REDWOOD MANAGED VOLATILITY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2021 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||
CONVERTIBLE BONDS — 0.0%(a) | ||||||||||||||
STEEL — 0.0%(a) | ||||||||||||||
17,000 | Cleveland-Cliffs, Inc. | 1.5000 | 01/15/25 | $ | 55,080 | |||||||||
TOTAL CONVERTIBLE BONDS (Cost $41,834) | 55,080 | |||||||||||||
CORPORATE BONDS — 3.7% | ||||||||||||||
AEROSPACE & DEFENSE — 0.0%(a) | ||||||||||||||
115,000 | TransDigm, Inc. | 6.3750 | 06/15/26 | 118,881 | ||||||||||
AUTOMOTIVE — 0.2% | ||||||||||||||
115,000 | American Axle & Manufacturing, Inc. | 6.2500 | 03/15/26 | 119,198 | ||||||||||
111,000 | Ford Motor Company | 4.3460 | 12/08/26 | 120,088 | ||||||||||
115,000 | Goodyear Tire & Rubber Company (The) | 5.0000 | 05/31/26 | 118,237 | ||||||||||
115,000 | Tesla, Inc.(b) | 5.3000 | 08/15/25 | 118,284 | ||||||||||
475,807 | ||||||||||||||
BANKING — 0.0%(a) | ||||||||||||||
113,000 | CIT Group, Inc. | 5.0000 | 08/15/22 | 117,958 | ||||||||||
BIOTECH & PHARMA — 0.1% | ||||||||||||||
112,000 | Bausch Health Companies, Inc.(b) | 7.0000 | 01/15/28 | 117,765 | ||||||||||
118,000 | Teva Pharmaceutical Finance Company BV Series 2 | 3.6500 | 11/10/21 | 118,395 | ||||||||||
236,160 | ||||||||||||||
CABLE & SATELLITE — 0.2% | ||||||||||||||
113,000 | CCO Holdings, LLC / CCO Holdings Capital(b) | 5.0000 | 02/01/28 | 118,652 | ||||||||||
110,000 | DISH DBS Corporation | 7.3750 | 07/01/28 | 119,149 | ||||||||||
110,000 | Sirius XM Radio, Inc.(b) | 5.5000 | 07/01/29 | 120,622 | ||||||||||
358,423 | ||||||||||||||
CHEMICALS — 0.1% | ||||||||||||||
39,000 | Ashland, LLC | 4.7500 | 08/15/22 | 40,088 | ||||||||||
111,000 | Avient Corporation | 5.2500 | 03/15/23 | 118,326 | ||||||||||
39,000 | Olin Corporation | 5.5000 | 08/15/22 | 40,783 | ||||||||||
199,197 |
REDWOOD MANAGED VOLATILITY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||
CORPORATE BONDS — 3.7% (Continued) | ||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.1% | ||||||||||||||
116,000 | ADT Security Corporation | 3.5000 | 07/15/22 | $ | 119,248 | |||||||||
37,000 | RR Donnelley & Sons Company | 8.2500 | 07/01/27 | 42,213 | ||||||||||
161,461 | ||||||||||||||
CONTAINERS & PACKAGING — 0.2% | ||||||||||||||
112,000 | Ball Corporation | 4.0000 | 11/15/23 | 119,101 | ||||||||||
105,000 | Pactiv, LLC B | 7.9500 | 12/15/25 | 118,256 | ||||||||||
93,000 | Sealed Air Corporation(b) | 6.8750 | 07/15/33 | 119,994 | ||||||||||
357,351 | ||||||||||||||
ELECTRIC UTILITIES — 0.3% | ||||||||||||||
117,000 | Calpine Corporation(b) | 5.1250 | 03/15/28 | 118,616 | ||||||||||
87,000 | FirstEnergy Corporation | 7.3750 | 11/15/31 | 121,715 | ||||||||||
114,000 | NRG Energy, Inc. | 7.2500 | 05/15/26 | 118,729 | ||||||||||
116,000 | PG&E Corporation | 5.0000 | 07/01/28 | 113,100 | ||||||||||
171,000 | Talen Energy Supply, LLC | 6.5000 | 06/01/25 | 100,468 | ||||||||||
115,000 | Vistra Operations Company, LLC(b) | 5.5000 | 09/01/26 | 118,594 | ||||||||||
691,222 | ||||||||||||||
ELECTRICAL EQUIPMENT — 0.0%(a) | ||||||||||||||
106,000 | WESCO Distribution, Inc.(b) | 7.2500 | 06/15/28 | 118,246 | ||||||||||
ENTERTAINMENT CONTENT — 0.1% | ||||||||||||||
180,000 | Diamond Sports Group, LLC / Diamond Sports Finance(b) | 5.3750 | 08/15/26 | 104,625 | ||||||||||
104,000 | Liberty Interactive, LLC | 8.5000 | 07/15/29 | 119,616 | ||||||||||
117,000 | Univision Communications, Inc.(b) | 5.1250 | 02/15/25 | 119,059 | ||||||||||
343,300 | ||||||||||||||
FOOD — 0.1% | ||||||||||||||
115,000 | Lamb Weston Holdings, Inc.(b) | 4.6250 | 11/01/24 | 118,312 | ||||||||||
113,000 | Post Holdings, Inc.(b) | 5.7500 | 03/01/27 | 117,766 | ||||||||||
236,078 | ||||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.0%(a) | ||||||||||||||
118,000 | Louisiana-Pacific Corporation(b) | 3.6250 | 03/15/29 | 119,299 | ||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.2% | ||||||||||||||
115,000 | DaVita, Inc.(b) | 4.6250 | 06/01/30 | 119,025 | ||||||||||
103,000 | HCA, Inc. | 5.8750 | 02/15/26 | 119,866 |
REDWOOD MANAGED VOLATILITY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||
CORPORATE BONDS — 3.7% (Continued) | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.2% (Continued) | ||||||||||||||
104,000 | Tenet Healthcare Corporation | 6.8750 | 11/15/31 | $ | 119,376 | |||||||||
40,000 | Universal Health Services, Inc.(b) | 5.0000 | 06/01/26 | 41,114 | ||||||||||
399,381 | ||||||||||||||
HOME & OFFICE PRODUCTS — 0.0%(a) | ||||||||||||||
112,000 | Newell Brands, Inc. | 4.3500 | 04/01/23 | 117,348 | ||||||||||
HOME CONSTRUCTION — 0.1% | ||||||||||||||
40,000 | Beazer Homes USA, Inc. B | 6.7500 | 03/15/25 | 41,432 | ||||||||||
41,000 | K Hovnanian Enterprises, Inc. | 10.0000 | 07/15/22 | 41,000 | ||||||||||
108,000 | MDC Holdings, Inc. | 5.5000 | 01/15/24 | 118,389 | ||||||||||
113,000 | Toll Brothers Finance Corporation B | 4.3750 | 04/15/23 | 118,034 | ||||||||||
318,855 | ||||||||||||||
HOUSEHOLD PRODUCTS — 0.0%(a) | ||||||||||||||
111,000 | Avon Products, Inc. | 7.0000 | 03/15/23 | 118,354 | ||||||||||
INSURANCE — 0.1% | ||||||||||||||
119,000 | Genworth Holdings, Inc. | 4.8000 | 02/15/24 | 118,709 | ||||||||||
42,000 | MBIA, Inc. | 6.6250 | 10/01/28 | 42,384 | ||||||||||
111,000 | Radian Group, Inc. | 4.5000 | 10/01/24 | 118,985 | ||||||||||
280,078 | ||||||||||||||
INTERNET MEDIA & SERVICES — 0.0%(a) | ||||||||||||||
101,000 | Netflix, Inc. Series 144A B(b) | 4.8750 | 06/15/30 | 121,820 | ||||||||||
LEISURE FACILITIES & SERVICES — 0.1% | ||||||||||||||
39,000 | Carnival Corporation | 6.6500 | 01/15/28 | 41,608 | ||||||||||
107,000 | MGM Resorts International | 5.7500 | 06/15/25 | 116,564 | ||||||||||
115,000 | Royal Caribbean Cruises Ltd. | 5.2500 | 11/15/22 | 118,285 | ||||||||||
109,000 | Yum! Brands, Inc.(b) | 7.7500 | 04/01/25 | 118,222 | ||||||||||
394,679 | ||||||||||||||
METALS & MINING — 0.0%(a) | ||||||||||||||
117,000 | Freeport-McMoRan, Inc. | 3.5500 | 03/01/22 | 118,030 | ||||||||||
OIL & GAS PRODUCERS — 0.4% | ||||||||||||||
116,000 | Antero Resources Corporation | 5.0000 | 03/01/25 | 118,161 |
REDWOOD MANAGED VOLATILITY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||
CORPORATE BONDS — 3.7% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 0.4% (Continued) | ||||||||||||||
110,000 | Apache Corporation B | 4.8750 | 11/15/27 | $ | 118,377 | |||||||||
39,000 | Cheniere Energy, Inc.(b) | 4.6250 | 10/15/28 | 41,230 | ||||||||||
73,000 | Cheniere Energy, Inc. | 4.6250 | 10/15/28 | 77,173 | ||||||||||
115,000 | EQM Midstream Partners, L.P. | 4.0000 | 08/01/24 | 117,910 | ||||||||||
108,000 | Murphy Oil Corporation | 7.0500 | 05/01/29 | 120,451 | ||||||||||
115,000 | New Fortress Energy, Inc.(b) | 6.7500 | 09/15/25 | 117,446 | ||||||||||
108,000 | Occidental Petroleum Corporation | 5.5500 | 03/15/26 | 118,396 | ||||||||||
87,000 | Ovintiv, Inc. | 8.1250 | 09/15/30 | 119,811 | ||||||||||
948,955 | ||||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.1% | ||||||||||||||
134,000 | Nabors Industries, Inc. | 5.7500 | 02/01/25 | 114,064 | ||||||||||
147,000 | Transocean, Inc.(b) | 8.0000 | 02/01/27 | 108,576 | ||||||||||
222,640 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 0.2% | ||||||||||||||
114,000 | Iron Mountain, Inc.(b) | 4.8750 | 09/15/27 | 118,468 | ||||||||||
116,000 | iStar, Inc. | 4.2500 | 08/01/25 | 120,611 | ||||||||||
115,000 | Uniti Group, L.P. / Uniti Fiber Holdings Inc / CSL(b) | 7.1250 | 12/15/24 | 118,425 | ||||||||||
357,504 | ||||||||||||||
REAL ESTATE SERVICES — 0.0%(a) | ||||||||||||||
113,000 | Realogy Group, LLC / Realogy Co-Issuer Corporation(b) | 4.8750 | 06/01/23 | 117,859 | ||||||||||
RETAIL - CONSUMER STAPLES — 0.1% | ||||||||||||||
95,000 | New Albertsons, L.P. | 8.0000 | 05/01/31 | 116,613 | ||||||||||
125,000 | Rite Aid Corporation B | 7.7000 | 02/15/27 | 116,584 | ||||||||||
35,000 | Safeway, Inc. | 7.2500 | 02/01/31 | 41,478 | ||||||||||
274,675 | ||||||||||||||
RETAIL - DISCRETIONARY — 0.3% | ||||||||||||||
41,000 | Avis Budget Car Rental, LLC / Avis Budget Finance, | 5.2500 | 03/15/25 | 41,589 | ||||||||||
101,000 | Gap, Inc. (The)(b) | 8.8750 | 05/15/27 | 116,359 | ||||||||||
108,000 | L Brands, Inc. | 5.6250 | 10/15/23 | 118,601 | ||||||||||
116,000 | Macy’s Retail Holdings, LLC | 3.6250 | 06/01/24 | 119,333 | ||||||||||
117,000 | Staples, Inc.(b) | 10.7500 | 04/15/27 | 113,651 | ||||||||||
509,533 |
REDWOOD MANAGED VOLATILITY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||
CORPORATE BONDS — 3.7% (Continued) | ||||||||||||||
SEMICONDUCTORS — 0.0%(a) | ||||||||||||||
110,000 | Amkor Technology, Inc.(b) | 6.6250 | 09/15/27 | $ | 118,373 | |||||||||
SPECIALTY FINANCE — 0.1% | ||||||||||||||
112,000 | Navient Corporation | 5.5000 | 01/25/23 | 117,605 | ||||||||||
111,000 | OneMain Finance Corporation | 5.6250 | 03/15/23 | 117,532 | ||||||||||
235,137 | ||||||||||||||
STEEL — 0.0%(a) | ||||||||||||||
112,000 | United States Steel Corporation | 6.6500 | 06/01/37 | 121,517 | ||||||||||
TECHNOLOGY HARDWARE — 0.1% | ||||||||||||||
93,000 | Dell, Inc. | 7.1000 | 04/15/28 | 119,930 | ||||||||||
40,000 | Pitney Bowes, Inc. | 4.6250 | 03/15/24 | 42,050 | ||||||||||
114,000 | Xerox Corporation | 3.8000 | 05/15/24 | 119,493 | ||||||||||
281,473 | ||||||||||||||
TECHNOLOGY SERVICES — 0.1% | ||||||||||||||
100,000 | Sabre GLBL, Inc.(b) | 9.2500 | 04/15/25 | 117,429 | ||||||||||
107,000 | Unisys Corporation(b) | 6.8750 | 11/01/27 | 116,687 | ||||||||||
234,116 | ||||||||||||||
TELECOMMUNICATIONS — 0.2% | ||||||||||||||
106,000 | CenturyLink, Inc. | 7.5000 | 04/01/24 | 119,360 | ||||||||||
115,000 | Frontier Communications Corporation(b) | 5.0000 | 05/01/28 | 119,108 | ||||||||||
96,000 | Sprint Corporation | 7.6250 | 03/01/26 | 117,387 | ||||||||||
116,000 | T-Mobile USA, Inc. | 4.0000 | 04/15/22 | 118,139 | ||||||||||
473,994 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 0.2% | ||||||||||||||
118,000 | American Airlines Group, Inc.(b) | 5.0000 | 06/01/22 | 117,853 | ||||||||||
117,000 | Delta Air Lines, Inc. | 3.6250 | 03/15/22 | 117,897 | ||||||||||
115,000 | United Airlines Holdings, Inc. | 5.0000 | 02/01/24 | 119,420 | ||||||||||
355,170 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $9,707,776) | 9,652,874 | |||||||||||||
TOTAL INVESTMENTS - 3.7% (Cost $9,749,610) | $ | 9,707,954 | ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 96.3% | 254,852,288 | |||||||||||||
NET ASSETS - 100.0% | $ | 264,560,242 |
REDWOOD MANAGED VOLATILITY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
REIT | - Real Estate Investment Trust |
BAR | Barclays |
BNP | BNP Paribas |
GS | Goldman Sachs |
(a) | Percentage rounds to less than 0.1%. |
(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, 2021 the total market value of 144A securities is 3,371,479 or 1.3% of net assets. |
Redwood Managed Volatility Fund |
PORTFOLIO OF INVESTMENTS (Unaudited) |
July 31, 2021 |
CREDIT DEFAULT SWAP | ||||||||||||||||||||||||
Notional | Upfront Premiums | Pay/Receive | Unrealized | |||||||||||||||||||||
Amount | Paid (Received) | Reference Entity (I) | Counterparty | Expiration Date | Fixed Rate | Fixed Rate | Value | Gain (Loss) | ||||||||||||||||
$ | 32,000,000 | $ | (2,848,394 | ) | To Sell Protection - CDX HY | BNP | 6/20/2026 | Receive | 5.00% | $ | (3,113,714 | ) | $ | (265,320 | ) | |||||||||
CDSI S36 5Y PRC, pays | ||||||||||||||||||||||||
Quarterly | ||||||||||||||||||||||||
$ | (3,113,714 | ) | $ | (265,320 | ) |
(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB. |
TOTAL RETURN SWAPS **
Unrealized | ||||||||||||||||||
Number of | Appreciation | |||||||||||||||||
Security | Shares | Notional Value | Interest Rate Payable | Termination Date | Counterparty | (Depreciation) | ||||||||||||
BlackRock High Yield Bond Portfolio - Institutional Shares | 9,125,055 | $ | 72,270,435 | 3-Mth USD_LIBOR + 185 bps | 4/13/2023 | Barclays | $ | 104,861 | ||||||||||
BlackRock High Yield Bond Fund - Institutional Class | 12,340,900 | 97,616,517 | 3-Mth USD_LIBOR + 300 bps | 12/31/2022 | Goldman Sachs | (15,828 | ) | |||||||||||
Mainstay MacKay High Yield Corporate Bond Fund - Institutional Class | 13,323,561 | 75,811,059 | 3-Mth USD_LIBOR + 185 bps | 4/13/2023 | Barclays | (237,302 | ) | |||||||||||
Vanguard High Yield - Institutional Class | 633,844 | 37,939,643 | 3-Mth USD_LIBOR + 185 bps | 6/5/2023 | Barclays | 149,045 | ||||||||||||
Total | $ | 776 |
** | The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swaps are reset monthly. |
REDWOOD MANAGED MUNICIPAL INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2021 |
Shares | Fair Value | |||||||
OPEN END FUNDS — 98.2% | ||||||||
FIXED INCOME - 98.2% | ||||||||
1,782,270 | American Century High-Yield Municipal Fund, Class I | $ | 18,731,656 | |||||
2,458,757 | BlackRock High Yield Municipal Fund, Institutional Class | 26,579,167 | ||||||
1,254,970 | Northern High Yield Municipal Fund | 11,646,124 | ||||||
3,135,301 | PIMCO High Yield Municipal Bond Fund, Institutional Class | 31,509,770 | ||||||
5,481,827 | Pioneer High Income Municipal Fund, Class Y | 41,278,156 | ||||||
706,160 | Western Asset Municipal High Income Fund, Class I | 10,345,242 | ||||||
140,090,115 | ||||||||
TOTAL OPEN END FUNDS (Cost $127,473,074) | 140,090,115 | |||||||
SHORT-TERM INVESTMENTS — 1.4% | ||||||||
MONEY MARKET FUNDS - 1.4% | ||||||||
1,537,045 | BlackRock Liquidity Funds MuniCash, Institutional Class, 0.01%(a) | 1,537,352 | ||||||
115,134 | JPMorgan Municipal Money Market Fund, Agency Class, 0.01%(a) | 115,134 | ||||||
365,616 | JPMorgan Tax Free Money Market Fund, Agency Class, 0.01%(a) | 365,616 | ||||||
TOTAL MONEY MARKET FUNDS (Cost $2,018,101) | 2,018,102 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,018,101) | 2,018,102 | |||||||
TOTAL INVESTMENTS - 99.6% (Cost $129,491,175) | $ | 142,108,217 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4% | 596,069 | |||||||
NET ASSETS - 100.0% | $ | 142,704,286 | ||||||
(a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2021 |
Shares | Fair Value | |||||||
COMMON STOCKS — 36.3% | ||||||||
Belgium - 0.4% | ||||||||
17,471 | KBC Group N.V. - ADR | $ | 705,828 | |||||
Brazil - 7.4% | ||||||||
154,125 | Cia de Saneamento Basico do Estado de Sao Paulo | 1,057,923 | ||||||
296,040 | Cia Siderurgica Nacional S.A. | 2,685,417 | ||||||
223,293 | CPFL Energia S.A. | 1,098,873 | ||||||
161,619 | Engie Brasil Energia S.A. | 1,191,003 | ||||||
622,797 | Itausa S.A. | 1,352,775 | ||||||
297,449 | JBS S.A. | 1,855,047 | ||||||
250,778 | Petroleo Brasileiro S.A. | 1,344,733 | ||||||
156,561 | Telefonica Brasil S.A. | 1,251,368 | ||||||
509,280 | TIM S.A. | 1,122,037 | ||||||
12,959,176 | ||||||||
Canada - 8.5% | ||||||||
38,019 | Alimentation Couche-Tard, Inc., Class B | 1,531,602 | ||||||
25,609 | Bank of Nova Scotia | 1,597,447 | ||||||
9,868 | Canadian Tire Corp Ltd. | 1,517,254 | ||||||
17,291 | CGI, Inc.(a) | 1,571,959 | ||||||
25,450 | Loblaw Companies Ltd. | 1,720,656 | ||||||
72,506 | Manulife Financial Corporation | 1,400,925 | ||||||
26,362 | Nutrien Ltd. | 1,566,494 | ||||||
49,680 | Quebecor, Inc., Class B | 1,298,959 | ||||||
18,562 | Ritchie Bros Auctioneers, Inc. | 1,107,460 | ||||||
15,115 | Royal Bank of Canada | 1,527,785 | ||||||
14,840,541 | ||||||||
Cayman Islands - 0.9% | ||||||||
8,928 | Baidu, Inc. - ADR(a) | 1,464,281 | ||||||
China - 0.6% | ||||||||
56,037 | China Life Insurance Company Ltd. - ADR | 467,349 | ||||||
53,968 | Industrial & Commercial Bank of China Ltd. - ADR | 597,425 | ||||||
1,064,774 |
REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Shares | Fair Value | |||||||
COMMON STOCKS — 36.3% (Continued) | ||||||||
Denmark - 0.5% | ||||||||
9,523 | Novo Nordisk A/S - ADR | $ | 881,830 | |||||
Germany - 1.2% | ||||||||
36,576 | Daimler A.G. - ADR | 814,182 | ||||||
35,539 | Deutsche Telekom A.G. - ADR | 739,567 | ||||||
15,026 | Fresenius Medical Care A.G. & Company KGaA - ADR | 590,822 | ||||||
2,144,571 | ||||||||
Indonesia - 0.3% | ||||||||
26,732 | Telekomunikasi Indonesia Persero Tbk P.T. - ADR | 597,460 | ||||||
Israel - 0.8% | ||||||||
10,651 | Check Point Software Technologies Ltd.(a) | 1,353,742 | ||||||
Japan - 8.2% | ||||||||
18,100 | Advantest Corporation(b) | 1,584,884 | ||||||
348,200 | ENEOS Holdings, Inc. | 1,457,840 | ||||||
59,500 | Iida Group Holdings Company Ltd. | 1,425,831 | ||||||
46,400 | ITOCHU Corporation(b) | 1,366,422 | ||||||
44,700 | Kakaku.com, Inc. | 1,212,500 | ||||||
43,600 | KDDI Corporation(b) | 1,323,692 | ||||||
51,800 | Mitsubishi Corporation(b) | 1,445,208 | ||||||
28,300 | Recruit Holdings Company Ltd.(b) | 1,451,487 | ||||||
34,800 | Sumitomo Metal Mining Company Ltd.(b) | 1,400,878 | ||||||
36,800 | Toyota Tsusho Corporation | 1,723,481 | ||||||
14,392,223 | ||||||||
Korea (Republic Of) - 1.8% | ||||||||
7,460 | Hyundai Glovis Company Ltd.(b) | 1,261,439 | ||||||
5,705 | POSCO | 1,817,763 | ||||||
3,079,202 | ||||||||
Luxembourg - 0.4% | ||||||||
38,495 | Tenaris S.A. - ADR | 786,838 | ||||||
REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Shares | Fair Value | |||||||||||
COMMON STOCKS — 36.3% (Continued) | ||||||||||||
Netherlands - 0.4% | ||||||||||||
22,746 | Koninklijke Ahold Delhaize N.V. - ADR | $ | 707,401 | |||||||||
Singapore - 0.3% | ||||||||||||
34,448 | Singapore Telecommunications Ltd. - ADR | 579,071 | ||||||||||
Sweden - 0.4% | ||||||||||||
124,366 | Svenska Handelsbanken A.B. - ADR | 695,206 | ||||||||||
Switzerland - 0.4% | ||||||||||||
7,117 | Novartis A.G. - ADR | 657,540 | ||||||||||
Taiwan Province Of China - 3.4% | ||||||||||||
590,000 | Far EasTone Telecommunications Company Ltd. | 1,278,527 | ||||||||||
436,000 | Hon Hai Precision Industry Company Ltd.(b) | 1,715,001 | ||||||||||
837,000 | Taiwan Cement Corporation(b) | 1,574,332 | ||||||||||
529,000 | Uni-President Enterprises Corporation | 1,384,688 | ||||||||||
5,952,548 | ||||||||||||
United Kingdom - 0.4% | ||||||||||||
17,008 | Royal Dutch Shell plc, Class A - ADR | 690,865 | ||||||||||
TOTAL COMMON STOCKS (Cost $60,864,228) | 63,553,097 | |||||||||||
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
U.S. GOVERNMENT & AGENCIES — 12.3% | ||||||||||||
United States — 12.3% | ||||||||||||
10,000,000 USD | United States Treasury Note | 1.3750 | 02/15/23 | 10,192,188 | ||||||||
11,000,000 USD | United States Treasury Note | 1.5000 | 02/15/30 | 11,313,242 | ||||||||
21,505,430 | ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $21,476,153) | 21,505,430 | |||||||||||
TOTAL INVESTMENTS - 48.6% (Cost $82,340,381) | $ | 85,058,527 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 51.4% | 90,092,549 | |||||||||||
NET ASSETS - 100.0% | $ | 175,151,076 |
REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
ADR | - American Depositary Receipt |
A/S | - Anonim Sirketi |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
PT | - Perseroan Terbatas |
S/A | - Société Anonyme |
BAR | Barclays |
GS | Goldman Sachs |
SOC | Societe Generale |
(a) | Non-income producing security. |
(b) | The value of this security has been determined in good faith under policies of the Board of Trustees. |
Redwood AlphaFactor® Tactical International Fund |
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
TOTAL RETURN SWAPS *
Appreciation | ||||||||||||||||||
Security | Number of Shares | Notional Value | Interest Rate Payable | Termination Date | Counterparty | (Depreciation) | ||||||||||||
A.P. Moller - Maersk A/S | 659 | $ | 10,609,900 | 1-Mth CIBOR +0.40% | 1/13/2022 | Goldman Sachs | $ | (428,350 | ) | |||||||||
Advanced Info Service Pcl | 215,900 | 1,151,016 | 1-Mth LIBOR +1.00% | 6/30/2022 | Societe Generale | 27,624 | ||||||||||||
Anhui Conch Cement Co. Ltd. | 185,000 | 7,622,000 | 1-Mth HIBOR +.75% | 6/30/2022 | Societe Generale | (749,250 | ) | |||||||||||
Arca Continental S.A.B. De C.V. | 256,028 | 1,454,181 | 1-Mth LIBOR +0.50% | 1/13/2022 | Goldman Sachs | 63,141 | ||||||||||||
Astra International Tbk Pt | 3,073,700 | 1,044,239 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (40,349 | ) | |||||||||||
Bangkok Bank Pcl | 303,700 | 1,069,931 | 1-Mth LIBOR +1.00% | 6/30/2022 | Societe Generale | (123,187 | ) | |||||||||||
Bim Birlesik Magazalar A.S. | 151,818 | 1,133,241 | 1-Mth LIBOR +0.00% | 1/31/2022 | Goldman Sachs | 57,755 | ||||||||||||
Changjiang Securities Co. Ltd. | 913,200 | 1,033,898 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (59,236 | ) | |||||||||||
China Galaxy Securities Co. Ltd. | 1,849,500 | 8,563,185 | 1-Mth HIBOR +0.75% | 6/30/2022 | Societe Generale | (1,054,215 | ) | |||||||||||
China Life Insurance Co. Ltd. - H Shares | 261,000 | 4,019,400 | 1-Mth HIBOR +0.75% | 6/30/2022 | Societe Generale | (631,620 | ) | |||||||||||
China Shenhua Energy Co. Ltd. | 643,500 | 9,794,070 | 1-Mth HIBOR +0.75% | 6/30/2022 | Societe Generale | (334,620 | ) | |||||||||||
Cimb Group Holdings Berhad | 1,452,700 | 1,613,153 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (81,277 | ) | |||||||||||
Citic Securities Co. Ltd. | 524,500 | 10,217,260 | 1-Mth HIBOR +0.75% | 6/30/2022 | Societe Generale | (1,143,410 | ) | |||||||||||
Commerzbank Aktiengesellschaft | 189,654 | 1,251,337 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | (102,792 | ) | |||||||||||
Cosco Shipping Holdings Co. Ltd. | 1,590,550 | 19,991,990 | 1-Mth HIBOR +0.75% | 6/30/2022 | Societe Generale | (5,322,225 | ) | |||||||||||
Daimler Ag | 9,114 | 694,213 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | (182 | ) | |||||||||||
Deutsche Telekom Ag | 35,841 | 638,400 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | (10,967 | ) | |||||||||||
Falabella Sa | 344,958 | 1,547,945 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (208,992 | ) | |||||||||||
Fresenius Medical Care Ag & Co. Kgaa | 7,518 | 491,376 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | (26,313 | ) | |||||||||||
Gea Group Aktiengesellschaft | 36,236 | 1,237,822 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | 117,042 | ||||||||||||
Genting Singapore Ltd. | 1,957,600 | 1,634,596 | 1-Mth SOR +0.95% | 6/30/2022 | Societe Generale | (48,940 | ) | |||||||||||
Grupo Bimbo, S.A.B. De C.V. | 582,800 | 1,284,068 | 1-Mth LIBOR +0.50% | 1/13/2022 | Goldman Sachs | 59,029 | ||||||||||||
H & M Hennes & Mauritz Ab (Publ) | 56,842 | 12,041,978 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | (1,300,545 | ) | |||||||||||
Heidelbergcement Ag | 17,154 | 1,280,718 | 1-Mth STIBOR +0.40% | 1/13/2022 | Goldman Sachs | 41,856 | ||||||||||||
Hellenic Telecommunications Organization S.A. | 79,808 | 1,181,956 | 1-Mth EURIBOR +0.85% | 1/13/2022 | Goldman Sachs | 98,164 | ||||||||||||
Huaxin Cement Co. Ltd. | 322,704 | 876,954 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (137,193 | ) | |||||||||||
Husqvarna Aktiebolag | 119,520 | 13,589,424 | 1-Mth STIBOR +0.40% | 1/13/2022 | Goldman Sachs | 812,736 | ||||||||||||
Industrial & Commercial Bank Of China Ltd. | 1,053,000 | 4,801,680 | 1-Mth HIBOR +0.75% | 6/30/2022 | Societe Generale | (252,720 | ) | |||||||||||
Kbc Group | 8,433 | 563,999 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | 30,359 | ||||||||||||
Kimberly-Clark De Mexico, S.A.B. De C.V. | 755,755 | 1,369,702 | 1-Mth LIBOR +0.50% | 1/13/2022 | Goldman Sachs | (118,312 | ) | |||||||||||
Koninklijke Ahold Delhaize N.V. | 22,396 | 561,468 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | 25,196 | ||||||||||||
Koninklijke Kpn N.V. | 434,883 | 1,182,012 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | 58,274 | ||||||||||||
Kuehne + Nagel International Ag | 5,654 | 1,716,554 | 1-Mth LIBOR +0.40% | 1/13/2022 | Goldman Sachs | (62,194 | ) | |||||||||||
Lundin Energy Ab | 46,560 | 14,098,368 | 1-Mth STIBOR +0.40% | 1/13/2022 | Goldman Sachs | (1,601,664 | ) | |||||||||||
Metallurgical Corp Of China Ltd. | 2,689,000 | 1,239,389 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | 316,223 | ||||||||||||
MSCI ACWI U | 270,660 | 15,565,656 | 1-Mth LIBOR + 0.30% | 6/1/2022 | Barclays | (262,495 | ) | |||||||||||
MSCI ACWI U | 170,000 | 9,776,700 | 1-Mth LIBOR + 0.30% | 6/1/2022 | Barclays | (165,448 | ) | |||||||||||
Naturgy Energy Group Sa | 52,416 | 1,123,275 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | 5,766 | ||||||||||||
New China Life Insurance Co. Ltd. | 284,400 | 7,536,600 | 1-Mth HIBOR +0.75% | 6/30/2022 | Societe Generale | (1,493,100 | ) | |||||||||||
Novartis Ag | 7,150 | 564,278 | 1-Mth LIBOT +0.40% | 1/13/2022 | Goldman Sachs | (3,146 | ) | |||||||||||
Novo Nordisk A/S | 9,592 | 4,616,630 | 1-Mth CIBOR +0.40% | 1/13/2022 | Goldman Sachs | 523,723 | ||||||||||||
Orion Oyj | 27,199 | 957,405 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | (9,792 | ) | |||||||||||
Proximus | 62,274 | 1,034,060 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | 64,454 | ||||||||||||
Pt Gudang Garam Tbk | 406,200 | 1,234,734 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (312,808 | ) | |||||||||||
Pt United Tractors | 804,800 | 1,120,790 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (32,068 | ) | |||||||||||
Ptt Exploration & Production Pcl | 381,000 | 1,389,771 | 1-Mth LIBOR +1.00% | 6/30/2022 | Societe Generale | (196,261 | ) | |||||||||||
Public Bank Bhd | 1,409,500 | 1,395,422 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (66,083 | ) | |||||||||||
Randstad N.V. | 20,442 | 1,318,509 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | (68,276 | ) | |||||||||||
Royal Dutch Shell Plc | 33,339 | 448,610 | 1-Mth LIBOR +0.40% | 1/13/2022 | Goldman Sachs | (1,200 | ) | |||||||||||
Saic Motor Corp Ltd. | 320,200 | 1,088,058 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (179,695 | ) | |||||||||||
Securitas Ab | 76,988 | 10,220,157 | 1-Mth STIBOR +0.40% | 1/13/2022 | Goldman Sachs | 1,285,700 | ||||||||||||
Singapore Exchange Ltd | 184,400 | 2,061,592 | 1-Mth SOR +0.95% | 6/30/2022 | Societe Generale | 129,080 | ||||||||||||
Singapore Telecommunication | 349,300 | 799,897 | 1-Mth SOR +0.95% | 6/30/2022 | Societe Generale | (6,986 | ) | |||||||||||
Supermax Corp Bhd | 625,900 | 497,528 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (12,530 | ) | |||||||||||
Svenska Handelsbanken Ab | 60,400 | 5,615,992 | 1-Mth STIBOR +0.40% | 1/13/2022 | Goldman Sachs | 32,616 | ||||||||||||
Swedish Match Ab | 160,500 | 12,342,450 | 1-Mth STIBOR +0.40% | 1/13/2022 | Goldman Sachs | 658,050 | ||||||||||||
Telenor Asa | 74,103 | 10,700,473 | 1-Mth NIBOR +0.40% | 1/13/2022 | Goldman Sachs | 615,055 | ||||||||||||
Telkom Indonesia Persero Tbk P | 2,729,000 | 591,188 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | 20,643 | ||||||||||||
Tenaris S.A. | 75,989 | 708,977 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | (46,809 | ) | |||||||||||
United Internet Ag | 31,798 | 1,096,395 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | 13,355 | ||||||||||||
Weichai Power Co. Ltd. | 524,000 | 9,044,240 | 1-Mth HIBOR +0.75% | 6/30/2022 | Societe Generale | (136,240 | ) | |||||||||||
Wolters Kluwer N.V. | 15,395 | 1,207,584 | 1-Mth EURIBOR +0.40% | 1/13/2022 | Goldman Sachs | 174,887 | ||||||||||||
Wuhu Sanqi Interactive Enterta | 328,176 | 1,219,216 | 1-Mth LIBOR +1.10% | 6/30/2022 | Societe Generale | (236,448 | ) | |||||||||||
Yara International Asa | 30,736 | 13,929,555 | 1-Mth NIBOR +0.40% | 1/13/2022 | Goldman Sachs | 371,906 | ||||||||||||
Total | $ | (11,465,304 | ) |
* | The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swap do not reset; payments only occur at termination. |
REDWOOD SYSTEMATIC MACRO TREND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
July 31, 2021 |
Shares | Fair Value | |||||||
COMMON STOCKS — 54.5% | ||||||||
ADVERTISING & MARKETING - 1.6% | ||||||||
35,867 | Interpublic Group of Companies, Inc. (The) | $ | 1,268,257 | |||||
14,626 | Omnicom Group, Inc. | 1,065,065 | ||||||
2,333,322 | ||||||||
AEROSPACE & DEFENSE - 2.4% | ||||||||
6,287 | General Dynamics Corporation | 1,232,440 | ||||||
3,137 | Lockheed Martin Corporation | 1,165,929 | ||||||
13,601 | Raytheon Technologies Corporation | 1,182,606 | ||||||
3,580,975 | ||||||||
APPAREL & TEXTILE PRODUCTS - 1.6% | ||||||||
61,661 | Hanesbrands, Inc. | 1,125,930 | ||||||
15,098 | VF Corporation | 1,210,860 | ||||||
2,336,790 | ||||||||
BANKING - 0.8% | ||||||||
10,266 | Bank of America Corporation | 393,804 | ||||||
5,060 | JPMorgan Chase & Company | 768,006 | ||||||
1,161,810 | ||||||||
BIOTECH & PHARMA - 3.8% | ||||||||
10,594 | AbbVie, Inc. | 1,232,082 | ||||||
18,088 | Gilead Sciences, Inc. | 1,235,230 | ||||||
3,184 | Johnson & Johnson | 548,285 | ||||||
15,777 | Merck & Company, Inc. | 1,212,778 | ||||||
1,577 | Organon & Company(a) | 45,749 | ||||||
30,914 | Pfizer, Inc. | 1,323,428 | ||||||
5,597,552 | ||||||||
CHEMICALS - 1.5% | ||||||||
17,618 | Dow, Inc. | 1,095,134 | ||||||
10,647 | LyondellBasell Industries N.V., Class A | 1,057,567 | ||||||
2,152,701 | ||||||||
CONTAINERS & PACKAGING - 2.3% | ||||||||
102,078 | Amcor plc | 1,180,021 | ||||||
19,077 | International Paper Company | 1,101,888 | ||||||
8,087 | Packaging Corp of America | 1,144,311 | ||||||
3,426,220 |
REDWOOD SYSTEMATIC MACRO TREND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Shares | Fair Value | |||||||
COMMON STOCKS — 54.5% (Continued) | ||||||||
DIVERSIFIED INDUSTRIALS - 0.8% | ||||||||
5,902 | 3M Company | $ | 1,168,242 | |||||
E-COMMERCE DISCRETIONARY - 1.5% | ||||||||
656 | Amazon.com, Inc.(a) | 2,182,899 | ||||||
ELECTRIC UTILITIES - 4.0% | ||||||||
15,785 | Dominion Energy, Inc. | 1,181,823 | ||||||
21,566 | Edison International | 1,175,347 | ||||||
31,782 | FirstEnergy Corporation | 1,217,886 | ||||||
41,263 | PPL Corporation | 1,170,631 | ||||||
18,777 | Southern Company | 1,199,287 | ||||||
5,944,974 | ||||||||
ENTERTAINMENT CONTENT - 0.2% | ||||||||
1,919 | Walt Disney Company | 337,782 | ||||||
FOOD - 1.5% | ||||||||
18,220 | Kellogg Company | 1,154,419 | ||||||
27,478 | Kraft Heinz Company | 1,057,079 | ||||||
2,211,498 | ||||||||
HEALTH CARE FACILITIES & SERVICES - 0.9% | ||||||||
21,359 | Cardinal Health, Inc. | 1,268,297 | ||||||
HOME & OFFICE PRODUCTS - 1.4% | ||||||||
21,899 | Leggett & Platt, Inc. | 1,051,809 | ||||||
42,029 | Newell Brands, Inc. | 1,040,218 | ||||||
2,092,027 | ||||||||
HOUSEHOLD PRODUCTS - 0.4% | ||||||||
3,991 | Procter & Gamble Company | 567,640 | ||||||
INDUSTRIAL SUPPORT SERVICES - 0.8% | ||||||||
22,545 | Fastenal Company | 1,234,790 |
REDWOOD SYSTEMATIC MACRO TREND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Shares | Fair Value | |||||||
COMMON STOCKS — 54.5% (Continued) | ||||||||
INSURANCE - 0.8% | ||||||||
11,289 | Prudential Financial, Inc. | $ | 1,132,061 | |||||
INTERNET MEDIA & SERVICES - 2.0% | ||||||||
447 | Alphabet, Inc., Class A(a) | 1,204,455 | ||||||
3,479 | Facebook, Inc., Class A(a) | 1,239,567 | ||||||
1,094 | Netflix, Inc.(a) | 566,222 | ||||||
3,010,244 | ||||||||
LEISURE PRODUCTS - 0.8% | ||||||||
12,539 | Hasbro, Inc. | 1,246,878 | ||||||
MEDICAL EQUIPMENT & DEVICES - 0.4% | ||||||||
1,084 | Thermo Fisher Scientific, Inc. | 585,371 | ||||||
MULTI ASSET CLASS REIT - 0.7% | ||||||||
25,476 | Vornado Realty Trust | 1,108,206 | ||||||
OIL & GAS PRODUCERS - 3.9% | ||||||||
11,576 | Chevron Corporation | 1,178,553 | ||||||
20,604 | Exxon Mobil Corporation | 1,186,172 | ||||||
65,714 | Kinder Morgan, Inc. | 1,142,109 | ||||||
22,804 | ONEOK, Inc. | 1,185,124 | ||||||
45,756 | Williams Companies, Inc. | 1,146,188 | ||||||
5,838,146 | ||||||||
RETAIL - CONSUMER STAPLES - 0.7% | ||||||||
22,611 | Walgreens Boots Alliance, Inc. | 1,066,109 | ||||||
RETAIL - DISCRETIONARY - 0.4% | ||||||||
1,955 | Home Depot, Inc. | 641,611 | ||||||
RETAIL REIT - 1.7% | ||||||||
17,641 | Realty Income Corporation | 1,239,985 | ||||||
9,309 | Simon Property Group, Inc. | 1,177,775 | ||||||
2,417,760 |
REDWOOD SYSTEMATIC MACRO TREND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Shares | Fair Value | |||||||
COMMON STOCKS — 54.5% (Continued) | ||||||||
SEMICONDUCTORS - 1.8% | ||||||||
3,259 | Broadcom, Inc. | $ | 1,581,918 | |||||
4,020 | NVIDIA Corporation | 783,860 | ||||||
2,140 | QUALCOMM, Inc. | 320,572 | ||||||
2,686,350 | ||||||||
SOFTWARE - 2.9% | ||||||||
790 | Adobe, Inc.(a) | 491,088 | ||||||
11,300 | Microsoft Corporation | 3,219,483 | ||||||
2,165 | salesforce.com, Inc.(a) | 523,778 | ||||||
4,234,349 | ||||||||
SPECIALTY REIT - 0.8% | ||||||||
27,680 | Iron Mountain, Inc. | 1,211,277 | ||||||
TECHNOLOGY HARDWARE – 3.9% | ||||||||
23,468 | Apple, Inc. | 3,423,043 | ||||||
74,972 | Hewlett Packard Enterprise Company | 1,087,094 | ||||||
45,478 | Juniper Networks, Inc. | 1,279,751 | ||||||
5,789,888 | ||||||||
TECHNOLOGY SERVICES - 3.6% | ||||||||
8,319 | International Business Machines Corporation | 1,172,646 | ||||||
3,010 | Mastercard, Inc., Class A | 1,161,679 | ||||||
1,924 | PayPal Holdings, Inc.(a) | 530,120 | ||||||
5,247 | Visa, Inc., Class A | 1,292,809 | ||||||
48,967 | Western Union Company (The) | 1,136,524 | ||||||
5,293,778 | ||||||||
TELECOMMUNICATIONS - 2.4% | ||||||||
40,642 | AT&T, Inc. | 1,140,008 | ||||||
86,757 | Lumen Technologies, Inc. | 1,081,860 | ||||||
21,238 | Verizon Communications, Inc. | 1,184,657 | ||||||
3,406,525 | ||||||||
TOBACCO & CANNABIS - 1.6% | ||||||||
24,271 | Altria Group, Inc. | 1,165,979 | ||||||
12,398 | Philip Morris International, Inc. | 1,240,915 | ||||||
2,406,894 |
REDWOOD SYSTEMATIC MACRO TREND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
Shares | Fair Value | |||||||
COMMON STOCKS — 54.5% (Continued) | ||||||||
TRANSPORTATION & LOGISTICS - 0.6% | ||||||||
33,818 | Air Transport Services Group, Inc.(a) | $ | 818,396 | |||||
TOTAL COMMON STOCKS (Cost $69,711,115) | 80,491,362 | |||||||
EXCHANGE-TRADED FUNDS — 13.7% | ||||||||
EQUITY - 13.7% | ||||||||
49,618 | iShares Core S&P Small-Cap ETF | 5,470,881 | ||||||
113,170 | Schwab International Small-Cap Equity ETF | 4,799,540 | ||||||
35,050 | Vanguard FTSE All World ex-US Small-Cap ETF | 4,827,086 | ||||||
23,616 | Vanguard Small-Cap ETF | 5,241,571 | ||||||
20,339,078 | ||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $12,561,742) | 20,339,078 |
Principal | Coupon Rate | |||||||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||||||
U.S. GOVERNMENT & AGENCIES — 6.0% | ||||||||||||||||
U.S. TREASURY NOTES — 6.0% | ||||||||||||||||
8,700,000 | United States Treasury Note | 1.5000 | 02/15/30 | 8,947,746 | ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $9,117,656) | 8,947,746 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 1.6% | ||||||||
MONEY MARKET FUNDS - 1.6% | ||||||||
2,304,093 | Goldman Sachs Financial Square Government Fund””, 0.03% (Cost $2,304,093)(b) | 2,304,093 | ||||||
TOTAL INVESTMENTS - 75.8% (Cost $93,694,606) | $ | 112,082,279 | ||||||
CALL OPTIONS WRITTEN - 0.0% (Proceeds - $12,996) | (14,124 | ) | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 24.2% | 35,857,267 | |||||||
NET ASSETS - 100.0% | $ | 147,925,422 |
REDWOOD SYSTEMATIC MACRO TREND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
ETF | - Exchange-Traded Fund |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
BAR | Barclays |
GS | Goldman Sachs |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
(c) | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
(d) | Percentage rounds to greater than (0.1%). |
See accompanying notes which are an integral part of this schedule of investments.
Redwood Systematic Macro Trend (“SMarT”) Fund
PORTFOLIO OF INVESTMENTS (Unaudtied) (Continued)
July 31, 2021
Total Return Swaps *
Unrealized | ||||||||||||||||
Appreciation | ||||||||||||||||
Security | Number of Shares | Notional Value | Interest Rate Payable | Termination Date | Counterparty | (Depreciation) | ||||||||||
iShares IBOXX High Yield Corporate Bond | 143,884 | $ | 12,667,547 | 1-Mth LIBOR + 30 bps | 4/11/2022 | Barclays | $ | 8,800 | ||||||||
iShares Preferred & Income - Institutional Class | 235,249 | 9,253,519 | 1-Mth LIBOR + 40 bps | 4/11/2022 | Barclays | 52,256 | ||||||||||
SPDR BBG BARC Convertible - Institutional Class | 219,762 | 19,059,958 | 1-Mth LIBOR + 40 bps | 4/11/2022 | Barclays | (212,080 | ) | |||||||||
Total | $ | (151,024 | ) |
* | The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swaps are reset monthly. |