 | 02/15/27 | 171,533 |
| 200,000 | | SBA Communications Corporation | | 3.1250 | 02/01/29 | 168,751 |
| | | | | | | 1,021,380 |
| | | RETAIL - CONSUMER STAPLES — 0.3% | | | |
| 195,000 | | Albertsons Companies Inc / Safeway Inc.(b) | | 3.5000 | 03/15/29 | 169,979 |
| 294,000 | | New Albertsons, L.P. | | 8.0000 | 05/01/31 | 307,851 |
| 236,000 | | Rite Aid Corporation B | | 7.7000 | 02/15/27 | 51,121 |
| 226,000 | | Safeway, Inc. | | 7.2500 | 02/01/31 | 235,576 |
| | | | | | | 764,527 |
| | | RETAIL - DISCRETIONARY — 0.2% | | | |
| 189,000 | | Magic MergerCo, Inc. (b) | | 7.8750 | 05/01/29 | 134,424 |
| 423,000 | | Staples, Inc. (b) | | 10.7500 | 04/15/27 | 242,420 |
| | | | | | | 376,844 |
| | | SEMICONDUCTORS — 0.2% | | | |
| 388,000 | | Amkor Technology, Inc. (b) | | 6.6250 | 09/15/27 | 389,337 |
| | | | | | | |
| | | | | | |
| REDWOOD MANAGED VOLATILITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | CORPORATE BONDS — 12.8% (Continued) | | | |
| | | SPECIALTY FINANCE — 0.1% | | | |
| 171,000 | | OneMain Finance Corporation | | 6.8750 | 03/15/25 | $ 170,609 |
| 168,000 | | OneMain Finance Corporation | | 7.1250 | 03/15/26 | 166,546 |
| | | | | | | 337,155 |
| | | STEEL — 0.2% | | | |
| 392,000 | | United States Steel Corporation | | 6.6500 | 06/01/37 | 381,908 |
| | | | | | | |
| | | TECHNOLOGY HARDWARE — 0.4% | | | |
| 324,000 | | Dell, Inc. | | 7.1000 | 04/15/28 | 350,763 |
| 186,000 | | Imola Merger Corporation(b) | | 4.7500 | 05/15/29 | 163,753 |
| 137,000 | | Pitney Bowes, Inc. | | 4.6250 | 03/15/24 | 134,491 |
| 175,000 | | Western Digital Corporation | | 4.7500 | 02/15/26 | 167,272 |
| 400,000 | | Xerox Corporation | | 3.8000 | 05/15/24 | 392,675 |
| | | | | | | 1,208,954 |
| | | TECHNOLOGY SERVICES — 0.3% | | | |
| 356,000 | | Sabre GLBL, Inc. (b) | | 9.2500 | 04/15/25 | 334,105 |
| 379,000 | | Unisys Corporation(b) | | 6.8750 | 11/01/27 | 309,874 |
| | | | | | | 643,979 |
| | | TELECOMMUNICATIONS — 1.1% | | | |
| 173,000 | | Embarq Corporation | | 7.9950 | 06/01/36 | 97,962 |
| 406,000 | | Frontier Communications Corporation(b) | | 5.0000 | 05/01/28 | 344,631 |
| 152,000 | | Sprint Capital Corporation | | 6.8750 | 11/15/28 | 161,318 |
| 128,000 | | Sprint Capital Corporation | | 8.7500 | 03/15/32 | 154,542 |
| 173,000 | | Sprint Corporation | | 7.8750 | 09/15/23 | 173,290 |
| 169,000 | | Sprint Corporation | | 7.1250 | 06/15/24 | 170,741 |
| 165,000 | | Sprint Corporation | | 7.6250 | 02/15/25 | 168,944 |
| 341,000 | | Sprint Corporation | | 7.6250 | 03/01/26 | 355,512 |
| 157,000 | | Telecom Italia Capital S.A. | | 7.2000 | 07/18/36 | 135,036 |
| 152,000 | | Telecom Italia Capital S.A. | | 7.7210 | 06/04/38 | 135,233 |
| 185,000 | | T-Mobile USA, Inc. | | 3.5000 | 04/15/31 | 162,800 |
| 160,000 | | Vodafone Group plc(c) | USD SWAP SEMI 30/360 5YR + 4.873% | 7.0000 | 04/04/79 | 164,247 |
| 180,000 | | Windstream Escrow, LLC / Windstream Escrow Finance(b) | | 7.7500 | 08/15/28 | 151,772 |
| 197,000 | | Zayo Group Holdings, Inc. (b) | | 4.0000 | 03/01/27 | 141,124 |
| | | | | | | 2,517,152 |
| REDWOOD MANAGED VOLATILITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Principal Amount ($) | | | | Spread | Coupon Rate (%) | Maturity | Fair Value |
| | | CORPORATE BONDS — 12.8% (Continued) | | | |
| | | TRANSPORTATION & LOGISTICS — 0.6% | | | |
| 154,000 | | American Airlines, Inc. (b) | | 11.7500 | 07/15/25 | $ 169,441 |
| 167,750 | | American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b) | | 5.5000 | 04/20/26 | 165,404 |
| 179,000 | | American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b) | | 5.7500 | 04/20/29 | 173,429 |
| 163,000 | | Delta Air Lines, Inc. | | 7.3750 | 01/15/26 | 169,355 |
| 183,000 | | Hawaiian Brand Intellectual Property Ltd. (b) | | 5.7500 | 01/20/26 | 172,703 |
| 402,000 | | United Airlines Holdings, Inc. | | 5.0000 | 02/01/24 | 399,539 |
| 186,000 | | United Airlines, Inc. (b) | | 4.3750 | 04/15/26 | 176,328 |
| 186,000 | | United Airlines, Inc. (b) | | 4.6250 | 04/15/29 | 168,426 |
| | | | | | | 1,594,625 |
| | TOTAL CORPORATE BONDS (Cost $34,015,329) | | | 31,294,826 |
| | | | | | | |
| Principal Amount ($) | | | | | Coupon Rate (%) | Maturity | |
| | | U.S. GOVERNMENT & AGENCIES — 18.1% | | | |
| | | U.S. TREASURY NOTES — 18.1% | | | |
| 12,080,000 | | United States Treasury Note | | 0.8750 | 01/31/24 | 11,813,205 |
| 8,131,000 | | United States Treasury Note | | 2.5000 | 05/31/24 | 7,938,844 |
| 9,679,000 | | United States Treasury Note | | 1.1250 | 01/15/25 | 9,132,099 |
| 4,831,000 | | United States Treasury Note | | 1.5000 | 01/31/27 | 4,380,170 |
| 1,739,000 | | United States Treasury Note | | 3.1250 | 11/15/28 | 1,652,593 |
| 1,449,000 | | United States Treasury Note | | 2.6250 | 02/15/29 | 1,338,684 |
| 1,449,000 | | United States Treasury Note | | 2.3750 | 05/15/29 | 1,317,401 |
| 1,159,000 | | United States Treasury Note | | 1.5000 | 02/15/30 | 988,274 |
| 3,510,000 | | United States Treasury Note | | 0.6250 | 08/15/30 | 2,782,224 |
| 1,514,000 | | United States Treasury Note | | 0.8750 | 11/15/30 | 1,219,302 |
| 2,062,000 | | United States Treasury Note | | 1.6250 | 05/15/31 | 1,740,013 |
| | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $47,832,010) | | | | | 44,302,809 |
| | | | | | |
| | | SHORT-TERM INVESTMENTS – 59.5% | | | | |
| | | U.S. TREASURY BILLS — 59.5% | | | | |
| 77,483,000 | | United States Treasury Bill(d) | | 0.0000 | 10/19/23 | 76,588,843 |
| 70,137,000 | | United States Treasury Bill(d)(e) | | 0.0000 | 11/02/23 | 69,179,144 |
| | | TOTAL U.S. TREASURY BILLS (Cost $145,929,835) | | | | 145,767,987 |
| REDWOOD MANAGED VOLATILITY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| | | | | | | | Fair Value |
| | | TOTAL INVESTMENTS – 96.1% (Cost $241,777,174) | | | $ 235,371,223 |
| | | OTHER ASSETS IN EXCESS OF LIABILITIES- 3.9% | | | 9,660,766 |
| | | NET ASSETS - 100.0% | | | | | $ 245,031,989 |
| | | | | | |
| | |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| | |
| | |
| | |
| |
| (a) | Investment in affiliate. |
| (b) | 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, 2023 the total market value of 144A securities is 13,187,952 or 5.4% of net assets. |
| (c) | Variable rate security; the rate shown represents the rate on July 31, 2023. |
| (d) | Zero coupon bond. |
| (e) | All or a portion of this security is held in a separate collateral account. Collateral has a fair value of $48,291,696 and represents 19.7% of net assets. |
| REDWOOD MANAGED VOLATILITY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) July 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 | $ 537,356 | To Sell Protection - CDX HY CDSI S38 5Y PRC, pays Quarterly | BNP Paribas | 12/20/2027 | Receive | 5.00% | $ 780,120 | $ 242,764 |
| | | | | | | | | |
| TOTAL | | | | | | | $ 780,120 | $ 242,764 |
| | | | | | | | | |
| (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 | 3,688,918 | $ 25,047,756 | SOFR + 175 bps | 6/16/2026 | Barclays | $ 184,446 |
| BlackRock High Yield Bond Portfolio - Institutional Class | 11,045,655 | 74,999,997 | SOFR + 150 bps | 6/17/2024 | Goldman Sachs | 552,283 |
| Invesco High Yield Municpal Fund | 11,913 | 102,095 | SOFR + 175 bps | 4/6/2026 | Barclays | (119) |
| Ishares IBOXX High Yield Corporate Bond | 253,500 | 19,139,250 | SOFR - 10 bps | 6/17/2024 | Goldman Sachs | 109,005 |
| Ishares IBOXX High Yield Corporate Bond | 153,000 | 11,485,710 | OBFR + 10 bps | 4/8/2024 | Barclays | 65,790 |
| Lord Abbett High Yield Fund | 6,462,036 | 39,935,382 | SOFR + 150 bps | 6/17/2024 | Goldman Sachs | 258,481 |
| Nuveen High Yield Municipal Bond Fund | 6,823 | 101,800 | SOFR + 175 bps | 12/5/2025 | Barclays | (273) |
| PGIM High Yield Fund - Class Z | 8,658,009 | 39,826,841 | SOFR + 150 bps | 6/17/2024 | Goldman Sachs | 519,481 |
| TOTAL | | | | | | $ 1,689,094 |
| | | | | | | |
| * 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 |
| OBFR | - Overnight Bank Funding Rate |
| REDWOOD MANAGED MUNICIPAL INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | OPEN END FUNDS — 96.1% | | | |
| | | FIXED INCOME - 83.4% | | | |
| 4,651 | | American Century High-Yield Municipal Fund, Class I | | | | $ 40,375 |
| 4,596 | | BlackRock High Yield Municipal Fund, Institutional Class | | | | 40,173 |
| 2,286,766 | | Invesco High Yield Municipal Fund | | | | 19,574,717 |
| 13,296 | | Invesco Rochester Municipal Opportunities Fund, Class Y | | | | 90,681 |
| 3,792 | | Lord Abbett High Yield Municipal Bond Fund, Class I | | | | 40,421 |
| 1,703,725 | | MainStay MacKay High Yield Municipal Bond Fund | | | | 19,729,130 |
| 5,577 | | MFS Municipal High Income Fund, Class I | | | | 40,264 |
| 5,559 | | Northern High Yield Municipal Fund | | | | 40,799 |
| 3,162,018 | | Nuveen High Yield Municipal Bond Fund, Class I | | | | 47,050,833 |
| 4,257 | | Nuveen Short Duration High Yield Municipal Bond, Class I | | | | 40,273 |
| 5,303,998 | | PIMCO High Yield Municipal Bond Fund, Institutional Class | | | | 44,129,266 |
| 6,514 | | Pioneer High Income Municipal Fund, Class Y | | | | 40,254 |
| 3,210 | | Western Asset Municipal High Income Fund, Class I | | | | 40,577 |
| | | | | | | | 130,897,763 |
| | | REAL ESTATE - 12.7% | | | |
| 800,000 | | Redwood Real Estate Income Fund, Class I (a) | | | | 20,008,000 |
| | | | | | | | |
| | | TOTAL OPEN END FUNDS (Cost $151,950,350) | | | 150,905,763 |
| | | | | | | | |
| | | SHORT-TERM INVESTMENTS — 0.3% | | | |
| | | MONEY MARKET FUNDS - 0.3% | | | |
| 119,020 | | BlackRock Liquidity Funds MuniCash, Institutional Class, 3.16% (b) | | | | 119,020 |
| 118,029 | | JPMorgan Municipal Money Market Fund, Agency Class, 3.33% (b) | | | | 118,029 |
| 146,655 | | JPMorgan Tax Free Money Market Fund, Agency Class, 3.05% (b) | | | | 146,654 |
| | | TOTAL MONEY MARKET FUNDS (Cost $383,703) | | 383,703 |
| | | | | | | |
| REDWOOD MANAGED MUNICIPAL INCOME FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| | | | | | | | Fair Value |
| | | TOTAL INVESTMENTS - 96.4% (Cost $152,334,053) | | | $ 151,289,466 |
| | | OTHER ASSETS IN EXCESS OF LIABILITIES- 3.6% | | | 5,692,375 |
| | | NET ASSETS - 100.0% | | | | | $ 156,981,841 |
| | | | | | |
| (a) | Investment in affiliate. |
| (b) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
| TOTAL RETURN SWAPS * | | | | | | | | | | | | |
| Security | | Number of Shares | | Notional Value | | Interest Rate Payable | | Termination Date | | Counterparty | | Value/ Unrealized Depreciation |
| Invesco High Yield Municipal Fund | | 14,406 | | $ 123,460 | | SOFR + 175 bps | | 7/31/2025 | | Barclays | | $ (144) |
| Nuveen High Yield Municipal Bond | | 1,530,761 | | 22,838,956 | | SOFR + 175 bps | | 12/5/2025 | | Barclays | | (61,230) |
| | | | | | | | | | | | | |
| TOTAL | | | | | | | | | | | | $ (61,374) |
* 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) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | COMMON STOCKS — 62.0% | | | |
| | | Brazil - 2.5% | | | |
| 560,086 | | B3 S.A. - Brasil Bolsa Balcao | | | | $ 1,767,221 |
| 282,804 | | Petroleo Brasileiro S.A. | | | | 2,081,886 |
| 200,221 | | Vale S.A. | | | | 2,936,456 |
| | | | | | | | 6,785,563 |
| | | Canada - 11.6% | | | |
| 149,318 | | ARC Resources Ltd. | | | | 2,255,805 |
| 159,156 | | Barrick Gold Corporation | | | | 2,749,646 |
| 35,762 | | Canadian Natural Resources Ltd. | | | | 2,174,914 |
| 106,961 | | Cenovus Energy, Inc. | | | | 2,034,478 |
| 25,009 | | CGI, Inc.(a) | | | | 2,541,565 |
| 84,984 | | Empire Company Ltd., Class A | | | | 2,308,031 |
| 41,995 | | Imperial Oil Ltd. | | | | 2,262,563 |
| 26,455 | | Loblaw Companies Ltd. | | | | 2,347,436 |
| 36,853 | | Nutrien Ltd. | | | | 2,539,765 |
| 68,385 | | Open Text Corporation | | | | 2,937,543 |
| 69,534 | | Suncor Energy, Inc. | | | | 2,175,838 |
| 62,103 | | Teck Resources Ltd., Class B | | | | 2,759,065 |
| 29,533 | | West Fraser Timber Company Ltd. | | | | 2,488,409 |
| | | | | | | | 31,575,058 |
| | | Cayman Islands - 1.7% | | | |
| 219,875 | | NetEase, Inc. | | | | 4,778,733 |
| | | | | | | | |
| | | China - 3.2% | | | |
| 5,793,967 | | China Galaxy Securities Company Ltd., H Shares | | | | 3,372,866 |
| 826,254 | | China Shenhua Energy Company Ltd., H Shares | | | | 2,468,520 |
| 2,654,997 | | COSCO SHIPPING Holdings Company Ltd., H Shares | | | | 2,801,761 |
| | | | | | | | 8,643,147 |
| | | Finland - 0.7% | | | |
| 52,560 | | Orion OYJ, Class B | | | | 2,019,404 |
| | | | | | | | |
| | | France - 0.9% | | | |
| 41,148 | | TotalEnergies S.E. | | | | 2,500,372 |
| | | | | | | | |
| REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | COMMON STOCKS — 62.0% (Continued) | | | |
| | | Israel - 0.9% | | | |
| 18,646 | | Check Point Software Technologies Ltd.(a) | | | | $ 2,465,188 |
| | | | | | | | |
| | | Japan - 15.4% | | | |
| 144,669 | | Astellas Pharma, Inc. | | | | 2,115,597 |
| 86,683 | | Honda Motor Company Ltd. | | | | 2,749,723 |
| 20,368 | | Hoya Corporation | | | | 2,366,524 |
| 76,111 | | ITOCHU Corporation | | | | 3,076,132 |
| 75,762 | | KDDI Corporation | | | | 2,229,688 |
| 44,648 | | Konami Group Corporation | | | | 2,500,896 |
| 225,337 | | Marubeni Corporation | | | | 3,981,083 |
| 86,370 | | Mitsui & Company Ltd. | | | | �� 3,363,882 |
| 674,017 | | Nissan Motor Company Ltd. | | | | 2,951,540 |
| 101,626 | | Ono Pharmaceutical Company Ltd. | | | | 1,858,311 |
| 64,749 | | Recruit Holdings Company Ltd. | | | | 2,245,091 |
| 215,348 | | Renesas Electronics Corporation(a) | | | | 4,170,912 |
| 107,127 | | Shin-Etsu Chemical Company Ltd. | | | | 3,523,236 |
| 47,710 | | SoftBank Group Corporation | | | | 2,428,609 |
| 87,578 | | Takeda Pharmaceutical Company Ltd. | | | | 2,672,234 |
| | | | | | | | 42,233,458 |
| | | Korea (Republic Of) - 3.9% | | | |
| 194,941 | | HMM Company Ltd. | | | | 2,669,609 |
| 44,387 | | Kia Motors Corporation | | | | 2,874,193 |
| 146,909 | | Korean Air Lines Company Ltd. | | | | 2,829,686 |
| 36,336 | | KT&G Corporation | | | | 2,350,022 |
| | | | | | | | 10,723,510 |
| | | Netherlands - 5.8% | | | |
| 453,487 | | Aegon N.V. | | | | 2,465,405 |
| 85,188 | | Koninklijke Ahold Delhaize N.V. | | | | 2,939,988 |
| 844,572 | | Koninklijke KPN N.V. | | | | 3,057,325 |
| 79,009 | | OCI N.V. | | | | 2,248,464 |
| 52,551 | | QIAGEN N.V.(a) | | | | 2,464,592 |
| 21,985 | | Wolters Kluwer N.V. | | | | 2,760,817 |
| | | | | | | | 15,936,591 |
| REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | COMMON STOCKS — 62.0% (Continued) | | | |
| | | Singapore - 1.0% | | | |
| 374,472 | | Singapore Exchange Ltd. | | | | $ 2,734,585 |
| | | | | | | | |
| | | Sweden - 3.1% | | | |
| 23,600 | | Evolution A.B. | | | | 2,910,035 |
| 207,874 | | Hennes & Mauritz A.B., Class B | | | | 3,491,354 |
| 958,616 | | Telia Company A.B. | | | | 2,060,823 |
| | | | | | | | 8,462,212 |
| | | Switzerland - 3.3% | | | |
| 10,705 | | Kuehne + Nagel International A.G. | | | | 3,343,663 |
| 23,582 | | Novartis A.G. | | | | 2,462,548 |
| 140,012 | | UBS Group A.G. | | | | 3,094,485 |
| | | | | | | | 8,900,696 |
| | | Taiwan Province Of China - 3.2% | | | |
| 568,364 | | Evergreen Marine Corp Taiwan Ltd. | | | | 1,876,623 |
| 41,596 | | Largan Precision Company Ltd. | | | | 2,872,287 |
| 1,288,393 | | Wan Hai Lines Ltd. | | | | 2,061,560 |
| 1,289,987 | | Yang Ming Marine Transport Corporation | | | | 1,904,387 |
| | | | | | | | 8,714,857 |
| | | Thailand - 2.0% | | | |
| 468,109 | | Advanced Info Service PCL | | | | 3,091,093 |
| 2,275,660 | | Indorama Ventures PCL | | | | 2,277,322 |
| | | | | | | | 5,368,415 |
| | | United Kingdom - 2.8% | | | |
| 436,928 | | BP plc | | | | 2,708,544 |
| 143,476 | | GSK plc | | | | 2,549,661 |
| 81,781 | | Shell plc | | | | 2,483,397 |
| | | | | | | | 7,741,602 |
| | | | | | | | |
| | | TOTAL COMMON STOCKS (Cost $163,198,197) | | | 169,583,391 |
| | | | | | | | |
| | | PREFERRED STOCK — 1.0% | | | | | |
| | | Brazil – 1.0% | | | | | |
| 437,165 | | Gerdau S.A., 5.00% (Cost $2,228,945) | | | | | 2,706,973 |
| REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | OPEN END FUND — 11.0% | | | |
| | | United States - 11.0% | | | |
| 1,200,000 | | Redwood Real Estate Income Fund, Class I (b) (Cost $30,000,000) | | | | $ 30,012,000 |
| | | | | | | | |
| Principal Amount ($) | | | | | Coupon Rate (%) | Maturity | |
| | | SHORT-TERM INVESTMENTS — 13.8% | | | |
| | | U.S. TREASURY BILLS — 13.7% | | | |
| 27,621,000 USD | | United States Treasury Bill(c)(d) | | 0.0000 | 10/05/23 | 27,358,665 |
| 10,295,000 USD | | United States Treasury Bill(c) | | 0.0000 | 11/02/23 | 10,154,402 |
| | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $37,581,883) | | | 37,513,067 |
| | | | | | | |
| Shares | | | | | | | |
| | | MONEY MARKET FUNDS - 0.1% | | | |
| 253,619 | | First American Government Obligations Fund, Class X, 5.05% (Cost $253,619)(e) | | | | 253,619 |
| | | | | | | | |
| | | TOTAL SHORT-TERM INVESTMENTS (Cost $37,835,502) | | 37,766,686 |
| | | | | |
| | | TOTAL INVESTMENTS – 87.8% (Cost $233,262,644) | | | $ 240,069,050 |
| | | OTHER ASSETS IN EXCESS OF LIABILITIES- 12.2% | | | 33,296,509 |
| | | NET ASSETS - 100.0% | | | | | $ 273,365,559 |
| | | | | | |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| |
| (a) | Non-income producing security. |
| (b) | Investment in affiliate. |
| (c) | Zero coupon bond. |
| (d) | All or a portion of this security is held in a separate collateral account. Collateral has a fair value of $14,283,154 and represents 5.2% of net assets. |
| (e) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
| REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 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 | | 11,545,374 | | 1,721,478 | USD | OBFR +0.90% | | 3/26/2024 | | Barclays | | $ 123,394 |
| Aena Sme Sa | | 20,034 | | 2,965,032 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | (57,276) |
| Aker Bp Asa | | 73,751 | | 18,570,502 | NOK | 1-Mth NIBOR +0.35% | | 2/29/2024 | | Societe Generale | | 229,227 |
| Amadeus It Group Sa | | 38,571 | | 2,688,608 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | (190,028) |
| Ap Moller - Maersk A/S | | 1,546 | | 18,366,480 | DKK | 1M CIBOR +0.30% | | 2/29/2024 | | Societe Generale | | 399,211 |
| Arcelormittal Sa | | 110,602 | | 2,757,308 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | 166,621 |
| Danske Bank A/S | | 135,703 | | 22,526,698 | DKK | 1M CIBOR +0.30% | | 2/29/2024 | | Societe Generale | | (103,122) |
| Deutsche Lufthansa Ag | | 368,515 | | 3,456,302 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | (81,451) |
| Diasorin Spa | | 17,626 | | 1,681,520 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | 128,890 |
| Dsv A/S | | 16,433 | | 23,548,489 | DKK | 1M CIBOR +0.30% | | 2/29/2024 | | Societe Generale | | (184,283) |
| Equinor Asa | | 64,190 | | 20,033,699 | NOK | 1M NIBOR +0.35% | | 2/29/2024 | | Societe Generale | | (23,434) |
| Ford Otomotiv Sanayi A/S | | 126,271 | | 4,452,442 | USD | FED FUNDS +1.85% | | 6/6/2024 | | Goldman Sachs | | 760,409 |
| Grupo Aerport Del Sureste-B | | 107,265 | | 3,093,997 | USD | OBFR +0.60% | | 3/26/2024 | | Barclays | | (50,624) |
| Grupo Mexico SAB DE CV-SER B | | 623,306 | | 3,012,765 | USD | OBFR +0.60% | | 3/26/2024 | | Barclays | | 229,882 |
| Hellenic Telecommun Organiza | | 134,335 | | 2,110,403 | EUR | ESTRON +0.55% | | 2/29/2024 | | Societe Generale | | (200,897) |
| International Container | | 810,214 | | 2,915,859 | USD | OBFR +0.90% | | 3/25/2024 | | Barclays | | 295,400 |
| Jeronimo Martins Sgps Sa | | 93,125 | | 2,350,475 | EUR | ESTRON +0.50% | | 2/29/2024 | | Societe Generale | | (49,153) |
| Mercedes-Benz Group Ag | | 39,170 | | 2,885,654 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | (44,365) |
| Norsk Hydro Asa | | 405,506 | | 25,871,283 | NOK | 1M NIBOR +0.35% | | 2/29/2024 | | Societe Generale | | 104,030 |
| OMV AV | | 47,749 | | 1,872,305 | EUR | 1M EURIBOR +0.40% | | 3/26/2024 | | Barclays | | 93,912 |
| Pandora A/S | | 47,111 | | 28,700,021 | DKK | 1M CIBOR +0.30% | | 2/29/2024 | | Societe Generale | | 481,043 |
| Petronas Chemicals Group BHD | | 1,326,795 | | 1,872,368 | USD | OBFR +0.90% | | 3/26/2024 | | Barclays | | 172,249 |
| Public Bank Berhad | | 2,650,511 | | 2,202,742 | USD | OBFR +0.90% | | 3/26/2024 | | Barclays | | 247,952 |
| Recordati Industria Chimica E Farmaceutica Spa | | 54,847 | | 2,399,556 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | 192,996 |
| Red Electrica Corporacion Sa | | 141,145 | | 2,171,516 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | (27,937) |
| Repsol Sa | | 183,204 | | 2,442,109 | EUR | ESTRON +0.45% | | 2/29/2024 | | Societe Generale | | 114,830 |
| Shaanxi Coal Industry - A | | 938,800 | | 2,333,203 | USD | OBFR +0.90% | | 3/22/2024 | | Barclays | | (199,537) |
| Shanxi Lu'An Environmental - A | | 1,056,300 | | 2,910,016 | USD | OBFR +0.90% | | 3/22/2024 | | Barclays | | (494,518) |
| SOC Quimica Y Minera Chile - B | | 28,427 | | 2,083,631 | USD | SOFR +1.00% | | 6/6/2024 | | Goldman Sachs | | 13,966 |
| Telenor Asa | | 288,101 | | 31,345,389 | NOK | 1M NIBOR +0.35% | | 2/29/2024 | | Societe Generale | | (8,528) |
| Turk Hava Yollari | | 375,759 | | 3,269,156 | USD | FED FUNDS +1.85% | | 6/6/2024 | | Goldman Sachs | | 472,710 |
| United Tractors TBK PT | | 1,294,626 | | 2,026,948 | USD | OBFR +0.90% | | 3/26/2024 | | Barclays | | 335,773 |
| Zangge Mining Co. Ltd. - A | | 689,300 | | 2,284,408 | USD | OBFR +0.90% | | 3/21/2024 | | Barclays | | 36,571 |
| | | | | | | | | | | | | $ 2,883,913 |
* 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.
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) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | COMMON STOCKS — 51.6% | | | |
| | | ADVERTISING & MARKETING - 1.3% | | | |
| 47,389 | | Interpublic Group of Companies, Inc. (The) | | | | $ 1,622,125 |
| 20,225 | | Omnicom Group, Inc. | | | | 1,711,441 |
| | | | | | | | 3,333,566 |
| | | APPAREL & TEXTILE PRODUCTS - 0.8% | | | |
| 103,521 | | VF Corporation | | | | 2,050,751 |
| | | | | | | | |
| | | AUTOMOTIVE - 1.5% | | | |
| 146,947 | | Ford Motor Company | | | | 1,941,170 |
| 8,111 | | Tesla, Inc.(a) | | | | 2,169,124 |
| | | | | | | | 4,110,294 |
| | | BANKING - 1.9% | | | |
| 49,555 | | Comerica, Inc. | | | | 2,673,988 |
| 188,248 | | KeyCorporation | | | | 2,317,333 |
| | | | | | | | 4,991,321 |
| | | BEVERAGES - 0.3% | | | |
| 4,293 | | PepsiCo, Inc. | | | | 804,766 |
| | | | | | | | |
| | | BIOTECH & PHARMA - 4.7% | | | |
| 12,852 | | AbbVie, Inc. | | | | 1,922,402 |
| 8,037 | | Amgen, Inc. | | | | 1,881,864 |
| 2,466 | | Eli Lilly and Company | | | | 1,120,920 |
| 5,064 | | Johnson & Johnson | | | | 848,372 |
| 7,951 | | Merck & Company, Inc. | | | | 847,974 |
| 92,716 | | Organon & Company | | | | 2,037,898 |
| 46,955 | | Pfizer, Inc. | | | | 1,693,197 |
| 194,032 | | Viatris, Inc. | | | | 2,043,157 |
| | | | | | | | 12,395,784 |
| | | CABLE & SATELLITE - 0.8% | | | |
| 45,121 | | Comcast Corporation, Class A | | | | 2,042,176 |
| | | | | | | | |
| | | CHEMICALS - 2.4% | | | |
| 36,382 | | Dow, Inc. | | | | 2,054,491 |
| 22,843 | | International Flavors & Fragrances, Inc. | | | | 1,932,746 |
| REDWOOD SYSTEMATIC MACRO TREND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | COMMON STOCKS — 51.6% (Continued) | | | |
| | | CHEMICALS - 2.4% (Continued) | | | |
| 20,774 | | LyondellBasell Industries N.V., Class A | | | | $ 2,053,718 |
| | | | | | | | 6,040,955 |
| | | CONTAINERS & PACKAGING - 1.5% | | | |
| 182,606 | | Amcor PLC | | | | 1,873,538 |
| 59,899 | | International Paper Company | | | | 2,159,958 |
| | | | | | | | 4,033,496 |
| | | DIVERSIFIED INDUSTRIALS - 0.8% | | | |
| 18,921 | | 3M Company | | | | 2,109,692 |
| | | | | | | | |
| | | E-COMMERCE DISCRETIONARY - 0.7% | | | |
| 12,716 | | Amazon.com, Inc.(a) | | | | 1,699,875 |
| | | | | | | | |
| | | ELECTRIC UTILITIES - 3.7% | | | |
| 35,466 | | Dominion Energy, Inc. | | | | 1,899,204 |
| 19,905 | | Duke Energy Corporation | | | | 1,863,506 |
| 26,537 | | Edison International | | | | 1,909,603 |
| 53,141 | | NRG Energy, Inc. | | | | 2,018,826 |
| 23,034 | | Pinnacle West Capital Corporation | | | | 1,907,676 |
| | | | | | | | 9,598,815 |
| | | FOOD - 1.3% | | | |
| 51,021 | | Conagra Brands, Inc. | | | | 1,673,999 |
| 46,400 | | Kraft Heinz Company (The) | | | | 1,678,752 |
| | | | | | | | 3,352,751 |
| | | HEALTH CARE FACILITIES & SERVICES - 0.6% | | | |
| 2,895 | | UnitedHealth Group, Inc. | | | | 1,465,941 |
| | | | | | | | |
| | | HOME & OFFICE PRODUCTS - 0.8% | | | |
| 13,756 | | Whirlpool Corporation | | | | 1,984,441 |
| | | | | | | | |
| | | HOUSEHOLD PRODUCTS - 0.2% | | | |
| 4,054 | | Procter & Gamble Company (The) | | | | 633,640 |
| | | | | | | | |
| REDWOOD SYSTEMATIC MACRO TREND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | COMMON STOCKS — 51.6% (Continued) | | | |
| | | INSURANCE - 0.9% | | | |
| 85,310 | | Lincoln National Corporation | | | | $ 2,392,092 |
| | | | | | | | |
| | | INTERNET MEDIA & SERVICES - 0.9% | | | |
| 18,338 | | Alphabet, Inc., Class A(a) | | | | 2,433,819 |
| | | | | | | | |
| | | MACHINERY - 0.8% | | | |
| 23,555 | | Stanley Black & Decker, Inc. | | | | 2,338,304 |
| | | | | | | | |
| | | MEDICAL EQUIPMENT & DEVICES - 0.5% | | | |
| 2,038 | | Danaher Corporation | | | | 519,812 |
| 1,211 | | Thermo Fisher Scientific, Inc. | | | | 664,428 |
| | | | | | | | 1,184,240 |
| | | OFFICE REIT - 0.9% | | | |
| 36,513 | | Boston Properties, Inc. | | | | 2,432,861 |
| | | | | | | | |
| | | OIL & GAS PRODUCERS - 4.8% | | | |
| 5,548 | | Chevron Corporation | | | | 907,986 |
| 38,360 | | Devon Energy Corporation | | | | 2,071,440 |
| 12,872 | | Exxon Mobil Corporation | | | | 1,380,393 |
| 109,893 | | Kinder Morgan, Inc. | | | | 1,946,205 |
| 31,352 | | ONEOK, Inc. | | | | 2,101,838 |
| 8,828 | | Pioneer Natural Resources Company | | | | 1,992,215 |
| 61,740 | | Williams Companies, Inc. (The) | | | | 2,126,943 |
| | | | | | | | 12,527,020 |
| | | RETAIL - CONSUMER STAPLES - 0.7% | | | |
| 58,852 | | Walgreens Boots Alliance, Inc. | | | | 1,763,794 |
| | | | | | | | |
| | | RETAIL - DISCRETIONARY - 1.4% | | | |
| 23,764 | | Advance Auto Parts, Inc. | | | | 1,767,804 |
| 24,418 | | Best Buy Company, Inc. | | | | 2,027,915 |
| | | | | | | | 3,795,719 |
| | | RETAIL REIT - 0.8% | | | |
| 16,967 | | Simon Property Group, Inc. | | | | 2,114,088 |
| | | | | | | | |
| REDWOOD SYSTEMATIC MACRO TREND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | COMMON STOCKS — 51.6% (Continued) | | | |
| | | SEMICONDUCTORS - 1.4% | | | |
| 7,693 | | NVIDIA Corporation | | | | $ 3,594,862 |
| | | | | | | | |
| | | SOFTWARE - 1.7% | | | |
| 13,505 | | Microsoft Corporation | | | | 4,536,600 |
| | | | | | | | |
| | | TECHNOLOGY HARDWARE - 6.6% | | | |
| 46,382 | | Apple, Inc. | | | | 9,111,744 |
| 57,465 | | Corning, Inc. | | | | 1,950,362 |
| 122,837 | | Hewlett Packard Enterprise Company | | | | 2,134,907 |
| 60,082 | | HP, Inc. | | | | 1,972,492 |
| 29,883 | | Seagate Technology Holdings PLC | | | | 1,897,571 |
| | | | | | | | 17,067,076 |
| | | TECHNOLOGY SERVICES - 2.4% | | | |
| 13,816 | | International Business Machines Corporation | | | | 1,991,991 |
| 2,618 | | Mastercard, Inc., Class A | | | | 1,032,225 |
| 16,754 | | Paychex, Inc. | | | | 2,102,124 |
| 5,055 | | Visa, Inc., Class A | | | | 1,201,725 |
| | | | | | | | 6,328,065 |
| | | TELECOMMUNICATIONS - 1.3% | | | |
| 111,452 | | AT&T, Inc. | | | | 1,618,283 |
| 49,389 | | Verizon Communications, Inc. | | | | 1,683,177 |
| | | | | | | | 3,301,460 |
| | | TOBACCO & CANNABIS - 1.5% | | | |
| 39,923 | | Altria Group, Inc. | | | | 1,813,303 |
| 19,657 | | Philip Morris International, Inc. | | | | 1,960,196 |
| | | | | | | | 3,773,499 |
| | | TRANSPORTATION & LOGISTICS - 0.8% | | | |
| 10,614 | | United Parcel Service, Inc., Class B | | | | 1,986,198 |
| | | | | | | | |
| | | TRANSPORTATION EQUIPMENT - 0.9% | | | |
| 8,664 | | Cummins, Inc. | | | | 2,259,571 |
| | | | | | | | |
| REDWOOD SYSTEMATIC MACRO TREND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | TOTAL COMMON STOCKS (Cost $123,988,339) | | | $ 134,477,532 |
| | | | | | | | |
| | | EXCHANGE-TRADED FUNDS — 18.2% | | | |
| | | EQUITY - 15.6% | | | |
| 98,208 | | iShares Core S&P Small-Cap ETF | | | | 10,327,553 |
| 280,717 | | Schwab International Small-Cap Equity ETF | | | | 9,942,996 |
| 86,614 | | Vanguard FTSE All World ex-US Small-Cap ETF | | | | 10,041,161 |
| 50,078 | | Vanguard Small-Cap ETF | | | | 10,453,783 |
| | | | | | | | 40,765,493 |
| | | FIXED INCOME - 2.6% | | | |
| 67,221 | | iShares 20+ Year Treasury Bond ETF | | | | 6,725,461 |
| | | | | | | | |
| | | TOTAL EXCHANGE-TRADED FUNDS (Cost $45,057,517) | | | 47,490,954 |
| | | | | | | | |
| | | OPEN END FUNDS — 12.0% | | | |
| | | FIXED INCOME - 0.1% | | | |
| 10,402 | | Nuveen California High Yield Municipal Bond Fund, Class I | | | | 81,237 |
| 5,988 | | Nuveen High Yield Municipal Bond Fund, Class I | | | | 89,107 |
| | | | | | | | 170,344 |
| | | REAL ESTATE - 11.9% | | | |
| 1,240,000 | | Redwood Real Estate Income Fund, Class I(b) | | | | 31,012,400 |
| | | | | | | | |
| | | TOTAL OPEN END FUNDS (Cost $31,215,198) | | | 31,182,744 |
| | | | | | | | |
| Principal Amount ($) | | | | | Coupon Rate (%) | Maturity | |
| | U.S. GOVERNMENT & AGENCIES — 4.1% | | | | | |
| | | U.S. TREASURY NOTES — 4.1% | | | |
| 3,570,000 | | United States Treasury Note | | 2.7500 | 08/31/23 | 3,562,295 |
| 385,000 | | United States Treasury Note | | 2.5000 | 05/31/24 | 375,902 |
| 3,241,000 | | United States Treasury Note | | 3.2500 | 08/31/24 | 3,169,533 |
| 542,000 | | United States Treasury Note | | 1.1250 | 01/15/25 | 511,374 |
| 3,018,000 | | United States Treasury Note | | 3.1250 | 08/15/25 | 2,916,260 |
| | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $10,728,325) | | | | | 10,535,364 |
| | | | | | | |
| REDWOOD SYSTEMATIC MACRO TREND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| | | | | | |
| Principal Amount ($) | | | Coupon Rate (%) | Maturity | Fair Value |
| | | SHORT-TERM INVESTMENTS — 1.7% | | | |
| | | U.S. TREASURY BILLS — 0.7% | | | |
| 1,946,000 | | United States Treasury Bill(c) (Cost $1,923,120) | | 0.0000 | 11/02/23 | $ 1,919,424 |
| Shares | | | | | | | |
| | | MONEY MARKET FUNDS - 1.0% | | | |
| 2,623,346 | | Goldman Sachs Financial Square Government Fund, Administration Shares, 4.79% (Cost $2,623,346)(d) | | | | 2,623,346 |
| | | | | | | | |
| | | TOTAL SHORT-TERM INVESTMENTS (Cost $4,546,466) | | 4,542,770 |
| | | | | |
| | | TOTAL INVESTMENTS – 87.6% (Cost $215,535,845) | | | $ 228,229,364 |
| | | OTHER ASSETS IN EXCESS OF LIABILITIES- 12.4% | | | 32,358,012 |
| | | NET ASSETS - 100.0% | | | | | $ 260,587,376 |
| ETF | - Exchange-Traded Fund |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| |
| (a) | Non-income producing security. |
| (b) | Investment in affiliate. |
| (c) | Zero coupon bond. |
| (d) | Rate disclosed is the seven day effective yield as of July 31, 2023. |
| REDWOOD SYSTEMATIC MACRO TREND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2023 |
| | | | | | | | | |
| TOTAL RETURN SWAPS * | | | | | | | | |
| Security | | Number of Shares | Notional Value | Interest Rate Payable | Termination Date | Counterparty | | Value/ Unrealized Appreciation (Depreciation) |
| iShares Iboxx $ High Yield Corporate Bond | | 133,000 | $ 9,984,310 | Fed Funds + 40 bps | 3/27/2024 | Barclays | | $ 57,190 |
| iShares Preferred & Income - Institutional Class | | 965,000 | 30,127,300 | OBFR + 55 bps | 4/1/2024 | Goldman | | 279,850 |
| SPDR Bloomberg Convertible - Institutional Class | | 447,961 | 31,334,872 | OBFR + 40 bps | 4/4/2024 | Barclays | | 873,524 |
| TOTAL | | | | | | | | $ 1,210,564 |
* 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
OBFR -Overnight Bank Funding Rate
