REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2025
 
Shares             Fair Value
    CLOSED END FUNDS — 9.9%      
    REAL ESTATE - 9.9%      
560,040   Redwood Real Estate Income Fund, Class I(a)       $ 14,045,800
             
 
    TOTAL CLOSED END FUNDS (Cost $14,001,000)    

  14,045,800

               
    OPEN END FUNDS — 73.2%      
    FIXED INCOME - 73.2%      
2,151,260   American High-Income Trust, Class F-3         21,189,907
2,909,590   Blackrock Series Fund V-BlackRock High Yield Portfolio, Institutional Class         20,832,666
1,614,094   Lord Abbett High Yield Fund, Class I         10,410,905
1,569,892   MainStay MacKay High Yield Corporate Bond Fund, Class I         8,226,233
1,257,272   Principal High Income Fund         10,234,197
6,057,410   Vanguard High-Yield Corporate Fund, Admiral Class         33,073,461
             

103,967,369

               
    TOTAL OPEN END FUNDS (Cost $98,376,853)    

  103,967,369

               
Principal Amount ($)         Coupon Rate (%) Maturity  
    CORPORATE BONDS — 15.7%      
    AEROSPACE & DEFENSE — 0.2%      
60,000   Bombardier, Inc.(b)   7.8750 04/15/27   60,270
166,000   TransDigm, Inc.   5.5000 11/15/27   164,535
              224,805
    AUTOMOTIVE — 0.7%      
346,000   Ford Motor Company   4.3460 12/08/26   341,123
157,000   Ford Motor Company   4.7500 01/15/43   124,169
147,000   Ford Motor Company   5.2910 12/08/46   125,388
359,000   Goodyear Tire & Rubber Company (The)   5.0000 05/31/26   356,404
              947,084
    BIOTECH & PHARMA — 0.2%      
88,000   1375209 BC Ltd.(b)   9.0000 01/30/28   88,192
179,000   Bausch Health Companies, Inc.(b)   11.0000 09/30/28   167,998
33,000   Bausch Health Companies, Inc.(b)   14.0000 10/15/30   30,191

 

 
 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 15.7% (Continued)      
    BIOTECH & PHARMA — 0.2% (Continued)      
            $ 286,381
    CABLE & SATELLITE — 1.4%      
355,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(b)   5.0000 02/01/28   345,915
159,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(b)   5.3750 06/01/29   153,797
165,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(b)   4.7500 03/01/30   152,940
167,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(b)   4.5000 08/15/30   153,480
171,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(b)   4.2500 02/01/31   151,849
173,000   DISH DBS Corporation   7.7500 07/01/26   151,367
349,000   DISH DBS Corporation   7.3750 07/01/28   254,341
343,000   Sirius XM Radio, Inc.(b)   5.5000 07/01/29   334,264
171,000   Sirius XM Radio, Inc.(b)   4.1250 07/01/30   153,140
              1,851,093
    COMMERCIAL SUPPORT SERVICES — 0.1%      
159,000   Prime Security Services Borrower, LLC / Prime Finance, Inc.(b)   5.7500 04/15/26   159,485
             
    CONTAINERS & PACKAGING — 0.5%      
331,000   Pactiv, LLC B   7.9500 12/15/25   337,209
291,000   Sealed Air Corporation(b)   6.8750 07/15/33   305,956
              643,165
    ELECTRIC UTILITIES — 0.9%      
369,000   Calpine Corporation(b)   5.1250 03/15/28   362,689
158,000   FirstEnergy Corporation   4.1500 07/15/27   154,275
359,000   PG&E Corporation   5.0000 07/01/28   346,245
359,000   Vistra Operations Company, LLC(b)   5.5000 09/01/26   359,171
              1,222,380
    ELECTRICAL EQUIPMENT — 0.2%      
334,000   WESCO Distribution, Inc.(b)   7.2500 06/15/28   340,543
             
    ENTERTAINMENT CONTENT — 0.1%      
329,000   Liberty Interactive, LLC   8.5000 07/15/29   167,523
             
    FOOD — 0.9%      
165,000   Kraft Heinz Foods Company   3.0000 06/01/26   161,337
158,000   Kraft Heinz Foods Company   3.8750 05/15/27   155,115

 

 
 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 15.7% (Continued)      
    FOOD — 0.9% (Continued)      
120,000   Kraft Heinz Foods Company   6.3750 07/15/28 $ 125,374
111,000   Kraft Heinz Foods Company(b)   7.1250 08/01/39   124,565
139,000   Kraft Heinz Foods Company   5.0000 06/04/42   125,677
133,000   Kraft Heinz Foods Company   5.2000 07/15/45   121,268
147,000   Kraft Heinz Foods Company   4.3750 06/01/46   119,732
137,000   Kraft Heinz Foods Company   4.8750 10/01/49   118,015
171,000   Post Holdings, Inc.(b)   4.6250 04/15/30   159,168
174,000   Post Holdings, Inc.(b)   4.5000 09/15/31   157,481
              1,367,732
    FORESTRY, PAPER & WOOD PRODUCTS — 0.2%      
370,000   Louisiana-Pacific Corporation(b)   3.6250 03/15/29   345,075
             
    HEALTH CARE FACILITIES & SERVICES — 1.7%      
159,000   Centene Corporation   4.6250 12/15/29   151,344
165,000   Centene Corporation   3.3750 02/15/30   148,007
167,000   Centene Corporation   3.0000 10/15/30   144,724
173,000   Centene Corporation   2.5000 03/01/31   143,991
167,000   CHS/Community Health Systems, Inc.(b)   6.8750 04/15/29   114,792
364,000   DaVita, Inc.(b)   4.6250 06/01/30   339,586
181,000   DaVita, Inc.(b)   3.7500 02/15/31   159,521
154,000   HCA, Inc.   5.3750 02/01/25   154,000
325,000   HCA, Inc.   5.8750 02/15/26   326,562
145,000   HCA, Inc.   5.6250 09/01/28   147,140
163,000   HCA, Inc.   3.5000 09/01/30   148,733
163,000   Tenet Healthcare Corporation   6.1250 10/01/28   163,209
324,000   Tenet Healthcare Corporation   6.8750 11/15/31   335,619
              2,477,228
    HOME & OFFICE PRODUCTS — 0.1%      
97,000   Newell Brands, Inc.   5.2000 04/01/26   97,381
             
    INSURANCE — 0.0%(c)      
37,000   MBIA, Inc.   6.6250 10/01/28   36,121
             
           
 
 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 15.7% (Continued)      
    INTERNET MEDIA & SERVICES — 0.4%      
150,000   Netflix, Inc.   4.8750 04/15/28 $ 150,699
140,000   Netflix, Inc.   5.8750 11/15/28   145,158
316,000   Netflix, Inc.(b)   4.8750 06/15/30   314,847
              610,704
    LEISURE FACILITIES & SERVICES — 0.6%      
175,000   1011778 BC ULC / New Red Finance, Inc.(b)   4.0000 10/15/30   158,629
163,000   Carnival Corporation(b)   7.6250 03/01/26   163,403
167,000   Carnival Corporation(b)   5.7500 03/01/27   167,490
120,000   Carnival Corporation   6.6500 01/15/28   123,258
174,000   Hilton Domestic Operating Company, Inc.(b)   3.6250 02/15/32   153,125
26,000   NCL Corporation Ltd.(b)   5.8750 03/15/26   26,111
167,000   Royal Caribbean Cruises Ltd.(b)   5.5000 04/01/28   167,600
              959,616
    METALS & MINING — 0.3%      
168,000   FMG Resources August 2006 Pty Ltd.(b)   4.3750 04/01/31   153,473
137,000   Freeport-McMoRan, Inc.   5.4500 03/15/43   127,641
164,000   Novelis Corporation(b)   4.7500 01/30/30   154,172
              435,286
    OIL & GAS PRODUCERS — 2.2%      
182,000   Apache Corporation   4.8750 11/15/27   181,282
152,000   Apache Corporation   5.1000 09/01/40   131,847
165,000   Cheniere Energy Partners, L.P.   4.0000 03/01/31   152,846
34,000   Cheniere Energy, Inc.(b)   4.6250 10/15/28   33,368
122,000   Cheniere Energy, Inc.   4.6250 10/15/28   119,733
159,000   Comstock Resources, Inc.(b)   6.7500 03/01/29   156,384
142,000   Continental Resources, Inc./OK(b)   5.7500 01/15/31   142,106
160,000   EQT Corporation   3.9000 10/01/27   155,687
334,000   Murphy Oil Corporation   7.0500 05/01/29   342,046
175,000   New Fortress Energy, Inc.(b)   6.5000 09/30/26   170,800
338,000   Occidental Petroleum Corporation   5.5500 03/15/26   339,951
168,000   Occidental Petroleum Corporation   3.5000 08/15/29   154,622
127,000   Occidental Petroleum Corporation   8.8750 07/15/30   145,434
139,000   Occidental Petroleum Corporation   6.6250 09/01/30   145,865
142,000   Occidental Petroleum Corporation   6.1250 01/01/31   145,920

 

 
 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 15.7% (Continued)      
    OIL & GAS PRODUCERS — 2.2% (Continued)      
133,000   Occidental Petroleum Corporation   6.4500 09/15/36 $ 136,553
271,000   Ovintiv, Inc.   8.1250 09/15/30   303,431
156,000   Western Midstream Operating, L.P.   4.0500 02/01/30   147,096
              3,104,971
    OIL & GAS SERVICES & EQUIPMENT — 0.3%      
400,000   Transocean, Inc.(b)   8.0000 02/01/27   400,270
             
    REAL ESTATE INVESTMENT TRUSTS — 0.7%      
359,000   Iron Mountain, Inc.(b)   4.8750 09/15/27   352,665
165,000   Iron Mountain, Inc.(b)   5.2500 07/15/30   159,168
168,000   MPT Operating Partnership, L.P. / MPT Finance Corporation   3.5000 03/15/31   112,824
166,000   SBA Communications Corporation   3.8750 02/15/27   160,814
178,000   SBA Communications Corporation   3.1250 02/01/29   162,117
              947,588
    RETAIL - CONSUMER STAPLES — 0.5%      
174,000   Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, L.P. / Albertsons, LLC(b)   3.5000 03/15/29   160,243
262,000   New Albertsons, L.P.   8.0000 05/01/31   275,314
201,000   Safeway, Inc.   7.2500 02/01/31   211,294
              646,851
    RETAIL - DISCRETIONARY — 0.3%      
168,000   Michaels Companies, Inc. (The)(b)   7.8750 05/01/29   107,827
330,663   Staples, Inc.(b)   12.7500 01/15/30   258,698
              366,525
    SEMICONDUCTORS — 0.2%      
346,000   Amkor Technology, Inc.(b)   6.6250 09/15/27   346,973
             
    SPECIALTY FINANCE — 0.1%      
150,000   OneMain Finance Corporation   7.1250 03/15/26   153,093
             
    STEEL — 0.2%      
349,000   United States Steel Corporation   6.6500 06/01/37   349,017
             
           
 
 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 15.7% (Continued)      
    TECHNOLOGY HARDWARE — 0.4%      
289,000   Dell, Inc.   7.1000 04/15/28 $ 307,631
166,000   Imola Merger Corporation(b)   4.7500 05/15/29   158,473
156,000   Western Digital Corporation   4.7500 02/15/26   155,209
              621,313
    TECHNOLOGY SERVICES — 0.5%      
220,000   Sabre GLBL, Inc.(b)   8.6250 06/01/27   221,377
98,000   Sabre GLBL, Inc.(b)   10.7500 11/15/29   101,471
338,000   Unisys Corporation(b)   6.8750 11/01/27   334,945
              657,793
    TELECOMMUNICATIONS — 1.3%      
154,000   Embarq Corporation   7.9950 06/01/36   85,898
362,000   Frontier Communications Holdings, LLC(b)   5.0000 05/01/28   358,974
135,000   Sprint Capital Corporation   6.8750 11/15/28   143,428
114,000   Sprint Capital Corporation   8.7500 03/15/32   136,303
304,000   Sprint, LLC   7.6250 03/01/26   310,232
140,000   Telecom Italia Capital S.A.   7.2000 07/18/36   140,572
135,000   Telecom Italia Capital S.A.   7.7210 06/04/38   139,652
165,000   T-Mobile USA, Inc.   3.5000 04/15/31   150,376
142,000   Vodafone Group plc(d) USSW5 + 4.873% 7.0000 04/04/79   147,940
175,000   Zayo Group Holdings, Inc.(b)   4.0000 03/01/27   165,436
              1,778,811
    TRANSPORTATION & LOGISTICS — 0.5%      
72,083   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)   5.5000 04/20/26   72,092
159,000   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)   5.7500 04/20/29   158,711
145,000   Delta Air Lines, Inc.   7.3750 01/15/26   148,091
166,000   United Airlines, Inc.(b)   4.3750 04/15/26   163,747
166,000   United Airlines, Inc.(b)   4.6250 04/15/29   159,516
              702,157
  TOTAL CORPORATE BONDS (Cost $22,803,288)    

22,246,964

             
    TOTAL INVESTMENTS - 98.8% (Cost $135,181,141)     $ 140,260,133
    OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2%    

1,644,645

    NET ASSETS - 100.0%        

$ 141,904,778

 

 
 

 

REDWOOD MANAGED VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

January 31, 2025

 

 

ETF  - Exchange-Traded Fund
LLC  - Limited Liability Company
LP  - Limited Partnership
LTD  - Limited Company
PLC  - Public Limited Company
S.A.  - Société Anonyme
   
USSW5 USD 5 Years Interest Rate Swap

 

(a) Investment in affiliated issuer. Illiquid security. The total fair value of the security at January 31, 2025 was $14,045,800 representing 9.9% of net assets.
(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 January 31, 2025 the total market value of 144A securities is $10,362,162 or 7.3% of net assets.
(c) Percentage rounds to less than 0.1%.
(d) Variable rate security; the rate shown represents the rate on January 31, 2025.

 

 

TOTAL RETURN SWAPS(e)        
Security   Counterparty Number of Shares Notional Value Interest Rate Payable Termination Date Value/Unrealized Appreciation
Invesco High Yield Municipal Fund Barclays 12,926 $110,385 SOFR + 175 bps 4/20/2026 $ 129
Nuveen High Yield Municipal Bond Fund Barclays 7,482   110,665 SOFR + 175 bps 4/20/2026   75
TOTAL       $ 204
               
 
                   

SOFR - Secured Overnight Financing Rate

 

(e) 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 Adviser 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.

 

 
 

 

REDWOOD MANAGED MUNICIPAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2025
 
Shares             Fair Value
    CLOSED END FUNDS — 13.8%      
    REAL ESTATE - 13.8%      
712,425   Redwood Real Estate Income Fund, Class I(a)       $ 17,867,628
             
 
    TOTAL CLOSED END FUNDS (Cost $17,810,638)    

  17,867,628

               
    OPEN END FUNDS — 0.2%      
    FIXED INCOME - 0.2%      
127   American Century High-Yield Municipal Fund, Class I         1,123
128   BlackRock High Yield Municipal Fund, Institutional Class         1,171
2,344   Delaware National High-Yield Municipal Bond Fund, Institutional Class         24,115
3,441   First Eagle Funds - First Eagle High Income Fund, Class I         29,729
1,302   Goldman Sachs High Yield Municipal Fund, Institutional Class         12,099
3,873   Invesco High Yield Municipal Fund, Class Y         33,119
4,862   Invesco Rochester Municipal Opportunities Fund, Class Y         33,113
91   Lord Abbett High Yield Municipal Bond Fund, Class I         997
764   MainStay MacKay High Yield Municipal Bond Fund, Class I         9,086
239   MFS Municipal High Income Fund, Class I         1,791
2,067   Nuveen High Yield Municipal Bond Fund, Class I         30,596
2,809   Nuveen Short Duration High Yield Municipal Bond, Class I         27,161
2,600   PIMCO High Yield Municipal Bond Fund, Institutional Class         22,071
2,148   Pioneer High Income Municipal Fund, Class Y         13,209
86   Western Asset Municipal High Income Fund, Class I         1,101
             

240,481

               
    TOTAL OPEN END FUNDS (Cost $239,916)    

  240,481

               
    SHORT-TERM INVESTMENTS — 84.8%      
    MONEY MARKET FUNDS - 84.8%      
36,371,543   BlackRock Liquidity Funds MuniCash, Institutional Class, 2.16%(b)         36,375,180
36,381,179   JPMorgan Municipal Money Market Fund, Agency Class, 2.48%(b)         36,381,179
36,376,397   JPMorgan Tax Free Money Market Fund, Agency Class, 2.46%(b)         36,376,397
    TOTAL MONEY MARKET FUNDS (Cost $109,132,756)  

109,132,756

               
 
 

 

REDWOOD MANAGED MUNICIPAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 84.8% (Continued)      
    MONEY MARKET FUNDS - 84.8%  (Continued)      
    TOTAL SHORT-TERM INVESTMENTS (Cost $109,132,756)  

109,132,756

         
    TOTAL INVESTMENTS - 98.8% (Cost $127,183,310)     $ 127,240,865
    OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2%    

1,521,173

    NET ASSETS - 100.0%        

$ 128,762,038

           
 

 

(a) Investment in affiliated issuer. Illiquid security. The total fair value of the security at January 31, 2025 was $17,867,628 representing 13.8% of net assets.
(b) Rate disclosed is the seven day effective yield as of January 31, 2025.

 

 

 

 

               
TOTAL RETURN SWAPS(c)          
Security   Counterparty Number of Shares Notional Value Interest Rate Payable Termination Date Value/Unrealized Appreciation
Invesco High Yield Municipal Fund Barclays 15,631 $133,485 SOFR + 175 bps 7/31/2025 $ 157
Nuveen High Yield Municipal Bond Fund Barclays 10,324   152,685 SOFR + 175 bps 4/20/2026   103
  TOTAL       $ 260
SOFR                     - Secured Overnight Financing Rate

 

 

          
                             
(c) 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 Adviser 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.


 
 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2025
 
Shares             Fair Value
    CLOSED END FUNDS — 12.8%      
    United States - 12.8%      
951,293   Redwood Real Estate Income Fund, Class I(a)       $ 23,858,439
             
 
    TOTAL CLOSED END FUNDS (Cost $23,782,338)    

  23,858,439

               
    COMMON STOCKS — 67.7%      
    Brazil - 2.3%      
1,065,043   B3 S.A. - Brasil Bolsa Balcao         2,020,481
332,787   BB Seguridade Participacoes S.A.         2,193,987
             

4,214,468

    Canada - 10.5%      
58,309   Canadian Natural Resources Ltd.         1,770,914
18,175   Canadian Tire Corp Ltd.         2,045,700
119,487   Cenovus Energy, Inc.         1,727,765
17,689   CGI, Inc.         2,084,817
12,336   George Weston Ltd.         1,906,391
41,173   Gildan Activewear, Inc.         2,122,831
66,483   Manulife Financial Corporation         1,987,612
109,215   MEG Energy Corporation         1,790,348
33,051   Metro, Inc.         2,064,664
52,308   Suncor Energy, Inc.         1,962,161
             

19,463,203

    Cayman Islands - 1.1%      
99,250   JD.com, Inc.         1,998,489
             
 
    China - 7.3%      
856,800   37 Interactive Entertainment Network Technology         1,757,157
3,178,000   Aluminum Corp of China Ltd., H Shares         2,022,944
1,736,800   CNPC Capital Company Ltd.         1,564,167
5,430,000   Guangzhou Automobile Group Company Ltd.         2,125,436
323,121   Ping An Insurance Group Company of China Ltd., H Shares         1,808,006
129,400   Seres Group Company Ltd.         2,369,843
607,900   Yunnan Yuntianhua Company Ltd., Class A         1,933,355
             

13,580,908

 

 
 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 67.7% (Continued)      
    Germany - 3.5%      
8,319   adidas A.G.       $ 2,198,106
48,011   Porsche Automobil Holding S.E.         1,901,130
64,414   Zalando S.E.(b)         2,413,105
             

6,512,341

    Greece - 2.0%      
116,478   Hellenic Telecommunications Organization S.A.         1,762,806
118,204   OPAP S.A.         2,029,085
             

3,791,891

    Indonesia - 2.6%      
8,590,100   Alamtri Resources Indonesia Tbk P.T.         1,227,985
6,013,000   Astra International Tbk P.T.         1,770,808
1,183,200   United Tractors Tbk P.T.         1,805,761
             

4,804,554

    Italy - 2.2%      
131,113   Eni SpA         1,861,976
7,776,746   Telecom Italia SpA(b)         2,140,278
             

4,002,254

    Japan - 6.5%      
138,600   Denso Corporation         1,928,178
124,900   Japan Airlines Company Ltd.         2,059,331
62,800   KDDI Corporation         2,100,028
129,000   Marubeni Corporation         1,928,129
182,500   Ricoh Company Ltd.         2,102,321
138,100   Shionogi & Company Ltd.         2,039,211
             

12,157,198

    Korea  (Republic Of) - 7.7%      
24,752   DB Insurance Company Ltd.         1,650,281
22,613   Hyundai Glovis Company Ltd.         2,319,728
11,056   Hyundai Mobis Company Ltd.         2,000,354
29,260   KB Financial Group, Inc.         1,842,349
29,198   Kia Corporation         2,044,944
14,708   Korea Shipbuilding & Offshore Engineering Company(b)         2,342,987
61,951   KT Corporation         2,041,822
             

14,242,465

 

 
 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 67.7% (Continued)      
    Mexico - 2.0%      
2,510,570   America Movil S.A.B. de C.V.       $ 1,763,007
74,781   Grupo Aeroportuario del Sureste S.A.B. de C.V.         2,034,862
             

3,797,869

    Netherlands - 1.2%      
60,366   Koninklijke Ahold Delhaize N.V.         2,137,558
             
 
    Norway - 2.1%      
158,784   Telenor ASA         1,941,528
65,212   Yara International ASA         1,953,115
             

3,894,643

    Singapore - 1.1%      
232,043   Singapore Exchange Ltd.         2,095,000
             
 
    Spain - 2.0%      
27,364   Amadeus IT Group S.A.         2,013,936
422,704   Telefonica S.A.         1,724,205
             

3,738,141

    Sweden - 3.0%      
21,134   Evolution A.B.         1,626,944
170,571   Securitas A.B., Class B         2,175,929
234,624   Telefonaktiebolaget LM Ericsson, Class B         1,774,451
             

5,577,324

    Switzerland - 3.6%      
23,948   Logitech International S.A.         2,405,529
18,098   Novartis AG         1,899,384
28,406   Temenos A.G.         2,431,315
             

6,736,228

    Taiwan - 2.3%      
49,000   MediaTek, Inc.         2,177,282
133,000   Realtek Semiconductor Corporation         2,186,412
             

4,363,694

    Taiwan  Province Of China - 2.4%      
1,707,000   Eva Airways Corporation         2,469,636

 

 
 

 

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 67.7% (Continued)      
    Taiwan  Province Of China - 2.4% (Continued)      
960,000   Yang Ming Marine Transport Corporation       $ 1,974,158
             

4,443,794

    United Kingdom - 2.3%      
410,978   BP PLC         2,153,305
61,725   Shell plc         2,050,279
             

4,203,584

               
    TOTAL COMMON STOCKS (Cost $122,779,128)    

  125,755,606

               
    TOTAL INVESTMENTS - 80.5% (Cost $146,561,466)     $ 149,614,045
    OTHER ASSETS IN EXCESS OF LIABILITIES- 19.5%    

36,135,664

    NET ASSETS - 100.0%        

$ 185,749,709

               

 
A.B.  - Aktiebolag  
A.G.  - Aktiengesellschaft  
ASA  - Aksjeselskap  
LTD  - Limited Company  
N.V.  - Naamioze Vennootschap  
PLC  - Public Limited Company  
P.T.  - Perseroan Terbatas  
S.A.  - Société Anonyme  
S.E.  - Societas Europea  
SpA  - Società per azioni  
     
     
(a) Investment in affiliated issuer. Illiquid security. The total fair value of the security at January 31, 2025 was $23,858,439 representing 12.8% of net assets.  
(b)

Non-income producing security.

 

 

  
         
TOTAL RETURN SWAPS(c)            
Security   Counterparty Number of Shares                     Currency Notional Value Interest Rate Payable Termination Date Value/Unrealized Appreciation
iShares MSCI EAFE ETF JP Morgan 935,358 USD $70,722,418 SOFR + 175 bps 2/27/2026 $ 3,395,350
    TOTAL       $ 3,395,350
SOFR                     - Secured Overnight Financing Rate

 

 

            
     
                               
(c) 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 Adviser 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.

 

 
 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2025
 
Shares             Fair Value
    CLOSED END FUNDS — 12.4%      
    REAL ESTATE - 12.4%      
1,140,478   Redwood Real Estate Income Fund, Class I(a)       $ 28,603,187
             
 
    TOTAL CLOSED END FUNDS (Cost $28,511,952)    

  28,603,187

               
    COMMON STOCKS — 34.7%      
    ADVERTISING & MARKETING - 1.3%      
53,780   Interpublic Group of Companies, Inc. (The)         1,541,873
17,705   Omnicom Group, Inc.         1,536,617
             

3,078,490

    AEROSPACE & DEFENSE - 1.4%      
8,814   Huntington Ingalls Industries, Inc.         1,738,649
3,130   Lockheed Martin Corporation, B         1,449,034
             

3,187,683

    ASSET MANAGEMENT - 0.8%      
80,282   Franklin Resources, Inc.         1,785,472
             
 
    AUTOMOTIVE - 0.7%      
149,668   Ford Motor Company         1,508,653
             
 
    BIOTECH & PHARMA - 2.7%      
9,109   AbbVie, Inc.         1,675,145
31,522   Bristol-Myers Squibb Company         1,858,222
45,150   Pfizer, Inc.         1,197,378
142,165   Viatris, Inc.         1,603,621
             

6,334,366

    CABLE & SATELLITE - 0.5%      
35,367   Comcast Corporation, Class A         1,190,453
             
 
    CHEMICALS - 2.5%      
23,736   Celanese Corporation         1,686,205
24,192   Dow, Inc.         944,698
29,381   FMC Corporation         1,638,872

 

 
 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 34.7% (Continued)      
    CHEMICALS - 2.5% (Continued)      
19,793   LyondellBasell Industries N.V., A       $ 1,498,330
             

5,768,105

    CONTAINERS & PACKAGING - 0.8%      
31,971   International Paper Company         1,778,547
             
 
    ELECTRIC UTILITIES - 3.5%      
123,142   AES Corporation (The)         1,354,562
31,748   Dominion Energy, Inc.         1,764,871
28,780   Evergy, Inc.         1,846,814
26,736   Eversource Energy         1,542,132
38,993   FirstEnergy Corporation         1,551,921
             

8,060,300

    FOOD - 1.3%      
59,878   Conagra Brands, Inc.         1,550,242
49,199   Kraft Heinz Company (The)         1,468,098
             

3,018,340

    GAMING REIT - 0.6%      
48,515   VICI Properties, Inc.         1,444,292
             
 
    HEALTH CARE FACILITIES & SERVICES - 0.4%      
15,383   CVS Health Corporation         868,832
             
 
    HEALTH CARE REIT - 0.8%      
84,212   Healthpeak Properties, Inc.         1,739,820
             
 
    INFRASTRUCTURE REIT - 0.5%      
13,773   Crown Castle, Inc.         1,229,653
             
 
    LEISURE FACILITIES & SERVICES - 0.9%      
10,514   Darden Restaurants, Inc.         2,052,753
             
 
    LEISURE PRODUCTS - 0.7%      
28,539   Hasbro, Inc.         1,650,696
             
 

 

 
 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 34.7% (Continued)      
    MACHINERY - 0.7%      
18,850   Stanley Black & Decker, Inc.       $ 1,660,120
             
 
    OIL & GAS PRODUCERS - 3.5%      
77,418   APA Corporation         1,697,777
10,854   Chevron Corporation         1,619,308
65,866   Kinder Morgan, Inc.         1,809,998
16,370   ONEOK, Inc.         1,590,673
12,060   Phillips 66         1,421,512
             

8,139,268

    RETAIL - CONSUMER STAPLES - 0.6%      
142,172   Walgreens Boots Alliance, Inc.         1,461,528
             
 
    RETAIL - DISCRETIONARY - 1.4%      
20,564   Best Buy Company, Inc.         1,765,625
13,055   Genuine Parts Company         1,517,644
             

3,283,269

    RETAIL REIT - 0.8%      
31,778   Realty Income Corporation         1,736,350
             
 
    SEMICONDUCTORS - 1.4%      
19,891   Skyworks Solutions, Inc.         1,765,525
8,406   Texas Instruments, Inc.         1,551,832
             

3,317,357

    TECHNOLOGY HARDWARE - 1.6%      
31,371   Cisco Systems, Inc.         1,901,083
53,424   HP, Inc.         1,736,280
             

3,637,363

    TECHNOLOGY SERVICES - 1.7%      
8,185   International Business Machines Corporation         2,092,904
12,762   Paychex, Inc.         1,884,564
             

3,977,468

    TELECOMMUNICATIONS - 1.6%      
80,907   AT&T, Inc.         1,919,923

 

 
 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 34.7% (Continued)      
    TELECOMMUNICATIONS - 1.6% (Continued)      
42,264   Verizon Communications, Inc.       $ 1,664,779
             

3,584,702

    TOBACCO & CANNABIS - 1.6%      
32,504   Altria Group, Inc.         1,697,684
14,067   Philip Morris International, Inc.         1,831,523
             

3,529,207

    TRANSPORTATION & LOGISTICS - 0.4%      
8,840   United Parcel Service, Inc., B         1,009,793
             
 
               
    TOTAL COMMON STOCKS (Cost $75,305,129)    

  80,032,880

               
    EXCHANGE-TRADED FUNDS — 50.8%      
    EQUITY - 50.8%      
463,650   iShares Russell 2000 ETF         105,007,451
227,833   Schwab International Small-Cap Equity ETF         8,035,670
34,739   Vanguard FTSE All World ex-US Small-Cap ETF         3,998,806
             

117,041,927

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $113,974,070)    

  117,041,927

               
    OPEN END FUNDS — 0.1%      
    FIXED INCOME - 0.1%      
11,103   Nuveen California High Yield Municipal Bond Fund, Class I         88,271
6,490   Nuveen High Yield Municipal Bond Fund, Class I         96,050
             

184,321

               
    TOTAL OPEN END FUNDS (Cost $228,068)    

  184,321

               
 
 

 

REDWOOD SYSTEMATIC MACRO TREND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2025
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 1.2%      
    MONEY MARKET FUNDS - 1.2%      
2,821,741   Goldman Sachs Financial Square Government Fund, Administration Shares, 4.06%(b) (Cost $2,821,741)       $ 2,821,741
             
 
    TOTAL INVESTMENTS - 99.2% (Cost $220,840,960)     $ 228,684,056
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.8%    

1,867,465

    NET ASSETS - 100.0%        

$ 230,551,521

           

 

 

ETF  - Exchange-Traded Fund
N.V.  - Naamioze Vennootschap
REIT  - Real Estate Investment Trust

 

 

(a) Investment in affiliated issuer. Illiquid security. The total fair value of the security at January 31, 2025 was $28,603,187 representing 12.4% of net assets.
(b) Rate disclosed is the seven day effective yield as of January 31, 2025.