REDWOOD MANAGED VOLATILITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		CONVERTIBLE BONDS — 0.0%(a)
		STEEL — 0.0%(a)
	17,000	Cleveland-Cliffs, Inc.	1.5000		01/15/25	$	55,080
		TOTAL CONVERTIBLE BONDS (Cost $41,834)					55,080
		CORPORATE BONDS — 3.7%
		AEROSPACE & DEFENSE — 0.0%(a)
	115,000	TransDigm, Inc.	6.3750		06/15/26		118,881
		AUTOMOTIVE — 0.2%
	115,000	American Axle & Manufacturing, Inc.	6.2500		03/15/26		119,198
	111,000	Ford Motor Company	4.3460		12/08/26		120,088
	115,000	Goodyear Tire & Rubber Company (The)	5.0000		05/31/26		118,237
	115,000	Tesla, Inc.(b)	5.3000		08/15/25		118,284
							475,807
		BANKING — 0.0%(a)
	113,000	CIT Group, Inc.	5.0000		08/15/22		117,958
		BIOTECH & PHARMA — 0.1%
	112,000	Bausch Health Companies, Inc.(b)	7.0000		01/15/28		117,765
	118,000	Teva Pharmaceutical Finance Company BV Series 2	3.6500		11/10/21		118,395
							236,160
		CABLE & SATELLITE — 0.2%
	113,000	CCO Holdings, LLC / CCO Holdings Capital(b)	5.0000		02/01/28		118,652
	110,000	DISH DBS Corporation	7.3750		07/01/28		119,149
	110,000	Sirius XM Radio, Inc.(b)	5.5000		07/01/29		120,622
							358,423
		CHEMICALS — 0.1%
	39,000	Ashland, LLC	4.7500		08/15/22		40,088
	111,000	Avient Corporation	5.2500		03/15/23		118,326
	39,000	Olin Corporation	5.5000		08/15/22		40,783
							199,197

REDWOOD MANAGED VOLATILITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		CORPORATE BONDS — 3.7% (Continued)
		COMMERCIAL SUPPORT SERVICES — 0.1%
	116,000	ADT Security Corporation	3.5000		07/15/22	$	119,248
	37,000	RR Donnelley & Sons Company	8.2500		07/01/27		42,213
							161,461
		CONTAINERS & PACKAGING — 0.2%
	112,000	Ball Corporation	4.0000		11/15/23		119,101
	105,000	Pactiv, LLC B	7.9500		12/15/25		118,256
	93,000	Sealed Air Corporation(b)	6.8750		07/15/33		119,994
							357,351
		ELECTRIC UTILITIES — 0.3%
	117,000	Calpine Corporation(b)	5.1250		03/15/28		118,616
	87,000	FirstEnergy Corporation	7.3750		11/15/31		121,715
	114,000	NRG Energy, Inc.	7.2500		05/15/26		118,729
	116,000	PG&E Corporation	5.0000		07/01/28		113,100
	171,000	Talen Energy Supply, LLC	6.5000		06/01/25		100,468
	115,000	Vistra Operations Company, LLC(b)	5.5000		09/01/26		118,594
							691,222
		ELECTRICAL EQUIPMENT — 0.0%(a)
	106,000	WESCO Distribution, Inc.(b)	7.2500		06/15/28		118,246
		ENTERTAINMENT CONTENT — 0.1%
	180,000	Diamond Sports Group, LLC / Diamond Sports Finance(b)	5.3750		08/15/26		104,625
	104,000	Liberty Interactive, LLC	8.5000		07/15/29		119,616
	117,000	Univision Communications, Inc.(b)	5.1250		02/15/25		119,059
							343,300
		FOOD — 0.1%
	115,000	Lamb Weston Holdings, Inc.(b)	4.6250		11/01/24		118,312
	113,000	Post Holdings, Inc.(b)	5.7500		03/01/27		117,766
							236,078
		FORESTRY, PAPER & WOOD PRODUCTS — 0.0%(a)
	118,000	Louisiana-Pacific Corporation(b)	3.6250		03/15/29		119,299
		HEALTH CARE FACILITIES & SERVICES — 0.2%
	115,000	DaVita, Inc.(b)	4.6250		06/01/30		119,025
	103,000	HCA, Inc.	5.8750		02/15/26		119,866

REDWOOD MANAGED VOLATILITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		CORPORATE BONDS — 3.7% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 0.2% (Continued)
	104,000	Tenet Healthcare Corporation	6.8750		11/15/31	$	119,376
	40,000	Universal Health Services, Inc.(b)	5.0000		06/01/26		41,114
							399,381
		HOME & OFFICE PRODUCTS — 0.0%(a)
	112,000	Newell Brands, Inc.	4.3500		04/01/23		117,348
		HOME CONSTRUCTION — 0.1%
	40,000	Beazer Homes USA, Inc. B	6.7500		03/15/25		41,432
	41,000	K Hovnanian Enterprises, Inc.	10.0000		07/15/22		41,000
	108,000	MDC Holdings, Inc.	5.5000		01/15/24		118,389
	113,000	Toll Brothers Finance Corporation B	4.3750		04/15/23		118,034
							318,855
		HOUSEHOLD PRODUCTS — 0.0%(a)
	111,000	Avon Products, Inc.	7.0000		03/15/23		118,354
		INSURANCE — 0.1%
	119,000	Genworth Holdings, Inc.	4.8000		02/15/24		118,709
	42,000	MBIA, Inc.	6.6250		10/01/28		42,384
	111,000	Radian Group, Inc.	4.5000		10/01/24		118,985
							280,078
		INTERNET MEDIA & SERVICES — 0.0%(a)
	101,000	Netflix, Inc. Series 144A B(b)	4.8750		06/15/30		121,820
		LEISURE FACILITIES & SERVICES — 0.1%
	39,000	Carnival Corporation	6.6500		01/15/28		41,608
	107,000	MGM Resorts International	5.7500		06/15/25		116,564
	115,000	Royal Caribbean Cruises Ltd.	5.2500		11/15/22		118,285
	109,000	Yum! Brands, Inc.(b)	7.7500		04/01/25		118,222
							394,679
		METALS & MINING — 0.0%(a)
	117,000	Freeport-McMoRan, Inc.	3.5500		03/01/22		118,030
		OIL & GAS PRODUCERS — 0.4%
	116,000	Antero Resources Corporation	5.0000		03/01/25		118,161

REDWOOD MANAGED VOLATILITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		CORPORATE BONDS — 3.7% (Continued)
		OIL & GAS PRODUCERS — 0.4% (Continued)
	110,000	Apache Corporation B	4.8750		11/15/27	$	118,377
	39,000	Cheniere Energy, Inc.(b)	4.6250		10/15/28		41,230
	73,000	Cheniere Energy, Inc.	4.6250		10/15/28		77,173
	115,000	EQM Midstream Partners, L.P.	4.0000		08/01/24		117,910
	108,000	Murphy Oil Corporation	7.0500		05/01/29		120,451
	115,000	New Fortress Energy, Inc.(b)	6.7500		09/15/25		117,446
	108,000	Occidental Petroleum Corporation	5.5500		03/15/26		118,396
	87,000	Ovintiv, Inc.	8.1250		09/15/30		119,811
							948,955
		OIL & GAS SERVICES & EQUIPMENT — 0.1%
	134,000	Nabors Industries, Inc.	5.7500		02/01/25		114,064
	147,000	Transocean, Inc.(b)	8.0000		02/01/27		108,576
							222,640
		REAL ESTATE INVESTMENT TRUSTS — 0.2%
	114,000	Iron Mountain, Inc.(b)	4.8750		09/15/27		118,468
	116,000	iStar, Inc.	4.2500		08/01/25		120,611
	115,000	Uniti Group, L.P. / Uniti Fiber Holdings Inc / CSL(b)	7.1250		12/15/24		118,425
							357,504
		REAL ESTATE SERVICES — 0.0%(a)
	113,000	Realogy Group, LLC / Realogy Co-Issuer Corporation(b)	4.8750		06/01/23		117,859
		RETAIL - CONSUMER STAPLES — 0.1%
	95,000	New Albertsons, L.P.	8.0000		05/01/31		116,613
	125,000	Rite Aid Corporation B	7.7000		02/15/27		116,584
	35,000	Safeway, Inc.	7.2500		02/01/31		41,478
							274,675
		RETAIL - DISCRETIONARY — 0.3%
	41,000	Avis Budget Car Rental, LLC / Avis Budget Finance,	5.2500		03/15/25		41,589
	101,000	Gap, Inc. (The)(b)	8.8750		05/15/27		116,359
	108,000	L Brands, Inc.	5.6250		10/15/23		118,601
	116,000	Macy’s Retail Holdings, LLC	3.6250		06/01/24		119,333
	117,000	Staples, Inc.(b)	10.7500		04/15/27		113,651
							509,533

REDWOOD MANAGED VOLATILITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal			Coupon Rate
Amount ($)			(%)	Maturity		Fair Value
		CORPORATE BONDS — 3.7% (Continued)
		SEMICONDUCTORS — 0.0%(a)
	110,000	Amkor Technology, Inc.(b)	6.6250		09/15/27	$	118,373
		SPECIALTY FINANCE — 0.1%
	112,000	Navient Corporation	5.5000		01/25/23		117,605
	111,000	OneMain Finance Corporation	5.6250		03/15/23		117,532
							235,137
		STEEL — 0.0%(a)
	112,000	United States Steel Corporation	6.6500		06/01/37		121,517
		TECHNOLOGY HARDWARE — 0.1%
	93,000	Dell, Inc.	7.1000		04/15/28		119,930
	40,000	Pitney Bowes, Inc.	4.6250		03/15/24		42,050
	114,000	Xerox Corporation	3.8000		05/15/24		119,493
							281,473
		TECHNOLOGY SERVICES — 0.1%
	100,000	Sabre GLBL, Inc.(b)	9.2500		04/15/25		117,429
	107,000	Unisys Corporation(b)	6.8750		11/01/27		116,687
							234,116
		TELECOMMUNICATIONS — 0.2%
	106,000	CenturyLink, Inc.	7.5000		04/01/24		119,360
	115,000	Frontier Communications Corporation(b)	5.0000		05/01/28		119,108
	96,000	Sprint Corporation	7.6250		03/01/26		117,387
	116,000	T-Mobile USA, Inc.	4.0000		04/15/22		118,139
							473,994
		TRANSPORTATION & LOGISTICS — 0.2%
	118,000	American Airlines Group, Inc.(b)	5.0000		06/01/22		117,853
	117,000	Delta Air Lines, Inc.	3.6250		03/15/22		117,897
	115,000	United Airlines Holdings, Inc.	5.0000		02/01/24		119,420
							355,170
		TOTAL CORPORATE BONDS (Cost $9,707,776)					9,652,874
		TOTAL INVESTMENTS - 3.7% (Cost $9,749,610)				$	9,707,954
		OTHER ASSETS IN EXCESS OF LIABILITIES- 96.3%					254,852,288
		NET ASSETS - 100.0%				$	264,560,242

REDWOOD MANAGED VOLATILITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

ETF - Exchange-Traded Fund

LLC - Limited Liability Company

LP - Limited Partnership

LTD - Limited Company

REIT - Real Estate Investment Trust

BAR Barclays

BNP BNP Paribas

GS Goldman Sachs

^(a) Percentage rounds to less than 0.1%.

^(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2021 the total market value of 144A securities is 3,371,479 or 1.3% of net assets.

Redwood Managed Volatility Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

July 31, 2021

		CREDIT DEFAULT SWAP
Notional		Upfront Premiums						Pay/Receive					Unrealized
Amount		Paid (Received)			Reference Entity (I)	Counterparty	Expiration Date	Fixed Rate	Fixed Rate	Value			Gain (Loss)
$	32,000,000	$	(2,848,394	)	To Sell Protection - CDX HY	BNP	6/20/2026	Receive	5.00%	$	(3,113,714	)	$	(265,320	)
					CDSI S36 5Y PRC, pays
					Quarterly
										$	(3,113,714	)	$	(265,320	)

(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index. The swap itself does not have a credit rating, however the underlying holdings of the swap are comprised of non-investment grade entities, with ratings of B and BB.

TOTAL RETURN SWAPS **

								Unrealized
	Number of							Appreciation
Security	Shares		Notional Value		Interest Rate Payable	Termination Date	Counterparty	(Depreciation)
BlackRock High Yield Bond Portfolio - Institutional Shares		9,125,055	$	72,270,435	3-Mth USD_LIBOR + 185 bps	4/13/2023	Barclays	$	104,861
BlackRock High Yield Bond Fund - Institutional Class		12,340,900		97,616,517	3-Mth USD_LIBOR + 300 bps	12/31/2022	Goldman Sachs		(15,828	)
Mainstay MacKay High Yield Corporate Bond Fund - Institutional Class		13,323,561		75,811,059	3-Mth USD_LIBOR + 185 bps	4/13/2023	Barclays		(237,302	)
Vanguard High Yield - Institutional Class		633,844		37,939,643	3-Mth USD_LIBOR + 185 bps	6/5/2023	Barclays		149,045
Total								$	776

** The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swaps are reset monthly.

REDWOOD MANAGED MUNICIPAL INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		OPEN END FUNDS — 98.2%
		FIXED INCOME - 98.2%
	1,782,270	American Century High-Yield Municipal Fund, Class I	$	18,731,656
	2,458,757	BlackRock High Yield Municipal Fund, Institutional Class		26,579,167
	1,254,970	Northern High Yield Municipal Fund		11,646,124
	3,135,301	PIMCO High Yield Municipal Bond Fund, Institutional Class		31,509,770
	5,481,827	Pioneer High Income Municipal Fund, Class Y		41,278,156
	706,160	Western Asset Municipal High Income Fund, Class I		10,345,242
				140,090,115
		TOTAL OPEN END FUNDS (Cost $127,473,074)		140,090,115
		SHORT-TERM INVESTMENTS — 1.4%
		MONEY MARKET FUNDS - 1.4%
	1,537,045	BlackRock Liquidity Funds MuniCash, Institutional Class, 0.01%(a)		1,537,352
	115,134	JPMorgan Municipal Money Market Fund, Agency Class, 0.01%(a)		115,134
	365,616	JPMorgan Tax Free Money Market Fund, Agency Class, 0.01%(a)		365,616
		TOTAL MONEY MARKET FUNDS (Cost $2,018,101)		2,018,102
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,018,101)		2,018,102
		TOTAL INVESTMENTS - 99.6% (Cost $129,491,175)	$	142,108,217
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%		596,069
		NET ASSETS - 100.0%	$	142,704,286

^(a) Rate disclosed is the seven day effective yield as of July 31, 2021.

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 36.3%
		Belgium - 0.4%
	17,471	KBC Group N.V. - ADR	$	705,828
		Brazil - 7.4%
	154,125	Cia de Saneamento Basico do Estado de Sao Paulo		1,057,923
	296,040	Cia Siderurgica Nacional S.A.		2,685,417
	223,293	CPFL Energia S.A.		1,098,873
	161,619	Engie Brasil Energia S.A.		1,191,003
	622,797	Itausa S.A.		1,352,775
	297,449	JBS S.A.		1,855,047
	250,778	Petroleo Brasileiro S.A.		1,344,733
	156,561	Telefonica Brasil S.A.		1,251,368
	509,280	TIM S.A.		1,122,037
				12,959,176
		Canada - 8.5%
	38,019	Alimentation Couche-Tard, Inc., Class B		1,531,602
	25,609	Bank of Nova Scotia		1,597,447
	9,868	Canadian Tire Corp Ltd.		1,517,254
	17,291	CGI, Inc.(a)		1,571,959
	25,450	Loblaw Companies Ltd.		1,720,656
	72,506	Manulife Financial Corporation		1,400,925
	26,362	Nutrien Ltd.		1,566,494
	49,680	Quebecor, Inc., Class B		1,298,959
	18,562	Ritchie Bros Auctioneers, Inc.		1,107,460
	15,115	Royal Bank of Canada		1,527,785
				14,840,541
		Cayman Islands - 0.9%
	8,928	Baidu, Inc. - ADR(a)		1,464,281
		China - 0.6%
	56,037	China Life Insurance Company Ltd. - ADR		467,349
	53,968	Industrial & Commercial Bank of China Ltd. - ADR		597,425
				1,064,774

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 36.3% (Continued)
		Denmark - 0.5%
	9,523	Novo Nordisk A/S - ADR	$	881,830
		Germany - 1.2%
	36,576	Daimler A.G. - ADR		814,182
	35,539	Deutsche Telekom A.G. - ADR		739,567
	15,026	Fresenius Medical Care A.G. & Company KGaA - ADR		590,822
				2,144,571
		Indonesia - 0.3%
	26,732	Telekomunikasi Indonesia Persero Tbk P.T. - ADR		597,460
		Israel - 0.8%
	10,651	Check Point Software Technologies Ltd.(a)		1,353,742
		Japan - 8.2%
	18,100	Advantest Corporation(b)		1,584,884
	348,200	ENEOS Holdings, Inc.		1,457,840
	59,500	Iida Group Holdings Company Ltd.		1,425,831
	46,400	ITOCHU Corporation(b)		1,366,422
	44,700	Kakaku.com, Inc.		1,212,500
	43,600	KDDI Corporation(b)		1,323,692
	51,800	Mitsubishi Corporation(b)		1,445,208
	28,300	Recruit Holdings Company Ltd.(b)		1,451,487
	34,800	Sumitomo Metal Mining Company Ltd.(b)		1,400,878
	36,800	Toyota Tsusho Corporation		1,723,481
				14,392,223
		Korea (Republic Of) - 1.8%
	7,460	Hyundai Glovis Company Ltd.(b)		1,261,439
	5,705	POSCO		1,817,763
				3,079,202
		Luxembourg - 0.4%
	38,495	Tenaris S.A. - ADR		786,838

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares					Fair Value
		COMMON STOCKS — 36.3% (Continued)
		Netherlands - 0.4%
	22,746	Koninklijke Ahold Delhaize N.V. - ADR			$	707,401
		Singapore - 0.3%
	34,448	Singapore Telecommunications Ltd. - ADR				579,071
		Sweden - 0.4%
	124,366	Svenska Handelsbanken A.B. - ADR				695,206
		Switzerland - 0.4%
	7,117	Novartis A.G. - ADR				657,540
		Taiwan Province Of China - 3.4%
	590,000	Far EasTone Telecommunications Company Ltd.				1,278,527
	436,000	Hon Hai Precision Industry Company Ltd.(b)				1,715,001
	837,000	Taiwan Cement Corporation(b)				1,574,332
	529,000	Uni-President Enterprises Corporation				1,384,688
						5,952,548
		United Kingdom - 0.4%
	17,008	Royal Dutch Shell plc, Class A - ADR				690,865
		TOTAL COMMON STOCKS (Cost $60,864,228)				63,553,097
Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 12.3%
		United States — 12.3%
	10,000,000 USD	United States Treasury Note	1.3750	02/15/23		10,192,188
	11,000,000 USD	United States Treasury Note	1.5000	02/15/30		11,313,242
						21,505,430
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $21,476,153)				21,505,430
		TOTAL INVESTMENTS - 48.6% (Cost $82,340,381)			$	85,058,527
		OTHER ASSETS IN EXCESS OF LIABILITIES - 51.4%				90,092,549
		NET ASSETS - 100.0%			$	175,151,076

REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

ADR - American Depositary Receipt

A/S - Anonim Sirketi

LTD - Limited Company

NV - Naamioze Vennootschap

PLC - Public Limited Company

PT - Perseroan Terbatas

S/A - Société Anonyme

BAR Barclays

GS Goldman Sachs

SOC Societe Generale

^(a) Non-income producing security.

^(b) The value of this security has been determined in good faith under policies of the Board of Trustees.

Redwood AlphaFactor® Tactical International Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

TOTAL RETURN SWAPS *

								Appreciation
Security	Number of Shares		Notional Value		Interest Rate Payable	Termination Date	Counterparty	(Depreciation)
A.P. Moller - Maersk A/S		659	$	10,609,900	1-Mth CIBOR +0.40%	1/13/2022	Goldman Sachs	$	(428,350	)
Advanced Info Service Pcl		215,900		1,151,016	1-Mth LIBOR +1.00%	6/30/2022	Societe Generale		27,624
Anhui Conch Cement Co. Ltd.		185,000		7,622,000	1-Mth HIBOR +.75%	6/30/2022	Societe Generale		(749,250	)
Arca Continental S.A.B. De C.V.		256,028		1,454,181	1-Mth LIBOR +0.50%	1/13/2022	Goldman Sachs		63,141
Astra International Tbk Pt		3,073,700		1,044,239	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(40,349	)
Bangkok Bank Pcl		303,700		1,069,931	1-Mth LIBOR +1.00%	6/30/2022	Societe Generale		(123,187	)
Bim Birlesik Magazalar A.S.		151,818		1,133,241	1-Mth LIBOR +0.00%	1/31/2022	Goldman Sachs		57,755
Changjiang Securities Co. Ltd.		913,200		1,033,898	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(59,236	)
China Galaxy Securities Co. Ltd.		1,849,500		8,563,185	1-Mth HIBOR +0.75%	6/30/2022	Societe Generale		(1,054,215	)
China Life Insurance Co. Ltd. - H Shares		261,000		4,019,400	1-Mth HIBOR +0.75%	6/30/2022	Societe Generale		(631,620	)
China Shenhua Energy Co. Ltd.		643,500		9,794,070	1-Mth HIBOR +0.75%	6/30/2022	Societe Generale		(334,620	)
Cimb Group Holdings Berhad		1,452,700		1,613,153	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(81,277	)
Citic Securities Co. Ltd.		524,500		10,217,260	1-Mth HIBOR +0.75%	6/30/2022	Societe Generale		(1,143,410	)
Commerzbank Aktiengesellschaft		189,654		1,251,337	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		(102,792	)
Cosco Shipping Holdings Co. Ltd.		1,590,550		19,991,990	1-Mth HIBOR +0.75%	6/30/2022	Societe Generale		(5,322,225	)
Daimler Ag		9,114		694,213	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		(182	)
Deutsche Telekom Ag		35,841		638,400	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		(10,967	)
Falabella Sa		344,958		1,547,945	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(208,992	)
Fresenius Medical Care Ag & Co. Kgaa		7,518		491,376	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		(26,313	)
Gea Group Aktiengesellschaft		36,236		1,237,822	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		117,042
Genting Singapore Ltd.		1,957,600		1,634,596	1-Mth SOR +0.95%	6/30/2022	Societe Generale		(48,940	)
Grupo Bimbo, S.A.B. De C.V.		582,800		1,284,068	1-Mth LIBOR +0.50%	1/13/2022	Goldman Sachs		59,029
H & M Hennes & Mauritz Ab (Publ)		56,842		12,041,978	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		(1,300,545	)
Heidelbergcement Ag		17,154		1,280,718	1-Mth STIBOR +0.40%	1/13/2022	Goldman Sachs		41,856
Hellenic Telecommunications Organization S.A.		79,808		1,181,956	1-Mth EURIBOR +0.85%	1/13/2022	Goldman Sachs		98,164
Huaxin Cement Co. Ltd.		322,704		876,954	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(137,193	)
Husqvarna Aktiebolag		119,520		13,589,424	1-Mth STIBOR +0.40%	1/13/2022	Goldman Sachs		812,736
Industrial & Commercial Bank Of China Ltd.		1,053,000		4,801,680	1-Mth HIBOR +0.75%	6/30/2022	Societe Generale		(252,720	)
Kbc Group		8,433		563,999	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		30,359
Kimberly-Clark De Mexico, S.A.B. De C.V.		755,755		1,369,702	1-Mth LIBOR +0.50%	1/13/2022	Goldman Sachs		(118,312	)
Koninklijke Ahold Delhaize N.V.		22,396		561,468	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		25,196
Koninklijke Kpn N.V.		434,883		1,182,012	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		58,274
Kuehne + Nagel International Ag		5,654		1,716,554	1-Mth LIBOR +0.40%	1/13/2022	Goldman Sachs		(62,194	)
Lundin Energy Ab		46,560		14,098,368	1-Mth STIBOR +0.40%	1/13/2022	Goldman Sachs		(1,601,664	)
Metallurgical Corp Of China Ltd.		2,689,000		1,239,389	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		316,223
MSCI ACWI U		270,660		15,565,656	1-Mth LIBOR + 0.30%	6/1/2022	Barclays		(262,495	)
MSCI ACWI U		170,000		9,776,700	1-Mth LIBOR + 0.30%	6/1/2022	Barclays		(165,448	)
Naturgy Energy Group Sa		52,416		1,123,275	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		5,766
New China Life Insurance Co. Ltd.		284,400		7,536,600	1-Mth HIBOR +0.75%	6/30/2022	Societe Generale		(1,493,100	)
Novartis Ag		7,150		564,278	1-Mth LIBOT +0.40%	1/13/2022	Goldman Sachs		(3,146	)
Novo Nordisk A/S		9,592		4,616,630	1-Mth CIBOR +0.40%	1/13/2022	Goldman Sachs		523,723
Orion Oyj		27,199		957,405	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		(9,792	)
Proximus		62,274		1,034,060	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		64,454
Pt Gudang Garam Tbk		406,200		1,234,734	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(312,808	)
Pt United Tractors		804,800		1,120,790	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(32,068	)
Ptt Exploration & Production Pcl		381,000		1,389,771	1-Mth LIBOR +1.00%	6/30/2022	Societe Generale		(196,261	)
Public Bank Bhd		1,409,500		1,395,422	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(66,083	)
Randstad N.V.		20,442		1,318,509	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		(68,276	)
Royal Dutch Shell Plc		33,339		448,610	1-Mth LIBOR +0.40%	1/13/2022	Goldman Sachs		(1,200	)
Saic Motor Corp Ltd.		320,200		1,088,058	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(179,695	)
Securitas Ab		76,988		10,220,157	1-Mth STIBOR +0.40%	1/13/2022	Goldman Sachs		1,285,700
Singapore Exchange Ltd		184,400		2,061,592	1-Mth SOR +0.95%	6/30/2022	Societe Generale		129,080
Singapore Telecommunication		349,300		799,897	1-Mth SOR +0.95%	6/30/2022	Societe Generale		(6,986	)
Supermax Corp Bhd		625,900		497,528	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(12,530	)
Svenska Handelsbanken Ab		60,400		5,615,992	1-Mth STIBOR +0.40%	1/13/2022	Goldman Sachs		32,616
Swedish Match Ab		160,500		12,342,450	1-Mth STIBOR +0.40%	1/13/2022	Goldman Sachs		658,050
Telenor Asa		74,103		10,700,473	1-Mth NIBOR +0.40%	1/13/2022	Goldman Sachs		615,055
Telkom Indonesia Persero Tbk P		2,729,000		591,188	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		20,643
Tenaris S.A.		75,989		708,977	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		(46,809	)
United Internet Ag		31,798		1,096,395	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		13,355
Weichai Power Co. Ltd.		524,000		9,044,240	1-Mth HIBOR +0.75%	6/30/2022	Societe Generale		(136,240	)
Wolters Kluwer N.V.		15,395		1,207,584	1-Mth EURIBOR +0.40%	1/13/2022	Goldman Sachs		174,887
Wuhu Sanqi Interactive Enterta		328,176		1,219,216	1-Mth LIBOR +1.10%	6/30/2022	Societe Generale		(236,448	)
Yara International Asa		30,736		13,929,555	1-Mth NIBOR +0.40%	1/13/2022	Goldman Sachs		371,906
Total								$	(11,465,304	)

* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swap do not reset; payments only occur at termination.

REDWOOD SYSTEMATIC MACRO TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 54.5%
		ADVERTISING & MARKETING - 1.6%
	35,867	Interpublic Group of Companies, Inc. (The)	$	1,268,257
	14,626	Omnicom Group, Inc.		1,065,065
				2,333,322
		AEROSPACE & DEFENSE - 2.4%
	6,287	General Dynamics Corporation		1,232,440
	3,137	Lockheed Martin Corporation		1,165,929
	13,601	Raytheon Technologies Corporation		1,182,606
				3,580,975
		APPAREL & TEXTILE PRODUCTS - 1.6%
	61,661	Hanesbrands, Inc.		1,125,930
	15,098	VF Corporation		1,210,860
				2,336,790
		BANKING - 0.8%
	10,266	Bank of America Corporation		393,804
	5,060	JPMorgan Chase & Company		768,006
				1,161,810
		BIOTECH & PHARMA - 3.8%
	10,594	AbbVie, Inc.		1,232,082
	18,088	Gilead Sciences, Inc.		1,235,230
	3,184	Johnson & Johnson		548,285
	15,777	Merck & Company, Inc.		1,212,778
	1,577	Organon & Company(a)		45,749
	30,914	Pfizer, Inc.		1,323,428
				5,597,552
		CHEMICALS - 1.5%
	17,618	Dow, Inc.		1,095,134
	10,647	LyondellBasell Industries N.V., Class A		1,057,567
				2,152,701
		CONTAINERS & PACKAGING - 2.3%
	102,078	Amcor plc		1,180,021
	19,077	International Paper Company		1,101,888
	8,087	Packaging Corp of America		1,144,311
				3,426,220

REDWOOD SYSTEMATIC MACRO TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 54.5% (Continued)
		DIVERSIFIED INDUSTRIALS - 0.8%
	5,902	3M Company	$	1,168,242
		E-COMMERCE DISCRETIONARY - 1.5%
	656	Amazon.com, Inc.(a)		2,182,899
		ELECTRIC UTILITIES - 4.0%
	15,785	Dominion Energy, Inc.		1,181,823
	21,566	Edison International		1,175,347
	31,782	FirstEnergy Corporation		1,217,886
	41,263	PPL Corporation		1,170,631
	18,777	Southern Company		1,199,287
				5,944,974
		ENTERTAINMENT CONTENT - 0.2%
	1,919	Walt Disney Company		337,782
		FOOD - 1.5%
	18,220	Kellogg Company		1,154,419
	27,478	Kraft Heinz Company		1,057,079
				2,211,498
		HEALTH CARE FACILITIES & SERVICES - 0.9%
	21,359	Cardinal Health, Inc.		1,268,297
		HOME & OFFICE PRODUCTS - 1.4%
	21,899	Leggett & Platt, Inc.		1,051,809
	42,029	Newell Brands, Inc.		1,040,218
				2,092,027
		HOUSEHOLD PRODUCTS - 0.4%
	3,991	Procter & Gamble Company		567,640
		INDUSTRIAL SUPPORT SERVICES - 0.8%
	22,545	Fastenal Company		1,234,790

REDWOOD SYSTEMATIC MACRO TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 54.5% (Continued)
		INSURANCE - 0.8%
	11,289	Prudential Financial, Inc.	$	1,132,061
		INTERNET MEDIA & SERVICES - 2.0%
	447	Alphabet, Inc., Class A(a)		1,204,455
	3,479	Facebook, Inc., Class A(a)		1,239,567
	1,094	Netflix, Inc.(a)		566,222
				3,010,244
		LEISURE PRODUCTS - 0.8%
	12,539	Hasbro, Inc.		1,246,878
		MEDICAL EQUIPMENT & DEVICES - 0.4%
	1,084	Thermo Fisher Scientific, Inc.		585,371
		MULTI ASSET CLASS REIT - 0.7%
	25,476	Vornado Realty Trust		1,108,206
		OIL & GAS PRODUCERS - 3.9%
	11,576	Chevron Corporation		1,178,553
	20,604	Exxon Mobil Corporation		1,186,172
	65,714	Kinder Morgan, Inc.		1,142,109
	22,804	ONEOK, Inc.		1,185,124
	45,756	Williams Companies, Inc.		1,146,188
				5,838,146
		RETAIL - CONSUMER STAPLES - 0.7%
	22,611	Walgreens Boots Alliance, Inc.		1,066,109
		RETAIL - DISCRETIONARY - 0.4%
	1,955	Home Depot, Inc.		641,611
		RETAIL REIT - 1.7%
	17,641	Realty Income Corporation		1,239,985
	9,309	Simon Property Group, Inc.		1,177,775
				2,417,760

REDWOOD SYSTEMATIC MACRO TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 54.5% (Continued)
		SEMICONDUCTORS - 1.8%
	3,259	Broadcom, Inc.	$	1,581,918
	4,020	NVIDIA Corporation		783,860
	2,140	QUALCOMM, Inc.		320,572
				2,686,350
		SOFTWARE - 2.9%
	790	Adobe, Inc.(a)		491,088
	11,300	Microsoft Corporation		3,219,483
	2,165	salesforce.com, Inc.(a)		523,778
				4,234,349
		SPECIALTY REIT - 0.8%
	27,680	Iron Mountain, Inc.		1,211,277
		TECHNOLOGY HARDWARE – 3.9%
	23,468	Apple, Inc.		3,423,043
	74,972	Hewlett Packard Enterprise Company		1,087,094
	45,478	Juniper Networks, Inc.		1,279,751
				5,789,888
		TECHNOLOGY SERVICES - 3.6%
	8,319	International Business Machines Corporation		1,172,646
	3,010	Mastercard, Inc., Class A		1,161,679
	1,924	PayPal Holdings, Inc.(a)		530,120
	5,247	Visa, Inc., Class A		1,292,809
	48,967	Western Union Company (The)		1,136,524
				5,293,778
		TELECOMMUNICATIONS - 2.4%
	40,642	AT&T, Inc.		1,140,008
	86,757	Lumen Technologies, Inc.		1,081,860
	21,238	Verizon Communications, Inc.		1,184,657
				3,406,525
		TOBACCO & CANNABIS - 1.6%
	24,271	Altria Group, Inc.		1,165,979
	12,398	Philip Morris International, Inc.		1,240,915
				2,406,894

REDWOOD SYSTEMATIC MACRO TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 54.5% (Continued)
		TRANSPORTATION & LOGISTICS - 0.6%
	33,818	Air Transport Services Group, Inc.(a)	$	818,396
		TOTAL COMMON STOCKS (Cost $69,711,115)		80,491,362
		EXCHANGE-TRADED FUNDS — 13.7%
		EQUITY - 13.7%
	49,618	iShares Core S&P Small-Cap ETF		5,470,881
	113,170	Schwab International Small-Cap Equity ETF		4,799,540
	35,050	Vanguard FTSE All World ex-US Small-Cap ETF		4,827,086
	23,616	Vanguard Small-Cap ETF		5,241,571
				20,339,078
		TOTAL EXCHANGE-TRADED FUNDS (Cost $12,561,742)		20,339,078

Principal			Coupon Rate
Amount ($)			(%)		Maturity		Fair Value
		U.S. GOVERNMENT & AGENCIES — 6.0%
		U.S. TREASURY NOTES — 6.0%
	8,700,000	United States Treasury Note		1.5000		02/15/30		8,947,746
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $9,117,656)						8,947,746

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.6%
		MONEY MARKET FUNDS - 1.6%
	2,304,093	Goldman Sachs Financial Square Government Fund””, 0.03% (Cost $2,304,093)(b)		2,304,093
		TOTAL INVESTMENTS - 75.8% (Cost $93,694,606)	$	112,082,279
		CALL OPTIONS WRITTEN - 0.0% (Proceeds - $12,996)		(14,124	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 24.2%		35,857,267
		NET ASSETS - 100.0%	$	147,925,422

REDWOOD SYSTEMATIC MACRO TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

ETF - Exchange-Traded Fund

NV - Naamioze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

BAR Barclays

GS Goldman Sachs

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of July 31, 2021.

^(c) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

^(d) Percentage rounds to greater than (0.1%).

See accompanying notes which are an integral part of this schedule of investments.

Redwood Systematic Macro Trend (“SMarT”) Fund  

PORTFOLIO OF INVESTMENTS (Unaudtied) (Continued)  

July 31, 2021

Total Return Swaps *

							Unrealized
							Appreciation
Security	Number of Shares	Notional Value		Interest Rate Payable	Termination Date	Counterparty	(Depreciation)
iShares IBOXX High Yield Corporate Bond	143,884	$	12,667,547	1-Mth LIBOR + 30 bps	4/11/2022	Barclays	$	8,800
iShares Preferred & Income - Institutional Class	235,249		9,253,519	1-Mth LIBOR + 40 bps	4/11/2022	Barclays		52,256
SPDR BBG BARC Convertible - Institutional Class	219,762		19,059,958	1-Mth LIBOR + 40 bps	4/11/2022	Barclays		(212,080	)
Total							$	(151,024	)

* The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Advisor has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. The swaps are reset monthly.