[N-CSR] Hypatia Women CEO ETF Certified Shareholder Report
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – Fiscal year ended 30 Apr 2025 (Form N-CSR)
During the 12-month period, MHI generated a 2.53 % total return on NAV and 12.33 % on market price. The gap reflects a marked narrowing of the share price discount to NAV from -12.83 % to -4.50 %. At period-end the NAV stood at $9.55 and market price at $9.12, with net assets of $217.5 million across 22.77 million common shares.
The fund paid an unchanged monthly distribution of $0.035 per share ($0.42 annualised), giving a 30-day SEC yield of 4.60 %—up sharply from 2.93 % a year earlier. Leverage remained modest: Variable-rate MuniFund Term Preferred Shares finance 18.7 % of managed assets (vs 18.4 % LY); the average borrowing rate fell 8 bp, helping reduce the expense+interest ratio to 2.22 % (4.16 % LY).
Strategic activity: Management increased the high-yield municipal allocation from 51 % to 53 %, rotated into higher-coupon structures, extended call protection and shifted exposure from A-rated into BBB-rated credits. Top holdings include Buckeye Tobacco Settlement (4.88 % of investments) and several NY Transportation Development Corp. airport issues. Realised losses totalled $8.1 million; unrealised gains of $2.9 million left a net investment income of $10.23 million, insufficient to fully fund distributions, producing a $4.27 million decline in common NAV.
Governance & corporate events: 1) Investment adviser changed on 1 Apr 2025 from Amundi US to Victory Capital Management under an interim agreement; fees and terms are unchanged and subject to shareholder approval of a definitive contract by 29 Aug 2025. 2) On 6 May 2025 the Board approved a Plan of Liquidation; shareholders will vote at a forthcoming special meeting, with the Board recommending approval. A proxy statement has been filed with the SEC.
Balance-sheet & risk: The fund holds $50 million of preferreds (asset coverage 535 %), trades no derivatives other than a small long Treasury-bond futures position, and carries sizeable exposure (≈53 %) to below-investment-grade munis. Unrealised tax-basis depreciation totals $5.24 million; capital-loss carry-forwards remain sizeable at $76.2 million (long-term) and $5.8 million (short-term).
Outlook: Management expects credit stability in 2025 but is monitoring tariff and healthcare policy risks. Should shareholders approve the liquidation, investors would likely receive proceeds at or near NAV, eliminating any remaining discount but terminating the strategy.
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – Esercizio chiuso il 30 aprile 2025 (Modulo N-CSR)
Nel periodo di 12 mesi, MHI ha generato un rendimento totale del 2,53% sul NAV e del 12,33% sul prezzo di mercato. Tale differenza riflette un netto restringimento dello sconto del prezzo delle azioni rispetto al NAV, passato da -12,83% a -4,50%. Alla fine del periodo il NAV era pari a 9,55 $ e il prezzo di mercato a 9,12 $, con attività nette per 217,5 milioni di dollari distribuite su 22,77 milioni di azioni ordinarie.
Il fondo ha mantenuto una distribuzione mensile invariata di 0,035 $ per azione (0,42 $ su base annua), offrendo un rendimento SEC a 30 giorni del 4,60%, in netto aumento rispetto al 2,93% dell’anno precedente. La leva finanziaria è rimasta contenuta: le azioni privilegiate a tasso variabile MuniFund Term finanziano il 18,7% degli asset gestiti (contro il 18,4% dell’anno precedente); il tasso medio di indebitamento è sceso di 8 punti base, contribuendo a ridurre il rapporto spese + interessi al 2,22% (4,16% l’anno prima).
Attività strategiche: Il management ha aumentato la quota di obbligazioni municipali high-yield dal 51% al 53%, ruotando verso strutture con cedole più elevate, estendendo la protezione contro il richiamo anticipato e spostando l’esposizione da rating A a rating BBB. Le principali posizioni includono Buckeye Tobacco Settlement (4,88% degli investimenti) e diverse emissioni aeroportuali di NY Transportation Development Corp. Le perdite realizzate sono state pari a 8,1 milioni di dollari; i guadagni non realizzati di 2,9 milioni di dollari hanno lasciato un reddito netto da investimenti di 10,23 milioni di dollari, insufficiente a coprire completamente le distribuzioni, causando un calo di 4,27 milioni di dollari del NAV ordinario.
Governance ed eventi societari: 1) Il consulente per gli investimenti è cambiato il 1° aprile 2025, passando da Amundi US a Victory Capital Management con un accordo provvisorio; commissioni e termini restano invariati e sono soggetti all’approvazione degli azionisti di un contratto definitivo entro il 29 agosto 2025. 2) Il 6 maggio 2025 il Consiglio ha approvato un Piano di Liquidazione; gli azionisti voteranno in una prossima assemblea straordinaria, con il Consiglio che raccomanda l’approvazione. Una dichiarazione per la delega è stata depositata presso la SEC.
Bilancio e rischi: Il fondo detiene 50 milioni di dollari in azioni privilegiate (copertura degli asset 535%), non utilizza derivati se non una piccola posizione lunga in futures su titoli di Stato, e ha una significativa esposizione (circa 53%) a obbligazioni municipali sotto investment grade. La svalutazione fiscale non realizzata ammonta a 5,24 milioni di dollari; le perdite in conto capitale riportate restano elevate a 76,2 milioni di dollari (a lungo termine) e 5,8 milioni (a breve termine).
Prospettive: Il management prevede stabilità creditizia nel 2025, ma monitora i rischi legati a tariffe e politiche sanitarie. In caso di approvazione della liquidazione da parte degli azionisti, gli investitori riceverebbero probabilmente i proventi a valori prossimi al NAV, eliminando eventuali sconti residui ma terminando la strategia.
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – Año fiscal finalizado el 30 de abril de 2025 (Formulario N-CSR)
Durante el período de 12 meses, MHI generó un rendimiento total del 2,53 % sobre el NAV y del 12,33 % sobre el precio de mercado. Esta diferencia refleja una notable reducción del descuento del precio de las acciones respecto al NAV, que pasó de -12,83 % a -4,50 %. Al cierre del período, el NAV se situó en 9,55 $ y el precio de mercado en 9,12 $, con activos netos de 217,5 millones de dólares repartidos en 22,77 millones de acciones ordinarias.
El fondo mantuvo una distribución mensual sin cambios de 0,035 $ por acción (0,42 $ anualizados), ofreciendo un rendimiento SEC a 30 días del 4,60 %, un aumento significativo respecto al 2,93 % del año anterior. El apalancamiento se mantuvo moderado: las acciones preferentes variables MuniFund Term financian el 18,7 % de los activos gestionados (frente al 18,4 % del año anterior); la tasa media de endeudamiento bajó 8 puntos básicos, ayudando a reducir la relación gastos + intereses al 2,22 % (4,16 % el año anterior).
Actividad estratégica: La dirección aumentó la asignación a bonos municipales de alto rendimiento del 51 % al 53 %, rotando hacia estructuras con cupones más altos, extendiendo la protección contra llamadas anticipadas y desplazando la exposición de créditos con calificación A a BBB. Las principales posiciones incluyen Buckeye Tobacco Settlement (4,88 % de las inversiones) y varias emisiones aeroportuarias de NY Transportation Development Corp. Las pérdidas realizadas totalizaron 8,1 millones de dólares; las ganancias no realizadas de 2,9 millones de dólares dejaron un ingreso neto por inversiones de 10,23 millones de dólares, insuficiente para cubrir completamente las distribuciones, produciendo una reducción de 4,27 millones de dólares en el NAV ordinario.
Gobernanza y eventos corporativos: 1) El asesor de inversiones cambió el 1 de abril de 2025, pasando de Amundi US a Victory Capital Management bajo un acuerdo provisional; las tarifas y términos permanecen sin cambios y están sujetos a la aprobación de los accionistas de un contrato definitivo antes del 29 de agosto de 2025. 2) El 6 de mayo de 2025, la Junta aprobó un Plan de Liquidación; los accionistas votarán en una próxima reunión especial, con la Junta recomendando su aprobación. Se ha presentado una declaración de poder ante la SEC.
Balance y riesgos: El fondo posee 50 millones de dólares en acciones preferentes (cobertura de activos del 535 %), no negocia derivados salvo una pequeña posición larga en futuros de bonos del Tesoro, y tiene una exposición significativa (≈53 %) a bonos municipales por debajo de grado de inversión. La depreciación fiscal no realizada totaliza 5,24 millones de dólares; las pérdidas de capital acumuladas siguen siendo considerables, con 76,2 millones de dólares (a largo plazo) y 5,8 millones (a corto plazo).
Perspectivas: La dirección espera estabilidad crediticia en 2025 pero está monitoreando riesgos relacionados con tarifas y políticas de salud. En caso de que los accionistas aprueben la liquidación, los inversores probablemente recibirán los fondos cerca del NAV, eliminando cualquier descuento restante pero terminando la estrategia.
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – 2025년 4월 30일 종료 회계연도 (Form N-CSR)
12개월 동안 MHI는 NAV 대비 총 수익률 2.53%와 시장 가격 대비 12.33%를 기록했습니다. 이 차이는 주가 할인율이 -12.83%에서 -4.50%로 크게 줄어든 것을 반영합니다. 기간 말 기준으로 NAV는 $9.55, 시장 가격은 $9.12이며, 순자산은 2억 1,750만 달러로 2,277만 주의 보통주가 발행되어 있습니다.
펀드는 주당 $0.035의 월간 배당금을 유지했으며(연 환산 $0.42), 30일 SEC 수익률은 4.60%로 전년 2.93%에서 크게 상승했습니다. 레버리지는 적당한 수준으로 유지되었으며, 변동 금리 MuniFund Term 우선주가 운용 자산의 18.7%를 금융 지원(전년 18.4%)했고, 평균 차입 금리는 8bp 하락하여 비용+이자 비율을 2.22%로 낮추는 데 기여했습니다(전년 4.16%).
전략적 활동: 경영진은 고수익 지방채 할당을 51%에서 53%로 늘리고, 더 높은 쿠폰 구조로 전환했으며, 콜 보호 기간을 연장하고 A등급에서 BBB등급으로 신용 노출을 이동시켰습니다. 주요 보유 종목으로는 Buckeye Tobacco Settlement(투자금의 4.88%)와 여러 뉴욕 교통개발공사(NY Transportation Development Corp.) 공항 채권이 포함됩니다. 실현 손실은 810만 달러였고, 미실현 이익 290만 달러를 반영해 순투자소득은 1,023만 달러였으나, 배당금을 완전히 충당하지 못해 보통주 NAV가 427만 달러 감소했습니다.
거버넌스 및 기업 이벤트: 1) 투자 자문사가 2025년 4월 1일 Amundi US에서 Victory Capital Management로 변경되었으며, 임시 계약 하에 수수료와 조건은 변경되지 않았고 2025년 8월 29일까지 주주 승인을 받는 최종 계약 대상입니다. 2) 2025년 5월 6일 이사회가 청산 계획 승인을 결정했으며, 주주들은 곧 열릴 임시 주주총회에서 투표할 예정이며 이사회는 승인 권고를 하고 있습니다. SEC에 위임장 서류가 제출되었습니다.
대차대조표 및 위험: 펀드는 5,000만 달러 규모의 우선주를 보유(자산 담보율 535%)하고 있으며, 국채 선물의 소규모 롱 포지션 외에는 파생상품을 거래하지 않고, 투자등급 미만 지방채에 약 53%의 상당한 노출을 가지고 있습니다. 미실현 세금 기반 감가상각은 524만 달러이고, 장기 7,620만 달러와 단기 580만 달러의 자본 손실 이월액이 여전히 큽니다.
전망: 경영진은 2025년 신용 안정성을 기대하지만 관세 및 의료 정책 위험을 주시하고 있습니다. 주주가 청산을 승인할 경우, 투자자들은 NAV에 근접한 금액을 수령할 가능성이 높으며, 잔여 할인율은 사라지지만 전략은 종료됩니다.
Pioneer Municipal High Income Fund, Inc. (NYSE : MHI) – Exercice clos au 30 avril 2025 (Formulaire N-CSR)
Sur la période de 12 mois, MHI a généré un rendement total de 2,53 % sur la VNI et de 12,33 % sur le prix de marché. Cet écart reflète un resserrement marqué de la décote du cours par rapport à la VNI, passant de -12,83 % à -4,50 %. À la fin de la période, la VNI s’établissait à 9,55 $ et le prix de marché à 9,12 $, avec des actifs nets de 217,5 millions de dollars répartis sur 22,77 millions d’actions ordinaires.
Le fonds a maintenu une distribution mensuelle inchangée de 0,035 $ par action (0,42 $ annualisé), offrant un rendement SEC à 30 jours de 4,60 %, en nette hausse par rapport à 2,93 % un an plus tôt. L’effet de levier est resté modéré : les actions privilégiées à taux variable MuniFund Term financent 18,7 % des actifs gérés (contre 18,4 % l’année précédente) ; le taux d’emprunt moyen a diminué de 8 points de base, contribuant à réduire le ratio frais + intérêts à 2,22 % (4,16 % l’année précédente).
Activité stratégique : La direction a augmenté l’allocation aux obligations municipales à haut rendement de 51 % à 53 %, a pivoté vers des structures à coupons plus élevés, a étendu la protection contre le rappel anticipé et a déplacé l’exposition des crédits notés A vers des crédits notés BBB. Les principales positions comprennent Buckeye Tobacco Settlement (4,88 % des investissements) et plusieurs émissions aéroportuaires de NY Transportation Development Corp. Les pertes réalisées se sont élevées à 8,1 millions de dollars ; les gains latents de 2,9 millions de dollars ont laissé un revenu net d’investissement de 10,23 millions de dollars, insuffisant pour financer intégralement les distributions, entraînant une baisse de 4,27 millions de dollars de la VNI ordinaire.
Gouvernance et événements d’entreprise : 1) Le conseiller en investissement a changé le 1er avril 2025, passant d’Amundi US à Victory Capital Management dans le cadre d’un accord provisoire ; les frais et conditions restent inchangés et sont soumis à l’approbation des actionnaires d’un contrat définitif avant le 29 août 2025. 2) Le 6 mai 2025, le Conseil a approuvé un Plan de Liquidation ; les actionnaires voteront lors d’une prochaine assemblée extraordinaire, le Conseil recommandant l’approbation. Une déclaration de procuration a été déposée auprès de la SEC.
Bilan et risques : Le fonds détient 50 millions de dollars d’actions privilégiées (couverture des actifs de 535 %), ne négocie aucun dérivé à l’exception d’une petite position longue sur des contrats à terme sur obligations du Trésor, et présente une exposition importante (≈53 %) aux obligations municipales en dessous de la qualité investissement. La dépréciation fiscale latente s’élève à 5,24 millions de dollars ; les reports de pertes en capital restent importants à 76,2 millions de dollars (long terme) et 5,8 millions (court terme).
Perspectives : La direction anticipe une stabilité du crédit en 2025 mais surveille les risques liés aux tarifs et à la politique de santé. Si les actionnaires approuvent la liquidation, les investisseurs recevraient probablement des produits proches de la VNI, éliminant toute décote résiduelle mais mettant fin à la stratégie.
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – Geschäftsjahr zum 30. April 2025 (Formular N-CSR)
Im 12-Monats-Zeitraum erzielte MHI eine Gesamtrendite von 2,53 % auf den NAV und 12,33 % auf den Marktpreis. Die Differenz spiegelt eine deutliche Verringerung des Kursabschlags zum NAV von -12,83 % auf -4,50 % wider. Am Periodenende lag der NAV bei 9,55 $ und der Marktpreis bei 9,12 $, mit Nettovermögen von 217,5 Millionen US-Dollar aufgeteilt auf 22,77 Millionen Stammaktien.
Der Fonds zahlte eine unveränderte monatliche Ausschüttung von 0,035 $ pro Aktie (jährlich 0,42 $), was eine 30-Tage-SEC-Rendite von 4,60 % ergab – ein deutlicher Anstieg gegenüber 2,93 % im Vorjahr. Die Verschuldung blieb moderat: Variable MuniFund Term Preferred Shares finanzieren 18,7 % der verwalteten Vermögenswerte (gegenüber 18,4 % im Vorjahr); der durchschnittliche Zinssatz sank um 8 Basispunkte, was half, das Aufwands- und Zinsverhältnis auf 2,22 % zu senken (Vorjahr 4,16 %).
Strategische Aktivitäten: Das Management erhöhte die Allokation in Hochzinskommunalanleihen von 51 % auf 53 %, wechselte zu höher verzinsten Strukturen, verlängerte den Rückrufschutz und verlagerte die Exponierung von A-gerateten zu BBB-gerateten Krediten. Zu den Top-Beständen gehören Buckeye Tobacco Settlement (4,88 % der Investments) und mehrere Flughafenanleihen der NY Transportation Development Corp. Realisierte Verluste beliefen sich auf 8,1 Millionen US-Dollar; unrealisierte Gewinne von 2,9 Millionen US-Dollar führten zu einem Nettoanlageertrag von 10,23 Millionen US-Dollar, was nicht ausreichte, um die Ausschüttungen vollständig zu finanzieren, und zu einem Rückgang des Stamm-NAV um 4,27 Millionen US-Dollar führte.
Governance & Unternehmensereignisse: 1) Der Anlageberater wechselte am 1. April 2025 von Amundi US zu Victory Capital Management im Rahmen einer Zwischenvereinbarung; Gebühren und Bedingungen bleiben unverändert und unterliegen der Zustimmung der Aktionäre zu einem endgültigen Vertrag bis zum 29. August 2025. 2) Am 6. Mai 2025 genehmigte der Vorstand einen Liquidationsplan; die Aktionäre werden auf einer bevorstehenden außerordentlichen Versammlung abstimmen, wobei der Vorstand eine Zustimmung empfiehlt. Eine Vollmachterklärung wurde bei der SEC eingereicht.
Bilanz & Risiko: Der Fonds hält 50 Millionen US-Dollar an Vorzugsaktien (Asset Coverage 535 %), handelt keine Derivate außer einer kleinen Long-Position in Treasury-Bond-Futures und hat eine beträchtliche Exponierung (≈53 %) gegenüber munizipalen Anleihen unter Investment-Grade. Unrealisierte steuerliche Abschreibungen belaufen sich auf 5,24 Millionen US-Dollar; langfristige und kurzfristige Verlustvorträge bleiben mit 76,2 Millionen US-Dollar bzw. 5,8 Millionen US-Dollar erheblich.
Ausblick: Das Management erwartet für 2025 eine stabile Kreditlage, beobachtet jedoch Risiken im Zusammenhang mit Tarif- und Gesundheitspolitik. Sollte die Liquidation von den Aktionären genehmigt werden, würden Anleger voraussichtlich Erlöse nahe dem NAV erhalten, wodurch verbleibende Abschläge entfallen, die Strategie jedoch beendet wird.
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Insights
TL;DR: Liquidation vote could unlock NAV; discount already narrowed, yield attractive, but NAV underperformed high-yield muni index.
The Board-backed liquidation proposal is the dominant catalyst. If approved, common holders would receive cash (or equivalent) close to reported NAV, capturing the residual 4.5 % discount and ending uncertainty over future management. Discount compression already accounts for most of the 12.3 % market return, but further upside remains until the vote.
Operationally, NII covered 107 % of distributions, leverage cost fell and the SEC yield climbed to 4.6 %, bolstering income appeal in the run-off period. Strategy tweaks (higher coupons, longer calls, BBB bias) supported cash flow, though at the expense of slight relative under-performance vs the Bloomberg HY muni index (2.53 % vs 4.35 %). With asset coverage of 535 %, preferred share risk is low.
Impact assessment: liquidation path plus narrow discount → impactful & modestly positive.
TL;DR: High junk exposure, realised losses and pending liquidation add execution and timing risk.
Over half the portfolio is sub-investment-grade, with concentrated bets in tobacco, transportation and Puerto Rico credits—sectors prone to spread spikes in risk-off markets. Realised losses of $8.1 million and capital-loss carry forwards highlight past credit volatility. Liquidation, while potentially value-accretive, introduces timeline risk (shareholder vote, settlement) and may force sales in illiquid muni segments, pressuring prices. Expense ratio is still elevated at 2.22 %, and NAV performance lagged the HY benchmark.
Impact assessment: execution risk offsets discount-capture upside → moderately negative.
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – Esercizio chiuso il 30 aprile 2025 (Modulo N-CSR)
Nel periodo di 12 mesi, MHI ha generato un rendimento totale del 2,53% sul NAV e del 12,33% sul prezzo di mercato. Tale differenza riflette un netto restringimento dello sconto del prezzo delle azioni rispetto al NAV, passato da -12,83% a -4,50%. Alla fine del periodo il NAV era pari a 9,55 $ e il prezzo di mercato a 9,12 $, con attività nette per 217,5 milioni di dollari distribuite su 22,77 milioni di azioni ordinarie.
Il fondo ha mantenuto una distribuzione mensile invariata di 0,035 $ per azione (0,42 $ su base annua), offrendo un rendimento SEC a 30 giorni del 4,60%, in netto aumento rispetto al 2,93% dell’anno precedente. La leva finanziaria è rimasta contenuta: le azioni privilegiate a tasso variabile MuniFund Term finanziano il 18,7% degli asset gestiti (contro il 18,4% dell’anno precedente); il tasso medio di indebitamento è sceso di 8 punti base, contribuendo a ridurre il rapporto spese + interessi al 2,22% (4,16% l’anno prima).
Attività strategiche: Il management ha aumentato la quota di obbligazioni municipali high-yield dal 51% al 53%, ruotando verso strutture con cedole più elevate, estendendo la protezione contro il richiamo anticipato e spostando l’esposizione da rating A a rating BBB. Le principali posizioni includono Buckeye Tobacco Settlement (4,88% degli investimenti) e diverse emissioni aeroportuali di NY Transportation Development Corp. Le perdite realizzate sono state pari a 8,1 milioni di dollari; i guadagni non realizzati di 2,9 milioni di dollari hanno lasciato un reddito netto da investimenti di 10,23 milioni di dollari, insufficiente a coprire completamente le distribuzioni, causando un calo di 4,27 milioni di dollari del NAV ordinario.
Governance ed eventi societari: 1) Il consulente per gli investimenti è cambiato il 1° aprile 2025, passando da Amundi US a Victory Capital Management con un accordo provvisorio; commissioni e termini restano invariati e sono soggetti all’approvazione degli azionisti di un contratto definitivo entro il 29 agosto 2025. 2) Il 6 maggio 2025 il Consiglio ha approvato un Piano di Liquidazione; gli azionisti voteranno in una prossima assemblea straordinaria, con il Consiglio che raccomanda l’approvazione. Una dichiarazione per la delega è stata depositata presso la SEC.
Bilancio e rischi: Il fondo detiene 50 milioni di dollari in azioni privilegiate (copertura degli asset 535%), non utilizza derivati se non una piccola posizione lunga in futures su titoli di Stato, e ha una significativa esposizione (circa 53%) a obbligazioni municipali sotto investment grade. La svalutazione fiscale non realizzata ammonta a 5,24 milioni di dollari; le perdite in conto capitale riportate restano elevate a 76,2 milioni di dollari (a lungo termine) e 5,8 milioni (a breve termine).
Prospettive: Il management prevede stabilità creditizia nel 2025, ma monitora i rischi legati a tariffe e politiche sanitarie. In caso di approvazione della liquidazione da parte degli azionisti, gli investitori riceverebbero probabilmente i proventi a valori prossimi al NAV, eliminando eventuali sconti residui ma terminando la strategia.
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – Año fiscal finalizado el 30 de abril de 2025 (Formulario N-CSR)
Durante el período de 12 meses, MHI generó un rendimiento total del 2,53 % sobre el NAV y del 12,33 % sobre el precio de mercado. Esta diferencia refleja una notable reducción del descuento del precio de las acciones respecto al NAV, que pasó de -12,83 % a -4,50 %. Al cierre del período, el NAV se situó en 9,55 $ y el precio de mercado en 9,12 $, con activos netos de 217,5 millones de dólares repartidos en 22,77 millones de acciones ordinarias.
El fondo mantuvo una distribución mensual sin cambios de 0,035 $ por acción (0,42 $ anualizados), ofreciendo un rendimiento SEC a 30 días del 4,60 %, un aumento significativo respecto al 2,93 % del año anterior. El apalancamiento se mantuvo moderado: las acciones preferentes variables MuniFund Term financian el 18,7 % de los activos gestionados (frente al 18,4 % del año anterior); la tasa media de endeudamiento bajó 8 puntos básicos, ayudando a reducir la relación gastos + intereses al 2,22 % (4,16 % el año anterior).
Actividad estratégica: La dirección aumentó la asignación a bonos municipales de alto rendimiento del 51 % al 53 %, rotando hacia estructuras con cupones más altos, extendiendo la protección contra llamadas anticipadas y desplazando la exposición de créditos con calificación A a BBB. Las principales posiciones incluyen Buckeye Tobacco Settlement (4,88 % de las inversiones) y varias emisiones aeroportuarias de NY Transportation Development Corp. Las pérdidas realizadas totalizaron 8,1 millones de dólares; las ganancias no realizadas de 2,9 millones de dólares dejaron un ingreso neto por inversiones de 10,23 millones de dólares, insuficiente para cubrir completamente las distribuciones, produciendo una reducción de 4,27 millones de dólares en el NAV ordinario.
Gobernanza y eventos corporativos: 1) El asesor de inversiones cambió el 1 de abril de 2025, pasando de Amundi US a Victory Capital Management bajo un acuerdo provisional; las tarifas y términos permanecen sin cambios y están sujetos a la aprobación de los accionistas de un contrato definitivo antes del 29 de agosto de 2025. 2) El 6 de mayo de 2025, la Junta aprobó un Plan de Liquidación; los accionistas votarán en una próxima reunión especial, con la Junta recomendando su aprobación. Se ha presentado una declaración de poder ante la SEC.
Balance y riesgos: El fondo posee 50 millones de dólares en acciones preferentes (cobertura de activos del 535 %), no negocia derivados salvo una pequeña posición larga en futuros de bonos del Tesoro, y tiene una exposición significativa (≈53 %) a bonos municipales por debajo de grado de inversión. La depreciación fiscal no realizada totaliza 5,24 millones de dólares; las pérdidas de capital acumuladas siguen siendo considerables, con 76,2 millones de dólares (a largo plazo) y 5,8 millones (a corto plazo).
Perspectivas: La dirección espera estabilidad crediticia en 2025 pero está monitoreando riesgos relacionados con tarifas y políticas de salud. En caso de que los accionistas aprueben la liquidación, los inversores probablemente recibirán los fondos cerca del NAV, eliminando cualquier descuento restante pero terminando la estrategia.
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – 2025년 4월 30일 종료 회계연도 (Form N-CSR)
12개월 동안 MHI는 NAV 대비 총 수익률 2.53%와 시장 가격 대비 12.33%를 기록했습니다. 이 차이는 주가 할인율이 -12.83%에서 -4.50%로 크게 줄어든 것을 반영합니다. 기간 말 기준으로 NAV는 $9.55, 시장 가격은 $9.12이며, 순자산은 2억 1,750만 달러로 2,277만 주의 보통주가 발행되어 있습니다.
펀드는 주당 $0.035의 월간 배당금을 유지했으며(연 환산 $0.42), 30일 SEC 수익률은 4.60%로 전년 2.93%에서 크게 상승했습니다. 레버리지는 적당한 수준으로 유지되었으며, 변동 금리 MuniFund Term 우선주가 운용 자산의 18.7%를 금융 지원(전년 18.4%)했고, 평균 차입 금리는 8bp 하락하여 비용+이자 비율을 2.22%로 낮추는 데 기여했습니다(전년 4.16%).
전략적 활동: 경영진은 고수익 지방채 할당을 51%에서 53%로 늘리고, 더 높은 쿠폰 구조로 전환했으며, 콜 보호 기간을 연장하고 A등급에서 BBB등급으로 신용 노출을 이동시켰습니다. 주요 보유 종목으로는 Buckeye Tobacco Settlement(투자금의 4.88%)와 여러 뉴욕 교통개발공사(NY Transportation Development Corp.) 공항 채권이 포함됩니다. 실현 손실은 810만 달러였고, 미실현 이익 290만 달러를 반영해 순투자소득은 1,023만 달러였으나, 배당금을 완전히 충당하지 못해 보통주 NAV가 427만 달러 감소했습니다.
거버넌스 및 기업 이벤트: 1) 투자 자문사가 2025년 4월 1일 Amundi US에서 Victory Capital Management로 변경되었으며, 임시 계약 하에 수수료와 조건은 변경되지 않았고 2025년 8월 29일까지 주주 승인을 받는 최종 계약 대상입니다. 2) 2025년 5월 6일 이사회가 청산 계획 승인을 결정했으며, 주주들은 곧 열릴 임시 주주총회에서 투표할 예정이며 이사회는 승인 권고를 하고 있습니다. SEC에 위임장 서류가 제출되었습니다.
대차대조표 및 위험: 펀드는 5,000만 달러 규모의 우선주를 보유(자산 담보율 535%)하고 있으며, 국채 선물의 소규모 롱 포지션 외에는 파생상품을 거래하지 않고, 투자등급 미만 지방채에 약 53%의 상당한 노출을 가지고 있습니다. 미실현 세금 기반 감가상각은 524만 달러이고, 장기 7,620만 달러와 단기 580만 달러의 자본 손실 이월액이 여전히 큽니다.
전망: 경영진은 2025년 신용 안정성을 기대하지만 관세 및 의료 정책 위험을 주시하고 있습니다. 주주가 청산을 승인할 경우, 투자자들은 NAV에 근접한 금액을 수령할 가능성이 높으며, 잔여 할인율은 사라지지만 전략은 종료됩니다.
Pioneer Municipal High Income Fund, Inc. (NYSE : MHI) – Exercice clos au 30 avril 2025 (Formulaire N-CSR)
Sur la période de 12 mois, MHI a généré un rendement total de 2,53 % sur la VNI et de 12,33 % sur le prix de marché. Cet écart reflète un resserrement marqué de la décote du cours par rapport à la VNI, passant de -12,83 % à -4,50 %. À la fin de la période, la VNI s’établissait à 9,55 $ et le prix de marché à 9,12 $, avec des actifs nets de 217,5 millions de dollars répartis sur 22,77 millions d’actions ordinaires.
Le fonds a maintenu une distribution mensuelle inchangée de 0,035 $ par action (0,42 $ annualisé), offrant un rendement SEC à 30 jours de 4,60 %, en nette hausse par rapport à 2,93 % un an plus tôt. L’effet de levier est resté modéré : les actions privilégiées à taux variable MuniFund Term financent 18,7 % des actifs gérés (contre 18,4 % l’année précédente) ; le taux d’emprunt moyen a diminué de 8 points de base, contribuant à réduire le ratio frais + intérêts à 2,22 % (4,16 % l’année précédente).
Activité stratégique : La direction a augmenté l’allocation aux obligations municipales à haut rendement de 51 % à 53 %, a pivoté vers des structures à coupons plus élevés, a étendu la protection contre le rappel anticipé et a déplacé l’exposition des crédits notés A vers des crédits notés BBB. Les principales positions comprennent Buckeye Tobacco Settlement (4,88 % des investissements) et plusieurs émissions aéroportuaires de NY Transportation Development Corp. Les pertes réalisées se sont élevées à 8,1 millions de dollars ; les gains latents de 2,9 millions de dollars ont laissé un revenu net d’investissement de 10,23 millions de dollars, insuffisant pour financer intégralement les distributions, entraînant une baisse de 4,27 millions de dollars de la VNI ordinaire.
Gouvernance et événements d’entreprise : 1) Le conseiller en investissement a changé le 1er avril 2025, passant d’Amundi US à Victory Capital Management dans le cadre d’un accord provisoire ; les frais et conditions restent inchangés et sont soumis à l’approbation des actionnaires d’un contrat définitif avant le 29 août 2025. 2) Le 6 mai 2025, le Conseil a approuvé un Plan de Liquidation ; les actionnaires voteront lors d’une prochaine assemblée extraordinaire, le Conseil recommandant l’approbation. Une déclaration de procuration a été déposée auprès de la SEC.
Bilan et risques : Le fonds détient 50 millions de dollars d’actions privilégiées (couverture des actifs de 535 %), ne négocie aucun dérivé à l’exception d’une petite position longue sur des contrats à terme sur obligations du Trésor, et présente une exposition importante (≈53 %) aux obligations municipales en dessous de la qualité investissement. La dépréciation fiscale latente s’élève à 5,24 millions de dollars ; les reports de pertes en capital restent importants à 76,2 millions de dollars (long terme) et 5,8 millions (court terme).
Perspectives : La direction anticipe une stabilité du crédit en 2025 mais surveille les risques liés aux tarifs et à la politique de santé. Si les actionnaires approuvent la liquidation, les investisseurs recevraient probablement des produits proches de la VNI, éliminant toute décote résiduelle mais mettant fin à la stratégie.
Pioneer Municipal High Income Fund, Inc. (NYSE: MHI) – Geschäftsjahr zum 30. April 2025 (Formular N-CSR)
Im 12-Monats-Zeitraum erzielte MHI eine Gesamtrendite von 2,53 % auf den NAV und 12,33 % auf den Marktpreis. Die Differenz spiegelt eine deutliche Verringerung des Kursabschlags zum NAV von -12,83 % auf -4,50 % wider. Am Periodenende lag der NAV bei 9,55 $ und der Marktpreis bei 9,12 $, mit Nettovermögen von 217,5 Millionen US-Dollar aufgeteilt auf 22,77 Millionen Stammaktien.
Der Fonds zahlte eine unveränderte monatliche Ausschüttung von 0,035 $ pro Aktie (jährlich 0,42 $), was eine 30-Tage-SEC-Rendite von 4,60 % ergab – ein deutlicher Anstieg gegenüber 2,93 % im Vorjahr. Die Verschuldung blieb moderat: Variable MuniFund Term Preferred Shares finanzieren 18,7 % der verwalteten Vermögenswerte (gegenüber 18,4 % im Vorjahr); der durchschnittliche Zinssatz sank um 8 Basispunkte, was half, das Aufwands- und Zinsverhältnis auf 2,22 % zu senken (Vorjahr 4,16 %).
Strategische Aktivitäten: Das Management erhöhte die Allokation in Hochzinskommunalanleihen von 51 % auf 53 %, wechselte zu höher verzinsten Strukturen, verlängerte den Rückrufschutz und verlagerte die Exponierung von A-gerateten zu BBB-gerateten Krediten. Zu den Top-Beständen gehören Buckeye Tobacco Settlement (4,88 % der Investments) und mehrere Flughafenanleihen der NY Transportation Development Corp. Realisierte Verluste beliefen sich auf 8,1 Millionen US-Dollar; unrealisierte Gewinne von 2,9 Millionen US-Dollar führten zu einem Nettoanlageertrag von 10,23 Millionen US-Dollar, was nicht ausreichte, um die Ausschüttungen vollständig zu finanzieren, und zu einem Rückgang des Stamm-NAV um 4,27 Millionen US-Dollar führte.
Governance & Unternehmensereignisse: 1) Der Anlageberater wechselte am 1. April 2025 von Amundi US zu Victory Capital Management im Rahmen einer Zwischenvereinbarung; Gebühren und Bedingungen bleiben unverändert und unterliegen der Zustimmung der Aktionäre zu einem endgültigen Vertrag bis zum 29. August 2025. 2) Am 6. Mai 2025 genehmigte der Vorstand einen Liquidationsplan; die Aktionäre werden auf einer bevorstehenden außerordentlichen Versammlung abstimmen, wobei der Vorstand eine Zustimmung empfiehlt. Eine Vollmachterklärung wurde bei der SEC eingereicht.
Bilanz & Risiko: Der Fonds hält 50 Millionen US-Dollar an Vorzugsaktien (Asset Coverage 535 %), handelt keine Derivate außer einer kleinen Long-Position in Treasury-Bond-Futures und hat eine beträchtliche Exponierung (≈53 %) gegenüber munizipalen Anleihen unter Investment-Grade. Unrealisierte steuerliche Abschreibungen belaufen sich auf 5,24 Millionen US-Dollar; langfristige und kurzfristige Verlustvorträge bleiben mit 76,2 Millionen US-Dollar bzw. 5,8 Millionen US-Dollar erheblich.
Ausblick: Das Management erwartet für 2025 eine stabile Kreditlage, beobachtet jedoch Risiken im Zusammenhang mit Tarif- und Gesundheitspolitik. Sollte die Liquidation von den Aktionären genehmigt werden, würden Anleger voraussichtlich Erlöse nahe dem NAV erhalten, wodurch verbleibende Abschläge entfallen, die Strategie jedoch beendet wird.
united
states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified
shareholder report of registered management
investment companies
| Investment Company Act file number | 811-22718 |
| Two Roads Shared Trust |
| (Exact name of registrant as specified in charter) |
| 225 Pictoria Drive, Suite 450, Cincinnati, Ohio | 45246 |
| (Address of principal executive offices) | (Zip code) |
| The Corporation Trust Company |
| 1209 Orange Street, Wilmington, DE 19801 |
| (Name and address of agent for service) |
| Registrant’s telephone number, including area code: | 631-490-4300 |
| Date of fiscal year end: | 4/30 |
| Date of reporting period: | 4/30/25 |
Item 1. Reports to Stockholders.
| (a) | Tailored Shareholder Report |
| (b) | Not applicable |
Item 2. Code of Ethics.
| (a) | The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| (b) | Not applicable |
| (c) | During the period covered by this report, there were no amendments to any provision of the code of ethics. |
| (d) | During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics. |
| (e) | Not applicable |
| (f)(1) | See Item 19(a)(1) |
Item 3. Audit Committee Financial Expert.
| (a)(1) | The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee. |
| (a)(2) | Mark Gersten and Neil M. Kaufman are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten and Mr. Kaufman are independent for purposes of this Item. |
| (a)(3) | Not applicable. |
Item 4. Principal Accountant Fees and Services.
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
| Trust Series | 2025 | 2024 | |
| Holbrook Income Fund | $35,000 | $17,000 | |
| Holbrook Structured Income Fund | $35,000 | $17,000 |
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item. |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
| Trust Series | 2025 | 2024 | |
| Holbrook Income Fund | $3,200 | $3,200 | |
| Holbrook Structured Income Fund | $3,200 | $3,200 |
Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended April 30, 2024 and 2025, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended April 30, 2024, and 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |
Item 5. Audit Committee of Listed Companies.
Not applicable.
Item 6. Investments.
| (a) | The Registrant’s schedule of investments in securities of unaffiliated issuers is included under Item 7(a) of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| (a) | Long Form Financial Statements. |
 |
| Holbrook Income Fund |
| Holbrook Structured Income Fund |
| Class I Shares (HOBIX, HOSIX) |
| Investor Class Shares (HOBEX, HOSTX) |
| Class A Shares (HOBAX, HOSAX) |
| Annual Financial Statements |
| and |
| Additional Information |
| April 30, 2025 |
| Advised by: |
| Holbrook Holdings, Inc. |
| 3225 Cumberland Blvd SE Suite 100 |
| Atlanta, GA 30339 |
| www.holbrookholdings.com |
| 1-877-345-8646 |
| Distributed by Northern Lights Distributors, LLC |
| Member FINRA |
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS |
| April 30, 2025 |
| Shares | Fair Value | |||||||||||
| COMMON STOCKS — 0.4% | ||||||||||||
| INSURANCE - 0.4% | ||||||||||||
| 3,242 | Specialty Transportation Holdings, LLC(a),(b),(d) | $ | 9,659,929 | |||||||||
| TOTAL COMMON STOCKS (Cost $5,635,360) | 9,659,929 | |||||||||||
| Coupon Rate | ||||||||||||
| (%) | Maturity | |||||||||||
| PREFERRED STOCKS — 4.5% | ||||||||||||
| ASSET MANAGEMENT — 1.1% | ||||||||||||
| 997,378 | Gladstone Investment Corporation | 5.0000 | 05/01/26 | 24,934,450 | ||||||||
| INDUSTRIAL INTERMEDIATE PROD — 1.0% | ||||||||||||
| 876,566 | Steel Partners Holdings, L.P. | 6.0000 | 02/27/26 | 21,142,772 | ||||||||
| INSURANCE — 1.0% | ||||||||||||
| 837,945 | American National Group, Inc. | 6.6250 | Perpetual | 21,082,696 | ||||||||
| REAL ESTATE INVESTMENT TRUSTS — 0.1% | ||||||||||||
| 124,000 | Vinebrook Homes Trust, Inc. (c),(d) | 6.5000 | 10/07/27 | 2,790,000 | ||||||||
| REAL ESTATE SERVICES — 1.0% | ||||||||||||
| 408,000 | Greystone SDOF Preferred Equity, LLC(c) | 6.7500 | 12/23/25 | 9,873,600 | ||||||||
| 3,950 | UIRC-GSA International, LLC(c) | 6.5000 | Perpetual | 3,476,000 | ||||||||
| 9,180 | UIRC-GSA International, LLC(c) | 6.0000 | Perpetual | 8,262,000 | ||||||||
| 21,611,600 | ||||||||||||
| SPECIALTY FINANCE — 0.3% | ||||||||||||
| 231,989 | PennyMac Mortgage Investment Trust | 8.5000 | 09/30/28 | 5,876,281 | ||||||||
| TOTAL PREFERRED STOCKS (Cost $96,850,311) | 97,437,799 | |||||||||||
| Principal | ||||||||||||
| Amount ($) | ||||||||||||
| ASSET BACKED SECURITIES — 29.3% | ||||||||||||
| AGENCY CMBS — 0.2% | ||||||||||||
| 2,100,000 | FREMF Mortgage Trust Series 2016-K56 C(c),(e) | 4.0860 | 06/25/49 | 2,077,854 | ||||||||
See accompanying notes which are an integral part of these financial statements.
1
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 29.3% (Continued) | ||||||||||||||
| AGENCY CMBS — 0.2% (Continued) | ||||||||||||||
| 2,000,000 | FREMF Mortgage Trust Series 2016-K57 C(c),(e) | 4.0500 | 08/25/49 | $ | 1,976,028 | |||||||||
| 4,053,882 | ||||||||||||||
| CLO — 23.3% | ||||||||||||||
| 250,000 | 522 Funding CLO Ltd. Series 2018-3A CR(c),(f) | TSFR3M + 2.312% | 6.5810 | 10/20/31 | 249,715 | |||||||||
| 3,695,000 | ACAS CLO Ltd. Series 2015-1A CRR(c),(f) | TSFR3M + 2.462% | 6.7310 | 10/18/28 | 3,693,932 | |||||||||
| 645,000 | Allegro CLO X Ltd. Series 2019-1A CRR(c),(f) | TSFR3M + 2.050% | 6.3190 | 04/20/32 | 642,897 | |||||||||
| 1,125,000 | AMMC CLO 15 Ltd. Series 2014-15A BR3(c),(f) | TSFR3M + 1.912% | 6.1680 | 01/15/32 | 1,125,741 | |||||||||
| 3,100,000 | AMMC CLO XII Ltd. Series 2013-12A DR(c),(f) | TSFR3M + 2.962% | 7.2590 | 11/10/30 | 3,096,048 | |||||||||
| 375,000 | ARES XLV CLO Ltd. Series 2017-45A DR(c),(f) | TSFR3M + 2.100% | 6.3560 | 10/15/30 | 372,904 | |||||||||
| 1,500,000 | ARES XLVII CLO Ltd. Series 2018-47A C(c),(f) | TSFR3M + 2.012% | 6.2680 | 04/15/30 | 1,494,239 | |||||||||
| 2,500,000 | Ares XXXVII CLO Ltd. Series 2015-4A CRR(c),(f) | TSFR3M + 2.750% | 7.0060 | 10/15/30 | 2,493,008 | |||||||||
| 2,095,000 | Atlas Senior Loan Fund Ltd. Series 2017-8A C(c),(f) | TSFR3M + 2.812% | 7.0720 | 01/16/30 | 2,098,381 | |||||||||
| 7,000,000 | Atlas Senior Loan Fund VII Ltd. Series 2016-7A CR(c),(f) | TSFR3M + 2.762% | 7.0800 | 11/27/31 | 7,013,650 | |||||||||
| 3,275,000 | Atlas Senior Loan Fund XI Ltd. Series 2018-11A C(c),(f) | TSFR3M + 2.212% | 6.4940 | 07/26/31 | 3,270,723 | |||||||||
| 4,655,000 | Atrium IX Series 9A CR2(c),(f) | TSFR3M + 2.262% | 6.5750 | 05/28/30 | 4,654,953 | |||||||||
| 1,010,000 | Atrium XIII Series 13A C(c),(f) | TSFR3M + 2.062% | 6.3410 | 11/21/30 | 1,006,402 | |||||||||
| 7,000,000 | Bain Capital Credit CLO Series 2018-2A CR(c),(f) | TSFR3M + 1.950% | 6.2190 | 07/19/31 | 6,966,414 | |||||||||
| 4,900,000 | Barings CLO Ltd. Series 2015-IA DR(c),(f) | TSFR3M + 2.862% | 7.1310 | 01/20/31 | 4,894,541 | |||||||||
| 2,260,000 | Battalion CLO VIII Ltd. Series 2015-8A BR2(c),(f) | TSFR3M + 2.262% | 6.5310 | 07/18/30 | 2,266,529 | |||||||||
| 8,500,000 | Battalion CLO XII Ltd. Series 2018-12A DRR(c),(f) | TSFR3M + 2.600% | 6.9190 | 05/17/31 | 8,449,000 | |||||||||
| 905,000 | Betony CLO 2 Ltd. Series 2018-1A B(c),(f) | TSFR3M + 2.112% | 6.3910 | 04/30/31 | 902,753 | |||||||||
| 2,330,000 | BlueMountain CLO Ltd. Series 2015-4A CR(c),(f) | TSFR3M + 2.162% | 6.4310 | 04/20/30 | 2,326,873 | |||||||||
| 250,000 | BlueMountain CLO Ltd. Series 2018-1A C(c),(f) | TSFR3M + 2.312% | 6.5910 | 07/30/30 | 249,720 | |||||||||
| 2,337,500 | BlueMountain CLO Ltd. Series 2013-2(c),(f) | TSFR3M + 2.212% | 6.4840 | 10/22/30 | 2,336,027 | |||||||||
| 5,100,000 | BlueMountain CLO Ltd. Series 2018-3A C(c),(f) | TSFR3M + 2.462% | 6.7430 | 10/25/30 | 5,096,823 | |||||||||
| 1,000,000 | BlueMountain CLO Ltd. Series 2016-3A CR(c),(f) | TSFR3M + 2.462% | 6.7850 | 11/15/30 | 999,376 | |||||||||
| 5,000,000 | BlueMountain CLO Ltd. Series 2015-3A CR(c),(f) | TSFR3M + 2.862% | 7.1310 | 04/20/31 | 4,978,945 | |||||||||
| 480,000 | BlueMountain CLO Ltd. Series 2018-2A C(c),(f) | TSFR3M + 2.462% | 6.7850 | 08/15/31 | 479,447 | |||||||||
| 1,000,000 | BlueMountain Fuji US Clo II Ltd. Series 2017-2A(c),(f) | TSFR3M + 2.412% | 6.6810 | 10/20/30 | 998,882 | |||||||||
| 665,000 | Canyon Capital CLO Ltd. Series 2014-1A BR(c),(f) | TSFR3M + 2.062% | 6.3410 | 01/30/31 | 663,396 | |||||||||
| 290,000 | Canyon Capital CLO Ltd. Series 2016-1A BR(c),(f) | TSFR3M + 1.962% | 6.2180 | 07/15/31 | 289,934 | |||||||||
| 5,000,000 | Canyon CLO Ltd. Series 2018-1A B(c),(f) | TSFR3M + 1.962% | 6.2180 | 07/15/31 | 4,996,475 | |||||||||
| 952,000 | Carbone CLO Ltd. Series 2017-1A(c),(f) | TSFR3M + 2.062% | 6.3310 | 01/20/31 | 948,482 | |||||||||
| 18,000,000 | Carlyle Global Market Strategies CLO Ltd. Series 2013-3A(c),(f) | TSFR3M + 2.712% | 6.9680 | 10/15/30 | 17,947,932 | |||||||||
See accompanying notes which are an integral part of these financial statements.
2
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 29.3% (Continued) | ||||||||||||||
| CLO — 23.3% (Continued) | ||||||||||||||
| 750,000 | Carlyle Global Market Strategies CLO Ltd. Series 2014-5A CRR(c),(f) | TSFR3M + 2.512% | 6.7680 | 07/15/31 | $ | 750,222 | ||||||||
| 250,000 | CARLYLE US CLO Ltd. Series 2018-2A B(c),(f) | TSFR3M + 2.312% | 6.5680 | 10/15/31 | 249,657 | |||||||||
| 7,176,000 | Catamaran CLO Ltd. Series 2014-1A BR(c),(f) | TSFR3M + 2.422% | 6.6940 | 04/22/30 | 7,201,272 | |||||||||
| 15,000,000 | CBAM Ltd. Series 2017-4A D(c),(f) | TSFR3M + 2.862% | 7.1180 | 01/15/31 | 14,948,325 | |||||||||
| 1,350,000 | CIFC Funding Ltd. Series 2017-2A CR(c),(f) | TSFR3M + 2.112% | 6.3810 | 04/20/30 | 1,348,580 | |||||||||
| 10,000,000 | CIFC Funding Ltd. Series 2013-4A DR2(c),(f) | TSFR3M + 1.900% | 6.1830 | 04/27/31 | 9,942,590 | |||||||||
| 500,000 | Dryden 41 Senior Loan Fund Series 2015-41A CR(c),(f) | TSFR3M + 2.012% | 6.2680 | 04/15/31 | 497,923 | |||||||||
| 1,500,000 | Dryden 49 Senior Loan Fund Series 2017-49A CR(c),(f) | TSFR3M + 2.312% | 6.5810 | 07/18/30 | 1,497,737 | |||||||||
| 5,000,000 | Dryden 53 CLO Ltd. Series 2017-53A C(c),(f) | TSFR3M + 1.962% | 6.2180 | 01/15/31 | 4,975,500 | |||||||||
| 355,000 | Dryden 54 Senior Loan Fund Series 2017-54A C(c),(f) | TSFR3M + 2.412% | 6.6810 | 10/19/29 | 355,007 | |||||||||
| 1,100,000 | Dryden 55 CLO Ltd. Series 2018-55A C(c),(f) | TSFR3M + 2.162% | 6.4180 | 04/15/31 | 1,098,297 | |||||||||
| 280,290 | Dryden 70 CLO Ltd. Series 2018-70A B(c),(f) | TSFR3M + 1.962% | 6.2220 | 01/16/32 | 280,210 | |||||||||
| 1,500,000 | Eaton Vance CLO Ltd. Series 2015-1A DR(c),(f) | TSFR3M + 2.762% | 7.0310 | 01/20/30 | 1,498,221 | |||||||||
| 2,110,000 | Eaton Vance CLO Ltd. Series 2014-1RA C(c),(f) | TSFR3M + 2.362% | 6.6180 | 07/15/30 | 2,107,633 | |||||||||
| 9,000,000 | Elevation CLO Ltd. Series 2018-10A DR(c),(f) | TSFR3M + 2.400% | 6.6690 | 10/20/31 | 8,932,149 | |||||||||
| 7,914,211 | Ellington CLO II Ltd. Series 2017-2A C(c),(f) | TSFR3M + 3.162% | 7.4850 | 02/15/29 | 7,941,847 | |||||||||
| 7,000,000 | Ellington CLO III Ltd. Series 2018-3A C(c),(f) | TSFR3M + 2.512% | 6.7810 | 07/20/30 | 6,997,333 | |||||||||
| 290,000 | Fortress Credit BSL VIII Ltd. Series 2019-2A CR(c),(f) | TSFR3M + 2.000% | 6.2690 | 10/20/32 | 289,054 | |||||||||
| 1,000,000 | Galaxy XXI CLO Ltd. Series 2015-21A DR(c),(f) | TSFR3M + 2.912% | 7.1810 | 04/20/31 | 996,614 | |||||||||
| 730,000 | Galaxy Xxviii CLO Ltd. Series 2018-28A C(c),(f) | TSFR3M + 2.212% | 6.4680 | 07/15/31 | 729,619 | |||||||||
| 1,175,000 | Greywolf CLO V Ltd. Series 2015-1A BR(c),(f) | TSFR3M + 2.262% | 6.5430 | 01/27/31 | 1,173,901 | |||||||||
| 1,000,000 | Halcyon Loan Advisors Funding Ltd. Series 2017-1A BR(c),(f) | TSFR3M + 2.512% | 6.7930 | 06/25/29 | 1,000,003 | |||||||||
| 3,628,000 | Halcyon Loan Advisors Funding Ltd. Series 2017-2A(c),(f) | TSFR3M + 2.362% | 6.6410 | 01/17/30 | 3,626,861 | |||||||||
| 8,650,000 | Halcyon Loan Advisors Funding Ltd. Series 2018-2A B(c),(f) | TSFR3M + 2.612% | 6.8840 | 01/22/31 | 8,646,514 | |||||||||
| 500,000 | Harbourview CLO Series 7RA B(c),(f) | TSFR3M + 1.962% | 6.2310 | 07/18/31 | 500,286 | |||||||||
| 114,269 | Highbridge Loan Management Series 3A-2014 A2R(c),(f) | TSFR3M + 1.962% | 6.2310 | 07/18/29 | 114,244 | |||||||||
| 2,750,000 | Highbridge Loan Management Series 3A-2014 BR(c),(f) | TSFR3M + 2.662% | 6.9310 | 07/18/29 | 2,749,054 | |||||||||
| 7,350,000 | Highbridge Loan Management Ltd. Series 5A-2015 DR3(c),(f) | TSFR3M + 3.000% | 7.2560 | 10/15/30 | 7,328,207 | |||||||||
| 563,000 | HPS Loan Management Ltd. Series 13A-18 CR(c),(f) | TSFR3M + 2.150% | 6.4060 | 10/15/30 | 562,200 | |||||||||
| 2,800,000 | Jamestown CLO XI Ltd. Series 2018-11A A2(c),(f) | TSFR3M + 1.962% | 6.2030 | 07/14/31 | 2,799,896 | |||||||||
| 12,400,000 | Jefferson Mill CLO Ltd. Series 2015-1A CRR(c),(f) | TSFR3M + 2.550% | 6.8220 | 10/20/31 | 12,444,082 | |||||||||
| 3,450,000 | KKR Financial CLO Ltd. Series 2013-1A BR2(c),(f) | TSFR3M + 1.950% | 6.2060 | 04/15/29 | 3,449,307 | |||||||||
| 3,750,000 | LCM 30 Ltd. Series 30A CR(c),(f) | TSFR3M + 2.262% | 6.5310 | 04/20/31 | 3,744,206 | |||||||||
| 7,750,000 | LCM XV, L.P. Series 15A CR(c),(f) | TSFR3M + 2.662% | 6.9310 | 07/20/30 | 7,745,528 | |||||||||
See accompanying notes which are an integral part of these financial statements.
3
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 29.3% (Continued) | ||||||||||||||
| CLO — 23.3% (Continued) | ||||||||||||||
| 4,080,000 | LCM XVII, L.P. Series 17A CRR(c),(f) | TSFR3M + 2.362% | 6.6180 | 10/15/31 | $ | 4,075,353 | ||||||||
| 854,152 | LCM XXIII Ltd. Series 23A BR(c),(f) | TSFR3M + 2.462% | 6.7310 | 10/20/29 | 854,297 | |||||||||
| 6,021,334 | LCM XXV Ltd. Series 25A(c),(f) | TSFR3M + 2.562% | 6.8310 | 07/20/30 | 6,018,811 | |||||||||
| 940,000 | Madison Park Funding XXIV Ltd. Series 2016-24A CR2(c),(f) | TSFR3M + 2.050% | 6.3190 | 10/20/29 | 937,761 | |||||||||
| 6,000,000 | MidOcean Credit CLO II Series 2013-2A DR(c),(f) | TSFR3M + 3.012% | 7.2920 | 01/29/30 | 5,994,432 | |||||||||
| 525,238 | MidOcean Credit CLO III Series 2014-3A BR(c),(f) | TSFR3M + 2.062% | 6.3310 | 04/21/31 | 524,981 | |||||||||
| 2,050,000 | MidOcean Credit CLO III Series 2014-3A CR(c),(f) | TSFR3M + 2.262% | 6.5310 | 04/21/31 | 2,052,563 | |||||||||
| 855,000 | Midocean Credit CLO IX Series 2018-9A B(c),(f) | TSFR3M + 2.012% | 6.2810 | 07/20/31 | 854,979 | |||||||||
| 700,000 | Mountain View CLO, LLC Series 2017-2A C(c),(f) | TSFR3M + 2.162% | 6.4220 | 01/16/31 | 698,723 | |||||||||
| 3,000,000 | MP CLO III LTD Series 2013-1A DR(c),(f) | TSFR3M + 3.312% | 7.5810 | 10/20/30 | 2,985,219 | |||||||||
| 12,350,000 | Northwoods Capital XII-B Ltd. Series 2018-12BA CR(c),(f) | TSFR3M + 2.050% | 6.3490 | 06/15/31 | 12,229,501 | |||||||||
| 1,500,000 | OCP CLO Ltd. Series 2014-7A B1RR(c),(f) | TSFR3M + 2.512% | 6.7810 | 07/20/29 | 1,499,987 | |||||||||
| 505,000 | OCP CLO Ltd. Series 2014-5A BR(c),(f) | TSFR3M + 2.062% | 6.3440 | 04/26/31 | 503,727 | |||||||||
| 2,500,000 | Octagon Investment Partners 26 Ltd. Series 2016-1A CR(c),(f) | TSFR3M + 2.062% | 6.3180 | 07/15/30 | 2,493,100 | |||||||||
| 500,000 | Octagon Investment Partners XIV Ltd. Series 2012-1A BRR(c),(f) | TSFR3M + 2.362% | 6.6180 | 07/15/29 | 500,345 | |||||||||
| 1,585,000 | Octagon Investment Partners XV Ltd. Series 2013-1A CRR(c),(f) | TSFR3M + 2.262% | 6.5310 | 07/19/30 | 1,580,418 | |||||||||
| 1,250,000 | Octagon Investment Partners XXII Ltd. Series 2014-1A CRR(c),(f) | TSFR3M + 2.162% | 6.4340 | 01/22/30 | 1,246,885 | |||||||||
| 1,095,000 | OZLM VI Ltd. Series 2014-6A B1T(c),(f) | TSFR3M + 2.000% | 6.2800 | 04/17/31 | 1,095,243 | |||||||||
| 16,470,000 | OZLM VI Ltd. Series 2014-6A CT(c),(f) | TSFR3M + 2.900% | 7.1800 | 04/17/31 | 16,445,096 | |||||||||
| 1,275,000 | OZLM XVIII Ltd. Series 2018-18A C(c),(f) | TSFR3M + 2.112% | 6.3680 | 04/15/31 | 1,274,666 | |||||||||
| 3,755,000 | OZLM XX Ltd. Series 2018-20A B(c),(f) | TSFR3M + 2.212% | 6.4810 | 04/20/31 | 3,751,361 | |||||||||
| 1,952,000 | OZLM XXII Ltd. Series 2018-22A C(c),(f) | TSFR3M + 2.912% | 7.1910 | 01/17/31 | 1,944,629 | |||||||||
| 6,700,000 | Rad CLO 4 Ltd. Series 2019-4A DR(c),(f) | TSFR3M + 3.250% | 7.5320 | 04/25/32 | 6,695,632 | |||||||||
| 2,374,286 | Ready Capital Mortgage Financing, LLC Series 2023-FL11 A(c),(f) | TSFR1M + 2.374% | 6.7010 | 10/25/39 | 2,378,018 | |||||||||
| 16,515,000 | Regatta XIII Funding Ltd. Series 2018-2A CR(c),(f) | TSFR3M + 2.700% | 6.9560 | 07/15/31 | 16,478,369 | |||||||||
| 1,425,000 | Regatta XIV Funding Ltd. Series 2018-3A DR(c),(f) | TSFR3M + 2.800% | 7.0820 | 10/25/31 | 1,420,369 | |||||||||
| 4,000,000 | Saranac CLO VII Ltd. Series 2014-2A CR(c),(f) | TSFR3M + 2.512% | 6.8340 | 11/20/29 | 3,998,832 | |||||||||
| 5,000,000 | Shackleton CLO Ltd. Series 2013-1A(c),(f) | TSFR3M + 2.212% | 6.4680 | 07/15/30 | 5,013,716 | |||||||||
| 1,555,000 | Shackleton CLO Ltd. Series 2013-4RA(c),(f) | TSFR3M + 2.162% | 6.4030 | 04/13/31 | 1,551,089 | |||||||||
| 2,750,000 | Shackleton CLO Ltd. Series 2014-5RA C(c),(f) | TSFR3M + 2.412% | 6.7140 | 05/07/31 | 2,753,537 | |||||||||
| 5,500,000 | Sound Point CLO II Ltd. Series 2013-1A A3R(c),(f) | TSFR3M + 2.112% | 6.3940 | 01/26/31 | 5,489,968 | |||||||||
| 3,915,010 | Sound Point CLO III-R LTD Series 2013-2RA D(c),(f) | TSFR3M + 3.212% | 7.4680 | 04/15/29 | 3,912,383 | |||||||||
| 10,000,000 | Sound Point CLO IX Ltd. Series 2015-2A CRRR(c),(f) | TSFR3M + 2.762% | 7.0310 | 07/20/32 | 9,990,340 | |||||||||
| 2,500,000 | Sound Point CLO VII-R Ltd. Series 2014-3RA C(c),(f) | TSFR3M + 2.512% | 6.7910 | 10/23/31 | 2,498,488 | |||||||||
See accompanying notes which are an integral part of these financial statements.
4
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 29.3% (Continued) | ||||||||||||||
| CLO — 23.3% (Continued) | ||||||||||||||
| 1,000,000 | Sound Point CLO V-R LTD Series 2014-1RA B(c),(f) | TSFR3M + 2.012% | 6.2810 | 07/18/31 | $ | 1,000,012 | ||||||||
| 10,500,000 | Sound Point CLO V-R LTD Series 2014-1RA C(c),(f) | TSFR3M + 2.362% | 6.6310 | 07/18/31 | 10,493,438 | |||||||||
| 13,971,744 | Sound Point CLO XV Ltd. Series 2017-1A D(c),(f) | TSFR3M + 3.862% | 8.1410 | 01/23/29 | 13,961,363 | |||||||||
| 2,890,000 | Sound Point CLO XVI Ltd. Series 2017-2A CR(c),(f) | TSFR3M + 2.462% | 6.7430 | 07/25/30 | 2,888,850 | |||||||||
| 3,000,000 | Sound Point CLO XXI Ltd. Series 2018-3A B(c),(f) | TSFR3M + 2.462% | 6.7440 | 10/26/31 | 3,012,165 | |||||||||
| 20,000,000 | Sound Point CLO XXII LTD Series 2019-1A CRR(c),(f) | TSFR3M + 2.050% | 6.3190 | 01/20/32 | 19,951,139 | |||||||||
| 8,440,000 | Sound Point CLO IV-R LTD Series 2013-3RA C(c),(f) | TSFR3M + 2.512% | 6.7810 | 04/18/31 | 8,434,708 | |||||||||
| 1,425,000 | Steele Creek CLO Ltd. Series 2017-1A C(c),(f) | TSFR3M + 2.162% | 6.4180 | 10/15/30 | 1,424,667 | |||||||||
| 1,480,000 | Steele Creek CLO Ltd. Series 2014-1RA C(c),(f) | TSFR3M + 2.212% | 6.4810 | 04/21/31 | 1,479,478 | |||||||||
| 250,000 | Steele Creek CLO Ltd. Series 2016-1A CR(c),(f) | TSFR3M + 2.162% | 6.4610 | 06/15/31 | 249,281 | |||||||||
| 1,250,000 | Symphony CLO XIX Ltd. Series 2018-19A D(c),(f) | TSFR3M + 2.812% | 7.0720 | 04/16/31 | 1,243,499 | |||||||||
| 480,000 | Symphony CLO XV Ltd. Series 2014-15A CR3(c),(f) | TSFR3M + 2.612% | 6.8910 | 01/17/32 | 479,679 | |||||||||
| 3,505,000 | Symphony CLO XVI Ltd. Series 2015-16A C1RR(c),(f) | TSFR3M + 2.200% | 6.4560 | 10/15/31 | 3,499,567 | |||||||||
| 2,662,000 | TCI-Symphony CLO Ltd. Series 2017-1A CR(c),(f) | TSFR3M + 2.062% | 6.3180 | 07/15/30 | 2,655,270 | |||||||||
| 10,800,000 | THL Credit Wind River CLO Ltd. Series 2014-3KRA C(c),(f) | TSFR3M + 2.562% | 6.8180 | 10/15/30 | 10,827,832 | |||||||||
| 750,000 | THL Credit Wind River CLO Ltd. Series 2015-1A C1(c),(f) | TSFR3M + 2.412% | 6.6810 | 10/20/30 | 749,582 | |||||||||
| 6,000,000 | THL Credit Wind River CLO Ltd. Series 2015-1A DR(c),(f) | TSFR3M + 3.262% | 7.5310 | 10/20/30 | 6,012,716 | |||||||||
| 785,000 | THL Credit Wind River CLO Ltd. Series 2019-3A CR2(c),(f) | TSFR3M + 2.000% | 6.2560 | 04/15/31 | 777,724 | |||||||||
| 1,895,000 | TIAA CLO IV Ltd. Series 2018-1A BR(c),(f) | TSFR3M + 2.150% | 6.4190 | 01/20/32 | 1,889,222 | |||||||||
| 3,000,000 | VENTURE XIII CLO Ltd. Series 2013-13A CR(c),(f) | TSFR3M + 2.562% | 6.8560 | 09/10/29 | 2,998,605 | |||||||||
| 4,000,000 | VENTURE XIII CLO Ltd. Series 2013-13A DR(c),(f) | TSFR3M + 3.562% | 7.8560 | 09/10/29 | 3,999,724 | |||||||||
| 3,500,000 | Venture XXVIII CLO Ltd. Series 2017-28A C2R(c),(f) | TSFR3M + 2.462% | 6.7310 | 07/20/30 | 3,512,101 | |||||||||
| 1,500,000 | Venture XXX CLO Ltd. Series 2017-30A C(c),(f) | TSFR3M + 2.212% | 6.4680 | 01/15/31 | 1,497,708 | |||||||||
| 2,377,092 | Voya CLO Ltd. Series 2015-1A CR(c),(f) | TSFR3M + 2.612% | 6.8810 | 01/18/29 | 2,373,969 | |||||||||
| 3,355,000 | Voya CLO Ltd. Series 2014-2A BRR(c),(f) | TSFR3M + 2.362% | 6.6410 | 04/17/30 | 3,352,108 | |||||||||
| 2,500,000 | Voya CLO Ltd. Series 2013-1A BR(c),(f) | TSFR3M + 2.162% | 6.4180 | 10/15/30 | 2,497,955 | |||||||||
| 4,700,000 | Voya CLO Ltd. Series 2014-4A BR2(c),(f) | TSFR3M + 2.352% | 6.5930 | 07/14/31 | 4,695,958 | |||||||||
| 950,000 | Voya CLO Ltd. Series 2018-3A CR2(c),(f) | TSFR3M + 2.350% | 6.6060 | 10/15/31 | 948,438 | |||||||||
| 250,000 | Voya CLO Ltd. Series 2016-3A BR2(c),(f) | TSFR3M + 2.250% | 6.5190 | 10/18/31 | 249,593 | |||||||||
| 7,000,000 | Z Capital Credit Partners CLO Ltd. Series 2018-1A B(c),(f) | US0003M + 2.450% | 6.9720 | 01/16/31 | 7,017,430 | |||||||||
| 8,825,000 | Zais CLO 11 Ltd. Series 2018-11A CR(c),(f) | TSFR3M + 2.450% | 6.7190 | 01/20/32 | 8,849,514 | |||||||||
| 5,000,000 | Zais CLO 14 Ltd. Series 2020-14A DR2(c),(f) | TSFR3M + 3.300% | 7.5560 | 04/15/32 | 4,989,175 | |||||||||
| 2,075,000 | Zais CLO 3 Ltd. Series 2015-3A BR(c),(f) | TSFR3M + 2.912% | 7.1680 | 07/15/31 | 2,083,042 | |||||||||
| 12,400,000 | Zais CLO 7 Ltd. Series 2017-2A C(c),(f) | TSFR3M + 2.712% | 6.9680 | 04/15/30 | 12,421,725 | |||||||||
| 509,786,276 | ||||||||||||||
See accompanying notes which are an integral part of these financial statements.
5
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 0.8% | ||||||||||||||
| 14,352,606 | Finance of America Structured Securities Trust Series 2022-S3 A1(c),(e) | 2.0000 | 06/25/52 | $ | 14,261,462 | |||||||||
| 2,114,918 | Imperial Fund Mortgage Trust Series 2022-NQM7 A1(c),(g) | 7.3690 | 11/25/67 | 2,127,585 | ||||||||||
| 339,056 | Verus Securitization Trust Series 2023-1 A1(c),(g) | 5.8500 | 12/25/67 | 338,816 | ||||||||||
| 155,878 | Verus Securitization Trust Series 2023-3 A2(c),(g) | 6.4380 | 03/25/68 | 156,420 | ||||||||||
| 446,741 | Verus Securitization Trust Series 2023-5 A1(c),(g) | 6.4760 | 06/25/68 | 449,964 | ||||||||||
| 17,334,247 | ||||||||||||||
| NON AGENCY CMBS — 3.4% | ||||||||||||||
| 2,268,469 | BB-UBS Trust Series 2012-TFT(c) | 2.8900 | 06/05/30 | 2,187,660 | ||||||||||
| 5,485,013 | BPR Trust Series 2021-WILL A(c),(f) | TSFR1M + 1.864% | 6.1860 | 06/15/38 | 5,434,312 | |||||||||
| 9,500,000 | BX Commercial Mortgage Trust Series 2019-IMC E(c),(f) | TSFR1M + 2.196% | 6.5180 | 04/15/34 | 9,284,792 | |||||||||
| 7,000,000 | COMM Mortgage Trust Series 2016-COR1 B | 3.8970 | 10/10/49 | 6,475,221 | ||||||||||
| 5,520,000 | Hudsons Bay Simon JV Trust Series 2015-HB10 B10(c) | 4.9060 | 08/05/34 | 5,440,240 | ||||||||||
| 3,224,075 | J.P. Morgan Chase Commercial Mortgage Securities Series 2019-MFP D(c),(f) | TSFR1M + 1.707% | 6.0290 | 07/15/36 | 3,187,275 | |||||||||
| 12,351,120 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 A(c) | 7.2910 | 05/05/29 | 12,958,642 | ||||||||||
| 17,620,000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 B(c) | 8.5420 | 05/05/29 | 18,553,833 | ||||||||||
| 1,600,000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C(c),(e) | 9.0440 | 05/05/29 | 1,649,801 | ||||||||||
| 1,328,038 | XCAL MORTGAGE TRUST Series 2019-1 A(c),(f) | TSFR1M + 3.864% | 0.0000 | 12/31/25 | 458,844 | |||||||||
| 1,873,572 | XCALI Mortgage Trust Series 2020-5 A(c),(f) | TSFR1M + 3.370% | 7.6940 | 12/31/25 | 1,870,295 | |||||||||
| 2,868,852 | X-Caliber Funding, LLC Series 2023-MF9 A(c),(f) | TSFR1M + 3.250% | 7.5800 | 06/30/25 | 2,865,713 | |||||||||
| 4,000,000 | X-Caliber Funding, LLC Series 2024-MSD A(c),(f) | TSFR1M + 4.250% | 8.5740 | 01/01/27 | 4,006,484 | |||||||||
| 74,373,112 | ||||||||||||||
| OTHER ABS — 1.6% | ||||||||||||||
| 2,000,000 | FMC GMSR Issuer Trust Series 2022-GT1 A(c) | 6.1900 | 04/25/27 | 2,014,856 | ||||||||||
| 2,175,080 | HRR Funding, LLC Series 2021-1(b),(c) | 9.0000 | 12/20/36 | 1,261,546 | ||||||||||
| 1,299,421 | New Residential Mortgage, LLC Series 2020-FNT1 A(c) | 5.4370 | 06/25/25 | 1,297,170 | ||||||||||
| 649,995 | New Residential Mortgage, LLC Series 2020-FNT2 A(c) | 5.4370 | 07/25/25 | 648,512 | ||||||||||
| 29,071,501 | OWS Cre Funding I, LLC Series 2021-MARG A(c),(f) | US0001M + 4.900% | 9.8600 | 09/15/25 | 28,983,992 | |||||||||
| 369,108 | Pagaya AI Debt Trust Series 2024-2 A(c) | 6.3190 | 08/15/31 | 372,605 | ||||||||||
| 403,151 | Pagaya AI Debt Trust Series 2024-3 A(c) | 6.2580 | 10/15/31 | 406,748 | ||||||||||
| 34,985,429 | ||||||||||||||
| TOTAL ASSET BACKED SECURITIES (Cost $644,134,515) | 640,532,946 | |||||||||||||
See accompanying notes which are an integral part of these financial statements.
6
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||
| CONVERTIBLE BONDS — 0.4% | ||||||||||||
| ASSET MANAGEMENT — 0.4% | ||||||||||||
| 10,000,000 | Capital Southwest Corporation | 5.1250 | 11/15/29 | $ | 9,363,572 | |||||||
| TOTAL CONVERTIBLE BONDS (Cost $9,150,989) | 9,363,572 | |||||||||||
| CORPORATE BONDS — 49.2% | ||||||||||||
| ASSET MANAGEMENT — 24.8% | ||||||||||||
| 69,029 | B Riley Financial, Inc. | 5.5000 | 03/31/26 | 962,955 | ||||||||
| 3,000,000 | Blue Owl Technology Finance Corporation(c) | 3.7500 | 06/17/26 | 2,926,914 | ||||||||
| 5,000,000 | Blue Owl Technology Finance Corporation(c) | 6.1000 | 03/15/28 | 4,962,424 | ||||||||
| 6,110,000 | Capital Southwest Corporation | 3.3750 | 10/01/26 | 5,917,046 | ||||||||
| 797,794 | Crescent Capital BDC, Inc. | 5.0000 | 05/25/26 | 19,817,203 | ||||||||
| 29,075,000 | Fidus Investment Corporation | 4.7500 | 01/31/26 | 28,757,008 | ||||||||
| 9,090,000 | Fidus Investment Corporation | 3.5000 | 11/15/26 | 8,691,987 | ||||||||
| 10,000,000 | Fidus Investment Corporation | 6.7500 | 03/19/30 | 9,868,961 | ||||||||
| 3,000,000 | FS KKR Capital Corporation | 3.1250 | 10/12/28 | 2,706,799 | ||||||||
| 34,384,000 | Gladstone Capital Corporation | 5.1250 | 01/31/26 | 34,373,341 | ||||||||
| 667,424 | Great Elm Capital Corporation | 5.8750 | 06/30/26 | 16,812,411 | ||||||||
| 504,151 | Horizon Technology Finance Corporation | 4.8750 | 03/30/26 | 12,502,945 | ||||||||
| 20,190,000 | Investcorp Credit Management BDC, Inc. | 4.8750 | 04/01/26 | 19,658,552 | ||||||||
| 10,000,000 | Logan Ridge Finance Corporation | 6.0000 | 10/30/26 | 10,054,000 | ||||||||
| 14,413,000 | Main Street Capital Corporation | 6.5000 | 06/04/27 | 14,649,045 | ||||||||
| 10,000,000 | Main Street Capital Corporation | 6.9500 | 03/01/29 | 10,243,089 | ||||||||
| 2,000,000 | Medallion Financial Corporation(c) | 7.5000 | 12/30/27 | 1,933,751 | ||||||||
| 1,935,000 | MidCap Financial Investment Corporation | 4.5000 | 07/16/26 | 1,898,719 | ||||||||
| 31,543,000 | Monroe Capital Corporation | 4.7500 | 02/15/26 | 31,115,507 | ||||||||
| 15,000,000 | New Mountain Finance Corporation | 6.2000 | 10/15/27 | 14,989,500 | ||||||||
| 20,270,000 | OFS Capital Corporation | 4.7500 | 02/10/26 | 19,779,453 | ||||||||
| 38,965,000 | PennantPark Floating Rate Capital Ltd. | 4.2500 | 04/01/26 | 37,869,221 | ||||||||
| 31,064,000 | PennantPark Investment Corporation | 4.5000 | 05/01/26 | 30,240,514 | ||||||||
| 32,813,000 | PennantPark Investment Corporation | 4.0000 | 11/01/26 | 31,473,826 | ||||||||
| 38,500,000 | Portman Ridge Finance Corporation | 4.8750 | 04/30/26 | 37,528,622 | ||||||||
| 38,719,000 | Saratoga Investment Corporation | 4.3750 | 02/28/26 | 37,886,341 | ||||||||
See accompanying notes which are an integral part of these financial statements.
7
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS — 49.2% (Continued) | ||||||||||||||
| ASSET MANAGEMENT — 24.8% (Continued) | ||||||||||||||
| 12,512,000 | Saratoga Investment Corporation | 4.3500 | 02/28/27 | $ | 11,765,820 | |||||||||
| 971,809 | Saratoga Investment Corporation | 6.0000 | 04/30/27 | 23,974,528 | ||||||||||
| 10,000,000 | Stellus Capital Investment Corporation | 7.2500 | 04/01/30 | 9,981,173 | ||||||||||
| 26,423,000 | Trinity Capital, Inc. | 4.3750 | 08/24/26 | 25,795,001 | ||||||||||
| 19,837,000 | Trinity Capital, Inc. | 4.2500 | 12/15/26 | 18,797,709 | ||||||||||
| 4,000,000 | WhiteHorse Finance, Inc. | 4.0000 | 12/15/26 | 3,853,110 | ||||||||||
| 541,787,475 | ||||||||||||||
| BANKING — 2.8% | ||||||||||||||
| 2,000,000 | First Maryland Capital I(f) | TSFR3M + 1.262% | 5.5180 | 01/15/27 | 1,965,726 | |||||||||
| 18,114,000 | First Maryland Capital II(f) | TSFR3M + 1.112% | 5.4020 | 02/01/27 | 17,639,335 | |||||||||
| 5,000,000 | NewtekOne, Inc.(c) | 8.3750 | 04/01/30 | 4,998,178 | ||||||||||
| 36,000 | NexBank Capital, Inc.(c),(f) | TSFR3M + 5.200% | 9.4980 | 07/01/72 | 35,820,000 | |||||||||
| 60,423,239 | ||||||||||||||
| COMMERCIAL SUPPORT SERVICES — 2.1% | ||||||||||||||
| 2,168,902 | Charah Solutions, Inc.(d) | 8.5000 | 08/31/26 | 45,460,186 | ||||||||||
| ELECTRICAL EQUIPMENT — 3.3% | ||||||||||||||
| 2,483,435 | Babcock & Wilcox Enterprises, Inc. | 8.1250 | 02/28/26 | 46,738,248 | ||||||||||
| 1,622,903 | Babcock & Wilcox Enterprises, Inc. | 6.5000 | 12/31/26 | 25,658,096 | ||||||||||
| 72,396,344 | ||||||||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 4.2% | ||||||||||||||
| 208,443 | Arlington Asset Investment Corporation(d) | 6.0000 | 08/01/26 | 5,023,476 | ||||||||||
| 87,753,000 | B Riley Financial, Inc.(c),(d) | 8.0000 | 01/01/28 | 85,997,940 | ||||||||||
| 91,021,416 | ||||||||||||||
| INSURANCE — 2.4% | ||||||||||||||
| 43,241,000 | Kuvare US Holdings, Inc.(c),(f) | H15T5Y + 6.541% | 7.0000 | 02/17/51 | 43,225,459 | |||||||||
| 10,800,000 | United Insurance Holdings Corporation | 6.2500 | 12/15/27 | 10,206,000 | ||||||||||
| 53,431,459 | ||||||||||||||
| MACHINERY — 0.0%(h) | ||||||||||||||
| 2,500,000 | Briggs & Stratton Corporation(i) | 6.8750 | 12/15/20 | 9,375 | ||||||||||
| OIL & GAS PRODUCERS — 0.6% | ||||||||||||||
| 15,430,000 | W&T Offshore, Inc.(c) | 10.7500 | 02/01/29 | 12,181,241 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
8
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS — 49.2% (Continued) | ||||||||||||||
| OIL & GAS SERVICES & EQUIPMENT — 0.6% | ||||||||||||||
| 14,900,000 | Shelf Drilling North Sea Holdings Ltd. | 9.8750 | 11/22/28 | $ | 13,931,500 | |||||||||
| PUBLISHING & BROADCASTING — 0.1% | ||||||||||||||
| 2,500,000 | Cumulus Media New Holdings, Inc.(c) | 6.7500 | 07/01/26 | 1,950,000 | ||||||||||
| REAL ESTATE INVESTMENT TRUSTS — 0.2% | ||||||||||||||
| 210,500 | HC Government Realty Trust, Inc.(c) | 7.0000 | 08/14/27 | 3,946,875 | ||||||||||
| SPECIALTY FINANCE — 8.1% | ||||||||||||||
| 12,456,000 | ACRES Commercial Realty Corporation | 5.7500 | 08/15/26 | 12,219,293 | ||||||||||
| 237,555 | Atlanticus Holdings Corporation | 9.2500 | 01/31/29 | 5,981,635 | ||||||||||
| 1,500,000 | Broadmark Realty Capital, Inc.(c) | 5.0000 | 11/15/26 | 1,414,337 | ||||||||||
| 1,000,000 | Dakota Financial, LLC(c) | 5.0000 | 09/30/26 | 962,402 | ||||||||||
| 25,000,000 | Eagle Point Defensive Income Trust(f) | TSFR3M + 3.800% | 8.0800 | 04/30/28 | 24,998,400 | |||||||||
| 25,000,000 | Eagle Point Enhanced Income Trust(f) | TSFR3M + 4.500% | 8.8230 | 11/15/29 | 24,546,546 | |||||||||
| 5,000,000 | Equify Financial, LLC(c) | 9.5000 | 04/30/30 | 5,000,000 | ||||||||||
| 2,000,000 | First Help Financial, LLC(c) | 6.0000 | 11/15/26 | 1,929,011 | ||||||||||
| 4,000,000 | InvestCo, LLC / Preston Ventures, LLC / LS(c) | 5.1250 | 08/13/26 | 3,857,000 | ||||||||||
| 3,250,000 | Medallion Financial Corporation B(c) | 7.2500 | 02/26/26 | 3,198,956 | ||||||||||
| 5,000,000 | MMP Capital, LLC(c) | 9.5000 | 10/18/29 | 4,975,000 | ||||||||||
| 4,000,000 | National Funding, Inc.(c) | 5.7500 | 08/31/26 | 3,821,213 | ||||||||||
| 15,000,000 | Nexpoint Real Estate Finance, Inc.(c) | 5.7500 | 05/01/26 | 14,576,043 | ||||||||||
| 4,989,266 | PDOF MSN Issuer, LLC(c),(f) | SOFRRATE + 4.500% | 8.8600 | 03/01/26 | 4,882,926 | |||||||||
| 50,238,000 | ReadyCap Holdings, LLC(c) | 9.3750 | 03/01/28 | 50,073,310 | ||||||||||
| 2,000,000 | Regent Capital Corporation(c) | 6.0000 | 12/28/26 | 1,925,820 | ||||||||||
| 303,563 | Sachem Capital Corporation | 6.0000 | 12/30/26 | 6,456,785 | ||||||||||
| 3,000,000 | X-Caliber Funding, LLC(c) | 5.0000 | 10/01/25 | 2,965,922 | ||||||||||
| 2,000,000 | X-Caliber Funding, LLC(c) | 5.0000 | 03/01/26 | 1,994,089 | ||||||||||
| 175,778,688 | ||||||||||||||
| TOTAL CORPORATE BONDS (Cost $1,079,937,671) | 1,072,317,798 | |||||||||||||
See accompanying notes which are an integral part of these financial statements.
9
| HOLBROOK INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| TERM LOANS — 1.1% | ||||||||||||||
| SOFTWARE — 1.1% | ||||||||||||||
| 25,000,000 | Synchronoss Technologies, Inc.(d),(f) | TSFR1M + 7.000% | 11.2800 | 04/24/29 | $ | 24,500,000 | ||||||||
| TOTAL TERM LOANS (Cost $24,501,030) | 24,500,000 | |||||||||||||
| U.S. GOVERNMENT & AGENCIES — 8.9% | ||||||||||||||
| U.S. TREASURY INFLATION PROTECTED — 8.9% | ||||||||||||||
| 52,016,300 | United States Treasury Inflation Indexed Bonds | 2.5000 | 01/15/29 | 54,421,342 | ||||||||||
| 48,524,250 | United States Treasury Inflation Indexed Bonds | 3.8750 | 04/15/29 | 53,377,322 | ||||||||||
| 62,371,000 | United States Treasury Inflation Indexed Bonds | 0.2500 | 07/15/29 | 59,942,043 | ||||||||||
| 25,351,750 | United States Treasury Inflation Indexed Bonds | 1.6250 | 10/15/29 | 25,741,618 | ||||||||||
| 193,482,325 | ||||||||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $189,477,178) | 193,482,325 | |||||||||||||
| Shares | Expiration Date | |||||||||||||
| WARRANT — 0.0%(h) | ||||||||||||||
| ASSET MANAGEMENT - 0.0% (h) | ||||||||||||||
| 351,012 | B Riley Financial Inc. Com Warrants(d) | 03/31/2032 | 110,393 | |||||||||||
| TOTAL WARRANT (Cost $111,622) | 110,393 | |||||||||||||
| SHORT-TERM INVESTMENTS — 6.6% | ||||||||||||||
| MONEY MARKET FUNDS - 6.6% | ||||||||||||||
| 143,919,243 | First American Government Obligations Fund, Class X, 4.24% (Cost $143,919,243)(j) | 143,919,243 | ||||||||||||
| TOTAL INVESTMENTS - 100.4% (Cost $2,193,717,919) | $ | 2,191,324,005 | ||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (8,539,342 | ) | ||||||||||||
| NET ASSETS - 100.0% | $ | 2,182,784,663 | ||||||||||||
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| 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 |
| US0003M | ICE LIBOR USD 3 Month |
| (a) | Non-income producing security. |
| (b) | 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. |
| (c) | 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 April 30, 2025 the total market value of 144A securities is $957,978,136 or 43.9% of net assets. |
| (d) | The security is illiquid; total illiquid securities represent 8.0% of net assets. |
| (e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| (f) | Variable rate security; the rate shown represents the rate on April 30, 2025. |
| (g) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at April 30, 2025. |
| (h) | Percentage rounds to less than 0.1%. |
| (i) | Represents issuer in default on interest payments; non-income producing security. |
| (j) | Rate disclosed is the seven day effective yield as of April 30, 2025. |
See accompanying notes which are an integral part of these financial statements.
10
| HOLBROOK STRUCTURED INCOME FUND |
| SCHEDULE OF INVESTMENTS |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 92.4% | ||||||||||||||
| AGENCY CMBS — 1.8% | ||||||||||||||
| 2,000,000 | FREMF Mortgage Trust Series 2018-K733 C(a),(b) | 4.2250 | 09/25/25 | $ | 1,982,595 | |||||||||
| 450,000 | FREMF Mortgage Trust Series 2016-K53 B(a),(b) | 4.1750 | 03/25/49 | 445,838 | ||||||||||
| 2,000,000 | FREMF Mortgage Trust Series 2017-K68 B(a),(b) | 3.8410 | 10/25/49 | 1,965,360 | ||||||||||
| 1,000,000 | FREMF Mortgage Trust Series 2017-K71 C(a),(b) | 3.7520 | 11/25/50 | 975,052 | ||||||||||
| 500,000 | FREMF Mortgage Trust Series 2018-K733 B(a),(b) | 3.9810 | 02/25/51 | 490,441 | ||||||||||
| 1,235,000 | FREMF Mortgage Trust Series 2018-K75 B(a),(b) | 3.9760 | 04/25/51 | 1,214,103 | ||||||||||
| 2,000,000 | FREMF Mortgage Trust Series 2018-K78 B(a),(b) | 4.2670 | 06/25/51 | 1,966,146 | ||||||||||
| 9,039,535 | ||||||||||||||
| AUTO LOAN — 0.1% | ||||||||||||||
| 538,000 | Luxury Lease Partners Auto Lease Trust Series 2024-4 B(a) | 10.4910 | 07/15/30 | 541,714 | ||||||||||
| CLO — 56.9% | ||||||||||||||
| 495,000 | 1828 CLO Ltd. Series 2016-1A CR(a),(c) | TSFR3M + 3.612% | 7.8680 | 10/15/31 | 494,000 | |||||||||
| 1,500,000 | Allegro CLO VII Ltd. Series 2018-1A D(a),(c) | TSFR3M + 3.112% | 7.3680 | 06/13/31 | 1,496,301 | |||||||||
| 750,000 | Atlas Senior Loan Fund Ltd. Series 2017-8A C(a),(c) | TSFR3M + 2.812% | 7.0720 | 01/16/30 | 751,211 | |||||||||
| 5,900,000 | Atlas Senior Loan Fund X Ltd. Series 2018-10A D(a),(c) | TSFR3M + 3.012% | 7.2680 | 01/15/31 | 5,898,319 | |||||||||
| 17,400,000 | Battalion CLO IX Ltd. Series 2015-9A DR(a),(c) | TSFR3M + 3.512% | 7.7680 | 07/15/31 | 17,352,793 | |||||||||
| 416,000 | Betony CLO 2 Ltd. Series 2018-1A C(a),(c) | TSFR3M + 3.162% | 7.4410 | 04/30/31 | 415,512 | |||||||||
| 3,919,000 | Black Diamond Clo Ltd. Series 2017-1A C(a),(c) | TSFR3M + 4.212% | 8.4870 | 04/24/29 | 3,912,922 | |||||||||
| 1,100,000 | BlueMountain CLO Ltd. Series 2018-2A D(a),(c) | TSFR3M + 3.412% | 7.7350 | 08/15/31 | 1,096,922 | |||||||||
| 5,055,000 | Canyon Capital CLO Ltd. Series 2021-1RA D(a),(c) | TSFR3M + 3.262% | 7.5180 | 07/15/30 | 5,042,979 | |||||||||
| 2,000,000 | Canyon Capital CLO Ltd. Series 2014-1A CR(a),(c) | TSFR3M + 3.012% | 7.2910 | 01/30/31 | 1,997,198 | |||||||||
| 11,995,000 | Carlyle Global Market Strategies CLO Ltd. Series 2015-1A DR3(a),(c) | TSFR3M + 3.212% | 7.4810 | 07/20/31 | 11,946,227 | |||||||||
| 6,404,998 | Catamaran CLO Ltd. Series 2014-1A CR(a),(c) | TSFR3M + 3.692% | 7.9640 | 04/22/30 | 6,394,122 | |||||||||
| 500,000 | Catamaran CLO Ltd. Series 2018-1A D(a),(c) | TSFR3M + 3.912% | 8.1930 | 10/25/31 | 502,681 | |||||||||
| 1,500,000 | Cedar Funding V CLO Ltd. Series 2016-5A DR(a),(c) | TSFR3M + 3.262% | 7.5410 | 07/17/31 | 1,494,141 | |||||||||
| 7,250,000 | Cedar Funding VII Clo Ltd. Series 2018-7A E(a),(c) | TSFR3M + 4.812% | 9.0810 | 01/20/31 | 6,996,961 | |||||||||
| 625,000 | CIFC Funding Ltd. Series 2013-2A B1LR(a),(c) | TSFR3M + 3.312% | 7.5810 | 10/18/30 | 624,628 | |||||||||
| 9,000,000 | CIFC Funding Ltd. Series 2017-4A CR(a),(c) | TSFR3M + 3.412% | 7.6870 | 10/24/30 | 8,977,599 | |||||||||
| 1,250,000 | Dryden 49 Senior Loan Fund Series 2017-49A DR(a),(c) | TSFR3M + 3.662% | 7.9310 | 07/18/30 | 1,247,610 | |||||||||
| 500,000 | Eaton Vance CLO Ltd. Series 2014-1RA D(a),(c) | TSFR3M + 3.312% | 7.5680 | 07/15/30 | 497,864 | |||||||||
| 4,260,000 | Elevation CLO Ltd. Series 2017-8A D(a),(c) | TSFR3M + 3.132% | 7.4130 | 10/25/30 | 4,244,753 | |||||||||
| 2,315,872 | Ellington Clo I Ltd. Series 2017-1A DR(a),(c) | TSFR3M + 3.612% | 7.8680 | 10/15/29 | 2,315,870 | |||||||||
| 546,372 | Ellington CLO IV Ltd. Series 2019-4A D1(a),(c) | TSFR3M + 5.762% | 10.0180 | 04/15/29 | 548,867 | |||||||||
See accompanying notes which are an integral part of these financial statements.
11
| HOLBROOK STRUCTURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 92.4% (Continued) | ||||||||||||||
| CLO — 56.9% (Continued) | ||||||||||||||
| 17,900,000 | Halcyon Loan Advisors Funding Ltd. Series 2018-2A C(a),(c) | TSFR3M + 3.662% | 7.9340 | 01/22/31 | $ | 17,900,124 | ||||||||
| 7,500,000 | Highbridge Loan Management Ltd. Series 2013-2A CR(a),(c) | TSFR3M + 3.162% | 7.4310 | 10/20/29 | 7,472,280 | |||||||||
| 1,775,000 | KKR CLO Ltd. Series 10 DR(a),(c) | TSFR3M + 3.612% | 7.9110 | 09/15/29 | 1,773,710 | |||||||||
| 2,500,000 | KKR Static CLO I LTD Series 2022-1A ER2(a),(c) | TSFR3M + 5.750% | 10.0190 | 07/20/31 | 2,492,925 | |||||||||
| 4,605,000 | LCM XXII Ltd. Series 22A CR(a),(c) | TSFR3M + 3.062% | 7.3310 | 10/20/28 | 4,603,632 | |||||||||
| 7,611,000 | LCM XXIII Ltd. Series 23A CR(a),(c) | TSFR3M + 3.562% | 7.8310 | 10/20/29 | 7,604,295 | |||||||||
| 3,000,000 | Marble Point CLO XV Ltd. Series 2019-1A E(a),(c) | TSFR3M + 7.092% | 11.3710 | 07/23/32 | 2,950,257 | |||||||||
| 1,725,000 | Mountain View CLO, LLC Series 2017-2A D(a),(c) | TSFR3M + 3.362% | 7.6220 | 01/16/31 | 1,724,548 | |||||||||
| 1,000,000 | Newark BSL CLO 2 Ltd. Series 2017-1A CR(a),(c) | TSFR3M + 3.412% | 7.6930 | 07/25/30 | 998,753 | |||||||||
| 10,350,000 | Northwoods Capital XII-B Ltd. Series 2018-12BA D(a),(c) | TSFR3M + 3.412% | 7.7110 | 06/15/31 | 10,309,800 | |||||||||
| 12,500,000 | Northwoods Capital XIV-B Ltd. Series 2018-14BA D(a),(c) | TSFR3M + 3.662% | 7.9770 | 11/13/31 | 12,487,887 | |||||||||
| 5,000,000 | Ocean Trails CLO V Series 2014-5A DRR(a),(c) | TSFR3M + 3.712% | 7.9530 | 10/13/31 | 4,986,170 | |||||||||
| 1,000,000 | Octagon Investment Partners 27 Ltd. Series 2016-1A DR(a),(c) | TSFR3M + 3.212% | 7.4680 | 07/15/30 | 998,775 | |||||||||
| 1,000,000 | Octagon Investment Partners 37 Ltd Series 2018-2A(a),(c) | TSFR3M + 3.112% | 7.3930 | 07/25/30 | 995,807 | |||||||||
| 5,000,000 | Octagon Investment Partners XIV Ltd. Series 2012-1A CRR(a),(c) | TSFR3M + 4.162% | 8.4180 | 07/15/29 | 5,010,565 | |||||||||
| 1,840,000 | OZLM XVII Ltd. Series 2017-17A C(a),(c) | TSFR3M + 3.722% | 7.9910 | 07/20/30 | 1,836,050 | |||||||||
| 5,750,000 | OZLM XX Ltd. Series 2018-20A C(a),(c) | TSFR3M + 3.212% | 7.4810 | 04/20/31 | 5,725,304 | |||||||||
| 1,500,000 | OZLM XXI Ltd. Series 2017-21A C(a),(c) | TSFR3M + 2.932% | 7.2010 | 01/20/31 | 1,494,033 | |||||||||
| 250,000 | Palmer Square Loan Funding Ltd. Series 2021-4A C(a),(c) | TSFR3M + 2.862% | 7.1180 | 10/15/29 | 249,308 | |||||||||
| 2,250,000 | Palmer Square Loan Funding Ltd. Series 2021-4A D(a),(c) | TSFR3M + 5.262% | 9.5180 | 10/15/29 | 2,252,642 | |||||||||
| 1,250,000 | Palmer Square Loan Funding Ltd. Series 2022-1A E(a),(c) | TSFR3M + 7.200% | 11.4560 | 04/15/30 | 1,255,861 | |||||||||
| 1,000,000 | Park Avenue Institutional Advisers CLO Ltd. Series 2018-1A C(a),(c) | TSFR3M + 3.592% | 7.8610 | 10/20/31 | 999,725 | |||||||||
| 3,750,000 | PPM CLO Ltd. Series 2018-1A D(a),(c) | TSFR3M + 3.512% | 7.7680 | 07/15/31 | 3,741,101 | |||||||||
| 4,000,000 | Shackleton Clo Ltd. Series 2017-11A D(a),(c) | TSFR3M + 3.912% | 8.2350 | 08/15/30 | 4,006,112 | |||||||||
| 2,900,000 | Shackleton CLO Ltd. Series 2013-3A DR(a),(c) | TSFR3M + 3.282% | 7.5380 | 07/15/30 | 2,894,806 | |||||||||
| 2,702,000 | SOUND POINT CLO VIII-R LTD Series 2015-1RA D1(a),(c) | TSFR3M + 4.012% | 8.2680 | 04/15/30 | 2,697,509 | |||||||||
| 22,500,000 | Sound Point Clo XVI Ltd. Series 2017-2A D(a),(c) | TSFR3M + 3.862% | 8.1430 | 07/25/30 | 22,542,367 | |||||||||
| 2,000,000 | Steele Creek Clo Ltd. Series 2017-1A D(a),(c) | TSFR3M + 3.162% | 7.4180 | 10/15/30 | 1,994,822 | |||||||||
| 250,000 | TCI-Flatiron CLO Ltd. Series 2017-1(a),(c) | TSFR3M + 3.012% | 7.3350 | 11/17/30 | 249,080 | |||||||||
| 8,250,000 | THL Credit Wind River CLO Ltd Series 2014-1(a),(c) | TSFR3M + 3.262% | 7.5310 | 07/18/31 | 8,245,240 | |||||||||
| 700,000 | THL Credit Wind River CLO Ltd. Series 2018-1A D(a),(c) | TSFR3M + 3.162% | 7.4180 | 07/15/30 | 698,774 | |||||||||
| 10,000,000 | THL Credit Wind River CLO Ltd. Series 2014-3KRA D(a),(c) | TSFR3M + 3.612% | 7.8680 | 10/15/30 | 9,990,470 | |||||||||
| 1,000,000 | THL Credit Wind River CLO Ltd. Series 2013-2A DR(a),(c) | TSFR3M + 3.212% | 7.4810 | 10/18/30 | 994,687 | |||||||||
| 16,000,000 | THL Credit Wind River CLO Ltd. Series 2015-1A DR(a),(c) | TSFR3M + 3.262% | 7.5310 | 10/20/30 | 16,033,908 | |||||||||
See accompanying notes which are an integral part of these financial statements.
12
| HOLBROOK STRUCTURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 92.4% (Continued) | ||||||||||||||
| CLO — 56.9% (Continued) | ||||||||||||||
| 4,500,000 | Venture XVIII CLO Ltd. Series 2014-18A DR(a),(c) | TSFR3M + 3.362% | 7.6180 | 10/15/29 | $ | 4,491,941 | ||||||||
| 4,400,000 | Venture XXVI CLO Ltd. Series 2017-26A D(a),(c) | TSFR3M + 4.512% | 8.7810 | 01/20/29 | 4,391,675 | |||||||||
| 5,109,895 | Voya CLO Ltd. Series 2017-1A C(a),(c) | TSFR3M + 3.592% | 7.8710 | 04/17/30 | 5,098,198 | |||||||||
| 1,000,000 | Voya CLO Ltd. Series 2014-1A(a),(c) | TSFR3M + 3.062% | 7.3310 | 04/18/31 | 999,450 | |||||||||
| 1,000,000 | Voya CLO Ltd. Series 2015-3A CR(a),(c) | TSFR3M + 3.412% | 7.6810 | 10/20/31 | 996,047 | |||||||||
| 4,750,000 | Wind River CLO Ltd. Series 2014-3A DR2(a),(c) | TSFR3M + 3.662% | 7.9340 | 10/22/31 | 4,745,706 | |||||||||
| 334,546 | Zais CLO 5 Ltd. Series 2016-2A C(a),(c) | TSFR3M + 4.762% | 9.0180 | 10/15/28 | 335,183 | |||||||||
| 5,595,000 | Zais Clo 6 Ltd. Series 2017-1A D(a),(c) | TSFR3M + 4.142% | 8.3980 | 07/15/29 | 5,589,467 | |||||||||
| 7,000,000 | Zais Clo 7 Ltd. Series 2017-2A D(a),(c) | TSFR3M + 4.012% | 8.2680 | 04/15/30 | 7,015,092 | |||||||||
| 288,123,566 | ||||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4% | ||||||||||||||
| 1,850,862 | A&D Mortgage Trust Series 2023-NQM2 A1(a),(d) | 6.1320 | 05/25/68 | 1,859,706 | ||||||||||
| 2,633,665 | A&D Mortgage Trust Series 2024-NQM3 A1(a),(d) | 6.4510 | 07/25/69 | 2,665,605 | ||||||||||
| 533,748 | BRAVO Residential Funding Trust Series 2024-NQM2 A1(a),(d) | 6.2850 | 02/25/64 | 538,220 | ||||||||||
| 790,352 | BRAVO Residential Funding Trust Series 2024-NQM3 A1(a),(d) | 6.1910 | 03/25/64 | 796,728 | ||||||||||
| 237,265 | BRAVO Residential Funding Trust Series 2024-NQM5 A1(a),(d) | 5.8030 | 06/25/64 | 238,339 | ||||||||||
| 2,947,909 | BRAVO Residential Funding Trust Series 2025-NQM2 A1(a),(d) | 5.6780 | 11/25/64 | 2,961,384 | ||||||||||
| 500,000 | Cascade Funding Mortgage Trust Series 2025-HB16 M3(a),(b) | 3.0000 | 03/25/35 | 460,242 | ||||||||||
| 1,000,000 | CFMT, LLC Series 2024-HB15 M3(a),(b) | 4.0000 | 08/25/34 | 937,413 | ||||||||||
| 2,000,000 | CIM Trust Series 2023-R3 A1B(a),(b) | 4.5000 | 01/25/63 | 1,537,583 | ||||||||||
| 1,500,000 | Dominion Mortgage Trust Series 2025-RTL1 M(a),(d) | 10.1860 | 03/25/30 | 1,503,753 | ||||||||||
| 70,606 | EFMT Series 2023-1 A2(a),(d) | 6.2400 | 02/25/68 | 70,669 | ||||||||||
| 904,694 | JP Morgan Mortgage Trust Series 2023-10 A6(a),(b) | 6.0000 | 05/25/54 | 907,084 | ||||||||||
| 1,268,522 | JP Morgan Mortgage Trust Series 2024-11 A6(a),(b) | 6.0000 | 04/25/55 | 1,278,039 | ||||||||||
| 1,836,870 | JP Morgan Mortgage Trust Series 2024-12 A4(a),(b) | 6.0000 | 06/25/55 | 1,858,592 | ||||||||||
| 1,044,446 | MFA Trust Series 2024-NQM2 A1(a),(d) | 5.2720 | 08/25/69 | 1,043,428 | ||||||||||
| 4,655,250 | MFRA Trust Series 2024-NQM3 A1(a),(d) | 5.7220 | 12/25/69 | 4,694,274 | ||||||||||
| 356,051 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-NQM3 A1(a),(b) | 5.0440 | 07/25/69 | 354,098 | ||||||||||
| 2,045,161 | OBX Trust Series 2024-NQM4 A1(a),(d) | 6.0670 | 01/25/64 | 2,058,336 | ||||||||||
| 6,109,746 | OBX Trust Series 2024-NQM12 A1(a),(d) | 5.4750 | 07/25/64 | 6,113,208 | ||||||||||
| 1,000,000 | Onity Loan Investment Trust Series 2024-HB2 M3(a) | 5.0000 | 08/25/37 | 942,713 | ||||||||||
| 1,250,000 | Onity Loan Investment Trust Series 2024-HB2 M4(a) | 5.0000 | 08/25/37 | 1,126,819 | ||||||||||
| 1,403,335 | PRKCM Trust Series 2023-AFC3 A1(a) | 6.5840 | 09/25/58 | 1,418,881 | ||||||||||
See accompanying notes which are an integral part of these financial statements.
13
| HOLBROOK STRUCTURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 92.4% (Continued) | ||||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 9.4% (Continued) | ||||||||||||||
| 753,656 | Sequoia Mortgage Trust Series 2024-3 A4(a),(b) | 6.0000 | 04/25/54 | $ | 760,315 | |||||||||
| 7,480,572 | Verus Securitization Trust Series 2023-3 A1(a),(d) | 5.9300 | 03/25/68 | 7,490,752 | ||||||||||
| 285,477 | Verus Securitization Trust Series 2023-4 A1(a),(d) | 5.8110 | 05/25/68 | 285,804 | ||||||||||
| 2,890,270 | Verus Securitization Trust Series 2024-9 A1(a),(b) | 5.4380 | 11/25/69 | 2,892,000 | ||||||||||
| 1,000,000 | Verus Securitization Trust Series 2025-3 A1(a),(d) | 5.6230 | 05/25/70 | 1,003,246 | ||||||||||
| 47,797,231 | ||||||||||||||
| NON AGENCY CMBS — 23.3% | ||||||||||||||
| 12,961,718 | BANK Series 2017-BNK9 XA(b),(e) | 0.7530 | 11/15/54 | 217,101 | ||||||||||
| 13,500,000 | BHMS Series 2018-MZB MZB(a),(c) | TSFR1M + 6.934% | 11.2550 | 07/15/25 | 13,315,596 | |||||||||
| 5,000,000 | BX Commercial Mortgage Trust Series 2019-IMC F(a),(c) | TSFR1M + 2.946% | 7.2680 | 04/15/34 | 4,857,096 | |||||||||
| 196,000 | BX Commercial Mortgage Trust Series 2019-IMC G(a),(c) | TSFR1M + 3.646% | 7.9680 | 04/15/34 | 188,347 | |||||||||
| 22,000,000 | BXHPP Trust Series 2021-FILM A(a),(c) | TSFR1M + 0.764% | 5.0860 | 08/15/36 | 21,064,216 | |||||||||
| 2,520,000 | Capital Funding Mortgage Trust Series 2025-P05 B(a),(c) | TSFR1M + 10.500% | 14.8240 | 08/04/25 | 2,525,593 | |||||||||
| 4,000,000 | Capital Funding Mortgage Trust Series 2024-29 B(a),(c) | TSFR1M + 9.500% | 13.8370 | 11/01/26 | 4,005,763 | |||||||||
| 4,250,000 | Capital Funding Mortgage Trust Series 2024-28 B(a),(c) | TSFR1M + 11.000% | 15.2980 | 11/01/26 | 4,283,254 | |||||||||
| 13,000,000 | Capital Funding Mortgage Trust Series 2025-31 B(a),(c) | TSFR1M + 11.000% | 15.3240 | 02/10/28 | 13,074,598 | |||||||||
| 5,380,113 | Capital Funding Multifamily Mortgage Trust Series 2022-PM01 B(a),(c) | TSFR1M + 9.500% | 13.8240 | 12/31/25 | 5,375,873 | |||||||||
| 8,115,329 | Citigroup Commercial Mortgage Trust Series 2018-B2 XA(b),(e) | 0.6850 | 03/10/51 | 133,169 | ||||||||||
| 4,148,585 | CSMC Trust Series 2016-NXSR XA(b),(e) | 0.6700 | 12/15/49 | 25,067 | ||||||||||
| 1,747,350 | FREMF Mortgage Trust Series 2020-KF76 B(a),(c) | SOFR30A + 2.864% | 7.1980 | 01/25/30 | 1,708,113 | |||||||||
| 2,770,000 | GSMS Trust Series 2024-FAIR D(a),(b) | 8.2140 | 07/15/29 | 2,841,663 | ||||||||||
| 1,070,000 | Hudsons Bay Simon JV Trust Series 2015-HB10 C10(a),(b) | 5.6290 | 08/05/34 | 1,043,978 | ||||||||||
| 19,539,000 | J.P. Morgan Chase Commercial Mortgage Securities Series 2019-ICON XB(a),(b),(e) | 0.6200 | 01/05/34 | 92,709 | ||||||||||
| 25,514,473 | J.P. M organ Chase Commercial Mortgage Securities Series 2019-ICON XA(a),(b),(e) | 1.3380 | 01/05/34 | 240,331 | ||||||||||
| 880,000 | JP Morgan Chase Commercial Mortgage Securities Series 2020-NNN DFX(a) | 3.6200 | 01/16/37 | 486,640 | ||||||||||
| 6,500,000 | Morgan Stanley Capital I Trust Series 2024-BPR2 E(a),(b) | 9.0440 | 05/05/29 | 6,291,286 | ||||||||||
| 6,000,000 | Morgan Stanley Capital I, Inc. Series 2024-BPR2 C(a),(b) | 9.0440 | 05/05/29 | 6,186,752 | ||||||||||
| 3,960,743 | SMR Mortgage Trust Series 2022-IND F(a),(c) | TSFR1M + 6.000% | 10.3220 | 02/15/39 | 3,845,671 | |||||||||
| 2,545,129 | Wells Fargo Commercial Mortgage Trust Series 2015-LC22 XA(b),(e) | 0.7050 | 09/15/58 | 992 | ||||||||||
| 471,250 | XCALI Mortgage Trust Series 2021-10 B1(a),(c) | TSFR1M + 8.120% | 12.4440 | 06/30/25 | 468,523 | |||||||||
| 374,715 | XCALI Mortgage Trust Series 2020-5 B1(a),(c) | TSFR1M + 8.370% | 12.6940 | 12/31/25 | 372,917 | |||||||||
| 4,600,000 | X-Caliber Funding, LLC Series 2023-HOAKS A(a),(c) | TSFR1M + 3.500% | 7.8240 | 05/15/25 | 4,586,739 | |||||||||
| 3,335,000 | X-Caliber Funding, LLC Series 2023-DMNK B1(a),(c) | TSFR1M + 6.500% | 10.8240 | 05/15/25 | 3,321,740 | |||||||||
See accompanying notes which are an integral part of these financial statements.
14
| HOLBROOK STRUCTURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES — 92.4% (Continued) | ||||||||||||||
| NON AGENCY CMBS — 23.3% (Continued) | ||||||||||||||
| 240,437 | X-Caliber Funding, LLC Series 2023-MF9 B1(a),(c) | TSFR1M + 6.500% | 10.8300 | 12/31/25 | $ | 240,100 | ||||||||
| 4,165,000 | X-Caliber Funding, LLC Series 2021-7 B1(a),(c) | TSFR1M + 6.114% | 10.4380 | 01/06/26 | 4,160,893 | |||||||||
| 4,000,000 | X-Caliber Funding, LLC Series 2024-OPAL A(a),(c) | TSFR1M + 4.000% | 8.3240 | 02/15/26 | 4,002,044 | |||||||||
| 2,450,000 | X-Caliber Funding, LLC Series 2024-OPAL B1(a),(c) | TSFR1M + 6.000% | 10.3240 | 02/15/26 | 2,452,525 | |||||||||
| 1,748,750 | X-Caliber Funding, LLC Series 2024-MSD B1(a),(c) | TSFR1M + 6.000% | 10.3240 | 01/01/27 | 1,748,224 | |||||||||
| 5,000,000 | X-Caliber Funding, LLC Series 2024-SURF A(a) | 12.0000 | 08/04/27 | 5,063,585 | ||||||||||
| 118,221,098 | ||||||||||||||
| OTHER ABS — 0.1% | ||||||||||||||
| 262,462 | Pagaya AI Debt Trust Series 2024-1 A(a) | 6.6600 | 07/15/31 | 264,706 | ||||||||||
| 232,231 | Reach Abs Trust Series 2024-1A A(a) | 6.3000 | 02/18/31 | 232,980 | ||||||||||
| 497,686 | ||||||||||||||
| WHOLE BUSINESS — 0.8% | ||||||||||||||
| 1,450,829 | Harvest SBA Loan Trust Series 2024-1 B(a),(c) | SOFR30A + 3.750% | 8.1850 | 12/25/51 | 1,457,015 | |||||||||
| 2,344,540 | Harvest SBA Loan Trust Series 2024-1 C(a),(c) | SOFR30A + 6.750% | 9.6510 | 12/25/51 | 2,348,596 | |||||||||
| 3,805,611 | ||||||||||||||
| TOTAL ASSET BACKED SECURITIES (Cost $469,079,867) | 468,026,441 | |||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3% | ||||||||||||||
| CMBS — 0.8% | ||||||||||||||
| 2,000,000 | FREMF Mortgage Trust Series 2019-K736(a),(b) | 3.7620 | 07/25/26 | 1,961,388 | ||||||||||
| 363,685 | FREMF Mortgage Trust Series 2019-KF61 B(a),(c) | SOFR30A + 2.314% | 6.6480 | 04/25/29 | 353,795 | |||||||||
| 1,598,443 | FREMF Mortgage Trust Series 2019-KF69(a),(c) | SOFR30A + 2.414% | 6.7480 | 08/25/29 | 1,541,932 | |||||||||
| 3,857,115 | ||||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 1.5% | ||||||||||||||
| 1,861,424 | Fannie Mae REMICS Series 2024-20 CV | 5.5000 | 04/25/35 | 1,894,528 | ||||||||||
| 1,622,837 | Fannie Mae REMICS Series 2024-63 HA | 5.0000 | 06/25/52 | 1,634,151 | ||||||||||
| 2,817,374 | Fannie Mae REMICS Series 2025-6 DL | 2.0000 | 04/25/53 | 1,601,286 | ||||||||||
| 1,484,055 | Freddie Mac REMICS Series 5438 H | 5.5000 | 06/25/50 | 1,497,506 | ||||||||||
| 949,743 | Government National Mortgage Association Series 2024-76 KA | 6.0000 | 12/20/49 | 957,660 | ||||||||||
| 7,585,131 | ||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,369,131) | 11,442,246 | |||||||||||||
See accompanying notes which are an integral part of these financial statements.
15
| HOLBROOK STRUCTURED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| April 30, 2025 |
| Principal | Coupon Rate | |||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS — 0.8% | ||||||||||||
| SPECIALTY FINANCE — 0.8% | ||||||||||||
| 1,000,000 | X-Caliber Funding, LLC(a) | 25.0000 | 09/01/25 | $ | 1,000,000 | |||||||
| 500,000 | X-Caliber Funding, LLC(a) | 11.0000 | 10/01/25 | 497,432 | ||||||||
| 2,654,000 | X-Caliber Funding, LLC(a) | 11.0000 | 03/01/26 | 2,639,684 | ||||||||
| 4,137,116 | ||||||||||||
| TOTAL CORPORATE BONDS (Cost $4,131,329) | 4,137,116 | |||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS — 5.1% | ||||||||||||
| MONEY MARKET FUNDS - 5.1% | ||||||||||||
| 26,038,277 | First American Government Obligations Fund, Class X, 4.24% (Cost $26,038,277)(f) | 26,038,277 | ||||||||||
| TOTAL INVESTMENTS - 100.6% (Cost $510,618,604) | $ | 509,644,080 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)% | (2,916,280 | ) | ||||||||||
| NET ASSETS - 100.0% | $ | 506,727,800 | ||||||||||
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR1M | Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | Term Secured Overnight Financing Rate 3 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 April 30, 2025 the total market value of 144A securities is $475,644,343 or 93.9% of net assets. |
| (b) | 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. |
| (c) | Variable rate security; the rate shown represents the rate on April 30, 2025. |
| (d) | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at April 30, 2025. |
| (e) | Interest only securities. |
| (f) | Rate disclosed is the seven day effective yield as of April 30, 2025. |
See accompanying notes which are an integral part of these financial statements.
16
| Holbrook Funds |
| Statements of Assets and Liabilities |
| April 30, 2025 |
| Holbrook Income Fund | Holbrook Structured Income Fund |
|||||||
| ASSETS | ||||||||
| Total Investments, at cost | $ | 2,193,717,919 | $ | 510,618,604 | ||||
| Total Investments, at value | $ | 2,191,324,005 | $ | 509,644,080 | ||||
| Dividends and Interest receivable | 16,226,489 | 2,423,907 | ||||||
| Receivable for Fund shares sold | 4,691,860 | 1,111,072 | ||||||
| Receivable for securities sold | 10,300,265 | — | ||||||
| Prepaid expenses and other assets | 112,461 | 54,624 | ||||||
| TOTAL ASSETS | 2,222,655,080 | 513,233,683 | ||||||
| LIABILITIES | ||||||||
| Payable for securities purchased | $ | 25,199,538 | $ | 4,259,506 | ||||
| Cash Overdraft | 5,144,664 | — | ||||||
| Payable for Fund shares redeemed | 4,568,935 | 1,109,315 | ||||||
| Dividends payable | 2,220,468 | 448,784 | ||||||
| Investment advisory fees payable | 1,390,658 | 437,816 | ||||||
| Distribution (12b-1) fees payable | 101,038 | 35,222 | ||||||
| Payable to related parties | 227,794 | 92,950 | ||||||
| Accrued expenses and other liabilities | 1,017,322 | 122,290 | ||||||
| TOTAL LIABILITIES | 39,870,417 | 6,505,883 | ||||||
| NET ASSETS | $ | 2,182,784,663 | $ | 506,727,800 | ||||
| NET ASSETS CONSIST OF: | ||||||||
| Paid in capital | $ | 2,253,178,821 | $ | 510,087,942 | ||||
| Accumulated losses | (70,394,158 | ) | (3,360,142 | ) | ||||
| NET ASSETS | $ | 2,182,784,663 | $ | 506,727,800 | ||||
| NET ASSET VALUE PER SHARE: | ||||||||
| Class I Shares: | ||||||||
| Net Assets | $ | 1,875,552,545 | $ | 413,247,437 | ||||
| Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 193,267,522 | 42,321,351 | ||||||
| Net asset value (Net Assets ÷ Shares Outstanding) offering and redemption price per share | $ | 9.70 | $ | 9.76 | ||||
| Investor Class Shares: | ||||||||
| Net Assets | $ | 193,921,911 | $ | 79,065,860 | ||||
| Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 19,810,833 | 8,085,441 | ||||||
| Net asset value (Net Assets ÷ Shares Outstanding) offering and redemption price per share | $ | 9.79 | $ | 9.78 | ||||
| Class A Shares: | ||||||||
| Net Assets | $ | 113,310,207 | $ | 14,414,503 | ||||
| Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 11,655,514 | 1,475,901 | ||||||
| Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $ | 9.72 | $ | 9.77 | ||||
| Maximum offering price per share (net asset value plus maximum sales charge of 1.25% and 2.25%, respectively) | $ | 9.84 | $ | 9.99 | ||||
The accompanying notes are an integral part of these financial statements.
17
| Holbrook Funds |
| Statements of Operations |
| For the Year Ended April 30, 2025 |
| Holbrook Income Fund | Holbrook Structured Income Fund |
|||||||
| INVESTMENT INCOME | ||||||||
| Interest | $ | 110,822,586 | $ | 38,998,795 | ||||
| Dividends | 13,019,445 | — | ||||||
| TOTAL INVESTMENT INCOME | 123,842,031 | 38,998,795 | ||||||
| EXPENSES | ||||||||
| Investment advisory fees | 14,127,596 | 4,397,480 | ||||||
| Distribution (12b-1) fees: | ||||||||
| Investor Class | 864,068 | 289,844 | ||||||
| Class A | 182,234 | 21,642 | ||||||
| Administrative services fees | 938,352 | 447,175 | ||||||
| Third party administration servicing fees | 1,843,863 | 451,922 | ||||||
| Transfer agent fees | 732,668 | 143,432 | ||||||
| Registration fees | 203,663 | 118,777 | ||||||
| Accounting services fees | 206,704 | 76,038 | ||||||
| Legal fees | 125,620 | 26,227 | ||||||
| Custodian fees | 144,264 | 47,649 | ||||||
| Printing and postage expenses | 107,339 | 23,461 | ||||||
| Compliance officer fees | 49,030 | 26,252 | ||||||
| Audit fees | 49,017 | 48,820 | ||||||
| Trustees fees and expenses | 16,640 | 16,639 | ||||||
| Insurance expense | 23,226 | 5,197 | ||||||
| Other expenses | 79,671 | 31,673 | ||||||
| TOTAL EXPENSES | 19,693,955 | 6,172,228 | ||||||
| Plus: Expenses recaptured | — | 266,942 | ||||||
| NET EXPENSES | 19,693,955 | 6,439,170 | ||||||
| NET INVESTMENT INCOME | 104,148,076 | 32,559,625 | ||||||
| REALIZED AND UNREALIZED GAIN /(LOSS) ON INVESTMENTS | ||||||||
| Net realized loss from: | ||||||||
| Investments | (4,746,069 | ) | (1,354,582 | ) | ||||
| Net realized loss on investments | (4,746,069 | ) | (1,354,582 | ) | ||||
| Net change in unrealized appreciation/(depreciation) on: | ||||||||
| Investments | 24,456,779 | (1,549,135 | ) | |||||
| Net change in unrealized appreciation/(depreciation) on investments | 24,456,779 | (1,549,135 | ) | |||||
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS | 19,710,710 | (2,903,717 | ) | |||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 123,858,786 | $ | 29,655,908 | ||||
The accompanying notes are an integral part of these financial statements.
18
| Holbrook Funds |
| Statements of Changes in Net Assets |
| Holbrook Income Fund | Holbrook Structured Income Fund | |||||||||||||||
| For the | For the | For the | For the | |||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| April 30, 2025 | April 30, 2024 | April 30, 2025 | April 30, 2024 | |||||||||||||
| FROM OPERATIONS | ||||||||||||||||
| Net investment income | $ | 104,148,076 | $ | 93,146,855 | $ | 32,559,625 | $ | 7,252,636 | ||||||||
| Net realized loss from investments | (4,746,069 | ) | (17,833,282 | ) | (1,354,582 | ) | (476,994 | ) | ||||||||
| Unrealized appreciation/(depreciation) from investments | 24,456,779 | 26,967,449 | (1,549,135 | ) | 1,421,359 | |||||||||||
| Net increase in net assets resulting from operations | 123,858,786 | 102,281,022 | 29,655,908 | 8,197,001 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
| Total distributions paid: | ||||||||||||||||
| Class I | (107,424,113 | ) | (87,063,501 | ) | (28,380,806 | ) | (6,327,921 | ) | ||||||||
| Investor Class | (11,356,710 | ) | (9,339,262 | ) | (4,072,464 | ) | (658,358 | ) | ||||||||
| Class A | (5,013,423 | ) | (2,707,400 | ) | (632,162 | ) | (312,059 | ) | ||||||||
| Net decrease in net assets resulting from distributions to shareholders | (123,794,246 | ) | (99,110,163 | ) | (33,085,432 | ) | (7,298,338 | ) | ||||||||
| FROM SHARES OF BENEFICIAL INTEREST | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class I | 997,193,299 | 774,086,579 | 469,010,828 | 221,321,587 | ||||||||||||
| Investor Class | 113,192,700 | 82,185,681 | 91,697,982 | 28,624,882 | ||||||||||||
| Class A | 77,528,043 | 47,456,335 | 16,873,138 | 4,385,662 | ||||||||||||
| Net asset value of shares issued in reinvestment of distributions: | ||||||||||||||||
| Class I | 88,606,228 | 69,102,581 | 24,277,841 | 5,849,827 | ||||||||||||
| Investor Class | 10,988,512 | 9,184,946 | 3,895,103 | 634,677 | ||||||||||||
| Class A | 4,347,226 | 2,190,092 | 543,185 | 267,921 | ||||||||||||
| Payments for shares redeemed: | ||||||||||||||||
| Class I | (519,605,509 | ) | (466,372,015 | ) | (271,059,583 | ) | (63,794,542 | ) | ||||||||
| Investor Class | (82,237,497 | ) | (64,553,529 | ) | (40,812,965 | ) | (4,587,675 | ) | ||||||||
| Class A | (22,788,982 | ) | (17,716,419 | ) | (7,890,952 | ) | (245,034 | ) | ||||||||
| Net increase in net assets from shares of beneficial interest | 667,224,020 | 435,564,251 | 286,534,577 | 192,457,305 | ||||||||||||
| TOTAL INCREASE IN NET ASSETS | 667,288,560 | 438,735,110 | 283,105,053 | 193,355,968 | ||||||||||||
| NET ASSETS | ||||||||||||||||
| Beginning of Year | 1,515,496,103 | 1,076,760,993 | 223,622,747 | 30,266,779 | ||||||||||||
| End of Year | $ | 2,182,784,663 | $ | 1,515,496,103 | $ | 506,727,800 | $ | 223,622,747 | ||||||||
| SHARE ACTIVITY | ||||||||||||||||
| Class I: | ||||||||||||||||
| Shares Sold | 102,532,020 | 79,994,255 | 47,749,128 | 22,597,478 | ||||||||||||
| Shares Reinvested | 9,112,861 | 7,146,497 | 2,471,640 | 598,273 | ||||||||||||
| Shares Redeemed | (53,518,789 | ) | (48,379,765 | ) | (27,639,682 | ) | (6,523,547 | ) | ||||||||
| Net increase in shares of beneficial interest outstanding | 58,126,092 | 38,760,987 | 22,581,086 | 16,672,204 | ||||||||||||
| Investor Class: | ||||||||||||||||
| Shares Sold | 11,532,269 | 8,441,852 | 9,321,179 | 2,921,041 | ||||||||||||
| Shares Reinvested | 1,120,738 | 943,664 | 396,001 | 64,667 | ||||||||||||
| Shares Redeemed | (8,384,422 | ) | (6,638,705 | ) | (4,150,451 | ) | (467,645 | ) | ||||||||
| Net increase in shares of beneficial interest outstanding | 4,268,585 | 2,746,811 | 5,566,729 | 2,518,063 | ||||||||||||
| Class A: | ||||||||||||||||
| Shares Sold | 7,958,937 | 4,905,391 | 1,718,128 | 448,791 | ||||||||||||
| Shares Reinvested | 446,344 | 226,475 | 55,299 | 27,402 | ||||||||||||
| Shares Redeemed | (2,343,583 | ) | (1,841,394 | ) | (804,441 | ) | (25,016 | ) | ||||||||
| Net increase in shares of beneficial interest outstanding | 6,061,698 | 3,290,472 | 968,986 | 451,177 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
19
| Holbrook Income Fund |
| Financial Highlights |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year |
| Class I | ||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
| April 30, 2025 | April 30, 2024 | April 30, 2023 | April 30, 2022 | April 30, 2021 | ||||||||||||||||
| Net asset value, beginning of year | $ | 9.69 | $ | 9.65 | $ | 10.27 | $ | 10.67 | $ | 8.91 | ||||||||||
| Activity from investment operations: | ||||||||||||||||||||
| Net investment income (1) | 0.58 | 0.68 | 0.58 | 0.45 | 0.51 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments | 0.11 | 0.08 | (0.62 | ) | (0.34 | ) | 1.86 | |||||||||||||
| Total from investment operations | 0.69 | 0.76 | (0.04 | ) | 0.11 | 2.37 | ||||||||||||||
| Less distributions from: | ||||||||||||||||||||
| Net investment income | (0.68 | ) | (0.72 | ) | (0.58 | ) | (0.49 | ) | (0.61 | ) | ||||||||||
| Net realized gains | — | — | — | (0.01 | ) | — | ||||||||||||||
| Return of Capital | — | — | — | (0.01 | ) | — | ||||||||||||||
| Total distributions | (0.68 | ) | (0.72 | ) | (0.58 | ) | (0.51 | ) | (0.61 | ) | ||||||||||
| Net asset value, end of year | $ | 9.70 | $ | 9.69 | $ | 9.65 | $ | 10.27 | $ | 10.67 | ||||||||||
| Total return (2) | 7.38 | % | 8.17 | % (6) | (0.34 | )% (6) | 0.92 | % | 27.10 | % (6) | ||||||||||
| Net assets, at end of year (000s) | $ | 1,875,553 | $ | 1,309,324 | $ | 930,463 | $ | 606,759 | $ | 267,123 | ||||||||||
| Ratio of gross expenses to average net assets (3) | 1.05 | % | 1.06 | % (4) | 1.08 | % (4) | 1.09 | % | 1.13 | % | ||||||||||
| Ratio of net expenses to average net assets | 1.05 | % | 1.04 | % (4) | 1.06 | % (4) | 1.09 | % | 1.28 | % (7) | ||||||||||
| Ratio of net investment income to average net assets | 5.95 | % | 7.03 | % (4,5) | 5.85 | % (4,5) | 4.28 | % | 4.98 | % | ||||||||||
| Portfolio Turnover Rate | 68 | % | 36 | % | 36 | % | 70 | % | 74 | % | ||||||||||
| Investor Class | ||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
| April 30, 2025 | April 30, 2024 | April 30, 2023 | April 30, 2022 | April 30, 2021 | ||||||||||||||||
| Net asset value, beginning of year | $ | 9.77 | $ | 9.70 | $ | 10.32 | $ | 10.71 | $ | 8.92 | ||||||||||
| Activity from investment operations: | ||||||||||||||||||||
| Net investment income (1) | 0.53 | 0.64 | 0.52 | 0.40 | 0.46 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments | 0.13 | 0.07 | (0.61 | ) | (0.33 | ) | 1.85 | |||||||||||||
| Total from investment operations | 0.66 | 0.71 | (0.09 | ) | 0.07 | 2.31 | ||||||||||||||
| Less distributions from: | ||||||||||||||||||||
| Net investment income | (0.64 | ) | (0.64 | ) | (0.53 | ) | (0.44 | ) | (0.52 | ) | ||||||||||
| Net realized gains | — | — | — | (0.01 | ) | — | ||||||||||||||
| Return of Capital | — | — | — | (0.01 | ) | — | ||||||||||||||
| Total distributions | (0.64 | ) | (0.64 | ) | (0.53 | ) | (0.46 | ) | (0.52 | ) | ||||||||||
| Net asset value, end of year | $ | 9.79 | $ | 9.77 | $ | 9.70 | $ | 10.32 | $ | 10.71 | ||||||||||
| Total return (2) | 6.95 | % | 7.50 | % (6) | (0.81 | )% (6) | 0.52 | % | 26.37 | % | ||||||||||
| Net assets, at end of year (000s) | $ | 193,922 | $ | 151,881 | $ | 124,060 | $ | 114,783 | $ | 68,727 | ||||||||||
| Ratio of gross expenses to average net assets (3) | 1.55 | % | 1.56 | % (4) | 1.58 | % (4) | 1.59 | % | 1.63 | % | ||||||||||
| Ratio of net expenses to average net assets | 1.55 | % | 1.54 | % (4) | 1.56 | % (4) | 1.59 | % | 1.78 | % (7) | ||||||||||
| Ratio of net investment income to average net assets | 5.44 | % | 6.54 | % (4,5) | 5.24 | % (4,5) | 3.77 | % | 4.50 | % | ||||||||||
| Portfolio Turnover Rate | 68 | % | 36 | % | 36 | % | 70 | % | 74 | % | ||||||||||
| (1) | The net investment income per share data was determined using the average shares outstanding throughout each year. |
| (2) | Total returns are historical in nature and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion of Fund expenses, total returns would have been lower. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
| (4) | Does not include expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests. |
| (6) | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |
| (7) | Inclusive of the Adviser’s recapture of waived/reimbursed fees from prior periods. |
The accompanying notes are an integral part of these financial statements.
20
| Holbrook Income Fund |
| Financial Highlights |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period |
| Class A | ||||||||||||||||
| Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||
| April 30, 2025 | April 30, 2024 | April 30, 2023 | April 30, 2022 (1) | |||||||||||||
| Net asset value, beginning of year/period | $ | 9.71 | $ | 9.65 | $ | 10.27 | $ | 10.68 | ||||||||
| Activity from investment operations: | ||||||||||||||||
| Net investment income (2) | 0.56 | 0.66 | 0.56 | 0.34 | ||||||||||||
| Net realized and unrealized (loss) on investments | 0.11 | 0.08 | (0.62 | ) | (0.42 | ) | ||||||||||
| Total from investment operations | 0.67 | 0.74 | (0.06 | ) | (0.08 | ) | ||||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income | (0.66 | ) | (0.68 | ) | (0.56 | ) | (0.31 | ) | ||||||||
| Net realized gains | — | — | — | (0.01 | ) | |||||||||||
| Return of capital | — | — | — | (0.01 | ) | |||||||||||
| Total distributions | (0.66 | ) | (0.68 | ) | (0.56 | ) | (0.33 | ) | ||||||||
| Net asset value, end of year/period | $ | 9.72 | $ | 9.71 | $ | 9.65 | $ | 10.27 | ||||||||
| Total return (3) | 7.11 | % | 7.97 | % (7) | (0.52 | )% (7) | (0.84 | )% (5) | ||||||||
| Net assets, at end of year/period (000s) | $ | 113,310 | $ | 54,291 | $ | 22,239 | $ | 12,034 | ||||||||
| Ratio of gross expenses to average net assets (4) | 1.31 | % | 1.32 | % (8) | 1.33 | % (8) | 1.36 | % (6) | ||||||||
| Ratio of net expenses to average net assets | 1.31 | % | 1.30 | % (8) | 1.31 | % (8) | 1.36 | % (6) | ||||||||
| Ratio of net investment income to average net assets | 5.73 | % | 6.85 | % (8,9) | 5.66 | % (8,9) | 4.21 | % (6) | ||||||||
| Portfolio Turnover Rate | 68 | % | 36 | % | 36 | % | 70 | % (5) | ||||||||
| (1) | Class A commenced investment operations on July 23, 2021. |
| (2) | The net investment income per share data was determined using the average shares outstanding throughout each year/period. |
| (3) | Total returns are historical in nature and assume changes in share price and reinvestment of dividends and capital gains distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
| (5) | Not Annualized. |
| (6) | Annualized. |
| (7) | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (8) | Does not include expenses of other investment companies in which the Fund invests. |
| (9) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
21
| Holbrook Structured Income Fund (1) |
| Financial Highlights |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period |
| Class I | ||||||||||||
| Year Ended | Year Ended | Period Ended | ||||||||||
| April 30, 2025 | April 30, 2024 | April 30, 2023 | ||||||||||
| Net asset value, beginning of year/period | $ | 9.82 | $ | 9.69 | $ | 10.00 | ||||||
| Activity from investment operations: | ||||||||||||
| Net investment income (2) | 0.73 | 1.04 | 0.97 | |||||||||
| Net realized and unrealized (loss) on investments | (0.03 | ) | 0.15 | (0.33 | ) | |||||||
| Total from investment operations | 0.70 | 1.19 | 0.64 | |||||||||
| Less distributions from: | ||||||||||||
| Net investment income | (0.76 | ) | (1.06 | ) | (0.95 | ) | ||||||
| Total distributions | (0.76 | ) | (1.06 | ) | (0.95 | ) | ||||||
| Net asset value, end of year/period | $ | 9.76 | $ | 9.82 | $ | 9.69 | ||||||
| Total return (3) | 7.36 | % | 12.85 | % | 6.69 | % (5) | ||||||
| Net assets, at end of year/period (000s) | $ | 413,247 | $ | 193,865 | $ | 29,721 | ||||||
| Ratio of gross expenses to average net assets (4) | 1.33 | % | 1.58 | % | 2.36 | % (6) | ||||||
| Ratio of net expenses to average net assets | 1.39 | % (7) | 1.50 | % | 1.50 | % (6) | ||||||
| Ratio of net investment income to average net assets | 7.47 | % (7) | 10.68 | % | 9.90 | % (6) | ||||||
| Portfolio Turnover Rate | 80 | % | 15 | % | 8 | % (5) | ||||||
| Investor Class | ||||||||||||
| Year Ended | Year Ended | Period Ended | ||||||||||
| April 30, 2025 | April 30, 2024 | April 30, 2023 | ||||||||||
| Net asset value, beginning of year/period | $ | 9.84 | $ | 9.69 | $ | 10.00 | ||||||
| Activity from investment operations: | ||||||||||||
| Net investment income (2) | 0.68 | 1.02 | 0.99 | |||||||||
| Net realized and unrealized (loss) on investments | (0.03 | ) | 0.12 | (0.39 | ) | |||||||
| Total from investment operations | 0.65 | 1.14 | 0.60 | |||||||||
| Less distributions from: | ||||||||||||
| Net investment income | (0.71 | ) | (0.99 | ) | (0.91 | ) | ||||||
| Total distributions | (0.71 | ) | (0.99 | ) | (0.91 | ) | ||||||
| Net asset value, end of year/period | $ | 9.78 | $ | 9.84 | $ | 9.69 | ||||||
| Total return (3) | 6.83 | % | 12.37 | % | 6.22 | % (5) | ||||||
| Net assets, at end of year/period (000s) | $ | 79,066 | $ | 24,777 | $ | 6 | ||||||
| Ratio of gross expenses to average net assets (4) | 1.83 | % | 1.99 | % | 2.86 | % (6) | ||||||
| Ratio of net expenses to average net assets | 1.89 | % (7) | 1.99 | % | 2.00 | % (6) | ||||||
| Ratio of net investment income to average net assets | 6.89 | % (7) | 10.42 | % | 10.05 | % (6) | ||||||
| Portfolio Turnover Rate | 80 | % | 15 | % | 8 | % (5) | ||||||
| (1) | Holbrook Structured Income commenced investment operations on May 2, 2022. |
| (2) | The net investment income per share data was determined using the average shares outstanding throughout the year/period. |
| (3) | Total returns are historical in nature and assume changes in share price and reinvestment of dividends and capital gains distributions. Had the Adviser not absorbed a portion of Fund expenses, total returns would have been lower. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
| (5) | Not annualized. |
| (6) | Annualized. |
| (7) | Inclusive of the Adviser’s recapture of waived/reimbursed fees from prior periods. |
The accompanying notes are an integral part of these financial statements.
22
| Holbrook Structured Income Fund (1) |
| Financial Highlights |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period |
| Class A | ||||||||||||
| Year Ended | Year Ended | Period Ended | ||||||||||
| April 30, 2025 | April 30, 2024 | April 30, 2023 | ||||||||||
| Net asset value, beginning of year/period | $ | 9.83 | $ | 9.68 | $ | 10.00 | ||||||
| Activity from investment operations: | ||||||||||||
| Net investment income (2) | 0.70 | 1.04 | 1.03 | |||||||||
| Net realized and unrealized (loss) on investments | (0.02 | ) | 0.13 | (0.42 | ) | |||||||
| Total from investment operations | 0.68 | 1.17 | 0.61 | |||||||||
| Less distributions from: | ||||||||||||
| Net investment income | (0.74 | ) | (1.02 | ) | (0.93 | ) | ||||||
| Total distributions | (0.74 | ) | (1.02 | ) | (0.93 | ) | ||||||
| Net asset value, end of year/period | $ | 9.77 | $ | 9.83 | $ | 9.68 | ||||||
| Total return (3) | 7.10 | % | 12.66 | % | 6.32 | % (5) | ||||||
| Net assets, at end of year/period (000s) | $ | 14,415 | $ | 4,980 | $ | 540 | ||||||
| Ratio of gross expenses to average net assets (4) | 1.59 | % | 1.86 | % | 2.61 | % (6) | ||||||
| Ratio of net expenses to average net assets | 1.65 | % (7) | 1.75 | % | 1.75 | % (6) | ||||||
| Ratio of net investment income to average net assets | 7.17 | % (7) | 10.63 | % | 10.56 | % (6) | ||||||
| Portfolio Turnover Rate | 80 | % | 15 | % | 8 | % (5) | ||||||
| (1) | Holbrook Structured Income commenced investment operations on May 2, 2022. |
| (2) | The net investment income per share data was determined using the average shares outstanding throughout the year/period. |
| (3) | Total returns are historical in nature and assume changes in share price and reinvestment of dividends and capital gains distributions. Had the Adviser not absorbed a portion of Fund expenses, total returns would have been lower. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
| (5) | Not annualized. |
| (6) | Annualized. |
| (7) | Inclusive of the Adviser’s recapture of waived/reimbursed fees from prior periods. |
The accompanying notes are an integral part of these financial statements.
23
Holbrook
Funds
Notes to Financial Statements
April 30, 2025
| 1. | ORGANIZATION |
The Holbrook Income Fund and the Holbrook Structured Income Fund (each a “Fund” and collectively, the “Funds”) are each a diversified series of shares of beneficial interest of the Two Roads Shared Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on June 8, 2012, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Holbrook Income Fund Class I and Investor Class shares commenced investment operations on July 6, 2016, and the Holbrook Income Fund Class A shares commenced investment operations on July 23, 2021. The Holbrook Structured Income Fund Class I, Investor Class and Class A shares commenced investment operations on May 2, 2022. The investment objective of each Fund is as follows:
| Fund Name | Investment Objective |
| Holbrook Income Fund | Current income |
| Holbrook Structured Income Fund | Current income and the opportunity for capital appreciation to produce a total return |
The Funds offer Class I, Investor Class and Class A shares. Class A shares are offered at net asset value (“NAV”) plus a maximum sales charge of 1.25% and 2.25% for Holbrook Income Fund and Holbrook Structured Income Fund, respectively. All other classes of shares are sold at net asset value without an initial sales charge. Class I shares are not subject to 12b-1 distribution fees and have a higher minimum initial investment than the Investor Class and Class A shares. Each share class represents an interest in the same assets of that Fund and classes are identical except for differences in their ongoing service and distribution charges. All classes of shares of each Fund have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.
| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by each Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.
Operating Segments – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (“Topic 280”) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund’s CODM is comprised of the portfolio managers and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
Security Valuation – Securities listed on an exchange are valued at the last quoted sales price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale such securities shall be valued at the mean
24
Holbrook
Funds
Notes to Financial Statements (Continued)
April 30, 2025
between the current bid and ask prices on the day of valuation. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Funds may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund’s holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.
The Funds may hold securities, such as private investments, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Board of Trustees of the Trust (the “Board”). The Board has appointed the Adviser as its valuation designee (the “Valuation Designee”) for the Funds, for all fair value determinations and responsibilities, other than overseeing pricing service providers used by the Trust. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board’s ability effectively to oversee the designee’s fair value determinations. The Valuation Designee may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures approved by the Board.
Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures approved by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.
The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.
25
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Funds
Notes to Financial Statements (Continued)
April 30, 2025
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2025, for the Funds’ assets measured at fair value:
Income Fund
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | — | $ | — | $ | 9,659,929 | $ | 9,659,929 | ||||||||
| Preferred Stocks | 73,036,199 | 24,401,600 | — | 97,437,799 | ||||||||||||
| Asset Backed Securities | — | 639,271,400 | 1,261,546 | 640,532,946 | ||||||||||||
| Convertible Bonds | — | 9,363,572 | — | 9,363,572 | ||||||||||||
| Corporate Bonds | 204,364,990 | 867,952,808 | — | 1,072,317,798 | ||||||||||||
| Term Loans | — | 24,500,000 | — | 24,500,000 | ||||||||||||
| U.S. Government & Agencies | — | 193,482,325 | — | 193,482,325 | ||||||||||||
| Warrants | — | 110,393 | — | 110,393 | ||||||||||||
| Short-Term Investments | 143,919,243 | — | — | 143,919,243 | ||||||||||||
| Total Assets | $ | 421,320,432 | $ | 1,759,082,098 | $ | 10,921,475 | $ | 2,191,324,005 | ||||||||
| Structured Income Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Backed Securities | — | 468,026,441 | — | $ | 468,026,441 | |||||||||||
| Collateralized Mortgage Obligations | — | 11,442,246 | — | 11,442,246 | ||||||||||||
| Corporate Bonds | — | 4,137,116 | — | 4,137,116 | ||||||||||||
| Short-Term Investments | 26,038,277 | — | — | 26,038,277 | ||||||||||||
| Total Assets | $ | 26,038,277 | $ | 483,605,803 | $ | — | $ | 509,644,080 | ||||||||
| * | Refer to the Schedule of Investments for classifications. |
26
Holbrook
Funds
Notes to Financial Statements (Continued)
April 30, 2025
The following is a reconciliation for the Funds for which level 3 inputs were used in determining valuations.
| Change in | ||||||||||||||||||||||||||||||||||||
| Beginning | Accrued | unrealized | Ending | |||||||||||||||||||||||||||||||||
| balance April | Discount/ | Total realized | appreciation/ | Net Transfers | Net Transfer (out) | Balance April | ||||||||||||||||||||||||||||||
| Holbrook Income Fund | 30, 2024 | Premium | gain/(loss) | (depreciation) | Net Purchases | Net Sales | into Level 3 | of Level 3 | 30, 2025 | |||||||||||||||||||||||||||
| HRR Funding, LLC Series 2021-1 | 1,740,064 | 942 | — | (479,460 | ) | — | — | — | — | 1,261,546 | ||||||||||||||||||||||||||
| Specialty Transportation Holdings, LLC | 6,920,301 | — | — | 1,805,576 | 934,052 | — | — | — | 9,659,929 | |||||||||||||||||||||||||||
Quantitative disclosures of unobservable inputs and assumptions used by Holbrook Income Fund are below:
| Impact to valuation | ||||||||||||
| Fair Value | Valuation Techniques | Unobservable inputs | Input Range | from increase in input | ||||||||
| HRR Funding, LLC 2021-1 | 1,261,546 | Broker Quotes | Indicative value | 58 | Increase | |||||||
| Specialty Transportation Holdings, LLC | 9,659,929 | Discount Cash Flows | Discount Rate | 45% | Increase | |||||||
| $ | 10,921,475 | |||||||||||
Security Transactions and Related Income – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and distributed monthly. Distributable net realized capital gains are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on ex dividend date and determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
Federal Income Taxes – It is each Fund’s policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.
Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken for open tax years 2022-2024 for the Holbrook Income Fund and 2023-2024 for the Holbrook Structured Income Fund or expected to be taken for each Fund’s April 30, 2025 tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where each of the Funds makes significant investments; however, each Fund is not aware of any tax positions for which it is reasonably expected that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits, as income tax expense in the Statement of Operations. As of April 30, 2025, the Funds did not incur any interest or penalties.
Expenses – Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.
Indemnification – The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under
27
Holbrook
Funds
Notes to Financial Statements (Continued)
April 30, 2025
these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
| 3. | PRINCIPAL INVESTMENT RISKS |
The Funds’ investments in securities and financial instruments expose them to various risks, certain of which are discussed below. The Funds’ prospectus and statement of additional information include further information regarding the of risks associated with the Funds’ investments which include, but are not limited to:
Holbrook Income Fund: Baby Bonds Risk, Business Development Company (“BDC”) Risk, Cash Position Risk, Closed-End Fund Risk, Collateralized Loan Obligations Risk, Credit Risk, Currency Risk, Cybersecurity Risk, Derivatives Risk, Emerging Markets Risk, Financial Services Sector Risk, Fixed Income Securities Risk, Foreign (Non-U.S.) Investment Risk, Gap Risk, High Yield Risk, Industry Concentration Risk, Interest Rate Risk, Investment Companies and Exchange-Traded Funds (“ETFs”) Risk, Large Shareholder Transaction Risk, LIBOR Risk, Liquidity Risk, Management Risk, Market Events Risk, Market Risk, Portfolio Turnover Risk, Preferred Stock Risk, Quantitative Investing Risk, Treasury Inflation Protected Securities Risk, Underlying Fund Risk, U.S. Government Securities Risk, Valuation Risk, Volatility Risk, and Yield Curve Risk.
Holbrook Structured Income Fund: Cash Position Risk, Collateralized Loan Obligations Risk, Concentration in Certain Mortgage-Backed Securities Risk, Credit Risk, Currency Risk, Cybersecurity Risk, Derivatives Risk, Emerging Markets Risk, Extension Risk, Fixed Income Securities Risk, Floating or Variable Rate Securities Risk, Foreign (Non-U.S.) Investment Risk, Gap Risk, High Yield Risk, Illiquid Investments Risks, Industry Concentration Risk, Interest Rate Risk, Large Shareholder Transactions Risk, Leveraging Risk, Liquidity Risk, Management Risk, Market Events Risk, Market Risk, Mezzanine Securities Risk, Mortgage-Backed and Asset-Backed Securities Risk, New Fund Risk, Portfolio Turnover Risk, Prepayment Risk, Rating Agencies Risks, Residential Loans and Mortgages Risk, Sector Risk, Structured Products Risk, Treasury Inflation Protected Securities Risk, Unrated Securities Risks, U.S. Government Securities Risk, Valuation Risk, Volatility Risk, and Yield Curve Risk.
Baby Bonds Risk - The primary risk associated with Holbrook Income Fund’s investments in baby bonds is that the issuer or insurer of a baby bond may default on principal and/or interest payments when due on the baby bond. Such a default would have the effect of lessening the income generated by the Fund and/or the value of the baby bonds. Baby bonds are also subject to typical credit ratings risks associated with other fixed-income instruments. Baby bond securities are classified as Corporate Bonds on the Schedule of Investments.
Collateralized Loan Obligations Risk - The Funds are subject to certain risks as a result of its investments in CLOs. The CLO’s performance is linked to the expertise of the CLO manager and its ability to manage the CLO portfolio. The experience of a CLO manager plays an important role in the rating and risk assessment of CLO debt securities. One of the primary risks to investors of a CLO is the potential change in CLO manager, over which the Funds will have no control. The Funds may be adversely affected by new (or revised) laws or regulations that may be imposed by government regulators or self-regulatory organizations that supervise the financial markets. Changes in the regulation of CLOs may adversely affect the value of the investments held by the Funds and the ability of the Funds to execute their investment strategies. CLO debt securities are limited recourse obligations of their issuers. CLO investors must rely solely on distributions from the underlying assets for payments on the CLO debt they hold. CLO debt is not guaranteed by the issuer or any other party. If income from the underlying loans is insufficient to make payments on the CLO debt, no other assets will be available for payment. CLO debt securities may be subject to redemption. In the event of an early redemption, holders of the CLO debt being redeemed will be repaid earlier than the stated maturity of the debt. The timing of redemptions may adversely affect the returns on CLO debt. The CLO manager may not find suitable assets in which to invest during the reinvestment period or to replace assets that the manager has determined are no longer suitable for investment. Additionally, there is a risk that the reinvestment period may terminate early if, for example, the CLO defaults on payments on the securities which it issues or if the CLO manager determines that it can no longer reinvest in underlying assets. Early termination of the reinvestment period could adversely affect a CLO investment.
28
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Funds
Notes to Financial Statements (Continued)
April 30, 2025
Fixed Income Securities Risk - Fixed income securities are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, duration, and liquidity risk. In addition, current market conditions may pose heightened risks for fixed income securities. When the Funds invest in fixed income securities, the value of your investment in the Funds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Funds. Moreover, new regulations applicable to and changing business practices of financial intermediaries that make markets in fixed income securities have resulted in less market making activity for certain fixed income securities, which has reduced the liquidity and may increase the volatility for such fixed income securities. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. Longer-term securities may be more sensitive to interest rate changes.
Asset-Backed Risk - Asset-backed securities may involve certain risks not presented by other securities. These risks include a greater chance of default during periods of economic downturn than other securities. Any future economic downturn could increase the risk that such assets underlying asset-backed securities purchased by the Funds will also suffer greater levels of default than were historically experienced. Also, asset-backed securities may be less liquid and therefore more difficult to value and liquidate, if necessary. Ultimately, asset-backed securities are dependent upon payment of the underlying consumer loans or receivables by individuals, and the certificate holder frequently has no recourse against the entity that originated the loans or receivables. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, the Funds’ ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.
Benchmark Rate Risk - As market participants have had to transition away from the London Inter-bank Offered Rate (“LIBOR”), regulators and industry groups have recommended transitioning to central bank determined Risk Free Rates (“RFRs”). The Secured Overnight Financing Rate (“SOFR”) has been designated the replacement benchmark rate for U.S. Dollar denominated securities the Fund may own. The transition of outstanding LIBOR-based instruments to the SOFR and other alternative reference rates for the U.S. Dollar and for other currencies is ongoing. Markets have developed in response to these new rates and the transition may have a material impact on existing and future issue financial instruments which reference them.
Market Risk - Overall market risk may affect the value of individual instruments in which the Funds invests. The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Funds’ performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, trade restrictions (including tariffs), the spread of infectious illness or other public health threats, lack of liquidity in the bond and other markets, volatility in the securities markets, adverse investor sentiment and political events effect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Funds’ assets can decline as can the value of the Funds’ distributions. When the value of the Funds’ investments go down, your investment in the Funds decreases in value and you could lose money.
Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments and could result in decreases to the Funds’ net asset values. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’ reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S.
29
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Funds
Notes to Financial Statements (Continued)
April 30, 2025
and global economies and markets. Such events may have significant adverse direct or indirect effects on the Funds and their investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect the Funds’ performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.
Preferred Stock Risk - The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. Preferred stock prices tend to move more slowly upwards than common stock prices. Convertible preferred stock tends to be more volatile than non-convertible preferred stock, because its value is related to the price of the issuer’s common stock as well as the dividends payable on the preferred stock. The value of preferred stocks will usually react more strongly than bonds and other debt securities to actual or perceived changes in issuer’s financial condition or prospects and may be less liquid than common stocks.
Structured Products Risk - The Funds may invest in Structured Products, including CLOs, CDOs, CMOs, and other asset-backed securities and debt securitizations. Some Structured Products have credit ratings, but are typically issued in various classes with various priorities. Normally, Structured Products are privately offered and sold (that is, they are not registered under the securities laws) and may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for Structured Products that qualify for Rule 144A transactions. The senior and junior tranches of Structured Products may have floating or variable interest rates based on SOFR or an alternative reference rate and are subject to the risks associated with securities tied to a variable interest rate. The Funds may also invest in the equity tranches of a Structured Product, which typically represent the first loss position in the Structured Product, are unrated and are subject to higher risks. Equity tranches of Structured Products typically do not have a fixed coupon and payments on equity tranches will be based on the income received from the underlying collateral and the payments made to the senior tranches, both of which may be based on floating rates based on a variable reference rate.
| 4. | INVESTMENT TRANSACTIONS |
For the year ended April 30, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Funds were as follows:
| Fund | Purchase | Sales | ||||||
| Holbrook Income Fund | $ | 2,121,354,403 | $ | 1,164,802,593 | ||||
| Holbrook Structured Income Fund | 873,239,209 | 329,004,200 | ||||||
| 5. | INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES |
Advisory Fees – Holbrook Holdings, Inc. serves as the Funds’ Adviser. Pursuant to an Investment Advisory Agreement with the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly based on average daily net assets as shown in the table below.
The Adviser has contractually agreed to reduce its fees and/or absorb the Funds’ expenses (The “Waiver Agreement”), until at least September 1, 2025, to ensure that Total Annual Fund Operating Expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses (such as litigation)) do not exceed the expense limitation shown in the table below, and is based on the Funds’ average daily net assets and is subject to possible recoupment (or recapture) from the Funds in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment (or recapture)
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Notes to Financial Statements (Continued)
April 30, 2025
can be achieved within the foregoing expense limits as well as any expense limitation that was in effect at the time the waiver or reimbursement was made.
If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, and within three years of such waiver or reimbursement, the Funds’ Operating Expenses are subsequently less than what is shown in the table below of average daily net assets, the Adviser shall be entitled to recoupment or recapture from the Funds’ for such waived fees or reimbursed expenses provided that such recoupment (or recapture) does not cause the Funds’ expenses to exceed what is shown in the table below of average daily net assets. If Fund Operating Expenses attributable to Class I, Investor Class and Class A shares subsequently exceed what is shown in the table below per annum of the average daily net assets, the recoupment (or recapture) shall be suspended. During the year ended April 30, 2025, the Adviser waived the expenses in the table below.
| Managament | ||||||||||||||
| Fee Waived/ | ||||||||||||||
| Investment | Expenses Limitation | Expenses Reimbursed | ||||||||||||
| Fund | Advisory Fee | Cl I | Cl INV | Cl A | Expires | YTD 4/30/2025 | ||||||||
| Holbrook Income Fund | 0.80% | 1.30% | 1.80% | 1.55% | 9/1/2025 | $ | — | |||||||
| Holbrook Structured Income Fund | 1.00% | 1.50% | 2.00% | 1.75% | 9/1/2025 | — | ||||||||
The Adviser previously waived $215,708 and $51,234 in expenses for the Holbrook Structured Income Fund which may be recaptured by April 30, 2026, and April 30, 2027, respectively. During the year ended April 30, 2025, the Adviser recaptured $266,942 of previously waived fees for the Holbrook Structured Income Fund and had $0 of recapture remaining.
The Board has adopted the Trust’s Master Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Funds at an annual rate of 0.25% and 1.00% of its average daily net assets for Class A and Investor class share, respectively. Currently, the Funds’ Trustees have set the 12b-1 fee level at 0.50% for the Funds’ Investor Class shares. These fees are paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of the Funds’ shareholder accounts not otherwise required to be provided by the Adviser. For the year ended April 30, 2025, pursuant to the Plan, the fund paid the following 12b-1 fees:
| Fund | Class A | Class Inv | ||||||
| Holbrook Income Fund | $ | 182,234 | $ | 864,068 | ||||
| Holbrook Structured Income Fund | 21,642 | 289,844 | ||||||
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ Class I, Investor Class and Class A shares. For the year ended April 30, 2025, the Distributor received the following underwriter commissions:
| Fund | Class I | Class Inv | Class A | |||||||||
| Holbrook Income Fund | $ | — | $ | — | $ | 63,413 | ||||||
| Holbrook Structured Income Fund | — | — | 8,774 | |||||||||
In addition, certain affiliates of the Distributor provide services to the Funds as follows:
Ultimus Funds Solutions, LLC (“UFS”) – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.
Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.
31
Holbrook
Funds
Notes to Financial Statements (Continued)
April 30, 2025
Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.
| 6. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS |
| Gross | Gross | Net Unrealized | ||||||||||||||
| Tax | Unrealized | Unrealized | Appreciation/ | |||||||||||||
| Fund | Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
| Income Fund | $ | 2,203,084,806 | $ | 27,080,103 | $ | (38,840,904 | ) | $ | (11,760,801 | ) | ||||||
| Structured Income Fund | 510,618,604 | 1,137,229 | (2,111,753 | ) | $ | (974,524 | ) | |||||||||
| 7. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of distributions paid during the periods ended April 30, 2025, and April 30, 2024, was as follows:
| For fiscal year ended | Ordinary | Long-Term | Return of | |||||||||||||
| 4/30/2025 | Income | Capital Gains | Capital | Total | ||||||||||||
| Holbrook Income Fund | $ | 123,476,934 | $ | — | $ | — | $ | 123,476,934 | ||||||||
| Holbrook Structured Income Fund | 32,636,648 | — | — | 32,636,648 | ||||||||||||
| For fiscal year ended | Ordinary | Long-Term | Return of | |||||||||||||
| 4/30/2024 | Income | Capital Gains | Capital | Total | ||||||||||||
| Holbrook Income Fund | $ | 98,728,423 | $ | — | $ | — | $ | 98,728,423 | ||||||||
| Holbrook Structured Income Fund | 7,298,338 | — | — | 7,298,338 | ||||||||||||
As of April 30, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total | ||||||||||||||||||||||
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated | ||||||||||||||||||||||
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) | ||||||||||||||||||||||
| Holbrook Income Fund | $ | 8,796,766 | $ | — | $ | — | $ | (65,209,655 | ) | $ | (2,220,468 | ) | $ | (11,760,801 | ) | $ | (70,394,158 | ) | ||||||||||
| Holbrook Structured Income Fund | 568,748 | — | (1,941,941 | ) | (563,641 | ) | (448,784 | ) | (974,524 | ) | $ | (3,360,142 | ) | |||||||||||||||
The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized losses, and unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales, trust preferred securities, partnerships and adjustments for accrued dividends payable. The difference between book basis and tax basis undistributed net investment income/(loss) and other book/tax adjustments is primarily attributable to the adjustments for accrued dividends payable.
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses as follows:
| Late Year | ||||
| Losses | ||||
| Holbrook Income Fund | $ | — | ||
| Holbrook Structured Income Fund | — | |||
32
Holbrook
Funds
Notes to Financial Statements (Continued)
April 30, 2025
Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:
| Post October | ||||
| Losses | ||||
| Holbrook Income Fund | $ | — | ||
| Holbrook Structured Income Fund | 1,941,941 | |||
At April 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:
| Short-Term | Long-Term | Total | CLCF Utilized | |||||||||||||
| Holbrook Income Fund | $ | 7,064,648 | $ | 58,145,007 | $ | 65,209,655 | $ | — | ||||||||
| Holbrook Structured Income Fund | 267,960 | 295,681 | 563,641 | — | ||||||||||||
| 8. | CONTROL OWNERSHIP |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2025, the shareholders that own 25% or more of the voting securities are as follows:
| Owner | Income Fund | Structured Income Fund |
||||||
| Charles Schwab & Co., Inc. | 46 | % | 54 | % | ||||
| 9. | SUBSEQUENT EVENTS |
Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.
33
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Holbrook Income Fund and Holbrook Structured Income Fund, and the Board of Trustees of Two Roads Shared Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Two Roads Shared Trust comprising the funds listed below (the “Funds”) as of April 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
| Fund Name | Statements
of Operations |
Statements
of Changes in Net Assets |
Financial Highlights |
| Holbrook Income Fund | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, and 2022 |
| Holbrook Structured Income Fund | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, and for the period May 2, 2022 (commencement of operations) through April 30, 2023 |
Holbrook Income Fund’s financial highlights for the year ended April 30, 2021, were audited by other auditors whose report dated June 29, 2021, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
| COHEN & COMPANY, LTD. |
| Registered with the Public Company Accounting Oversight Board |
| 800.229.1099 I 866.818.4538 fax I cohenco.com |
34
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2022.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
June 27, 2025
35
Holbrook
Funds
ADDITIONAL INFORMATION (Unaudited)
April 30, 2025
Changes in and Disagreements with Accountants
Not Applicable.
Proxy Disclosures
Not Applicable.
Remuneration Paid to Directors, Officers and Others
Refer to the Statement of Operations in the financial statements included herein.
Statement Regarding Basis for Approval of Investment Advisory Agreement
At a meeting held on March 19, 2025 (the “Meeting”), the Board of Trustees (the “Board”) of Two Roads Shared Trust (the “Trust”), each of whom is not an “interested person” of the Trust (the “Independent Trustees” or the “Trustees”), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), considered the renewal of the investment advisory agreement (the “Advisory Agreement”) between Holbrook Holdings, Inc. (“Holbrook” or the “Adviser”) and the Trust, on behalf of the Holbrook Income Fund and Holbrook Structured Income Fund (each a “Fund,” and together the “Funds”).
In connection with the Board’s consideration of the Advisory Agreement with respect to each of the Funds, the Board received written materials in advance of the Meeting, which included information regarding: (i) the nature, extent, and quality of services provided to the Funds by Holbrook; (ii) a description of the Adviser’s investment management personnel; (iii) an overview of the Adviser’s operations and financial condition; (iv) a description of the Adviser’s brokerage practices (including any soft dollar arrangements); (v) a comparison of each Fund’s advisory fees and overall expenses with those of comparable mutual funds; (vi) the level of profitability from the Adviser’s fund-related operations; (vii) the Adviser’s compliance policies and procedures, including policies and procedures for personal securities transactions, business continuity and information security; and (viii) information regarding the performance record of each Fund as compared to other mutual funds with similar investment strategies.
Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of and request additional materials and information from Holbrook. The Board was advised by, and met in executive sessions with, the Board’s independent legal counsel and received a memorandum from such independent counsel regarding its responsibilities under applicable law. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at and between prior meetings with respect to the services provided by the Adviser, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Adviser. The Board noted that the information received and considered by the Board in connection with the Meeting and throughout the year was both written and oral. The Board considered renewal of the Advisory Agreement with respect to each Fund separately.
Matters considered by the Board in connection with its approval of the Advisory Agreement with respect to each of the Funds included, among others, the following:
Nature, Extent and Quality of Services. The Board reviewed materials provided by Holbrook related to the Advisory Agreement with respect to each Fund, including: the Advisory Agreement; a description of the manner in which investment decisions are made and executed; a review of the financial condition of Holbrook; an overview of the personnel that perform advisory, compliance, and operational services for the Funds; a quarterly written report containing Holbrook’s performance commentary; Holbrook’s compliance program, including its business continuity policy, cybersecurity policies, and a code of ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the Investment Company Act of 1940 Act, from engaging in
36
Holbrook
Funds
ADDITIONAL INFORMATION (Unaudited) (Continued)
April 30, 2025
conduct prohibited by Rule 17j-1(b); information regarding risk management processes and liquidity management; an annual review of the operation of Holbrook’s compliance program; information regarding the Adviser’s compliance and regulatory history; information regarding the Adviser’s valuation process; and an independent report prepared by Broadridge, an independent third-party data provider, analyzing the performance record, fees, and expenses of each of the Funds as compared to those of a respective peer group (“Peer Group”) of other mutual funds with similar investment strategies as selected by Broadridge.
In considering the nature and quality of services provided by Holbrook under the Advisory Agreement with respect to each Fund, the Board considered the level and sophistication of Holbrook’s employees’ asset management, risk management, operations, and compliance experience.
The Board also noted that on a regular basis it receives and reviews information from the Trust’s CCO regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, which included evaluations of the regulatory compliance systems of the Adviser. The Board noted the analysis by the Trust’s CCO that Holbrook’s compliance, risk management, and associated policies appeared to be operating effectively overall and that its policies and procedures were reasonably designed to prevent violations of federal securities laws. The Board also considered the significant risks assumed by Holbrook in connection with the services provided to the Funds, including entrepreneurial risk and ongoing risks including investment, operational, enterprise, litigation, regulatory, and compliance risks with respect to each Fund.
In considering the nature, extent, and quality of the services provided by Holbrook, the Board took into account its knowledge, acquired through discussions and reports during the preceding year and in past years, of Holbrook’s management and the quality of the performance of Holbrook’s duties. The Board concluded that Holbrook had sufficient quality and depth of personnel, resources, investment methods, and compliance policies and procedures to perform its duties under the Advisory Agreement with respect to each of the Funds and that the nature, overall quality, and extent of the advisory services provided by Holbrook to each Fund were satisfactory and reliable.
Performance. In considering each Fund’s performance, the Board noted that it reviews information about each Fund’s performance results at its regularly scheduled meetings. Among other data, the Board considered each Fund’s performance as compared to the performance of a benchmark index, its Peer Group, and its Morningstar category. The Board noted that while it found the data provided by the independent third-party generally useful, it recognized the data’s limitations, including in particular that data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the funds in the Peer Group. The Board also noted differences in the investment strategies of each Fund relative to the investment strategies of the funds in its Peer Group.
With respect to each of the Funds, the Board considered, among other performance data, the performance of each Fund for the one-year, three-year, five-year, and since inception periods ended December 31, 2024, as applicable, as compared to the respective Fund’s Peer Group, Morningstar category, and a benchmark index. The Board also took into account management’s discussion of the performance of each of the Funds, including the quarterly written reports containing the Adviser’s performance commentaries.
With respect to the Holbrook Income Fund, the Board considered that the Fund had outperformed the median of its Peer Group and Morningstar category and its benchmark index for each of the one-year, three-year, five-year, and since inception periods. The Board concluded that the overall performance of the Fund was satisfactory.
With respect to the Holbrook Structured Income Fund, the Board considered that the Fund outperformed the median of its Peer Group and Morningstar category and its benchmark index for the one-year and since inception
37
Holbrook
Funds
ADDITIONAL INFORMATION (Unaudited) (Continued)
April 30, 2025
periods. The Board also took into account the Fund’s relatively short operational history. The Board concluded that the overall performance of the Fund was satisfactory.
Fees and Expenses. Regarding the costs of the services provided by Holbrook with respect to each Fund, the Board considered, among other data, a comparison of each Fund’s contractual advisory fee and net expense ratio to those of the funds in its Peer Group and Morningstar category. The Board noted that while it found the data provided by the independent third-party generally useful, it recognized the data’s limitations, including potential differences in the investment strategies of each Fund relative to the investment strategies of the funds in its Peer Group, as well as the level, quality, and nature of the services provided by the Adviser with respect to each Fund.
The Board also took into account Holbrook’s discussion of the fees and expenses of each of the Funds, including the continued reinvestment of Holbrook’s profits into building the infrastructure of the Adviser for the benefit of the Funds.
With respect to the Holbrook Income Fund, the Board noted that the Fund’s contractual advisory fee was above the median of each of its Peer Group and Morningstar category but was not the highest among the funds in its Morningstar category. The Board also considered that the Fund’s total net expenses were above the median of its Peer Group and Morningstar category.
The Board considered a peer group prepared by Holbrook and noted that Holbrook had agreed to waive its fees and/or reimburse Fund expenses to limit total annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) taxes; (iii) interest; (iv) brokerage commissions; (v) expenses incurred in connection with any merger or reorganization; (vi) underlying fund fees and expenses; or (vii) extraordinary expenses such as litigation) to 1.30%, 1.80%, and 1.55% for Class I, Investor Class, and Class A shares, respectively, although the Fund had operated below these expense limits in the prior year. The Board also considered the sophistication and complexity of the portfolio management with respect to the Fund’s strategy.
With respect to the Holbrook Structured Income Fund, the Board noted that the Fund’s contractual advisory fee was above the median of its Peer Group and Morningstar category but was not the highest among the funds in its Peer Group or Morningstar category. The Board also considered that the Fund’s total net expenses were above the median of its Peer Group and Morningstar category but were not the highest among the funds in its Peer Group or Morningstar category.
The Board took into account that Holbrook had agreed to waive its fees and/or reimburse Fund expenses to limit total annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) taxes; (iii) interest; (iv) brokerage commissions; (v) expenses incurred in connection with any merger or reorganization; (vi) underlying fund fees and expenses; or (vii) extraordinary expenses such as litigation) to 1.50%, 2.00%, and 1.75% for Class I, Investor Class, and Class A shares, respectively. The Board also considered the sophistication and complexity of the portfolio management with respect to the Fund’s strategy.
The Board noted that Holbrook did not manage any other accounts or funds that are similarly managed to the Funds. The Board also noted the Adviser’s discussion of investments in underlying funds and that the nature and level of services provided to each Fund are not duplicative of the services provided by advisers to those underlying funds and that any advisory fees of an underlying affiliated fund are waived.
Based on the factors above, the Board concluded that the advisory fee for each of the Funds was not unreasonable.
Profitability. The Board considered Holbrook’s profitability and whether these profits were excessive in light of the services provided to the Funds. The Board reviewed a profitability analysis prepared by Holbrook based on current asset levels of the Funds. The Board also took into account the Adviser’s discussion of its profitability as well
38
Holbrook
Funds
ADDITIONAL INFORMATION (Unaudited) (Continued)
April 30, 2025
as its past fee waivers and reimbursements with respect to each Fund. The Board also considered Holbrook’s discussion of certain increases in fixed and other expenses for the Funds and the continued reinvestment of Holbrook’s profits into building the infrastructure of the Adviser for the benefit of the Funds. The Board noted the direct and indirect costs of operating the Funds in the Adviser’s analysis and concluded that, factoring all applicable costs, Holbrook’s net profitability from the Advisory Agreement with respect to each of the Funds, and related to the Funds as a whole, was not excessive.
Economies of Scale. The Board considered whether Holbrook would realize economies of scale with respect to its management of each of the Funds as the Funds grew and whether fee levels reflected these economies of scale for the benefit of shareholders. The Board noted that the advisory fee with respect to each Fund did not currently have breakpoints. The Board considered the profitability analysis provided by the Adviser and the Adviser’s discussion of the same, including both direct and indirect costs borne by the Adviser in managing the Funds and the current fee structure. The Board also took into account the Adviser’s view that as each Fund’s assets increase over time, that Fund may realize other economies of scale but that, based on the complexity and cost structure of the Funds, such economies of scale may be more difficult to achieve than might be the case under other circumstances. The Board considered the Adviser’s discussion regarding increases in fixed and other costs for the Funds and its intention to continue to build its team and reinvest its profits back into growing its business. The Board also considered that the Adviser may share potential economies of scale from its advisory business in a variety of ways, including through services that benefit shareholders, competitive advisory fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders. The Board noted the current asset levels of the Funds and concluded that it would continue to consider in the future the extent to which economies of scale may exist and breakpoints could be added to each Fund’s advisory fee schedule.
Other Benefits. The Board considered the character and amount of any other direct and incidental benefits received by Holbrook from its association with the Funds. The Board also considered that Holbrook believed certain benefits may result from the relationship as well as from the use of soft dollars. The Board concluded that such benefits are reasonable.
Conclusion. The Board, having requested and received such information from Holbrook as it believed reasonably necessary to evaluate the terms of the Advisory Agreement with respect to each Fund, and having been advised by independent counsel that the Board had appropriately considered and weighed all relevant factors, determined that approval of Advisory Agreement for an additional one-year term was in the best interests of each of the Funds and its shareholders.
In considering the Advisory Agreement renewal with respect to each Fund, the Board considered a variety of factors, including those discussed above, and also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry. The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently. The Board’s conclusions may be based in part on its consideration of the advisory arrangements in prior years and on the Board’s ongoing regular review of each Fund’s performance and operations throughout the year.
39
Proxy Voting Policy
Information regarding how the Funds votes proxies relating to portfolio securities for the 12 month period ended June 30th as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling 1-877-345-8646 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Portfolio Holdings
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-877-345-8646.
This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which contains information about the Funds’ investment objective, risks, fees and expenses. Investors are reminded to read the prospectus carefully before investing in the Fund.
| Investment Adviser |
| Holbrook Holdings, Inc. |
| 3225 Cumberland Blvd SE Suite 100 |
| Atlanta, GA 30339 |
| Administrator |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| (b) | Financial Highlights are included in Item 7(a). |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
None.
Item 16. Controls and Procedures.
| (a) | The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation as of a date within 90 days of this report on Form N-CSR, based on their evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Act. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
| (a) | Not applicable. |
| (b) | Not applicable. |
Item 19. Exhibits.
(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.
(a)(2) Not applicable.
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.
(a)(4) Not applicable.
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Two Roads Shared Trust
| By /s/ James Colantino |
| James Colantino |
| Principal Executive Officer |
| Date: July 7, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.
| By /s/ James Colantino |
|
James Colantino Principal Executive Officer |
| Date: July 7, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.
| By /s/ Laura Szalyga |
|
Laura Szalyga Principal Financial Officer |
| Date: July 7, 2025 |
