HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
January 31, 2024 | |||||||
Shares | Fair Value | ||||||
OPEN END FUNDS — 0.4% | |||||||
FIXED INCOME - 0.4% | |||||||
532,608 | Holbrook Structured Income Fund, Class I(h) | $ 5,219,554 | |||||
TOTAL OPEN END FUNDS (Cost $5,207,930) | 5,219,554 | ||||||
Coupon Rate (%) | Maturity | ||||||
PREFERRED STOCKS — 4.1% | |||||||
ASSET MANAGEMENT — 0.5% | |||||||
294,323 | Gladstone Investment Corporation | 5.0000 | 05/01/26 | 6,890,101 | |||
INDUSTRIAL INTERMEDIATE PROD — 1.6% | |||||||
974,540 | Steel Partners Holdings, L.P. | 6.0000 | 02/27/26 | 23,194,052 | |||
REAL ESTATE INVESTMENT TRUSTS — 0.2% | |||||||
124,000 | Vinebrook Homes Trust, Inc.(j) | 6.5000 | 10/07/27 | 2,790,000 | |||
REAL ESTATE SERVICES — 1.1% | |||||||
208,000 | Greystone SDOF Preferred Equity, LLC | 6.7500 | 12/23/25 | 4,888,000 | |||
3,950 | UIRC-GSA International, LLC | 6.5000 | Perpetual | 3,653,750 | |||
9,180 | UIRC-GSA International, LLC | 6.0000 | Perpetual | 8,675,100 | |||
17,216,850 | |||||||
SPECIALTY FINANCE — 0.7% | |||||||
437,496 | PennyMac Mortgage Investment Trust | 8.5000 | 09/30/28 | 11,068,649 | |||
TOTAL PREFERRED STOCKS (Cost $61,544,358) | 61,159,652 | ||||||
Principal Amount ($) | Spread | ||||||
ASSET BACKED SECURITIES — 40.1% | |||||||
AUTO LOAN — 0.1% | |||||||
1,250,000 | Luxury Lease Partners Auto Lease Trust Series 2021-ARC2 B(a) | 7.0000 | 07/15/27 | 1,224,920 | |||
CLO — 30.9% | |||||||
5,500,000 | Allegro CLO II-S Ltd. Series 2014-1RA C(a),(b) | TSFR3M + 3.262% | 8.5790 | 10/21/28 | 5,500,726 |
HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 40.1% (Continued) | |||||||
CLO — 30.9% (Continued) | |||||||
250,000 | Allegro CLO IV Ltd. Series 2016-1A CR2(a),(b) | TSFR3M + 2.262% | 7.5760 | 01/15/30 | $ 250,881 | ||
3,245,000 | AMMC CLO XIII Ltd. Series 2013-13A B1LR(a),(b) | TSFR3M + 3.862% | 9.1800 | 07/24/29 | 3,250,237 | ||
5,000,000 | Ares XL CLO Ltd. Series 2016-40A CRR(a),(b) | TSFR3M + 3.062% | 8.3760 | 01/15/29 | 5,011,925 | ||
2,500,000 | Ares XLII Clo Ltd. Series 2017-42A C(a),(b) | TSFR3M + 2.462% | 7.7790 | 01/22/28 | 2,507,328 | ||
3,650,000 | Ares XLII Clo Ltd. Series 2017-42A D(a),(b) | TSFR3M + 3.712% | 9.0290 | 01/22/28 | 3,653,964 | ||
750,000 | Atlas Senior Loan Fund III Ltd. Series 2013-1A CR(a),(b) | TSFR3M + 2.012% | 7.3810 | 11/17/27 | 750,052 | ||
11,678,632 | Atlas Senior Loan Fund III Ltd. Series 2013-1A DR(a),(b) | TSFR3M + 2.862% | 8.2310 | 11/17/27 | 11,680,991 | ||
10,000,000 | Auburn Clo Ltd. Series 2017-1A B(a),(b) | TSFR3M + 2.312% | 7.6290 | 10/20/30 | 10,025,000 | ||
295,000 | Barings CLO Ltd. Series 2017-1A B1(a),(b) | TSFR3M + 1.962% | 7.2600 | 07/18/29 | 295,638 | ||
770,000 | Barings CLO Ltd. Series 2018-3A C(a),(b) | TSFR3M + 2.162% | 7.4790 | 07/20/29 | 770,786 | ||
2,638,000 | Barings CLO Ltd. Series 2018-3A(a),(b) | TSFR3M + 3.162% | 8.4790 | 07/20/29 | 2,640,337 | ||
3,329,000 | Black Diamond Clo Ltd. Series 2017-1A C(a),(b) | TSFR3M + 4.212% | 9.5300 | 04/24/29 | 3,337,046 | ||
6,250,000 | Carlyle US CLO Ltd. Series 2016-4A CR(a),(b) | TSFR3M + 3.062% | 8.3790 | 10/20/27 | 6,257,944 | ||
6,692,000 | CBAM Ltd. Series 2017-1A C(a),(b) | TSFR3M + 2.662% | 7.9790 | 07/20/30 | 6,704,969 | ||
12,500,000 | CBAM Ltd./KY Series 2018-8A C(a),(b) | TSFR3M + 2.362% | 7.6790 | 10/20/29 | 12,535,863 | ||
12,000,000 | CBAM Ltd./KY Series 2018-8A D(a),(b) | TSFR3M + 3.312% | 8.6290 | 10/20/29 | 12,015,580 | ||
2,000,000 | CBAM Ltd./KY Series 2018-8A E(a),(b) | TSFR3M + 6.062% | 11.3790 | 10/20/29 | 1,996,464 | ||
6,039,000 | CIFC Funding Ltd. Series 2017-1A D(a),(b) | TSFR3M + 3.762% | 9.0790 | 04/23/29 | 6,050,057 | ||
8,000,000 | Clear Creek CLO Ltd. Series 2015-1A CR(a),(b) | TSFR3M + 2.212% | 7.5290 | 10/20/30 | 8,020,000 | ||
6,400,000 | Cutwater Ltd. Series 2015-1A DR(a),(b) | TSFR3M + 3.712% | 9.0260 | 01/15/29 | 6,420,198 | ||
2,006,900 | Denali Capital CLO XI Ltd. Series 2015-1A CR(a),(b) | TSFR3M + 3.412% | 8.7290 | 10/20/28 | 2,009,485 | ||
5,880,000 | Elevation CLO Ltd. Series 2017-6A D(a),(b) | TSFR3M + 3.912% | 9.2260 | 07/15/29 | 5,884,963 | ||
2,205,000 | Elevation CLO Ltd. Series 2014-2A CR(a),(b) | TSFR3M + 2.462% | 7.7780 | 10/15/29 | 2,206,030 | ||
4,500,000 | Elevation CLO Ltd. Series 2014-2A DR(a),(b) | TSFR3M + 3.462% | 8.7780 | 10/15/29 | 4,503,924 | ||
5,345,000 | Ellington CLO IV Ltd. Series 2019-4A D1(a),(b) | TSFR3M + 5.762% | 11.0760 | 04/15/29 | 5,380,336 | ||
7,750,000 | Galaxy XXIII CLO Ltd. Series 2017-23A DR(a),(b) | TSFR3M + 3.662% | 8.9800 | 04/24/29 | 7,757,665 | ||
1,335,000 | Gallatin CLO IX Ltd. Series 2018-1A D1(a),(b) | TSFR3M + 3.362% | 8.6790 | 01/21/28 | 1,335,551 | ||
16,420,000 | GoldenTree Loan Opportunities IX Ltd. Series 2014-9A CR2(a),(b) | TSFR3M + 2.362% | 7.6810 | 10/29/29 | 16,431,116 | ||
11,190,000 | GoldenTree Loan Opportunities IX Ltd. Series 2014-9A DR2(a),(b) | TSFR3M + 3.262% | 8.5810 | 10/29/29 | 11,198,314 | ||
1,000,000 | GoldenTree Loan Opportunities IX Ltd. Series 2014-9A ER2(a),(b) | TSFR3M + 5.922% | 11.2410 | 10/29/29 | 1,002,156 | ||
3,628,000 | Halcyon Loan Advisors Funding Ltd. Series 2017-2(a),(b) | TSFR3M + 2.362% | 7.6780 | 01/17/30 | 3,640,589 | ||
420,000 | Highbridge Loan Management Series 3A-2014 A2R(a),(b) | TSFR3M + 1.962% | 7.2600 | 07/18/29 | 421,019 | ||
3,105,000 | JMP Credit Advisors Clo IV Ltd. Series 2017-1A(a),(b) | TSFR3M + 2.912% | 8.2280 | 07/17/29 | 3,106,798 | ||
9,000,000 | JMP Credit Advisors CLO V Ltd. Series 2018-1A D(a),(b) | TSFR3M + 3.612% | 8.9280 | 07/17/30 | 9,010,296 |
HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 40.1% (Continued) | |||||||
CLO — 30.9% (Continued) | |||||||
8,000,000 | KKR CLO 13 Ltd. Series 13 DR(a),(b) | TSFR3M + 2.462% | 7.7760 | 01/16/28 | $ 8,008,016 | ||
2,600,000 | KKR CLO Ltd. Series 13 ER(a),(b) | TSFR3M + 5.212% | 10.5260 | 01/16/28 | 2,607,010 | ||
1,775,000 | KKR CLO Ltd. Series 10 DR(a),(b) | TSFR3M + 3.612% | 8.9960 | 09/15/29 | 1,776,314 | ||
3,000,000 | KKR Financial CLO Ltd. Series 2013-1A BR(a),(b) | TSFR3M + 2.662% | 7.9760 | 04/15/29 | 3,001,212 | ||
3,000,000 | KKR Static CLO 2 LTD Series 2022-2A C(a),(b) | TSFR3M + 4.250% | 9.5680 | 10/20/31 | 3,012,969 | ||
2,979,000 | Longfellow Place CLO Ltd. Series 2013-1A DRR(a),(b) | TSFR3M + 4.762% | 10.0760 | 04/15/29 | 2,985,938 | ||
13,425,000 | Madison Park Funding XIII Ltd. Series 2014-13A DR2(a),(b) | TSFR3M + 3.112% | 8.4210 | 04/19/30 | 13,409,789 | ||
1,900,000 | Magnetite VII Ltd. Series 2012-7A DR2(a),(b) | TSFR3M + 4.762% | 10.0760 | 01/15/28 | 1,903,093 | ||
2,945,000 | Magnetite XVIII Ltd. Series 2016-18A DR(a),(b) | TSFR3M + 2.962% | 8.3410 | 11/15/28 | 2,945,068 | ||
13,750,000 | Marathon CLO IX Ltd. Series 2017-9A B(a),(b) | TSFR3M + 2.662% | 7.9760 | 04/15/29 | 13,791,415 | ||
1,965,000 | Marathon CLO V Ltd. Series 2013-5A CR(a),(b) | TSFR3M + 3.012% | 8.3790 | 11/21/27 | 1,966,987 | ||
479,696 | Marathon CLO VII Ltd. Series 2014-7A C(a),(b) | TSFR3M + 4.062% | 9.3810 | 10/28/25 | 480,380 | ||
1,000,000 | Marathon CLO X Ltd. Series 2017-10A B(a),(b) | TSFR3M + 2.862% | 8.2410 | 11/15/29 | 1,000,266 | ||
1,350,000 | Midocean Credit CLO V Series 2016-5A ER(a),(b) | TSFR3M + 5.862% | 11.1710 | 07/19/28 | 1,353,160 | ||
3,930,000 | Mountain View CLO, LLC Series 2017-1A CR(a),(b) | TSFR3M + 2.612% | 7.9260 | 10/16/29 | 3,931,053 | ||
320,000 | Mountain View CLO, LLC Series 2017-1A D(a),(b) | TSFR3M + 3.862% | 9.1760 | 10/16/29 | 320,274 | ||
3,650,000 | OCP CLO Ltd. Series 2013-4A CRR(a),(b) | TSFR3M + 3.262% | 8.5800 | 04/24/29 | 3,651,548 | ||
250,000 | OCP CLO Ltd. Series 2016-11A BR(a),(b) | TSFR3M + 2.712% | 8.0360 | 10/26/30 | 250,794 | ||
1,000,000 | OFSI BSL VIII Ltd. Series 2017-1A CR(a),(b) | TSFR3M + 2.262% | 7.5760 | 08/16/29 | 1,000,701 | ||
5,000,000 | OFSI BSL VIII Ltd. Series 2017-1A DR(a),(b) | TSFR3M + 4.062% | 9.3760 | 08/16/29 | 5,004,360 | ||
10,750,000 | OZLM Funding IV Ltd. Series 2013-4A BR(a),(b) | TSFR3M + 2.462% | 7.7790 | 10/22/30 | 10,755,020 | ||
10,605,000 | OZLM Funding IV Ltd. Series 2013-4A CR(a),(b) | TSFR3M + 3.612% | 8.9290 | 10/22/30 | 10,617,005 | ||
750,000 | OZLM VII Ltd. Series 2014-7RA BR(a),(b) | TSFR3M + 2.462% | 7.7780 | 07/17/29 | 750,270 | ||
9,688,000 | OZLM VII Ltd. Series 2014-7RA CR(a),(b) | TSFR3M + 3.262% | 8.5780 | 07/17/29 | 9,704,528 | ||
1,773,000 | OZLM VIII Ltd. Series 2014-8A DRR(a),(b) | TSFR3M + 6.342% | 11.6580 | 10/17/29 | 1,721,603 | ||
2,100,000 | OZLM XVII Ltd. Series 2017-17A B(a),(b) | TSFR3M + 2.662% | 7.9790 | 07/20/30 | 2,101,113 | ||
7,035,000 | Palmer Square Loan Funding Ltd. Series 2021-1A C(a),(b) | TSFR3M + 3.162% | 8.4790 | 04/20/29 | 7,043,315 | ||
460,000 | Palmer Square Loan Funding Ltd. Series 2021-2A C(a),(b) | TSFR3M + 2.662% | 8.0290 | 05/20/29 | 460,049 | ||
400,000 | Palmer Square Loan Funding Ltd. Series 2021-3A B(a),(b) | TSFR3M + 2.012% | 7.3290 | 07/20/29 | 400,657 | ||
1,000,000 | Palmer Square Loan Funding Ltd. Series 2021-4A D(a),(b) | TSFR3M + 5.262% | 10.5760 | 10/15/29 | 1,001,517 | ||
1,270,000 | Palmer Square Loan Funding Ltd. Series 2022-3A C(a),(b) | TSFR3M + 5.400% | 10.7140 | 04/15/31 | 1,279,851 | ||
7,000,000 | Palmer Square Loan Funding Ltd. Series 2023-1A C(a),(b) | TSFR3M + 4.750% | 10.0680 | 07/20/31 | 7,083,845 | ||
1,994,632 | Parallel Ltd. Series 2015-1A DR(a),(b) | TSFR3M + 2.812% | 8.1290 | 07/20/27 | 1,997,436 | ||
1,825,000 | PennantPark CLO II Ltd. Series 2020-2A D(a),(b) | TSFR3M + 6.762% | 12.0760 | 01/15/32 | 1,778,809 |
HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 40.1% (Continued) | |||||||
CLO — 30.9% (Continued) | |||||||
6,972,595 | Ready Capital Mortgage Financing, LLC Series 2023-FL11 A(a),(b) | TSFR1M + 2.374% | 7.7100 | 10/25/39 | $ 6,987,753 | ||
3,321,502 | Shelter Growth CRE Issuer Ltd. Series 2022-FL4 A(a),(b) | TSFR1M + 2.296% | 7.6330 | 06/17/37 | 3,329,491 | ||
1,000,000 | Signal Peak CLO 2, LLC Series 2015-1A CR2(a),(b) | TSFR3M + 2.162% | 7.4790 | 04/20/29 | 1,000,514 | ||
3,250,000 | Sound Point Clo XII Ltd. Series 2016-2A DR(a),(b) | TSFR3M + 4.112% | 9.4290 | 10/20/28 | 3,263,468 | ||
12,500,000 | Sound Point Clo XIV Ltd. Series 2016-3A DR(a),(b) | TSFR3M + 3.912% | 9.2270 | 01/23/29 | 12,558,638 | ||
4,931,000 | Sound Point Clo XV Ltd. Series 2017-1A CR(a),(b) | TSFR3M + 2.312% | 7.6270 | 01/23/29 | 4,953,007 | ||
16,824,500 | Sound Point Clo XV Ltd. Series 2017-1A D(a),(b) | TSFR3M + 3.862% | 9.1770 | 01/23/29 | 16,873,661 | ||
1,250,000 | Stratus CLO Ltd. Series 2021-2A E(a),(b) | TSFR3M + 6.012% | 11.3290 | 12/28/29 | 1,257,919 | ||
3,750,000 | Symphony CLO XVII Ltd. Series 2016-17A CR(a),(b) | TSFR3M + 2.062% | 7.3760 | 04/15/28 | 3,752,472 | ||
20,050,000 | Symphony CLO XVII Ltd. Series 2016-17A DR(a),(b) | TSFR3M + 2.912% | 8.2260 | 04/15/28 | 20,066,861 | ||
2,600,000 | Symphony CLO XVII Ltd. Series 2016-17A ER(a),(b) | TSFR3M + 5.812% | 11.1260 | 04/15/28 | 2,605,213 | ||
10,466,660 | Telos Clo Ltd. Series 2013-3A DR(a),(b) | TSFR3M + 4.012% | 9.3280 | 07/17/26 | 10,483,292 | ||
2,327,129 | Telos CLO Ltd. Series 2014-6A DR(a),(b) | TSFR3M + 3.962% | 9.2780 | 01/17/27 | 2,333,371 | ||
8,415,000 | Telos CLO Ltd. Series 2014-5A CR(a),(b) | TSFR3M + 2.412% | 7.7280 | 04/17/28 | 8,418,896 | ||
992,000 | Telos CLO Ltd. Series 2014-5A DR(a),(b) | TSFR3M + 3.562% | 8.8780 | 04/17/28 | 994,968 | ||
360,000 | VENTURE XIII CLO Ltd. Series 2013-13A CR(a),(b) | TSFR3M + 2.562% | 7.9330 | 09/10/29 | 361,211 | ||
10,220,000 | Venture XVII CLO Ltd. Series 2014-17A DRR(a),(b) | TSFR3M + 3.082% | 8.3960 | 04/15/27 | 10,236,372 | ||
360,000 | Venture XVIII CLO Ltd. Series 2014-18A BR(a),(b) | TSFR3M + 1.912% | 7.2260 | 10/15/29 | 360,999 | ||
8,055,000 | Venture Xxv Clo Ltd. Series 2016-25A D2(a),(b) | TSFR3M + 4.472% | 9.7890 | 04/20/29 | 8,093,358 | ||
2,712,643 | Vibrant Clo VI Ltd. Series 2017-6A D(a),(b) | TSFR3M + 4.162% | 9.5320 | 06/20/29 | 2,718,432 | ||
2,740,000 | Voya CLO Ltd. Series 2015-1A CR(a),(b) | TSFR3M + 2.612% | 7.9100 | 01/18/29 | 2,733,347 | ||
3,000,000 | Wellfleet CLO Ltd. Series 2016-1A CR(a),(b) | TSFR3M + 2.262% | 7.5790 | 04/20/28 | 3,002,001 | ||
3,610,000 | Wellfleet CLO Ltd. Series 2016-1A DR(a),(b) | TSFR3M + 3.162% | 8.4790 | 04/20/28 | 3,614,422 | ||
2,290,000 | Wellfleet CLO Ltd. Series 2017-1A BR(a),(b) | TSFR3M + 2.262% | 7.5790 | 04/20/29 | 2,295,819 | ||
3,725,952 | WhiteHorse X Ltd. Series 2015-10A E(a),(b) | TSFR3M + 5.562% | 10.8780 | 04/17/27 | 3,737,655 | ||
6,296,293 | Zais CLO 5 Ltd. Series 2016-2A B(a),(b) | TSFR3M + 3.562% | 8.8760 | 10/15/28 | 6,315,050 | ||
395,000 | Zais CLO 5 Ltd. Series 2016-2A C(a),(b) | TSFR3M + 4.762% | 10.0760 | 10/15/28 | 396,110 | ||
5,595,000 | Zais Clo 6 Ltd. Series 2017-1A D(a),(b) | TSFR3M + 4.142% | 9.4560 | 07/15/29 | 5,608,255 | ||
461,012,148 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.7% | |||||||
4,158,022 | Cascade Funding Mortgage Trust Series 2022-AB2 M3(a),(c) | 2.0000 | 02/25/52 | 3,243,499 | |||
1,675,000 | CFMT, LLC Series 2022-EBO2 M3(a),(c) | 5.3280 | 07/25/54 | 1,662,361 | |||
3,158,638 | Farmer Mac Agricultural Real Estate Trust Series 2021-1 B(a),(c) | 3.2400 | 01/25/51 | 2,317,729 | |||
2,621,375 | Imperial Fund Mortgage Trust Series 2022-NQM7 A1(a),(d) | 7.3690 | 11/25/67 | 2,678,151 |
HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 40.1% (Continued) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.7% (Continued) | |||||||
1,000,000 | MFA Trust Series 2023-RTL1 A1(a),(d) | 7.5750 | 08/25/27 | $ 994,834 | |||
1,921,181 | PRKCM Trust Series 2023-AFC3 A1(a) | 6.5840 | 09/25/58 | 1,952,952 | |||
5,000,000 | RMF Proprietary Issuance Trust Series 2022-2 M3(a),(c) | 3.7500 | 06/25/62 | 2,911,833 | |||
12,500,000 | RMF Proprietary Issuance Trust Series 2022-3 M3(a),(c) | 4.0000 | 08/25/62 | 7,536,899 | |||
432,377 | Verus Securitization Trust Series 2023-1 A1(a),(d) | 5.8500 | 12/25/67 | 432,492 | |||
219,114 | Verus Securitization Trust Series 2023-3 A2(a),(d) | 6.4380 | 03/25/68 | 220,392 | |||
677,564 | Verus Securitization Trust Series 2023-5 A1(a),(d) | 6.4760 | 06/25/68 | 684,732 | |||
24,635,874 | |||||||
NON AGENCY CMBS — 7.0% | |||||||
2,325,000 | BB-UBS Trust Series 2012-TFT B(a),(c) | 3.6780 | 06/05/30 | 1,893,101 | |||
1,506,167 | Capital Funding Mortgage Trust Series 2021-19 B(a),(b) | TSFR1M + 15.210% | 20.5600 | 04/27/24 | 1,500,294 | ||
11,284,554 | Capital Funding Multifamily Mortgage Trust Series 2022-PM01 B(a),(b) | TSFR1M + 9.500% | 14.8530 | 03/01/25 | 11,362,965 | ||
9,145,000 | GS Mortgage Securities Corp Trust Series 2018-3PCK B(a),(b) | TSFR1M + 2.864% | 8.1970 | 09/15/31 | 9,012,841 | ||
4,700,000 | GS Mortgage Securities Corp Trust Series 2018-3PCK C(a),(b) | TSFR1M + 3.614% | 8.9470 | 09/15/31 | 4,598,005 | ||
899,038 | GS Mortgage Securities Corporation II Series 2018-SRP5 B(a),(b) | TSFR1M + 3.047% | 8.4480 | 09/15/31 | 296,440 | ||
7,615,115 | GS Mortgage Securities Corporation II Series 2018-SRP5 C(a),(b) | TSFR1M + 4.297% | 9.6980 | 09/15/31 | 1,715,283 | ||
10,463,000 | GS Mortgage Securities Trust Series 2010-C1 C(a),(c) | 5.6350 | 08/10/43 | 10,192,436 | |||
2,000,000 | GS Mortgage Securities Trust Series 2010-C1 D(a),(c) | 6.5710 | 08/10/43 | 1,676,698 | |||
4,000,000 | Hudsons Bay Simon JV Trust Series 2015-HB10 A10(a) | 4.1540 | 08/05/34 | 3,688,947 | |||
5,000,000 | Hudsons Bay Simon JV Trust Series 2015-HB10 B10(a) | 4.9060 | 08/05/34 | 4,350,000 | |||
1,000,000 | JPMBB Commercial Mortgage Securities Trust Series 2014-C25 B(c) | 4.3470 | 11/15/47 | 916,391 | |||
3,550,000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 D(a),(c) | 3.9440 | 05/15/46 | 2,584,453 | |||
3,300,000 | Morgan Stanley Capital I Trust Series 2013-ALTM D(a),(c) | 3.8280 | 02/05/35 | 2,504,766 | |||
10,681,000 | Morgan Stanley Capital I Trust Series 2019-BPR B(a),(b) | TSFR1M + 2.692% | 8.0450 | 05/15/36 | 10,427,620 | ||
8,941,000 | Morgan Stanley Capital I Trust Series 2019-BPR C(a),(b) | TSFR1M + 3.642% | 8.9950 | 05/15/36 | 8,640,631 | ||
2,300,000 | Morgan Stanley Capital I Trust Series 2016-PSQ D(a),(c) | 3.9540 | 01/10/38 | 1,946,954 | |||
4,405,000 | MSCG Trust Series 2015-ALDR B(a),(c) | 3.5770 | 06/07/35 | 3,974,789 | |||
3,225,553 | UBS-Barclays Commercial Mortgage Trust Series 2013-C5 B(a),(c) | 3.6490 | 03/10/46 | 2,994,802 | |||
6,231,000 | WFRBS Commercial Mortgage Trust Series 2012-C9 E(a),(c) | 4.8760 | 11/15/45 | 5,688,082 | |||
1,470,783 | XCAL MORTGAGE TRUST Series 2019-1 A(a),(b) | TSFR1M + 3.864% | 9.2170 | 05/06/24 | 1,460,240 | ||
1,933,099 | XCALI Mortgage Trust Series 2020-2(a),(b) | US0001M + 2.000% | 7.4670 | 02/15/24 | 1,906,727 | ||
1,873,572 | XCALI Mortgage Trust Series 2020-5 A(a),(b) | TSFR1M + 3.370% | 8.7230 | 10/06/24 | 1,876,107 | ||
5,000,000 | X-Caliber Funding, LLC Series 2023-MF9 A(a),(b) | TSFR1M + 3.250% | 8.6100 | 11/01/24 | 5,021,712 |
HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 40.1% (Continued) | |||||||
NON AGENCY CMBS — 7.0% (Continued) | |||||||
500,000 | X-Caliber Funding, LLC Series 2021-7 B1(a),(b) | TSFR3M + 6.000% | 11.4670 | 01/06/26 | $ 486,644 | ||
3,800,000 | X-Caliber Funding, LLC Series 2024-SURF A(a) | 12.0000 | 08/04/27 | 3,800,000 | |||
104,516,928 | |||||||
OTHER ABS — 0.4% | |||||||
2,000,000 | FMC GMSR Issuer Trust Series 2022-GT1 A(a) | 6.1900 | 04/25/27 | 1,953,901 | |||
2,175,080 | HRR Funding, LLC Series 2021-1(a),(i) | 9.0000 | 12/20/36 | 1,816,192 | |||
1,708,557 | New Residential Mortgage, LLC Series 2020-FNT1 A(a) | 5.4370 | 06/25/25 | 1,678,433 | |||
863,847 | New Residential Mortgage, LLC Series 2020-FNT2 A(a) | 5.4370 | 07/25/25 | 850,165 | |||
6,298,691 | |||||||
TOTAL ASSET BACKED SECURITIES (Cost $602,253,340) | 597,688,561 | ||||||
CORPORATE BONDS — 46.9% | |||||||
ASSET MANAGEMENT — 27.4% | |||||||
25,826,000 | Apollo Investment Corporation | 5.2500 | 03/03/25 | 25,334,419 | |||
1,869,277 | B Riley Financial, Inc. | 5.5000 | 03/31/26 | 34,525,545 | |||
5,000,000 | Blue Owl Credit Income Corporation | 5.5000 | 03/21/25 | 4,952,186 | |||
22,440,000 | Capital Southwest Corporation | 4.5000 | 01/31/26 | 21,421,224 | |||
291,220 | Crescent Capital BDC, Inc. | 5.0000 | 05/25/26 | 6,826,197 | |||
24,480,000 | Fidus Investment Corporation | 4.7500 | 01/31/26 | 23,240,769 | |||
2,900,000 | Fidus Investment Corporation | 3.5000 | 11/15/26 | 2,616,346 | |||
32,473,000 | Gladstone Capital Corporation | 5.1250 | 01/31/26 | 31,530,958 | |||
557,171 | Great Elm Capital Corporation | 5.8750 | 06/30/26 | 13,706,407 | |||
408,347 | Great Elm Capital Corporation | 6.7500 | 06/30/26 | 10,245,426 | |||
135,359 | Great Elm Capital Corporation | 8.7500 | 09/30/28 | 3,425,936 | |||
247,002 | Horizon Technology Finance Corporation | 4.8750 | 03/30/26 | 5,919,403 | |||
11,598,000 | Investcorp Credit Management BDC, Inc. | 4.8750 | 04/01/26 | 10,885,572 | |||
2,000,000 | Medallion Financial Corporation(a) | 7.5000 | 12/30/27 | 1,950,000 | |||
26,965,000 | Monroe Capital Corporation | 4.7500 | 02/15/26 | 25,552,423 | |||
11,000,000 | NewtekOne, Inc.(a) | 8.1250 | 02/01/25 | 11,129,605 | |||
28,540,000 | PennantPark Floating Rate Capital Ltd. | 4.2500 | 04/01/26 | 26,840,418 | |||
20,064,000 | PennantPark Investment Corporation | 4.5000 | 05/01/26 | 18,616,946 | |||
25,797,000 | PennantPark Investment Corporation | 4.0000 | 11/01/26 | 23,882,476 |
HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 46.9% (Continued) | |||||||
ASSET MANAGEMENT — 27.4% (Continued) | |||||||
17,500,000 | Portman Ridge Finance Corporation | 4.8750 | 04/30/26 | $ 17,128,475 | |||
27,829,000 | Saratoga Investment Corporation | 4.3750 | 02/28/26 | 26,372,563 | |||
12,359,000 | Saratoga Investment Corporation | 4.3500 | 02/28/27 | 11,433,183 | |||
242,623 | Saratoga Investment Corporation | 6.0000 | 04/30/27 | 5,810,821 | |||
1,026,725 | Trinity Capital, Inc. | 7.0000 | 01/16/25 | 25,781,065 | |||
20,100,000 | Trinity Capital, Inc. | 4.3750 | 08/24/26 | 18,727,374 | |||
407,855,737 | |||||||
COMMERCIAL SUPPORT SERVICES — 2.2% | |||||||
1,938,888 | Charah Solutions, Inc. (i) (j) | 8.5000 | 08/31/26 | 33,911,151 | |||
ELECTRICAL EQUIPMENT — 2.3% | |||||||
1,239,101 | Babcock & Wilcox Enterprises, Inc. | 8.1250 | 02/28/26 | 24,720,065 | |||
529,384 | Babcock & Wilcox Enterprises, Inc. | 6.5000 | 12/31/26 | 8,835,419 | |||
33,555,484 | |||||||
ENTERTAINMENT CONTENT — 0.3% | |||||||
1,153,374 | Chicken Soup For The Soul Entertainment, Inc. | 9.5000 | 07/31/25 | 3,748,466 | |||
INSTITUTIONAL FINANCIAL SERVICES — 2.2% | |||||||
274,443 | Arlington Asset Investment Corporation(j) | 6.0000 | 08/01/26 | 6,449,411 | |||
1,659,443 | B Riley Financial, Inc. | 5.0000 | 12/31/26 | 25,754,555 | |||
32,203,966 | |||||||
INSURANCE — 0.2% | |||||||
1,805,399 | Atlas Financial Holdings, Inc. (i) (j) | 7.2500 | 04/27/27 | 181 | |||
4,701,308 | ATLAS FINANCIAL HOLDINGS, INC. (i) (j) | 12.0000 | 06/30/24 | 2,585,719 | |||
2,585,900 | |||||||
LEISURE FACILITIES & SERVICES — 0.8% | |||||||
15,000,000 | AMC Entertainment Holdings, Inc. | 5.7500 | 06/15/25 | 12,275,925 | |||
MACHINERY — 0.0%(e) | |||||||
2,500,000 | Briggs & Stratton Corporation(f) | 6.8750 | 12/15/20 | 21,875 | |||
METALS & MINING — 0.2% | |||||||
125,337 | Ramaco Resources, Inc. | 9.0000 | 07/30/26 | 3,188,573 | |||
HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 46.9% (Continued) | |||||||
OIL & GAS PRODUCERS — 0.2% | |||||||
2,926,000 | W&T Offshore, Inc.(a) | 11.7500 | 02/01/26 | $ 3,027,898 | |||
REAL ESTATE INVESTMENT TRUSTS — 0.4% | |||||||
210,500 | HC Government Realty Trust, Inc.(a) | 7.0000 | 08/14/27 | 5,262,500 | |||
REAL ESTATE SERVICES — 0.4% | |||||||
7,500,000 | Carrington HLDG Company LLC(a) | 8.0000 | 01/01/26 | 7,359,375 | |||
SOFTWARE — 1.3% | |||||||
1,013,129 | Synchronoss Technologies, Inc. | 8.3750 | 06/30/26 | 20,009,298 | |||
SPECIALTY FINANCE — 9.0% | |||||||
15,766,000 | ACRES Commercial Realty Corporation | 5.7500 | 08/15/26 | 15,010,880 | |||
70,000 | Atlanticus Holdings Corporation | 9.2500 | 01/31/29 | 1,750,000 | |||
1,500,000 | Broadmark Realty Capital, Inc.(a) | 5.0000 | 11/15/26 | 1,404,657 | |||
1,000,000 | Dakota Financial, LLC(a) | 5.0000 | 09/30/26 | 933,345 | |||
2,000,000 | First Help Financial, LLC(a) | 6.0000 | 11/15/26 | 1,922,156 | |||
4,000,000 | InvestCo, LLC / Preston Ventures, LLC / LS(a) | 5.1250 | 08/13/26 | 3,724,944 | |||
3,250,000 | Medallion Financial Corporation B(a) | 7.2500 | 02/26/26 | 3,185,000 | |||
4,000,000 | National Funding, Inc.(a) | 5.7500 | 08/31/26 | 3,789,662 | |||
16,878,000 | Nexpoint Real Estate Finance, Inc. | 5.7500 | 05/01/26 | 16,124,566 | |||
15,000,000 | Nexpoint Real Estate Finance, Inc.(a) | 5.7500 | 05/01/26 | 14,330,400 | |||
29,548,135 | OWS Cre Funding I, LLC Series 2021-MARG A(a),(b) | US0001M + 4.900% | 10.3480 | 09/15/24 | 29,580,755 | ||
5,000,000 | PDOF MSN Issuer, LLC(a),(b) | SOFRRATE + 4.500% | 9.8100 | 03/01/25 | 4,928,354 | ||
881,307 | Ready Capital Corporation | 5.7500 | 02/15/26 | 21,107,303 | |||
165,689 | Ready Capital Corporation | 6.2000 | 07/30/26 | 3,941,741 | |||
2,000,000 | Regent Capital Corporation(a) | 6.0000 | 12/28/26 | 1,914,456 | |||
76,566 | Sachem Capital Corporation | 6.8750 | 12/30/24 | 1,879,703 | |||
82,786 | Sachem Capital Corporation | 7.7500 | 09/30/25 | 2,047,596 | |||
62,395 | Sachem Capital Corporation | 6.0000 | 12/30/26 | 1,377,058 | |||
3,000,000 | X-Caliber Funding, LLC(a) | 5.0000 | 09/24/24 | 2,814,176 | |||
2,000,000 | X-Caliber Funding, LLC(a) | 5.0000 | 03/01/25 | 1,938,071 | |||
133,704,823 |
HOLBROOK INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
TOTAL CORPORATE BONDS (Cost $744,772,629) | $ 698,710,971 | ||||||
U.S. GOVERNMENT & AGENCIES — 4.7% | |||||||
U.S. TREASURY INFLATION PROTECTED — 4.7% | |||||||
42,352,700 | United States Treasury Inflation Indexed Bonds | 2.3750 | 01/15/25 | 42,212,717 | |||
28,529,520 | United States Treasury Inflation Indexed Bonds | 0.1250 | 04/15/25 | 27,678,031 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $69,648,578) | 69,890,748 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 5.4% | |||||||
MONEY MARKET FUNDS - 5.4% | |||||||
79,713,750 | First American Government Obligations Fund Class X, 5.25% (Cost $79,713,750)(g) | 79,713,750 | |||||
TOTAL INVESTMENTS - 101.6% (Cost $1,563,140,585) | $ 1,512,383,236 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)% | (24,195,162) | ||||||
NET ASSETS - 100.0% | $ 1,488,188,074 |
ABS | - Asset Backed Securities |
CLO | - Collateralized Loan Obligations |
CMBS | - Commercial Mortgage-Backed Securities |
LLC | - Limited Liability Company |
LTD | - Limited Company |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
TSFR1M | Term Secured Overnight Financing Rate 1 Month |
TSFR3M | Term Secured Overnight Financing Rate 3 Month |
US0001M | ICE LIBOR USD 1 Month |
(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, 2024 the total market value of 144A securities is 715,974,374 or 48.1% of net assets. |
(b) | Variable rate security; the rate shown represents the rate on January 31, 2024. |
(c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(d) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2024. |
(e) | Percentage rounds to less than 0.1%. |
(f) | Represents issuer in default on interest payments; non-income producing security. |
(g) | Rate disclosed is the seven day effective yield as of January 31, 2024. |
(h) | Affiliated issuer. |
(i) | The value of this security has been determined in good faith by the Adviser as the Valuation Designee pursuant to valuation procedures approved by the Board of Trustees. |
(j) | The security is illiquid; total illiquid securities represent 3.0% of net assets. |