Holbrook Income Fund Portfolio of Investments (Unaudited) July 31, 2021

[Pages:4]Shares

75,200 40,213

27,017

60,228

6,680 3,000

160,000

20,000 12,000

8,473

Principal

$ 2,000,000 1,250,000

3,000,000 4,000,000 3,000,000 3,000,000 5,010,000 5,750,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000

147,737 5,000,000 2,750,000 5,000,000 6,000,000 2,000,000 3,725,000 2,610,000 4,000,000 8,300,000 4,650,000 3,000,000 4,350,000 3,000,000 1,825,000 1,000,000 3,000,000 4,000,000 3,000,000 2,000,000 5,000,000 3,500,000 6,000,000 5,800,000 1,365,000 5,698,000 3,000,000 3,420,000 2,000,000 2,100,000

6,333,000

Holbrook Income Fund

Portfolio of Investments (Unaudited)

July 31, 2021

PREFERRED STOCK - 4.3 % ASSET MANAGEMENT - 0.6 % Gladstone Investment Corp. RiverNorth Specialty Finance Corp.

Variable Rate (%)

INDUSTRIAL SUPPORT SERVICES - 0.2 % Alta Equipment Group, Inc.

OIL & GAS PRODUCERS - 0.3 % Global Partners LP

REAL ESTATE SERVICES - 2.1 % UIRC-GSA International LLC ** UIRC-GSA International LLC

REIT - 0.9 % Vinebrook Homes Trust, Inc. **^

SPECIALTY FINANCE - 0.2 % Atlanticus Holdings Corp. Priority Income Fund, Inc. Priority Income Fund, Inc.

TOTAL PREFERRED STOCK (Cost - $19,915,948)

ASSET BACKED SECURITIES - 33.7 % AUTO LOAN - 0.7 % Luxury Lease Partners Auto Lease Trust 2019-ARC1 ** Luxury Lease Partners Auto Lease Trust 2021-ARC2 **

CLO - 33.0 % ABPCI Direct Lending Fund CLO I LLC** Bain Capital Credit CLO 2019-1** Brightwood Capital MM CLO 2020-1 Ltd.** Brightwood Capital MM CLO 2020-1 Ltd.** Catamaran CLO 2013-1 Ltd.** Catamaran CLO 2013-1 Ltd.** Cathedral Lake VI Ltd.** CFIP CLO 2013-1 Ltd.** Columbia Cent CLO 31 Ltd.** Deerpath Capital CLO 2021-1 Ltd.** Deerpath Capital CLO 2021-1 Ltd.** First Eagle Clarendon Fund CLO LLC** Fortress Credit Bsl XI Ltd.** Gallatin CLO IX 2018-1 Ltd.** Golub Capital Partners CLO 19B-R Ltd.** Greywolf CLO II Ltd.** Halcyon Loan Advisors Funding 2014-1 Ltd.** Highbridge Loan Management 7-2015 Ltd.** JMP Credit Advisors Clo IV Ltd.** Lockwood Grove CLO LTD.** Madison Park Funding L Ltd.** Marathon CLO 14 Ltd.** MONROE CAPITAL BSL CLO 2015-1 LTD.** Oaktree CLO 2014-1** PennantPark CLO II Ltd.** PennantPark CLO II Ltd.** Saranac Clo VIII Ltd.** Saratoga Investment Corp CLO 2013-1 Ltd.** Saratoga Investment Corp CLO 2013-1 Ltd.** Sound Point CLO IX Ltd.** Tiaa Clo III Ltd.** Tralee CLO II Ltd.** Tralee CLO V Ltd.** Trysail CLO 2021-1 Ltd.** Venture XXIII CLO Ltd.** Z Capital Credit Partners CLO 2015-1 Ltd.** Z Capital Credit Partners CLO 2015-1 Ltd.** Z Capital Credit Partners CLO 2019-1 Ltd.** Zais CLO 5 Ltd.** Zais CLO 5 Ltd.** Zais Clo 11 Ltd.**

3 Month LIBOR + 3.510 % 3 Month LIBOR + 1.550 %

3 Month LIBOR + 5.400 % 3 Month LIBOR + 1.800 % 3 Month LIBOR + 2.800 % 3 Month LIBOR + 1.950 % 3 Month LIBOR + 2.700 % 3 Month LIBOR + 1.550 % 3 Month LIBOR + 1.650 % 3 Month LIBOR + 2.000 % 3 Month LIBOR + 2.050 % 3 Month LIBOR + 1.800 % 3 Month LIBOR + 2.100 % 3 Month LIBOR + 1.130 % 3 Month LIBOR + 7.050 % 3 Month LIBOR + 3.500 % 3 Month LIBOR + 1.700 % 3 Month LIBOR + 2.650 % 3 Month LIBOR + 2.000 % 3 Month LIBOR + 1.400 % 3 Month LIBOR + 2.460 % 3 Month LIBOR + 2.450 % 3 Month LIBOR + 2.720 % 3 Month LIBOR + 4.250 % 3 Month LIBOR + 6.500 %

3 Month LIBOR + 4.000 % 3 Month LIBOR + 7.500 %

3 Month LIBOR + 1.500 % 3 Month LIBOR + 2.800 % 3 Month LIBOR + 2.220 % 3 Month LIBOR + 1.850 % 3 Month LIBOR + 7.550 % 3 Month LIBOR + 1.450 % 3 Month LIBOR + 1.850 % 3 Month LIBOR + 2.700 % 3 Month LIBOR + 2.400 % 3 Month LIBOR + 3.330 % 3 Month LIBOR + 2.900 %

TOTAL ASSET BACKED SECURITIES (Cost - $158,946,103)

CONVERTIBLE BONDS - 1.4 % SPECIALTY FINANCE - 1.4 % New York Mortgage Trust, Inc. TOTAL CONVERTIBLE BONDS (Cost - $6,170,929)

Coupon %

Maturity

5.000 5.875

5/1/2026 10/31/2024

10.000

Perpetual

9.500

Perpetual

6.000 ++ Perpetual 6.500 ++ Perpetual

6.500

10/7/2027

7.625 6.250 6.375

Perpetual 6/30/2026 12/31/2024

8.000 7.000

12/15/2026 7/15/2027

3.644 + 1.740 + 4.290 5.519 + 1.929 + 2.929 + 2.069 + 2.834 + 1.684 + 1.829 + 2.179 + 2.175 + 0.000 + 2.234 + 1.264 + 7.176 + 3.634 + 1.856 + 2.784 + 2.125 + 1.596 + 2.594 + 2.600 + 2.880 + 4.376 + 6.626 + 4.325 4.134 + 7.634 + 6.253 1.626 + 2.934 + 2.334 + 1.991 + 0.000 + 1.576 + 1.976 + 2.826 + 2.526 + 3.426 + 3.034 +

1/20/2030 4/19/2034 12/15/2028 12/15/2028 1/27/2028 1/27/2028 4/25/2034 4/20/2029 4/20/2034 4/17/2033 4/17/2033 1/25/2027 7/20/2034 1/21/2028 4/20/2034 4/15/2034 4/18/2026 3/15/2027 7/17/2029 1/25/2030 4/19/2034 1/20/2033 5/22/2027 5/13/2029 1/15/2032 1/15/2032 2/20/2033 4/20/2033 4/20/2033 7/20/2032 1/16/2031 7/20/2029 10/20/2028 7/20/2032 7/19/2034 7/16/2027 7/16/2027 7/16/2031 10/15/2028 10/15/2028 1/20/2032

6.250

1/15/2022

Fair Value

$

1,958,960

1,023,019

2,981,979

754,841

1,646,634

6,980,600 3,000,000 9,980,600

4,120,000

498,600 309,360 214,748 1,022,708

20,506,762

2,071,460 1,287,701 3,359,161

3,025,980 3,999,988 3,004,020 3,003,480 5,014,549 5,773,632 5,006,800 4,999,965 4,999,990 4,998,860 4,998,755

147,078 5,000,000 2,736,569 4,999,995 6,008,880 1,994,076 3,729,656 2,614,844 3,981,268 8,299,851 4,671,437 2,998,617 4,349,978 2,999,940 1,824,916 1,005,640 2,999,958 3,945,716 3,000,480 2,004,864 4,997,935 3,482,668 5,999,940 5,740,196 1,362,461 5,642,672 3,006,609 3,429,815 1,975,204 2,101,579 155,878,861

159,238,022

6,461,243

Principal

2,983,000 153,570 16,291 24,550 80,000 20,000

3,200,000 3,000,000 5,000,000

133,474 5,000,000

67,193 140,000 6,000,000

98,469 224,564 165,543 6,000,000 106,800 314,041 2,000,000 8,500,000 180,914

98,347 49,298 10,000 27,594 6,000,000 7,027,000 285,448 10,000 82,897 7,750,000 4,000,000 303,500

250,000 1,451,000 5,306,000

862,000 217,000 230,000 420,000 1,217,000 459,000 1,189,000 1,600,000

60,000 354,000 1,251,000

65,000 1,220,000 1,493,000

507,000 1,050,000

158,000 2,194,000 2,367,000

500,000 1,303,000

561,000 1,778,000

50,000 230,000

2,000,000

65,211

131,095

Holbrook Income Fund

Portfolio of Investments (Unaudited) (Continued)

July 31, 2021

CORPORATE BONDS - 58.2 % ASSET MANAGEMENT - 28.6 % Apollo Investment Corp. B. Riley Financial, Inc. B. Riley Financial, Inc. B. Riley Financial, Inc. B. Riley Financial, Inc. B. Riley Financial, Inc. Capital Southwest Corp. Capital Southwest Corp. Carrington Holding Co. LLC** Fidus Investment Corp. Fidus Investment Corp. First Eagle Alternative Capital BDC, Inc. First Eagle Alternative Capital BDC, Inc. Gladstone Capital Corp. Gladstone Investment Corp. Great Elm Capital Corp. Horizon Technology Finance Corp. Investcorp Credit Management BDC, Inc. Logan Ridge Finance Corp. Logan Ridge Finance Corp. Medallion Financial Corp.** Monroe Capital Corp. Newtek Business Services Corp. Newtek Business Services Corp. OFS Capital Corp. OFS Credit Co., Inc. Oxford Square Capital Corp. PennantPark Floating Rate Capital Ltd. PennantPark Investment Corp. PhenixFIN Corp. Saratoga Investment Corp. Saratoga Investment Corp. Saratoga Investment Corp. Stellus Capital Investment Corp. Trinity Capital, Inc. **

Variable Rate (%)

Coupon %

Maturity

7.375 7.375 6.875 6.750 5.500 6.500 5.375 4.500 8.000 5.375 4.750 6.125 6.750 5.125 6.375 6.500 4.875 4.875 6.000 5.750 7.500 4.750 5.750 5.500 5.950 6.125 6.250 4.250 4.500 6.125 6.250 7.250 4.375 4.875 7.000

5/31/2023 5/31/2023 9/30/2023 5/31/2024 3/31/2026 9/30/2026 10/1/2024 1/31/2026 1/1/2026 11/1/2024 1/31/2026 10/30/2023 5/25/2026 1/31/2026 8/31/2025 6/30/2026 3/30/2026 4/1/2026 5/31/2022 5/31/2022 12/30/2027 2/15/2026 8/1/2024 2/1/2026 10/31/2025 4/30/2026 4/30/2026 4/1/2026 5/1/2026 3/30/2023 8/31/2025 6/30/2025 2/28/2026 3/30/2026 1/16/2025

BANKING - 5.8 % Bank of America Corp. Bank of Nova Scotia Bank of Nova Scotia Bank of Nova Scotia ^ BNP Paribas SA Citigroup, Inc. Citigroup, Inc. Citigroup, Inc. Citigroup, Inc. Citigroup, Inc. Citigroup, Inc. Citigroup, Inc. Citigroup, Inc. Citigroup, Inc. Citigroup, Inc. Credit Suisse AG Credit Suisse AG Credit Suisse AG Credit Suisse AG Credit Suisse AG JPMorgan Chase & Co. Natixis US Medium-Term Note Program LLC Natixis US Medium-Term Note Program LLC Natixis US Medium-Term Note Program LLC Natixis US Medium-Term Note Program LLC Natixis US Medium-Term Note Program LLC Royal Bank of Canada Royal Bank of Canada

4*(CMS30-CMS2) 4*(CMS30-CMS2) 4*(USISDA30-USISDA02) 4*(USISDA30-USISDA02) 4*(USISDA30-USISDA05)

4*(CMS30-CMS2) 9*(USISDA30-USISDA05) 4*(USISDA30-USISDA02)

4*(CMS30-CMS2) 10*(USISDA30-USISDA02)

4*(USISDA30-USISDA02) MULT*(USISDA30-USISDA02)

15*(USISDA30-USISDA02) 8*(USISDA30-USISDA02) 7*(USISDA30-USISDA02) 10*(USISDA30-USISDA02)

12*(USISDA30-USISDA02) 4*(CMS30-CMS2)

4*(USISDA30-USISDA05)

4.5*(USISDA30-USISDA05) 5*(USISDA30-USISDA05) 7.5*(USISDA30-USISDA05-0.25%) 4.5*(USISDA30-USISDA05)

7.5*(CMS30-CMS5)

4.900 + 5.880 + 5.880 + 6.080 + 2.292 + 5.744 + 6.088 + 6.921 + 5.432 + 10.000 + 10.000 + 10.000 + 6.080 + 10.000 + 10.000 + 9.863 + 9.864 + 9.864 + 9.864 10.001 + 6.012 + 4.292 + 7.440 + 5.072 + 5.805 + 6.172 + 2.066 + 6.323 +

7/11/2033 7/29/2033 1/30/2034 5/29/2034 4/30/2033 12/23/2029 8/19/2030 6/18/2034 10/31/2034 1/30/2035 4/30/2035 8/19/2035 8/31/2035 10/30/2035 11/30/2035 7/31/2030 8/28/2030 9/30/2030 1/29/2031 4/29/2031 4/30/2034 7/31/2028 6/30/2029 8/29/2033 11/27/2033 7/31/2034 6/30/2029 8/28/2034

CHEMICALS - 0.4 % C3 Nano, Inc.**

6.500

2/15/2024

ELECTRICAL EQUIPMENT - 0.4 % Babcock & Wilcox Enterprises, Inc.

8.125

2/28/2026

ENTERTAINMENT CONTENT - 0.7 % Chicken Soup For The Soul Entertainment, Inc.

9.500

7/31/2025

Fair Value

$

3,129,349

3,909,892

419,004

640,264

2,048,000

527,400

3,434,000

3,213,750

5,034,912

3,390,240

5,241,793

1,717,251

3,612,700

6,337,500

2,530,653

5,672,487

4,271,903

6,108,544

2,696,700

8,033,169

2,010,190

8,677,109

4,571,697

2,554,072

1,243,542

250,600

698,680

6,075,042

7,183,327

7,233,252

253,400

2,184,336

7,942,464

4,176,686

7,997,225

135,021,133

236,250 1,378,450 5,040,700

805,970 175,770 225,400 413,700 1,174,405 442,935 1,117,660 1,520,000

56,400 330,990 1,188,450

61,100 1,268,800 1,537,790

527,280 1,102,500

165,900 2,062,360 2,301,908

490,000 1,250,880

538,560 1,715,770

45,750 221,950 27,397,628

2,020,000

1,665,489

3,483,850

Principal

$

80,000

2,000,000

939,000

249,000

4,484,000

975,000

556,000

1,786,000

4,212,000

1,968,000

271,000

885,000

320,000

232,000

328,000

215,000

686,000

2,132,000

743,000

1,074,000

762,000

199,000

286,000

175,000

266,000

195,000

440,000

575,000

302,000

272,000

200,000

737,000

1,731,000

7,720,000 58,410

2,500,000

6,000,000 171,000 894,000

3,000,000 5,000,000 7,000,000

100,700 30,000

6,000,000

4,000,000

1,305,000 230,000 561,000

1,357,000 7,000,000

35,000 26,981 243,102 60,680 74,152 79,630 20,000

Holbrook Income Fund

Portfolio of Investments (Unaudited) (Continued)

July 31, 2021

CORPORATE BONDS - 58.2 % (Continued) INSTITUTIONAL FINANCIAL SERVICES - 6.9 % Arlington Asset Investment Corp. Cowen, Inc. Goldman Sachs Group, Inc. Jefferies Group LLC Jefferies Group LLC Jefferies Group LLC Jefferies Group LLC Jefferies Group LLC Jefferies Group LLC Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley ^ Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley ^ Morgan Stanley

Variable Rate (%)

7.5*(USISDA30-USUSDA02) 10*(USISDA10-USISDA02) 9*(USISDA10-USISDA02) 8*(USISDA10-USISDA02) 10*(USISDA10-USISDA02) 4*(USISDA30-USISDA02) 5*(USISDA30-USISDA02)

4.5*(USISDA30-USISDA05) 4*(USISDA30-USISDA02) 5*(USISDA30-USISDA02) 5*(USISDA30-USISDA02) 4*(USISDA30-USISDA02)

5*(USISDA30-USISDA02) 10*(USISDA30-USISDA02) 10*(USISDA30-USISDA02)

4*(CMS30-CMS2)

Coupon %

Maturity

6.000 7.250 3.540 + 10.000 + 10.000 + 9.000 + 8.000 + 8.000 + 10.000 + 7.810 + 7.440 + 8.535 + 9.300 + 10.000 + 4.680 + 3.672 + 6.604 + 8.751 + 9.095 + 10.000 + 10.000 + 7.265 + 7.265 + 9.863 + 7.265 + 6.983 + 7.080 + 5.812 + 7.080 + 5.812 + 7.080 + 10.000 + 7.245 +

8/1/2026 5/6/2024 6/19/2028 5/31/2034 6/30/2037 7/31/2037 8/31/2037 9/30/2037 10/31/2037 7/20/2025 6/30/2026 7/29/2026 3/30/2027 5/31/2027 6/7/2028 7/31/2028 8/19/2028 8/30/2028 10/15/2028 10/31/2028 8/31/2030 9/30/2030 10/30/2030 11/30/2030 11/30/2030 2/28/2034 2/28/2034 3/31/2034 4/30/2034 5/31/2034 7/31/2034 9/30/2034 11/28/2034

INSURANCE - 1.8 % AmTrust Financial Services, Inc. Atlas Financial Holdings, Inc.

6.125 6.625

8/15/2023 4/26/2022

MACHINERY - 0.0 % Briggs & Stratton Corp. #

6.875

12/15/2020

METALS & MINING - 2.4 % Alliance Resource Operating Partners LP** Ramaco Resources, Inc. Warrior Met Coal, Inc.**

7.500 9.000 8.000

5/1/2025 7/30/2026 11/1/2024

OIL & GAS PRODUCERS - 3.1 % Athabasca Oil Corp.** Talos Production, Inc. W&T Offshore, Inc. **

9.875 12.000

9.750

2/24/2022 1/15/2026 11/1/2023

REIT - 0.7 % Gladstone Land Corp. HC Government Realty Trust, Inc. **

5.000 7.000

1/31/2026 8/14/2027

SEMICONDUCTOR - 1.3 % Uniquify, Inc.**

6.000

6/15/2024

SOFTWARE - 0.9 % Blast Motion, Inc.**

7.000

1/15/2024

SPECIALTY FINANCE - 5.2 % Morgan Stanley Finance LLC ^ Morgan Stanley Finance LLC Morgan Stanley Finance LLC Morgan Stanley Finance LLC Nexpoint Real Estate Finance, Inc. Priority Income Fund, Inc. Ready Capital Corp. Ready Capital Corp. Sachem Capital Corp. Sachem Capital Corp. Sachem Capital Corp. Terra Property Trust, Inc.

20*(USISDA30-USISDA02) 20*(USISDA30-USISDA02)

10*(CMS30-CMS2)

9.000 9.863 + 9.000 + 10.000 + 5.750 + 5.750 7.000 5.750 7.125 6.875 7.750 6.000

9/30/2036 12/30/2036 4/28/2037 9/29/2037

5/1/2026 12/31/2026 8/15/2023 2/15/2026 6/30/2024 12/30/2024 9/30/2025 6/30/2026

TOTAL CORPORATE BONDS (Cost - $267,322,683)

Fair Value

$

1,980,800

2,178,279

892,050

258,960

4,685,780

1,061,580

575,460

1,821,720

4,401,540

2,056,560

279,133

938,100

326,400

245,340

309,960

205,325

658,560

2,153,320

750,430

1,014,930

792,480

200,493

288,145

188,696

267,995

179,400

400,400

523,250

286,893

250,094

171,703

773,850

1,609,830

32,727,456

7,799,171 597,242

8,396,413

190,625

6,067,800 4,408,380

912,506 11,388,686

2,850,000 5,228,725 6,727,630 14,806,355

2,611,151 750,000

3,361,151

6,000,000

4,060,000

1,366,988 240,313 587,647

1,418,065 7,124,929

889,175 721,742 6,291,480 1,550,677 1,879,012 2,072,371 506,830 24,649,229

275,168,015

Principal 4,137,000 1,642,000

Shares

15,362,042

Holbrook Income Fund

Portfolio of Investments (Unaudited) (Continued)

July 31, 2021

SUPRANATIONAL - 1.2 % International Bank for Reconstruction & Development International Bank for Reconstruction & Development TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost - $5,661,233)

Variable Rate (%)

Coupon %

4.815 + 5.949 +

SHORT-TERM INVESTMENTS - 3.2 % MONEY MARKET - 3.2 % Fidelity Institutional Money Market Portfolio, Class I, 0.01% * TOTAL SHORT-TERM INVESTMENTS (Cost - $15,362,042)

Maturity

7/31/2034 8/28/2034

Fair Value 4,000,479 1,551,690 5,552,169

$ 15,362,042

TOTAL INVESTMENTS - 102.0 % (Cost - $473,378,938) LIABILITIES LESS OTHER ASSETS - (2.0) % NET ASSETS - 100.0 %

$ 482,288,253 (9,334,215)

$ 472,954,038

+ Variable rate security, rate shown represents the rate at July 31, 2021. ++ Step rate, rate shown represents the rate at July 31, 2021. * Rate shown represents the rate at July 31, 2021, is subject to change and resets daily. ** Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At July 31, 2021, these securities amounted to $206,771, 660 or 43.7% of net assets. ^ The security is illiquid; total illiquid securities represent 1.6% of net assets. # Defaulted security. Perpetual - Perpetual bonds are fixed income instruments without defined maturity dates

LIBOR - London Interbank Offered Rate CMS2 - Constant Maturity Swap 2 Year Rate CMS30 - Constant Maturity Swap 30 Year Rate USISDA02 - 2 Year USD ICE Swap Rate USISDA05 - 5 Year USD ICE Swap Rate USISDA10 - 10 Year USD ICE Swap Rate USISDA30 - 30 Year USD ICE Swap Rate

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