# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-000127
**Filing Date:** 2023-1
**Character Count:** 207436
**Document Hash:** 377a75a09eaf7b13e385f56b51b65881
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000127.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001580642-23-000127

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 23517679

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### LeaderSharesTM AlphaFactor(R) US Core Equity ETF (Series ID: S000061956)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000200720 | LeaderSharesTM AlphaFactor(R) US Core Equity ETF |  |

### LeaderShares(R) Activist Leaders(R) ETF (Series ID: S000068213)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000218403 | LeaderShares(R) Activist Leaders(R) ETF |  |

### LeaderShares(R) AlphaFactor(R) Tactical Focused ETF (Series ID: S000068214)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000218404 | LeaderShares(R) AlphaFactor(R) Tactical Focused ETF |  |

### LeaderShares(R) Equity Skew ETF (Series ID: S000068215)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218405 | LeaderShares(R) Equity Skew ETF |  |

### LeaderShares(R) Dynamic Yield ETF (Series ID: S000072292)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000228396 | LeaderShares(R) Dynamic Yield ETF |  |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-22718</u> 

 <u>Two Roads Shared Trust</u> 

(Exact name of registrant as specified in charter)

 <u>225 Pictoria Drive, Suite 450 Cincinnati, OH 45246</u> 

(Address of principal executive offices) (Zip code)

 <u>The Corporation Trust Company</u> 

<u>1209 Orange Street, Wilmington, DE 19801</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u> 

Date of fiscal year end: <u>10/31</u> 

Date of reporting period: <u>10/31/22</u> 

ITEM 1. REPORTS TO SHAREHOLDERS.

![(COVER PAGE)](ls001_v1.jpg)

Dear Shareholder,

**LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF (ACTV)**\*: -19.11%

\* From November 1, 2021 through October 31, 2022.

Source: Ultimus Fund Solutions.

During the LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF's (the "Fund") fiscal year, risk markets were volatile as rising inflation threatened economies around the globe. The Federal Reserve implemented aggressive rate hiking policies with the goal of curbing the rising costs. As a result, equities and fixed income markets sold off.

The Fund posted a return of -19.11% (Source: Ultimus) during the period as compared to -14.61% for the S&P 500. During the period, the Fund was invested in a portfolio of stocks based on its quantitative selection methodology. The Fund is an active fund and does not track an index. In addition to systematic correlation to the overall U.S. equity market's sell off, the Fund's concentrated exposure in companies involved in shareholder activism seemed to drive the underperformance against the S&P 500 Index. The Fund will continue to implement its disciplined quantitative stock selection process.

<sup>\*\*</sup> Standard and Poor's 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

*The views in this report are those of the Fund's management. This report contains certain forward-looking statements about factors that may affect the performance of the Fund in the future. These statements are based on the Fund's management's predictions and expectations concerning certain future events such as the performance of the economy as a whole and of specific industry sectors. Management believes these forward-looking statements are reasonable, although they are inherently uncertain and difficult to predict*

Dear Shareholder,

**LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF (LSAT)**\* -2.76%

\* From November 1, 2021 through October 31, 2022. Source: Ultimus Fund Solutions.

During the LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF's (the "Fund") fiscal year, risk markets were volatile as rising inflation threatened economies around the globe. The Federal Reserve implemented aggressive rate hiking policies with the goal of curbing the rising costs. As a result, equities and fixed income markets sold off.

The Fund posted a return of -2.76% (Source: Ultimus) during the period as compared to -14.61% for the S&P 500. Utilizing our quantitative risk-managed process, the Fund had several tactical shifts to and from defensive posturing, that resulted in the Fund being exposed to risk assets for only a portion of the period. When the Fund was risk on, it was invested in a portfolio of stocks based on its quantitative selection methodology. The Fund is an active fund and does not track an index. The Fund was able to outperform its benchmark given the Fund's ability to sidestep a portion of the drawdown seen in risk assets, as well as participate in the intermittent recoveries given the tactical nature of the strategy. The Fund will continue to implement its disciplined quantitative security selection and risk management process.

<sup>\*\*</sup> Standard and Poor's 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

*The views in this report are those of the Fund's management. This report contains certain forward-looking statements about factors that may affect the performance of the Fund in the future. These statements are based on the Fund's management's predictions and expectations concerning certain future events such as the performance of the economy as a whole and of specific industry sectors. Management believes these forward-looking statements are reasonable, although they are inherently uncertain and difficult to predict*

Dear Shareholder,

**LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF (LSAF):** -9.76%\*

\* From November 1, 2021 through October 31, 2022. Source: Ultimus Fund Solutions.

During the LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF's (the "Fund") fiscal year, risk markets were volatile as rising inflation threatened economies around the globe. The Federal Reserve implemented aggressive rate hiking policies with the goal of curbing the rising costs. As a result, equities and fixed income markets sold off.

The Fund posted a return of -9.76% (Source: Ultimus) for the year ended October 31, 2021, as compared to the -9.26% return of its benchmark AlphaFactor<sup>®</sup> US Core Equity Index (Source: Ultimus). During the period, the Fund was invested in a portfolio of stocks based on its quantitative selection methodology. The Fund's exposure to quantitative factors such as value, which withstood the equity sell off better than growth stocks, drove some of the Fund's equity outperformance against the S&P 500 Index, which returned -14.61% (Source: Ultimus) for the reporting period. Generally, systematic correlation to the overall U.S. equity market was as expected on both down and up trends. The Fund will continue to implement its disciplined quantitative stock selection process.

Capital markets are infinitely complex. Every day, new information becomes available that changes the risk and return dynamic of any investment. We do not attempt to forecast or suggest what may lie ahead. Instead, we utilize a quantitative approach, aiming to minimize the subjectivity of investing.

<sup>\*\*</sup> Standard and Poor's 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

\*\*\* The AlphaFactor<sup>®</sup> US Core Equity Index utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process focused on the largest 1,000 U.S. common stocks based on market capitalization. The methodology selects stocks based on a number of characteristics that include, net share count reduction, cash flow growth, dividend yield, volatility, and debt/asset ratios.

*The views in this report are those of the Fund's management. This report contains certain forward-looking statements about factors that may affect the performance of the Fund in the future. These statements are based on the Fund's management's predictions and expectations concerning certain future events such as the performance of the economy as a whole and of specific industry sectors. Management believes these forward-looking statements are reasonable, although they are inherently uncertain and difficult to predict.* 

Dear Shareholder,

**LeaderShares<sup>®</sup> Equity Skew ETF (SQEW):** -17.47%\*

\* From November 1, 2021 through October 31, 2022. Source: Ultimus Fund Solutions

During the LeaderShares<sup>®</sup> Equity Skew ETF's (the "Fund") fiscal year, risk markets were volatile as rising inflation threatened economies around the globe. The Federal Reserve implemented aggressive rate hiking policies with the goal of curbing the rising costs. As a result, equities and fixed income markets sold off.

The Fund posted a return of -17.47% (Source: Ultimus) during the period as compared to -14.61% for the S&P 500. During the period, the Fund was invested in a portfolio of stocks and ETFs based on its quantitative selection methodology. The Fund is an active fund and does not track an index. The Fund's overexposure to factors such as growth and size, both categories which are sensitive to rising interest rate environments, drove a slight equity underperformance against the S&P 500 Index which returned - 14.61% (Source: Ultimus) for the reporting period. However, systematic correlation to the overall U.S. equity market was as expected on both down and up trends. The Fund will continue to implement its disciplined quantitative stock selection process.

Capital markets are infinitely complex. Every day, new information becomes available that changes the risk and return dynamic of any investment. We do not attempt to forecast or suggest what may lie ahead. Instead, we utilize a quantitative approach, aiming to minimize the subjectivity of investing.

<sup>\*\*</sup> Standard and Poor's 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

*The views in this report are those of the Fund's management. This report contains certain forward-looking statements about factors that may affect the performance of the Fund in the future. These statements are based on the Fund's management's predictions and expectations concerning certain future events such as the performance of the economy as a whole and of specific industry sectors. Management believes these forward-looking statements are reasonable, although they are inherently uncertain and difficult to predict.*

Dear Shareholder,

**LeaderShares<sup>®</sup> Dynamic Yield ETF (DYLD)**\*: -12.45%

\* From November 1, 2021 through October 31, 2022. Source: Ultimus Fund Solutions.

During the LeaderShares<sup>®</sup> Dynamic Yield ETF's (the "Fund") fiscal year, risk markets were volatile as the Federal Reserve ramped up its aggressive rate hiking policy to curb the highest inflation levels seen in over 40 years. Many fixed income asset classes, whose duration were at record high levels, sold off sharply and experienced their worst drawdowns in history.

The Fund returned -12.45% (Source: Ultimus). The Fund is an active fund and does not track an index. During the period, the Fund was invested in a portfolio of high-yield corporate bonds, investment-grade corporate bonds, as well as US treasuries based on its quantitative selection methodology. The Fund derived most of its total return from active management and ability to shed its interest rate sensitive positions and decrease the portfolio duration risk. As a result, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned - 15.68% (Source: Ultimus) for the period, as investment-grade corporates and treasuries sold off aggressively.

Capital markets are infinitely complex. Every day, new information becomes available that changes the risk and return dynamic of any investment. We do not attempt to forecast or suggest what may lie ahead. Instead, we utilize a disciplined, quantitative approach, aiming to minimize the subjectivity of investing.

\*\* The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and collateralized mortgage-backed securities.

*The views in this report are those of the Fund's management. This report contains certain forward-looking statements about factors that may affect the performance of the Fund in the future. These statements are based on the Fund's management's predictions and expectations concerning certain future events such as the performance of the economy as a whole and of specific industry sectors. Management believes these forward-looking statements are reasonable, although they are inherently uncertain and difficult to predict*

*5077-NLD-12202022*

**LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF<br> PORTFOLIO REVIEW<br> October 31, 2022 (Unaudited)**

The Fund's performance figures\* for the period ended October 31, 2022, compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | One Year | Since Inception<sup>(a)</sup> |
| LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF - NAV | (19.11)% | 11.56% |
| LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF - Market Price | (19.02)% | 11.64% |
| S&P 500 Index (b) | (14.61)% | 8.27% |

---

\* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's per share net asset value or "NAV" is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return ("Market Price") is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund's inception, for the period from inception (10/26/2020) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund's total annual operating expenses are 0.75% per the March 1, 2022 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

(a) As
of the close of business on the day of commencement of trading October 26, 2020.

(b) The
S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index
is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading.
Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses
of investing.

**<u>Comparison of the Change in Value of a $10,000 Investment</u>**

![(LINE GRAPH)](ls002_v1.jpg)

---

| | |
|:---|:---|
| PORTFOLIO ANALYSIS | PORTFOLIO ANALYSIS |
| October 31, 2022 | October 31, 2022 |
|  | Percent of |
| Top 10 Industries | Net Assets |
| Software | 10.6% |
| Technology Services | 10.6% |
| Biotech & Pharma | 10.5% |
| Leisure Facilities & Services | 7.2% |
| Asset Management | 7.1% |
| Technology Hardware | 7.0% |
| Automotive | 3.7% |
| Real Estate Owners & Developers | 3.6% |
| Aerospace & Defense | 3.5% |
| Construction Materials | 3.5% |
| Other/Cash and Equivalents | 32.7% |
| Total | 100.0% |

---

Please refer to the Schedule of Investments for a detailed listing of the Fund's holdings.

**LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF<br> PORTFOLIO REVIEW<br> October 31, 2022 (Unaudited)**

The Fund's performance figures\* for the period ended October 31, 2022, compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | One Year | Since Inception<sup>(a)</sup> |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF - NAV | (2.76)% | 16.92% |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF - Market Price | (2.96)% | 16.83% |
| S&P 500 Index <sup>(b)</sup> | (14.61)% | 8.27% |

---

\* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's per share net asset value or "NAV" is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return ("Market Price") is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund's inception, for the period from inception (10/26/2020) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund's total annual operating expenses are 0.99% per the March 1, 2022 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

(a) As
of the close of business on the day of commencement of trading October 26, 2020.

(b) The
S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index
is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading.
Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses
of investing.

**<u>Comparison of the Change in Value of a $10,000 Investment</u>**

![(LINE GRAPH)](ls003_v1.jpg)

---

| | |
|:---|:---|
| PORTFOLIO ANALYSIS | PORTFOLIO ANALYSIS |
| October 31, 2022 | October 31, 2022 |
|  | Percent of |
| Top 10 Industries | Net Assets |
| Specialty Finance | 13.3% |
| Institutional Financial Services | 10.1% |
| Technology Hardware | 10.1% |
| Retail - Discretionary | 9.9% |
| Insurance | 9.6% |
| Technology Services | 6.6% |
| Health Care Facilities & Services | 6.5% |
| Banking | 3.5% |
| Telecommunications | 3.5% |
| Transportation Equipment | 3.5% |
| Other/Cash and Equivalents | 23.4% |
| Total | 100.0% |

---

Please refer to the Schedule of Investments for a detailed listing of the Fund's holdings.

**Leadershares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF<br> PORTFOLIO REVIEW<br> October 31, 2022 (Unaudited)**

The Fund's performance figures\* for the period ended October 31, 2022, compared to its benchmark:

---

| | | | |
|:---|:---|:---|:---|
|  | One Year | Three Year | Since Inception<sup>(a)</sup> |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF - NAV | (9.76)% | 6.55% | 5.41% |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF - Market Price | (9.83)% | 6.56% | 5.43% |
| S&P 500 Index <sup>(b)</sup> | (14.61)% | 10.22% | 8.99% |
| AlphaFactor<sup>®</sup> US Core Equity Index <sup>(c)</sup> | (9.26)% | 7.46% | 6.34% |

---

\* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's per share net asset value or "NAV" is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return ("Market Price") is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund's inception, for the period from inception (10/1/2018) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund's total annual operating expenses are 0.75% per the March 1, 2022 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

(a) As
of the close of business on the day of commencement of trading October 1, 2018.

(b) The
S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index
is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading.
Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses
of investing.

(c) The
AlphaFactor<sup>®</sup> US Core Equity Index, the Fund advisor's proprietary index, utilizes a quantitative rules-based investment
methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization.
Companies within this group of the top 1,000 market capitalizations may be considered large or mid-cap companies. Investors cannot invest
directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

**<u>Comparison of the Change in Value of a $10,000 Investment</u>**

![(LINE GRAPH)](ls004_v1.jpg)

---

| | |
|:---|:---|
| PORTFOLIO ANALYSIS | PORTFOLIO ANALYSIS |
| October 31, 2022 | October 31, 2022 |
|  | Percent of |
| Top 10 Industries | Net Assets |
| Retail - Discretionary | 11.3% |
| Insurance | 11.0% |
| Oil & Gas Producers | 7.6% |
| Chemicals | 6.8% |
| Transportation & Logistics | 6.6% |
| Technology Hardware | 5.8% |
| Steel | 4.2% |
| Leisure Facilities & Services | 4.1% |
| Specialty Finance | 3.9% |
| Technology Services | 3.0% |
| Other/Cash and Equivalents | 35.7% |
| Total | 100.0% |

---

Please refer to the Schedule of Investments for a detailed listing of the Fund's holdings.

**LeaderShares<sup>®</sup> Equity Skew ETF<br> PORTFOLIO REVIEW<br> October 31, 2022 (Unaudited)**

The Fund's performance figures\* for the period ended October 31, 2022, compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | One Year | Since Inception<sup>(a)</sup> |
| LeaderShares<sup>®</sup> Equity Skew ETF - NAV | (17.47)% | 11.14% |
| LeaderShares<sup>®</sup> Equity Skew ETF - Market Price | (17.78)% | 11.06% |
| S&P 500 Index <sup>(b)</sup> | (14.61)% | 13.67% |

---

\* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's per share net asset value or "NAV" is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return ("Market Price") is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund's inception, for the period from inception (5/11/2020) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund's total annual operating expenses are 0.75% per the March 1, 2022 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

(a) As
of the close of business on the day of commencement of trading May 11, 2020.

(b) The
S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index
is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading.
Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses
of investing.

**<u>Comparison of the Change in Value of a $10,000 Investment</u>**

![(LINE GRAPH)](ls005_v1.jpg)

---

| | |
|:---|:---|
| PORTFOLIO ANALYSIS | PORTFOLIO ANALYSIS |
| October 31, 2022 | October 31, 2022 |
|  | Percent of |
| Top 10 Industries | Net Assets |
| Exchange Traded Funds | 42.9% |
| Technology Hardware | 10.5% |
| Software | 9.8% |
| Semiconductors | 4.0% |
| E-Commerce Discretionary | 3.7% |
| Internet Media & Services | 3.6% |
| Biotech & Pharma | 3.4% |
| Medical Equipment & Devices | 2.9% |
| Technology Services | 2.6% |
| Automotive | 2.5% |
| Other/Cash and Equivalents | 14.1% |
| Total | 100.0% |

---

Please refer to the Schedule of Investments for a detailed listing of the Fund's holdings.

**LeaderShares<sup>®</sup> Dynamic Yield ETF<br> PORTFOLIO REVIEW<br> October 31, 2022 (Unaudited)**

The Fund's performance figures\* for the period ended October 31, 2022, compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | One Year | Since Inception<sup>(a)</sup> |
| LeaderShares<sup>®</sup> Dynamic Yield ETF - NAV | (12.45)% | (8.84)% |
| LeaderShares<sup>®</sup> Dynamic Yield ETF - Market Price | (12.59)% | (8.81)% |
| Bloomberg US Aggregate Bond Index <sup>(b)</sup> | (15.68)% | (11.83)% |

---

\* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's per share net asset value or "NAV" is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return ("Market Price") is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund's inception, for the period from inception (6/28/2021) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund's total annual operating expenses are 0.75% per the March 1, 2022 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

(a) As
of the close of business on the day of commencement of trading June 28, 2021.

(b) The
Bloomberg U.S. Aggregate Bond Index is a broadbased benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate
taxable bond market. This includes Treasuries, government-related and corporate securities, mortgagebacked securities, asset-backed securities
and collateralized mortgage-backed securities.

**<u>Comparison of the Change in Value of a $10,000 Investment</u>**

![(LINE GRAPH)](ls006_v1.jpg)

---

| | |
|:---|:---|
| PORTFOLIO ANALYSIS | PORTFOLIO ANALYSIS |
| October 31, 2022 | October 31, 2022 |
|  | Percent of |
| Top 10 Industries | Net Assets |
| Banking | 11.7% |
| U.S. Government & Agencies | 10.8% |
| Telecommunications | 6.6% |
| Biotech & Pharma | 4.3% |
| Health Care Facilities & Services | 3.7% |
| Institutional Financial Services | 3.5% |
| Food | 3.3% |
| Software | 3.2% |
| Aerospace & Defense | 2.8% |
| Technology Hardware | 2.4% |
| Other/Cash and Equivalents | 47.7% |
| Total | 100.0% |

---

Please refer to the Schedule of Investments for a detailed listing of the Fund's holdings.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ACTIVIST LEADERS**<sup>®</sup> **ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0%** |  |
|  | **AEROSPACE & DEFENSE - 3.5%** |  |
| 59650 | Mercury Systems, Inc.<sup>(a)</sup> | $2887060 |
|  | **ASSET MANAGEMENT - 7.1%** |  |
| 189886 | Invesco Ltd. | 2909054 |
| 127928 | Janus Henderson Group plc | 2912920 |
|  |  | 5821974 |
|  | **AUTOMOTIVE - 3.7%** |  |
| 187483 | Dana, Inc. | 2992229 |
|  | **BIOTECH & PHARMA - 10.5%** |  |
| 430601 | Bausch Health Companies, Inc.<sup>(a)</sup> | 2798907 |
| 215399 | Innoviva, Inc.<sup>(a)</sup> | 2920810 |
| 262917 | Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 2876312 |
|  |  | 8596029 |
|  | **CONSTRUCTION MATERIALS - 3.5%** |  |
| 101196 | MDU Resources Group, Inc. | 2882062 |
|  | **ELECTRICAL EQUIPMENT - 2.9%** |  |
| 166723 | Vertiv Holdings Company | 2385806 |
|  | **ENGINEERING & CONSTRUCTION - 3.5%** |  |
| 38572 | AECOM | 2903700 |
|  | **FOOD - 3.5%** |  |
| 57688 | TreeHouse Foods, Inc.<sup>(a)</sup> | 2898245 |
|  | **GAS & WATER UTILITIES - 3.5%** |  |
| 39366 | Southwest Gas Holdings, Inc. | 2876474 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.5%** |  |
| 149996 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | 2909922 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ACTIVIST LEADERS**<sup>®</sup> **ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 3.2%** |  |
| 192446 | Newell Brands, Inc. | $2657679 |
|  | **INSURANCE - 1.1%** |  |
| 345903 | eHealth, Inc.<sup>(a)</sup> | 927020 |
|  | **INTERNET MEDIA & SERVICES - 3.5%** |  |
| 36192 | GoDaddy, Inc., Class A<sup>(a)</sup> | 2909837 |
|  | **LEISURE FACILITIES & SERVICES - 7.2%** |  |
| 40032 | Papa John's International, Inc. | 2907524 |
| 49392 | Restaurant Brands International, Inc. | 2932897 |
|  |  | 5840421 |
|  | **PUBLISHING & BROADCASTING - 3.5%** |  |
| 99639 | New York Times Company (The), Class A | 2885545 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 3.6%** |  |
| 48479 | Howard Hughes Corporation<sup>(a)</sup> | 2974187 |
|  | **RETAIL - DISCRETIONARY - 3.5%** |  |
| 49184 | Freshpet, Inc.<sup>(a)</sup> | 2899397 |
|  | **SOFTWARE - 10.6%** |  |
| 47409 | CommVault Systems, Inc.<sup>(a)</sup> | 2886734 |
| 280361 | LivePerson, Inc.<sup>(a)</sup> | 2963416 |
| 48263 | New Relic, Inc.<sup>(a)</sup> | 2859100 |
|  |  | 8709250 |
|  | **TECHNOLOGY HARDWARE - 7.0%** |  |
| 55640 | Seagate Technology Holdings plc | 2763082 |
| 202368 | Xerox Holdings Corporation | 2960644 |
|  |  | 5723726 |
|  | **TECHNOLOGY SERVICES - 10.6%** |  |
| 717120 | Conduent, Inc.<sup>(a)</sup> | 2954535 |
| 148115 | Green Dot Corporation, Class A<sup>(a)</sup> | 2818628 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ACTIVIST LEADERS**<sup>®</sup> **ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 10.6% (Continued)** |  |
| 30968 | Insight Enterprises, Inc.<sup>(a)</sup> | $2926786 |
|  |  | 8699949 |
|  | **TOTAL COMMON STOCKS (Cost $89,767,244)** | 81380512 |
|  | **TOTAL INVESTMENTS – 99.0% (Cost $89,767,244)** | $81380512 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%** | 874401 |
|  | **NET ASSETS - 100.0%** | $82254913 |

---

LTD - Limited Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ACTIVIST LEADERS**<sup>®</sup> **ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **OCTOBER 31, 2022** |

---

---

| | |
|:---|:---|
| Diversification of Assets |  |
| Country | % of Net Assets |
| United States | 81.6% |
| Canada | 7.0% |
| Jersey | 3.5% |
| Bermuda | 3.5% |
| Ireland | 3.4% |
| Total | 99.0% |
| Other Assets in Excess of Liabilities - Net | 1.0% |
| Grand Total | 100.0% |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4%** |  |
|  | **AEROSPACE & DEFENSE - 3.2%** |  |
| 20346 | L3Harris Technologies, Inc. | $5014679 |
|  | **BANKING - 3.5%** |  |
| 50687 | BOK Financial Corporation | 5585201 |
|  | **CHEMICALS - 3.3%** |  |
| 49501 | Ashland, Inc. | 5193645 |
|  | **CONTAINERS & PACKAGING - 3.1%** |  |
| 71400 | Crown Holdings, Inc. | 4897326 |
|  | **ELECTRIC UTILITIES - 3.3%** |  |
| 169421 | Brookfield Renewable Corporation | 5257134 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.5%** |  |
| 23304 | HCA Healthcare, Inc. | 5067921 |
| 35911 | Quest Diagnostics, Inc. | 5158615 |
|  |  | 10226536 |
|  | **HOME & OFFICE PRODUCTS - 3.3%** |  |
| 37537 | Whirlpool Corporation | 5189115 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 10.1%** |  |
| 121587 | Bank of New York Mellon Corporation (The) | 5120029 |
| 53364 | Evercore, Inc., Class A | 5608555 |
| 233886 | Virtu Financial, Inc., Class A | 5234369 |
|  |  | 15962953 |
|  | **INSURANCE - 9.6%** |  |
| 33380 | Assurant, Inc. | 4535007 |
| 172820 | Equitable Holdings, Inc. | 5291748 |
| 76510 | Voya Financial, Inc. | 5230224 |
|  |  | 15056979 |
|  | **OIL & GAS PRODUCERS - 3.3%** |  |
| 45130 | Marathon Petroleum Corporation | 5127671 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 9.9%** |  |
| 28297 | Advance Auto Parts, Inc. | $5374167 |
| 169004 | Kohl's Corporation | 5061670 |
| 26292 | Lowe's Companies, Inc. | 5125625 |
|  |  | 15561462 |
|  | **SPECIALTY FINANCE - 13.3%** |  |
| 184937 | Ally Financial, Inc. | 5096864 |
| 393617 | MGIC Investment Corporation | 5372871 |
| 315909 | SLM Corporation | 5240930 |
| 147091 | Synchrony Financial | 5230556 |
|  |  | 20941221 |
|  | **TECHNOLOGY HARDWARE - 10.1%** |  |
| 184402 | HP, Inc. | 5093183 |
| 67978 | Lumentum Holdings, Inc.<sup>(a)</sup> | 5060962 |
| 392722 | Xerox Holdings Corporation | 5745523 |
|  |  | 15899668 |
|  | **TECHNOLOGY SERVICES - 6.6%** |  |
| 30270 | CDW Corporation/DE | 5230959 |
| 17114 | Gartner, Inc.<sup>(a)</sup> | 5167059 |
|  |  | 10398018 |
|  | **TELECOMMUNICATIONS - 3.5%** |  |
| 741172 | Lumen Technologies, Inc. | 5455026 |
|  | **TRANSPORTATION EQUIPMENT - 3.5%** |  |
| 129830 | Allison Transmission Holdings, Inc. | 5485317 |
|  | **WHOLESALE - DISCRETIONARY - 3.3%** |  |
| 94563 | LKQ Corporation | 5261484 |
|  | **TOTAL COMMON STOCKS (Cost $152,962,364)** | 156513435 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS – 99.4% (Cost $152,962,364)** | $156513435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%** | 971784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS - 100.0%** | $157485219 |

---

<sup>(a)</sup> Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **AEROSPACE & DEFENSE - 1.1%** |  |
| 3344 | Lockheed Martin Corporation | $1627458 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.0%** |  |
| 44883 | Tapestry, Inc. | 1421893 |
|  | **ASSET MANAGEMENT - 1.0%** |  |
| 11414 | Affiliated Managers Group, Inc. | 1417162 |
|  | **AUTOMOTIVE - 1.1%** |  |
| 36437 | Harley-Davidson, Inc. | 1566791 |
|  | **BANKING - 1.0%** |  |
| 32389 | Bank OZK | 1392079 |
|  | **BEVERAGES - 0.9%** |  |
| 5576 | Constellation Brands, Inc., Class A | 1377718 |
|  | **BIOTECH & PHARMA - 1.1%** |  |
| 5696 | Amgen, Inc. | 1539914 |
|  | **CHEMICALS - 6.8%** |  |
| 13623 | Ashland, Inc. | 1429325 |
| 13251 | CF Industries Holdings, Inc. | 1408051 |
| 51564 | Chemours Company (The) | 1476277 |
| 52162 | Huntsman Corporation | 1395855 |
| 26491 | Mosaic Company (The) | 1423891 |
| 29860 | Olin Corporation | 1581088 |
| 56296 | Univar Solutions, Inc.<sup>(a)</sup> | 1434422 |
|  |  | 10148909 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.8%** |  |
| 30046 | H&R Block, Inc. | 1236393 |
|  | **CONSTRUCTION MATERIALS - 2.0%** |  |
| 11944 | Eagle Materials, Inc. | 1460871 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **CONSTRUCTION MATERIALS - 2.0% (Continued)** |  |
| 16284 | Owens Corning | $1394073 |
|  |  | 2854944 |
|  | **CONSUMER SERVICES - 0.9%** |  |
| 22214 | Service Corp International | 1346391 |
|  | **ELECTRIC UTILITIES - 2.0%** |  |
| 33088 | NRG Energy, Inc. | 1469107 |
| 60937 | Vistra Corporation | 1399723 |
|  |  | 2868830 |
|  | **ELECTRICAL EQUIPMENT - 1.0%** |  |
| 8162 | Acuity Brands, Inc. | 1498298 |
|  | **ENGINEERING & CONSTRUCTION - 0.9%** |  |
| 31677 | WillScot Mobile Mini Holdings Corporation<sup>(a)</sup> | 1347223 |
|  | **ENTERTAINMENT CONTENT - 0.8%** |  |
| 41555 | Fox Corporation, Class A | 1199693 |
|  | **FOOD - 2.0%** |  |
| 16639 | Lamb Weston Holdings, Inc. | 1434615 |
| 15689 | Post Holdings, Inc.<sup>(a)</sup> | 1418599 |
|  |  | 2853214 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.0%** |  |
| 24720 | Louisiana-Pacific Corporation | 1400388 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 6904 | HCA Healthcare, Inc. | 1501413 |
| 3755 | McKesson Corporation | 1462084 |
|  |  | 2963497 |
|  | **HOTEL REIT - 1.0%** |  |
| 115470 | Park Hotels & Resorts, Inc. | 1510348 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.0%** |  |
| 4736 | United Rentals, Inc.<sup>(a)</sup> | $1495203 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.9%** |  |
| 43859 | Jefferies Financial Group, Inc. | 1509188 |
| 16183 | Morgan Stanley | 1329757 |
|  |  | 2838945 |
|  | **INSURANCE - 11.0%** |  |
| 22748 | Aflac, Inc. | 1481122 |
| 10255 | Allstate Corporation (The) | 1294694 |
| 26854 | American International Group, Inc. | 1530678 |
| 8794 | Assurant, Inc. | 1194753 |
| 29310 | Brighthouse Financial, Inc.<sup>(a)</sup> | 1672723 |
| 48419 | Equitable Holdings, Inc. | 1482590 |
| 20654 | Hartford Financial Services Group, Inc. (The) | 1495556 |
| 25574 | Loews Corporation | 1458229 |
| 21033 | MetLife, Inc. | 1539826 |
| 17717 | Principal Financial Group, Inc. | 1561399 |
| 20936 | Voya Financial, Inc. | 1431185 |
|  |  | 16142755 |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 17997 | GoDaddy, Inc., Class A<sup>(a)</sup> | 1446958 |
|  | **LEISURE FACILITIES & SERVICES - 4.1%** |  |
| 10151 | Darden Restaurants, Inc. | 1453014 |
| 10493 | Marriott Vacations Worldwide Corporation | 1550445 |
| 43105 | MGM Resorts International | 1533245 |
| 37362 | Travel + Leisure Company | 1419009 |
|  |  | 5955713 |
|  | **MACHINERY - 1.0%** |  |
| 14585 | Crane Holdings Company | 1463459 |
|  | **METALS & MINING - 1.0%** |  |
| 37259 | Alcoa Corporation | 1454219 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 7.6%** |  |
| 37220 | APA Corporation | $1692021 |
| 12502 | ConocoPhillips | 1576377 |
| 49209 | Coterra Energy, Inc. | 1531876 |
| 10678 | Diamondback Energy, Inc. | 1677621 |
| 56605 | Marathon Oil Corporation | 1723622 |
| 12888 | Marathon Petroleum Corporation | 1464335 |
| 11916 | Valero Energy Corporation | 1496054 |
|  |  | 11161906 |
|  | **PUBLISHING & BROADCASTING - 0.9%** |  |
| 7696 | Nexstar Media Group, Inc. | 1318325 |
|  | **REAL ESTATE SERVICES - 1.9%** |  |
| 19086 | CBRE Group, Inc., Class A<sup>(a)</sup> | 1353961 |
| 8575 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1364197 |
|  |  | 2718158 |
|  | **RETAIL - DISCRETIONARY - 11.3%** |  |
| 8215 | Advance Auto Parts, Inc. | 1560193 |
| 12491 | AutoNation, Inc.<sup>(a)</sup> | 1327918 |
| 601 | AutoZone, Inc.<sup>(a)</sup> | 1522261 |
| 8594 | Avis Budget Group, Inc.<sup>(a)</sup> | 2032138 |
| 21502 | Builders FirstSource, Inc.<sup>(a)</sup> | 1325813 |
| 6831 | Lowe's Companies, Inc. | 1331703 |
| 80277 | Macy's, Inc. | 1673775 |
| 1822 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1525324 |
| 12996 | Penske Automotive Group, Inc. | 1450614 |
| 3190 | Ulta Beauty, Inc.<sup>(a)</sup> | 1337790 |
| 10924 | Williams-Sonoma, Inc. | 1352719 |
|  |  | 16440248 |
|  | **SEMICONDUCTORS - 2.7%** |  |
| 15524 | Applied Materials, Inc. | 1370614 |
| 18591 | Cirrus Logic, Inc.<sup>(a)</sup> | 1247828 |
| 4198 | KLA Corporation | 1328457 |
|  |  | 3946899 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **SOFTWARE - 1.0%** |  |
| 25900 | Fortinet, Inc.<sup>(a)</sup> | $1480444 |
|  | **SPECIALTY FINANCE - 3.9%** |  |
| 2974 | Credit Acceptance Corporation<sup>(a)</sup> | 1384754 |
| 14146 | Discover Financial Services | 1477691 |
| 99985 | MGIC Investment Corporation | 1364795 |
| 91744 | SLM Corporation | 1522033 |
|  |  | 5749273 |
|  | **STEEL - 4.2%** |  |
| 11954 | Nucor Corporation | 1570517 |
| 7331 | Reliance Steel & Aluminum Company | 1477050 |
| 17942 | Steel Dynamics, Inc. | 1687444 |
| 69561 | United States Steel Corporation | 1416262 |
|  |  | 6151273 |
|  | **TECHNOLOGY HARDWARE - 5.8%** |  |
| 13773 | Arrow Electronics, Inc.<sup>(a)</sup> | 1394654 |
| 37449 | Dell Technologies, Inc., Class C | 1438042 |
| 51093 | HP, Inc. | 1411189 |
| 21795 | Jabil, Inc. | 1400329 |
| 18396 | Lumentum Holdings, Inc.<sup>(a)</sup> | 1369582 |
| 4331 | Ubiquiti, Inc. | 1501774 |
|  |  | 8515570 |
|  | **TECHNOLOGY SERVICES - 3.0%** |  |
| 3069 | Fair Isaac Corporation<sup>(a)</sup> | 1469560 |
| 4603 | Gartner, Inc.<sup>(a)</sup> | 1389738 |
| 14540 | Science Applications International Corporation | 1575263 |
|  |  | 4434561 |
|  | **TRANSPORTATION & LOGISTICS - 6.6%** |  |
| 13191 | CH Robinson Worldwide, Inc. | 1289025 |
| 48194 | CSX Corporation | 1400517 |
| 26152 | Knight-Swift Transportation Holdings, Inc. | 1256081 |
| 8843 | Landstar System, Inc. | 1381453 |
| 6100 | Norfolk Southern Corporation | 1391227 |
| 5100 | Old Dominion Freight Line, Inc. | 1400459 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **ALPHAFACTOR**<sup>®</sup> **US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 6.6% (Continued)** |  |
| 17011 | Ryder System, Inc. | $1369556 |
|  |  | 9488318 |
|  | **WHOLESALE - DISCRETIONARY - 1.0%** |  |
| 27006 | LKQ Corporation | 1502614 |
|  | **TOTAL COMMON STOCKS (Cost $134,992,172)** | 145275984 |
|  | **TOTAL INVESTMENTS – 99.3% (Cost $134,992,172)** | $145275984 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | 1108599 |
|  | **NET ASSETS - 100.0%** | $146384583 |

---

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 56.1%** |  |
|  | **AEROSPACE & DEFENSE - 0.1%** |  |
| 389 | L3Harris Technologies, Inc. | $95877 |
| 104 | TransDigm Group, Inc. | 59879 |
|  |  | 155756 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.3%** |  |
| 3659 | NIKE, Inc., Class B | 339116 |
|  | **ASSET MANAGEMENT - 0.7%** |  |
| 301 | Ameriprise Financial, Inc. | 93045 |
| 379 | BlackRock, Inc. | 244800 |
| 4785 | Charles Schwab Corporation | 381220 |
| 747 | T Rowe Price Group, Inc. | 79302 |
|  |  | 798367 |
|  | **AUTOMOTIVE - 2.5%** |  |
| 13037 | Tesla, Inc.<sup>(a)</sup> | 2966439 |
|  | **BANKING - 1.2%** |  |
| 14414 | Bank of America Corporation | 519481 |
| 842 | First Republic Bank | 101124 |
| 6342 | JPMorgan Chase & Company | 798331 |
| 266 | SVB Financial Group<sup>(a)</sup> | 61435 |
|  |  | 1480371 |
|  | **BEVERAGES - 0.5%** |  |
| 894 | Monster Beverage Corporation<sup>(a)</sup> | 83786 |
| 2723 | PepsiCo, Inc. | 494442 |
|  |  | 578228 |
|  | **BIOTECH & PHARMA - 3.4%** |  |
| 4685 | AbbVie, Inc. | 685884 |
| 1017 | Amgen, Inc. | 274946 |
| 3540 | Eli Lilly and Company | 1281798 |
| 1596 | Moderna, Inc.<sup>(a)</sup> | 239927 |
| 14114 | Pfizer, Inc. | 657007 |
| 501 | Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 375124 |
| 694 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 216528 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 56.1% (Continued)** |  |
|  | **BIOTECH & PHARMA - 3.4% (Continued)** |  |
| 1449 | Zoetis, Inc. | $218480 |
|  |  | 3949694 |
|  | **CHEMICALS - 0.4%** |  |
| 374 | Albemarle Corporation | 104671 |
| 1169 | Linde plc | 347603 |
| 583 | Sherwin-Williams Company (The) | 131193 |
|  |  | 583467 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.2%** |  |
| 184 | Cintas Corporation | 78669 |
| 432 | Republic Services, Inc. | 57292 |
| 906 | Waste Management, Inc. | 143483 |
|  |  | 279444 |
|  | **DATA CENTER REIT - 0.1%** |  |
| 191 | Equinix, Inc. | 108190 |
|  | **DIVERSIFIED INDUSTRIALS - 0.1%** |  |
| 546 | Illinois Tool Works, Inc. | 116587 |
|  | **E-COMMERCE DISCRETIONARY - 3.7%** |  |
| 41091 | Amazon.com, Inc.<sup>(a)</sup> | 4209362 |
| 2010 | eBay, Inc. | 80078 |
| 555 | Etsy, Inc.<sup>(a)</sup> | 52120 |
|  |  | 4341560 |
|  | **ELECTRICAL EQUIPMENT - 0.2%** |  |
| 1487 | Amphenol Corporation, Class A | 112759 |
| 625 | Keysight Technologies, Inc.<sup>(a)</sup> | 108844 |
| 269 | Rockwell Automation, Inc. | 68676 |
|  |  | 290279 |
|  | **FOOD - 0.1%** |  |
| 298 | Hershey Company (The) | 71153 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 574 | HCA Healthcare, Inc. | 124828 |
| 628 | IQVIA Holdings, Inc.<sup>(a)</sup> | 131673 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 56.1% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1% (Continued)** |  |
| 1829 | UnitedHealth Group, Inc. | $1015369 |
|  |  | 1271870 |
|  | **HOUSEHOLD PRODUCTS - 0.1%** |  |
| 659 | Estee Lauder Companies, Inc., Class A | 132123 |
|  | **INDUSTRIAL REIT - 0.3%** |  |
| 2651 | Prologis, Inc. | 293597 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.1%** |  |
| 1299 | Fastenal Company | 62781 |
|  | **INFRASTRUCTURE REIT - 0.4%** |  |
| 1136 | American Tower Corporation | 235368 |
| 923 | Crown Castle, Inc. | 122999 |
| 277 | SBA Communications Corp., A | 74762 |
|  |  | 433129 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 1573 | Goldman Sachs Group, Inc. | 541915 |
| 1492 | Intercontinental Exchange, Inc. | 142590 |
| 3058 | Morgan Stanley | 251276 |
| 1222 | Nasdaq, Inc. | 76057 |
|  |  | 1011838 |
|  | **INSURANCE - 0.3%** |  |
| 421 | Arthur J Gallagher & Company | 78761 |
| 1412 | Marsh & McLennan Companies, Inc. | 228024 |
|  |  | 306785 |
|  | **INTERNET MEDIA & SERVICES - 3.6%** |  |
| 28144 | Alphabet, Inc., Class A<sup>(a)</sup> | 2659890 |
| 10341 | Meta Platforms, Inc., Class A<sup>(a)</sup> | 963368 |
| 1956 | Netflix, Inc.<sup>(a)</sup> | 570917 |
|  |  | 4194175 |
|  | **LEISURE FACILITIES & SERVICES - 0.8%** |  |
| 85 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 127358 |
| 515 | Hilton Worldwide Holdings, Inc. | 69659 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 56.1% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.8% (Continued)** |  |
| 1585 | McDonald's Corporation | $432166 |
| 2698 | Starbucks Corporation | 233620 |
| 628 | Yum! Brands, Inc. | 74261 |
|  |  | 937064 |
|  | **MACHINERY - 0.2%** |  |
| 590 | Deere & Company | 233534 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.9%** |  |
| 4335 | Abbott Laboratories | 428905 |
| 836 | Agilent Technologies, Inc. | 115661 |
| 344 | Align Technology, Inc.<sup>(a)</sup> | 66839 |
| 2064 | Danaher Corporation | 519447 |
| 1751 | DexCom, Inc.<sup>(a)</sup> | 211486 |
| 1795 | Edwards Lifesciences Corporation<sup>(a)</sup> | 130012 |
| 848 | Hologic, Inc.<sup>(a)</sup> | 57494 |
| 265 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 95315 |
| 349 | Illumina, Inc.<sup>(a)</sup> | 79858 |
| 1133 | Intuitive Surgical, Inc.<sup>(a)</sup> | 279251 |
| 64 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 80956 |
| 571 | PerkinElmer, Inc. | 76274 |
| 377 | ResMed, Inc. | 84331 |
| 625 | Stryker Corporation | 143275 |
| 1806 | Thermo Fisher Scientific, Inc. | 928229 |
| 207 | Waters Corporation<sup>(a)</sup> | 61928 |
| 341 | West Pharmaceutical Services, Inc. | 78464 |
|  |  | 3437725 |
|  | **METALS & MINING - 0.1%** |  |
| 2834 | Freeport-McMoRan, Inc. | 89809 |
|  | **OIL & GAS PRODUCERS - 0.7%** |  |
| 2820 | Devon Energy Corporation | 218127 |
| 778 | Diamondback Energy, Inc. | 122232 |
| 1175 | EOG Resources, Inc. | 160411 |
| 842 | Hess Corporation | 118789 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 56.1% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 0.7% (Continued)** |  |
| 1357 | Occidental Petroleum Corporation | $98518 |
| 588 | Pioneer Natural Resources Company | 150769 |
|  |  | 868846 |
|  | **RENEWABLE ENERGY - 0.2%** |  |
| 637 | Enphase Energy, Inc.<sup>(a)</sup> | 195559 |
|  | **RESIDENTIAL REIT - 0.0%<sup>(b)</sup>** |  |
| 492 | Camden Property Trust | 56851 |
| 21 | NexPoint Residential Trust, Inc. | 958 |
|  |  | 57809 |
|  | **RETAIL - CONSUMER STAPLES - 0.6%** |  |
| 1053 | Costco Wholesale Corporation | 528079 |
| 1178 | Target Corporation | 193487 |
|  |  | 721566 |
|  | **RETAIL - DISCRETIONARY - 1.9%** |  |
| 86 | AutoZone, Inc.<sup>(a)</sup> | 217828 |
| 3514 | Home Depot, Inc. | 1040600 |
| 2960 | Lowe's Companies, Inc. | 577052 |
| 287 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 240268 |
| 535 | Tractor Supply Company | 117577 |
|  |  | 2193325 |
|  | **RETAIL REIT - 0.1%** |  |
| 917 | Simon Property Group, Inc. | 99935 |
|  | **SELF-STORAGE REIT - 0.2%** |  |
| 607 | Extra Space Storage, Inc. | 107706 |
| 429 | Public Storage | 132883 |
|  |  | 240589 |
|  | **SEMICONDUCTORS - 4.0%** |  |
| 7887 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 473693 |
| 4112 | Applied Materials, Inc. | 363048 |
| 1105 | Broadcom, Inc. | 519483 |
| 666 | KLA Corporation | 210756 |
| 652 | Lam Research Corporation | 263917 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 56.1% (Continued)** |  |
|  | **SEMICONDUCTORS - 4.0% (Continued)** |  |
| 1252 | Microchip Technology, Inc. | $77298 |
| 205 | Monolithic Power Systems, Inc. | 69587 |
| 11680 | NVIDIA Corporation | 1576449 |
| 1555 | ON Semiconductor Corporation<sup>(a)</sup> | 95524 |
| 5503 | QUALCOMM, Inc. | 647483 |
| 753 | Teradyne, Inc. | 61257 |
| 2149 | Texas Instruments, Inc. | 345194 |
|  |  | 4703689 |
|  | **SOFTWARE - 9.8%** |  |
| 2163 | Adobe, Inc.<sup>(a)</sup> | 688915 |
| 250 | ANSYS, Inc.<sup>(a)</sup> | 55290 |
| 652 | Autodesk, Inc.<sup>(a)</sup> | 139724 |
| 1263 | Cadence Design Systems, Inc.<sup>(a)</sup> | 191206 |
| 2987 | Fortinet, Inc.<sup>(a)</sup> | 170737 |
| 1341 | Intuit, Inc. | 573278 |
| 34881 | Microsoft Corporation | 8096926 |
| 7219 | Oracle Corporation | 563587 |
| 2882 | Salesforce, Inc.<sup>(a)</sup> | 468584 |
| 922 | ServiceNow, Inc.<sup>(a)</sup> | 387922 |
| 470 | Synopsys, Inc.<sup>(a)</sup> | 137499 |
|  |  | 11473668 |
|  | **SPECIALTY FINANCE - 0.3%** |  |
| 1238 | American Express Company | 183781 |
| 845 | Capital One Financial Corporation | 89587 |
| 1269 | Discover Financial Services | 132560 |
|  |  | 405928 |
|  | **STEEL - 0.1%** |  |
| 646 | Nucor Corporation | 84871 |
|  | **TECHNOLOGY HARDWARE - 10.5%** |  |
| 76103 | Apple, Inc. | 11669633 |
| 1110 | Arista Networks, Inc.<sup>(a)</sup> | 134155 |
| 8761 | Cisco Systems, Inc. | 398012 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 56.1% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 10.5% (Continued)** |  |
| 460 | Motorola Solutions, Inc. | $114867 |
|  |  | 12316667 |
|  | **TECHNOLOGY SERVICES - 2.6%** |  |
| 1029 | Automatic Data Processing, Inc. | 248709 |
| 372 | CDW Corporation/DE | 64285 |
| 909 | CoStar Group, Inc.<sup>(a)</sup> | 75192 |
| 257 | EPAM Systems, Inc.<sup>(a)</sup> | 89950 |
| 559 | Equifax, Inc. | 94773 |
| 362 | Gartner, Inc.<sup>(a)</sup> | 109295 |
| 1865 | Mastercard, Inc., Class A | 612056 |
| 492 | Moody's Corporation | 130316 |
| 368 | MSCI, Inc. | 172540 |
| 787 | Paychex, Inc. | 93110 |
| 2863 | PayPal Holdings, Inc.<sup>(a)</sup> | 239290 |
| 981 | S&P Global, Inc. | 315146 |
| 379 | Verisk Analytics, Inc. | 69293 |
| 3244 | Visa, Inc., Class A | 672028 |
|  |  | 2985983 |
|  | **TRANSPORTATION & LOGISTICS - 0.7%** |  |
| 757 | Expeditors International of Washington, Inc. | 74072 |
| 427 | Old Dominion Freight Line, Inc. | 117254 |
| 1207 | Union Pacific Corporation | 237948 |
| 1489 | United Parcel Service, Inc., Class B | 249810 |
|  |  | 679084 |
|  | **WHOLESALE - DISCRETIONARY - 0.1%** |  |
| 677 | Copart, Inc.<sup>(a)</sup> | 77869 |
| 183 | Pool Corporation | 55674 |
|  |  | 133543 |
|  | **TOTAL COMMON STOCKS (Cost $69,908,055)** | 65624143 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 42.9%** |  |
|  | **EQUITY - 42.9%** |  |
| 284094 | SPDR Portfolio Emerging Markets ETF | $8596684 |
| 475493 | SPDR Portfolio S&P 500 Value ETF | 18268442 |
| 160063 | SPDR S&P 600 Small Cap Growth ETF | 11979115 |
| 145971 | SPDR S&P 600 Small CapValue ETF | 11217871 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $50,296,180)** | 50062112 |
|  | **TOTAL INVESTMENTS - 99.0% (Cost $120,204,235)** | $115686255 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0%** | 1130563 |
|  | **NET ASSETS - 100.0%** | $116816818 |

---

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 51.0%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 2.8%** |  |  |  |  |
| 350000 | Boeing Company (The) |  | 4.8750 | 05/01/25 | $341903 |
| 474000 | Boeing Company (The) |  | 2.1960 | 02/04/26 | 419529 |
| 360000 | Boeing Company (The) |  | 5.1500 | 05/01/30 | 333311 |
| 308000 | Boeing Company (The) |  | 5.7050 | 05/01/40 | 267160 |
| 308000 | Boeing Company (The) |  | 5.8050 | 05/01/50 | 264480 |
| 308000 | Boeing Company (The) |  | 5.9300 | 05/01/60 | 260082 |
| 350000 | Raytheon Technologies Corporation |  | 4.1250 | 11/16/28 | 326974 |
| 308000 | Raytheon Technologies Corporation |  | 4.5000 | 06/01/42 | 261422 |
|  |  |  |  |  | 2474861 |
|  | **BANKING —11.7%** |  |  |  |  |
| 360000 | Bank of America Corporation<sup>(a)</sup> | ICE LIBOR USD 3 Month + 1.210% | 3.9740 | 02/07/30 | 318559 |
| 451000 | Bank of America Corporation |  | 3.3000 | 01/11/23 | 450101 |
| 464000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 0.790% | 3.0040 | 12/20/23 | 462334 |
| 474000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 0.960% | 1.7340 | 07/22/27 | 406014 |
| 464000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 1.040% | 3.4190 | 12/20/28 | 409877 |
| 360000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 1.310% | 4.2710 | 07/23/29 | 326953 |
| 484000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 0.990% | 2.4960 | 02/13/31 | 380295 |
| 484000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 374317 |
| 514000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.930% | 2.6760 | 06/19/41 | 325375 |
| 494000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.580% | 3.3110 | 04/22/42 | 341646 |
| 384000 | Bank of America Corporation B<sup>(a)</sup> | US0003M + 3.150% | 4.0830 | 03/20/51 | 284740 |
| 464000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 2.842% | 3.1060 | 04/08/26 | 433221 |
| 360000 | Citigroup, Inc. |  | 4.4500 | 09/29/27 | 334471 |
| 360000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 3.914% | 4.4120 | 03/31/31 | 320834 |
| 484000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 2.107% | 2.5720 | 06/03/31 | 378674 |
| 464000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.850% | 2.0830 | 04/22/26 | 422577 |
| 474000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 0.885% | 1.5780 | 04/22/27 | 407855 |
| 484000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.510% | 2.7390 | 10/15/30 | 392437 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 51.0% (Continued)** |  |  |  |  |
|  | **BANKING —11.7% (Continued)** |  |  |  |  |
| 360000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 3.790% | 4.4930 | 03/24/31 | $325382 |
| 484000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.250% | 2.5800 | 04/22/32 | 372242 |
| 260000 | JPMorgan Chase & Company |  | 6.4000 | 05/15/38 | 267612 |
| 384000 | JPMorgan Chase & Company<sup>(a)</sup> | US0003M + 1.380% | 3.9640 | 11/15/48 | 281529 |
| 404000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.580% | 3.3280 | 04/22/52 | 261481 |
| 464000 | Wells Fargo & Company |  | 3.0000 | 04/22/26 | 424850 |
| 464000 | Wells Fargo & Company |  | 3.0000 | 10/23/26 | 420146 |
| 474000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.100% | 2.3930 | 06/02/28 | 405122 |
| 474000 | Wells Fargo & Company<sup>(a)</sup> | US0003M + 1.170% | 2.8790 | 10/30/30 | 389073 |
| 494000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.530% | 3.0680 | 04/30/41 | 332700 |
| 295000 | Wells Fargo & Company<sup>(a)</sup> | US0003M + 4.240% | 5.0130 | 04/04/51 | 249752 |
|  |  |  |  |  | 10500169 |
|  | **BEVERAGES —1.6%** |  |  |  |  |
| 356000 | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 3.6500 | 02/01/26 | 341149 |
| 304000 | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 4.7000 | 02/01/36 | 275279 |
| 301000 | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 4.9000 | 02/01/46 | 257579 |
| 291000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.7500 | 01/23/29 | 283112 |
| 291000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | 01/23/49 | 274136 |
|  |  |  |  |  | 1431255 |
|  | **BIOTECH & PHARMA — 4.3%** |  |  |  |  |
| 464000 | AbbVie, Inc. |  | 2.6000 | 11/21/24 | 440986 |
| 464000 | AbbVie, Inc. |  | 3.6000 | 05/14/25 | 445351 |
| 464000 | AbbVie, Inc. |  | 2.9500 | 11/21/26 | 423946 |
| 474000 | AbbVie, Inc. |  | 3.2000 | 11/21/29 | 413525 |
| 371000 | AbbVie, Inc. |  | 4.0500 | 11/21/39 | 298464 |
| 318000 | AbbVie, Inc. |  | 4.2500 | 11/21/49 | 246098 |
| 308000 | Amgen, Inc. |  | 4.6630 | 06/15/51 | 253838 |
| 260000 | AstraZeneca plc |  | 6.4500 | 09/15/37 | 279188 |
| 246000 | Bristol-Myers Squibb Company |  | 3.4000 | 07/26/29 | 223499 |
| 308000 | Bristol-Myers Squibb Company |  | 4.2500 | 10/26/49 | 249878 |
| 260000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | 05/15/38 | 278337 |
| 250000 | Pfizer, Inc. |  | 7.2000 | 03/15/39 | 292835 |
|  |  |  |  |  | 3845945 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 51.0% (Continued)** |  |  |  |
|  | **CABLE & SATELLITE — 1.3%** |  |  |  |
| 350000 | Comcast Corporation | 4.1500 | 10/15/28 | $328861 |
| 205000 | Comcast Corporation | 4.6000 | 10/15/38 | 177659 |
| 209000 | Comcast Corporation | 4.7000 | 10/15/48 | 173465 |
| 380000 | Comcast Corporation | 2.8870 | 11/01/51 | 227766 |
| 396000 | Comcast Corporation | 2.9370 | 11/01/56 | 228777 |
|  |  |  |  | 1136528 |
|  | **DIVERSIFIED INDUSTRIALS —0.3%** |  |  |  |
| 224000 | General Electric Company | 6.7500 | 03/15/32 | 243421 |
|  | **E-COMMERCE DISCRETIONARY — 0.6%** |  |  |  |
| 360000 | Amazon.com, Inc. | 3.1500 | 08/22/27 | 333240 |
| 308000 | Amazon.com, Inc. | 4.0500 | 08/22/47 | 249533 |
|  |  |  |  | 582773 |
|  | **FOOD —3.3%** |  |  |  |
| 572000 | Kraft Heinz Foods Company | 3.0000 | 06/01/26 | 528223 |
| 572000 | Kraft Heinz Foods Company | 3.8750 | 05/15/27 | 536072 |
| 236000 | Kraft Heinz Foods Company | 4.2500 | 03/01/31 | 213236 |
| 316000 | Kraft Heinz Foods Company<sup>(b)</sup> | 7.1250 | 08/01/39 | 330157 |
| 426000 | Kraft Heinz Foods Company | 5.0000 | 06/04/42 | 368133 |
| 416000 | Kraft Heinz Foods Company | 5.2000 | 07/15/45 | 363177 |
| 436000 | Kraft Heinz Foods Company | 4.3750 | 06/01/46 | 340512 |
| 426000 | Kraft Heinz Foods Company | 4.8750 | 10/01/49 | 354899 |
|  |  |  |  | 3034409 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.7%** |  |  |  |
| 308000 | Cigna Corporation | 4.9000 | 12/15/48 | 261018 |
| 350000 | Cigna Corporation | 4.3750 | 10/15/28 | 329650 |
| 308000 | CVS Health Corporation | 5.0500 | 03/25/48 | 261621 |
| 272000 | CVS Health Corporation | 4.3000 | 03/25/28 | 255339 |
| 308000 | CVS Health Corporation | 4.7800 | 03/25/38 | 267223 |
| 308000 | CVS Health Corporation | 5.1250 | 07/20/45 | 264708 |
| 406000 | HCA, Inc. | 5.3750 | 02/01/25 | 400969 |
| 406000 | HCA, Inc. | 5.8750 | 02/15/26 | 402329 |
| 406000 | HCA, Inc. | 5.6250 | 09/01/28 | 390146 |
| 582000 | HCA, Inc. | 3.5000 | 09/01/30 | 484011 |
|  |  |  |  | 3317014 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 51.0% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.5%** |  |  |  |  |
| 464000 | Goldman Sachs Group, Inc. (The) |  | 3.5000 | 04/01/25 | $439473 |
| 360000 | Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | US0003M + 1.301% | 4.2230 | 05/01/29 | 325900 |
| 484000 | Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | SOFRRATE + 1.281% | 2.6150 | 04/22/32 | 369874 |
| 270000 | Goldman Sachs Group, Inc. (The) |  | 6.7500 | 10/01/37 | 269734 |
| 260000 | Goldman Sachs Group, Inc. (The) |  | 6.2500 | 02/01/41 | 254378 |
| 360000 | Morgan Stanley |  | 3.8750 | 01/27/26 | 340358 |
| 474000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 0.879% | 1.5930 | 05/04/27 | 405818 |
| 360000 | Morgan Stanley<sup>(a)</sup> | US0003M + 1.628% | 4.4310 | 01/23/30 | 328660 |
| 484000 | Morgan Stanley Series GMTN<sup>(a)</sup> | SOFRRATE + 1.143% | 2.6990 | 01/22/31 | 387770 |
|  |  |  |  |  | 3121965 |
|  | **LEISURE FACILITIES & SERVICES — 0.2%** |  |  |  |  |
| 208000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 5.5000 | 04/01/28 | 160763 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.3%** |  |  |  |  |
| 295000 | Abbott Laboratories |  | 4.9000 | 11/30/46 | 274788 |
|  | **METALS & MINING — 0.4%** |  |  |  |  |
| 416000 | Freeport-McMoRan, Inc. |  | 5.4500 | 03/15/43 | 343027 |
|  | **OIL & GAS PRODUCERS — 1.6%** |  |  |  |  |
| 197000 | Cheniere Energy Partners, L.P. |  | 4.0000 | 03/01/31 | 166342 |
| 146000 | ConocoPhillips |  | 6.5000 | 02/01/39 | 156051 |
| 289000 | ConocoPhillips Company |  | 4.0250 | 03/15/62 | 213930 |
| 406000 | Continental Resources Inc.<sup>(b)</sup> |  | 5.7500 | 01/15/31 | 369233 |
| 260000 | Shell International Finance BV |  | 6.3750 | 12/15/38 | 273973 |
| 308000 | Shell International Finance BV |  | 4.3750 | 05/11/45 | 254577 |
|  |  |  |  |  | 1434106 |
|  | **REAL ESTATE INVESTMENT TRUSTS —0.2%** |  |  |  |  |
| 193000 | SBA Communications Corporation |  | 3.1250 | 02/01/29 | 156675 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 51.0% (Continued)** |  |  |  |
|  | **RETAIL - DISCRETIONARY — 0.3%** |  |  |  |
| 260000 | Home Depot, Inc. (The) | 5.8750 | 12/16/36 | $267435 |
|  | **SEMICONDUCTORS — 0.6%** |  |  |  |
| 404000 | Broadcom, Inc.<sup>(b)</sup> | 3.1370 | 11/15/35 | 280412 |
| 404000 | Broadcom, Inc.<sup>(b)</sup> | 3.1870 | 11/15/36 | 274989 |
|  |  |  |  | 555401 |
|  | **SOFTWARE — 3.2%** |  |  |  |
| 464000 | Microsoft Corporation | 2.4000 | 08/08/26 | 429614 |
| 350000 | Microsoft Corporation | 3.3000 | 02/06/27 | 332892 |
| 514000 | Microsoft Corporation | 2.5250 | 06/01/50 | 321946 |
| 494000 | Microsoft Corporation | 2.9210 | 03/17/52 | 332824 |
| 542000 | Microsoft Corporation | 2.6750 | 06/01/60 | 327460 |
| 464000 | Oracle Corporation | 2.5000 | 04/01/25 | 433586 |
| 542000 | Oracle Corporation | 3.6000 | 04/01/50 | 333018 |
| 552000 | Oracle Corporation | 3.8500 | 04/01/60 | 332947 |
|  |  |  |  | 2844287 |
|  | **TECHNOLOGY HARDWARE —2.4%** |  |  |  |
| 451000 | Apple, Inc. | 2.4000 | 05/03/23 | 446028 |
| 464000 | Apple, Inc. | 3.2500 | 02/23/26 | 442283 |
| 371000 | Apple, Inc. | 3.8500 | 05/04/43 | 301488 |
| 295000 | Apple, Inc. | 4.6500 | 02/23/46 | 265984 |
| 295000 | Dell International, LLC / EMC Corporation | 6.0200 | 06/15/26 | 294631 |
| 416000 | Western Digital Corporation | 4.7500 | 02/15/26 | 387150 |
|  |  |  |  | 2137564 |
|  | **TECHNOLOGY SERVICES — 0.8%** |  |  |  |
| 464000 | Visa, Inc. | 3.1500 | 12/14/25 | 442358 |
| 308000 | Visa, Inc. | 4.3000 | 12/14/45 | 262055 |
|  |  |  |  | 704413 |
|  | **TELECOMMUNICATIONS — 6.6%** |  |  |  |
| 190000 | AT&T, Inc. | 4.3500 | 03/01/29 | 176389 |
| 190000 | AT&T, Inc. | 4.3000 | 02/15/30 | 173646 |
| 382000 | AT&T, Inc. | 2.5500 | 12/01/33 | 281630 |
| 392000 | AT&T, Inc. | 3.5000 | 09/15/53 | 250468 |
| 402000 | AT&T, Inc. | 3.5500 | 09/15/55 | 255537 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 51.0% (Continued)** |  |  |  |
|  | **TELECOMMUNICATIONS —6.6% (Continued)** |  |  |  |
| 492000 | AT&T, Inc. | 3.8000 | 12/01/57 | $323980 |
| 402000 | AT&T, Inc. | 3.6500 | 09/15/59 | 253250 |
| 250000 | British Telecommunications plc | 9.6250 | 12/15/30 | 285330 |
| 250000 | Deutsche Telekom International Finance BV | 8.7500 | 06/15/30 | 286321 |
| 250000 | Orange S.A. | 9.0000 | 03/01/31 | 298714 |
| 350000 | Verizon Communications, Inc. | 4.1250 | 03/16/27 | 333028 |
| 350000 | Verizon Communications, Inc. | 4.3290 | 09/21/28 | 328339 |
| 360000 | Verizon Communications, Inc. | 4.0160 | 12/03/29 | 324996 |
| 484000 | Verizon Communications, Inc. | 2.5500 | 03/21/31 | 382942 |
| 306000 | Verizon Communications, Inc. | 4.5000 | 08/10/33 | 272686 |
| 494000 | Verizon Communications, Inc. | 3.4000 | 03/22/41 | 350743 |
| 306000 | Verizon Communications, Inc. | 4.8620 | 08/21/46 | 256540 |
| 394000 | Verizon Communications, Inc. | 3.5500 | 03/22/51 | 265421 |
| 404000 | Verizon Communications, Inc. | 3.7000 | 03/22/61 | 263675 |
| 350000 | Vodafone Group plc | 4.3750 | 05/30/28 | 328996 |
| 308000 | Vodafone Group plc | 5.2500 | 05/30/48 | 251578 |
|  |  |  |  | 5944209 |
|  | **TOBACCO & CANNABIS —0.5%** |  |  |  |
| 474000 | BAT Capital Corporation | 3.5570 | 08/15/27 | 412675 |
|  | **TRANSPORTATION & LOGISTICS — 0.8%** |  |  |  |
| 177000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | 5.5000 | 04/20/26 | 169189 |
| 187000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | 5.7500 | 04/20/29 | 171205 |
| 406000 | Delta Air Lines, Inc. | 7.3750 | 01/15/26 | 415133 |
|  |  |  |  | 755527 |
|  | **TOTAL CORPORATE BONDS (Cost $54,692,375)** |  |  | 45679210 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LEADERSHARES**<sup>®</sup> **DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 10.8%** |  |  |  |
|  | **U.S. TREASURY NOTES — 10.8%** |  |  |  |
| 4958000 | United States Treasury Note | 1.5000 | 02/29/24 | $4759390 |
| 5025000 | United States Treasury Note | 1.5000 | 02/15/25 | 4698571 |
| 113000 | United States Treasury Note | 1.6250 | 05/15/31 | 93300 |
| 93000 | United States Treasury Note | 2.2500 | 05/15/41 | 66852 |
| 69000 | United States Treasury Note | 2.3750 | 05/15/51 | 47570 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $10,250,213)** |  |  | 9665683 |
|  | **SHORT-TERM INVESTMENTS — 32.0%** |  |  |  |
|  | **U.S. TREASURY BILLS —32.0%** |  |  |  |
| 2003000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | 11/03/22 | 2002762 |
| 10820000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | 11/10/22 | 10813061 |
| 2001000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | 12/01/22 | 1995308 |
| 4032000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | 12/15/22 | 4014814 |
| 5017000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | 01/26/23 | 4969241 |
| 5002000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | 02/23/23 | 4936859 |
|  | **TOTAL SHORT TERM INVESTMENTS – U.S. TREASURY BILLS (Cost$28,822,518)** |  |  | 28732045 |
|  | **TOTAL INVESTMENTS – 93.8% (Cost $93,765,106)** |  |  | $84076938 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 6.2%** |  |  | 5575794 |
|  | **NET ASSETS - 100.0%** |  |  | $89652732 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| ICE LIBOR USD 3 Month | ICE LIBOR USD 3 Month |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |

---

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on October 31, 2022.

<sup>(b)</sup> 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. Unless otherwise indicated, these securities are not considered to be illiquid. As of October 31, 2022 the total fair value of 144A securities is $1,755,948 or 2.0% of net assets.

<sup>(c)</sup> Zero coupon bond.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> ETFs** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>LeaderShares<sup>®</sup><br>Activist Leaders<sup>®</sup> ETF | LeaderShares<br>AlphaFactor<sup>®</sup><br>Tactical Focused ETF | LeaderShares<br>AlphaFactor<sup>®</sup><br>US Core Equity ETF |<br>LeaderShares<sup>®</sup><br>Equity Skew ETF |<br>LeaderShares<sup>®</sup><br>Dynamic Yield ETF |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $89767244 | $152962364 | $134992172 | $120204235 | $93765106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value | $81380512 | $156513435 | $145275984 | $115686255 | $84076938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 3482341 | 3543052 | 1092607 | 1159741 | 5026962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 2500931 | 8245228 |  | 713104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 15749 | 154431 | 77967 | 24861 | 576730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 87379533 | 168456146 | 146446558 | 117583961 | 89680630 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 5093122 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  | 10857230 |  | 718730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 31498 | 113697 | 61975 | 48413 | 27898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 5124620 | 10970927 | 61975 | 767143 | 27898 |
| **NET ASSETS** | $**82254913** | $**157485219** | $**146384583** | $**116816818** | $**89652732** |
| **Net Assets Consist Of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $104382160 | $174611395 | $166686193 | $142341051 | $102387063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (22127247) | (17126176) | (20301610) | (25524233) | (12734331) |
| **NET ASSETS** | $**82254913** | $**157485219** | $**146384583** | $**116816818** | $**89652732** |
| **Net Asset Value Per Share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**82254913** | $**157485219** | $**146384583** | $**116816818** | $**89652732** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **2850000** | **4775000** | **4850000** | **4125000** | **4150000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) | $**28.86** | $**32.98** | $**30.18** | $**28.32** | $**21.60** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> ETFs** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>LeaderShares<sup>®</sup><br>Activist Leaders<sup>®</sup> ETF | LeaderShares<sup>®</sup><br>AlphaFactor<sup>®</sup><br>Tactical Focused ETF | LeaderShares<sup>®</sup><br>AlphaFactor<sup>®</sup><br>US Core Equity ETF |<br>LeaderShares<sup>®</sup><br>Equity Skew ETF |<br>LeaderShares<sup>®</sup><br>Dynamic Yield ETF |
| **INVESTMENT INCOME** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $958985 | $2921454 | $2178296 | $1903663 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 7952 | 738055 | 6766 | 6006 | 1963814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign withholding expense | (15396) | (12200) | (2567) | (519) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 951541 | 3647309 | 2182495 | 1909150 | 1963814 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 594479 | 1459156 | 1005152 | 839841 | 633421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 594479 | 1459156 | 1005152 | 839841 | 633421 |
| **NET INVESTMENT INCOME** | 357062 | 2188153 | 1177343 | 1069309 | 1330393 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (13604753) | (20802828) | (29826248) | (20970506) | (3096271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 14107118 | 22029508 | 9700848 | 13232844 | (23219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on investments | 502365 | 1226680 | (20125400) | (7737662) | (3119490) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (18004123) | (8089496) | 4429403 | (15691444) | (9340874) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (17501758) | (6862816) | (15695997) | (23429106) | (12460364) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(17144696)** | $**(4674663)** | $**(14518654)** | $**(22359797)** | $**(11129971)** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $357062 | $13343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (13604753) | 5349722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 14107118 | 13403776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (18004123) | 4959880 |
| Net increase (decrease) in net assets resulting from operations | (17144696) | 23726721 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (4972381) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (730514) | (55755) |
| Net decrease in net assets resulting from distributions to shareholders | (5702895) | (55755) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 74872618 | 61902239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (46731261) | (51125339) |
| Net increase in net assets resulting from shares of beneficial interest | 28141357 | 10776900 |
| **TOTAL INCREASE IN NET ASSETS** | 5293766 | 34447866 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 76961147 | 42513281 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**82254913** | $**76961147** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2250000 | 1825000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1400000) | (1575000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 850000 | 250000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $2188153 | $1514399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (20802828) | 2829623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 22029508 | 16666091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (8089496) | 9255410 |
| Net increase (decrease) in net assets resulting from operations | (4674663) | 30265523 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (1296694) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (3387401) | (248363) |
| Net decrease in net assets resulting from distributions to shareholders | (4684095) | (248363) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 175555756 | 137674873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (136855799) | (87118974) |
| Net increase in net assets resulting from shares of beneficial interest | 38699957 | 50555899 |
| **TOTAL INCREASE IN NET ASSETS** | 29341199 | 80573059 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 128144020 | 47570961 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**157485219** | $**128144020** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5025000 | 4575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3900000) | (2900000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1125000 | 1675000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1177343 | $335080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (29826248) | 9442544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 9700848 | 13262681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | 4429403 | 3346892 |
| Net increase (decrease) in net assets resulting from operations | (14518654) | 26387197 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (1093305) | (296928) |
| Net decrease in net assets resulting from distributions to shareholders | (1093305) | (296928) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 134897260 | 159184764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (95993806) | (135722428) |
| Net increase in net assets resulting from shares of beneficial interest | 38903454 | 23462336 |
| **TOTAL INCREASE IN NET ASSETS** | 23291495 | 49552605 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 123093088 | 73540483 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**146384583** | $**123093088** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4250000 | 5100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3050000) | (4425000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1200000 | 675000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> Equity Skew ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1069309 | $638335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (20970506) | 8046652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 13232844 | 10990596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (15691444) | 2836584 |
| Net increase (decrease) in net assets resulting from operations | (22359797) | 22512167 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (7449169) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (1347897) | (3395723) |
| Net decrease in net assets resulting from distributions to shareholders | (8797066) | (3395723) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 137818637 | 98072672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (95323161) | (65730531) |
| Net increase in net assets resulting from shares of beneficial interest | 42495476 | 32342141 |
| **TOTAL INCREASE IN NET ASSETS** | 11338613 | 51458585 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 105478205 | 54019620 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**116816818** | $**105478205** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4150000 | 2775000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2850000) | (1875000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1300000 | 900000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Period \***<br>**Ended**<br>**October 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1330393 | $424807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (3096271) | 24978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on in-kind redemptions | (23219) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (9340874) | (347294) |
| Net increase (decrease) in net assets resulting from operations | (11129971) | 102491 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (1343205) | (386865) |
| Net decrease in net assets resulting from distributions to shareholders | (1343205) | (386865) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 31782845 | 71745503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1118066) |  |
| Net increase in net assets resulting from shares of beneficial interest | 30664779 | 71745503 |
| **TOTAL INCREASE IN NET ASSETS** | 18191603 | 71461129 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 71461129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | $**89652732** | $**71461129** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1350000 | 2850000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (50000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1300000 | 2850000 |

---

*\** Fund commenced operation on June 28, 2021.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** | **For the Period**<br>**Ended**<br>**October 31, 2020 \*** |
| Net asset value, beginning of year/period | $38.48 | $24.29 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.15 | 0.01 | (0.00)\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.98) | 14.21 | (0.71) |
| Total from investment operations | (6.83) | 14.22 | (0.71) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (2.43) |  |  |
| Total distributions | (2.79) | (0.03) |  |
| Net asset value, end of year/period | $28.86 | $38.48 | $24.29 |
| Market price, end of year/period | $28.90 | $38.49 | $24.30 |
| Total return (2) | (19.11)% | 58.60% | (2.84)% (4) |
| Net assets, at end of year/period (000s) | $82255 | $76961 | $42513 |
| Ratio of expenses to average net assets | 0.75% | 0.75% | 0.75 % (3) |
| Ratio of net investment income (loss) to average net assets | 0.45% | 0.02% | (0.75)% (3) |
| Portfolio Turnover Rate (5) | 67% | 49% | 3 % (4) |

---

\* Fund commenced operation on October 26, 2020.

\*\* Represents less than $0.01 per share.

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each period.

(2) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day
of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value
per share on their respective payment dates.

(3) Annualized

(4) Not
annualized

(5) Portfolio
turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in creations or
redemptions. (Note 7)

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** | **For the Period**<br>**Ended**<br>**October 31, 2020 \*** |
| Net asset value, beginning of year/period | $35.11 | $24.09 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.49 | 0.51 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.40) | 10.60 | (0.94) |
| Total from investment operations | (0.91) | 11.11 | (0.91) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.88) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.34) |  |  |
| Total distributions | (1.22) | (0.09) |  |
| Net asset value, end of year/period | $32.98 | $35.11 | $24.09 |
| Market price, end of year/period | $32.93 | $35.13 | $24.10 |
| Total return (2) | (2.76)% | 46.20% | (3.64)% (4) |
| Net assets, at end of year/period (000s) | $157485 | $128144 | $47571 |
| Ratio of expenses to average net assets | 0.99% | 0.99% | 0.99% (3) |
| Ratio of net investment income to average net assets | 1.48% | 1.53% | 16.95% (3) |
| Portfolio Turnover Rate (5) | 229% | 78% | 0% (4) |

---

\* Fund commenced operation on October 26, 2020.

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each period.

(2) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day
of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value
per share on their respective payment dates.

(3) Annualized

(4) Not
annualized

(5) Portfolio
turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in creations or
redemptions. (Note 7)

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** | **For the Year**<br>**Ended**<br>**October 31, 2020** | **For the Year**<br>**Ended**<br>**October 31, 2019** | **For the Period**<br>**Ended**<br>**October 31, 2018\*** |
| Net asset value, beginning of year/period | $33.72 | $24.72 | $25.44 | $22.85 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.27 | 0.11 | 0.17 | 0.18 | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.56) | 8.99 | (0.71 | 2.58 | (2.15 |
| Total from investment operations | (3.29) | 9.10 | (0.54 | 2.76 | (2.15 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.10) | (0.18) | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.00 |  |  |
| Total distributions | (0.25) | (0.10) | (0.18 | (0.17) |  |
| Net asset value, end of year/period | $30.18 | $33.72 | $24.72 | $25.44 | $22.85 |
| Market price, end of year/period | $30.20 | $33.78 | $24.72 | $25.45 | $22.86 |
| Total return (2) | (9.76)% | 36.84% | (2.09) | 12.16% | (8.60) |
| Net assets, at end of year/period (000s) | $146385 | $123093 | $73540 | $74412 | $50849 |
| Ratio of expenses to average net assets | 0.75% | 0.75% | 0.75 | 0.75% | 0.75 |
| Ratio of net investment income (loss) to average net assets | 0.88% | 0.35% | 0.70 | 0.77% | (0.01) |
| Portfolio Turnover Rate (5) | 150% | 177% | 181 | 193% | 0 |

---

\* Fund commenced operation on October 1, 2018.

\*\* Represents less than $0.01 per share.

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each year/period.

(2) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day
of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value
per share on their respective payment dates.

(3) Annualized

(4) Not
annualized

(5) Portfolio
turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in creations or
redemptions. (Note 7)

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> Equity Skew ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** | **For the Period**<br>**Ended**<br>**October 31, 2020 \*** |
| Net asset value, beginning of year/period | $37.34 | $28.06 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.28 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (6.31) | 10.67 | 2.97 |
| Total from investment operations | (6.01) | 10.95 | 3.06 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.46) | (0.26) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (1.41) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (2.55) |  |  |
| Total distributions | (3.01) | (1.67) |  |
| Net asset value, end of year/period | $28.32 | $37.34 | $28.06 |
| Market price, end of year/period | $28.27 | $37.41 | $27.83 |
| Total return (2) | (17.47)% | 40.17% | 12.24% (4) |
| Net assets, at end of year/period (000s) | $116817 | $105478 | $54020 |
| Ratio of expenses to average net assets | 0.75% | 0.75% | 0.75% (3) |
| Ratio of net investment income to average net assets | 0.95% | 0.80% | 0.71% (3) |
| Portfolio Turnover Rate (5) | 184% | 58% | 57% (4) |

---

\* Fund commenced operation on May 11, 2020.

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each period.

(2) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day
of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value
per share on their respective payment dates.

(3) Annualized

(4) Not
annualized

(5) Portfolio
turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in creations or
redemptions. (Note 7)

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Period**<br>**Ended**<br>**October 31, 2021 \*** |
| Net asset value, beginning of year/period | $25.07 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.36 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.46) | 0.04 |
| Total from investment operations | (3.10) | 0.22 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.01) |  |
| Total distributions | (0.37) | (0.15) |
| Net asset value, end of year/period | $21.60 | $25.07 |
| Market price, end of year/period | $21.61 | $25.12 |
| Total return (2) | (12.45)% | 0.88% (4) |
| Net assets, at end of year/period (000s) | $89653 | $71461 |
| Ratio of expenses to average net assets | 0.75% | 0.75% (3) |
| Ratio of net investment income to average net assets | 1.58% | 2.11% (3) |
| Portfolio Turnover Rate (5) | 66% | 6% (4) |

---

\* Fund commenced operation on June 28, 2021.

(1) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for each period.

(2) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day
of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value
per share on their respective payment dates.

(3) Annualized

(4) Not
annualized

(5) Portfolio
turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in creations or
redemptions. (Note 7)

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **October 31, 2022** |

---

**1.** **ORGANIZATION** 

The LeaderShares® Activist Leaders® ETF, LeaderShares® AlphaFactor® Tactical Focused ETF, LeaderShares® AlphaFactor® US Core Equity ETF, LeaderShares® Equity Skew ETF, and LeaderShares® Dynamic Yield ETF (each, a "Fund" and collectively the "Funds") are each a 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 diversified, open-end management investment companies. The LeaderShares® Activist Leaders® ETF, LeaderShares® AlphaFactor® Tactical Focused ETF and LeaderShares® Equity Skew ETF seek to generate long-term capital growth. The LeaderShares® AlphaFactor® US Core Equity ETF seeks to provide investment results that correspond generally, before fees and expenses, to the performance of the AlphaFactor® US Core Equity Index. The LeaderShares® Dynamic Yield ETF seeks current income. The LeaderShares® AlphaFactor® US Core Equity ETF commenced operations on October 1, 2018. The LeaderShares® Equity Skew ETF commenced operations May 11, 2020. The LeaderShares® Activist Leaders® ETF and LeaderShares®AlphaFactor® Tactical Focused ETF commenced operations on October 26, 2020. The LeaderShares® Dynamic Yield ETF commenced operations on June 28, 2021.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their 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. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *"Financial Services – Investment Companies"* including FASB Accounting Standards Update ASU 2013-08.

**Securities Valuation** – Securities listed on an exchange are valued at the last reported sale 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. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Options contracts listed on a securities exchange or board of trade (not including Index Options contracts) for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the valuation date. Index Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the mean between the current bid and ask prices on the valuation date. 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 Funds' holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

(which approximates fair value). Investments in open-end investment companies are valued at net asset value.

*Valuation of Underlying Funds –* The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or premium on shares of any closed-end investment company purchased by the Funds will not change.

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board of Trustees (the "Board" or "Trustees"). The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board 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 the Valuation Designee 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 established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established 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 will 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 a 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

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

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 Fund has the ability to access.

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 Fund's 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.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

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 October 31, 2022 for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** | **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** | **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** | **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** | **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $81380512 | $— | $— | $81380512 |
| Total | $81380512 | $— | $— | $81380512 |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $156513435 | $— | $— | $156513435 |
| Total | $156513435 | $— | $— | $156513435 |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $145275984 | $— | $— | $145275984 |
| Total | $145275984 | $— | $— | $145275984 |
| **LeaderShares<sup>®</sup> Equity Skew ETF** | **LeaderShares<sup>®</sup> Equity Skew ETF** | **LeaderShares<sup>®</sup> Equity Skew ETF** | **LeaderShares<sup>®</sup> Equity Skew ETF** | **LeaderShares<sup>®</sup> Equity Skew ETF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $65624143 | $— | $— | $65624143 |
| Exchange-Traded Funds | 50062112 |  |  | 50062112 |
| Total | $115686255 | $— | $— | $115686255 |
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** | **LeaderShares<sup>®</sup> Dynamic Yield ETF** | **LeaderShares<sup>®</sup> Dynamic Yield ETF** | **LeaderShares<sup>®</sup> Dynamic Yield ETF** | **LeaderShares<sup>®</sup> Dynamic Yield ETF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $— | $45679210 | $— | $45679210 |
| U.S. Government & Agencies |  | 9665683 |  | 9665683 |
| Short-Term Investments - Treasury Bills |  | 28732045 |  | 28732045 |
| Total | $— | $84076938 | $— | $84076938 |

---

The Funds did not hold any Level 3 securities during the year.

\* See Schedule of Investments for industry classification.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. 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. 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. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Dividends and Distributions to Shareholders –** For the LeaderShares<sup>®</sup> AlphaFactor <sup>®</sup> US Core Equity ETF, dividends from net investment income, if any, are declared and paid quarterly. For the LeaderShares<sup>®</sup> Activist Leader<sup>®</sup> ETF, LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF, and the LeaderShares<sup>®</sup> US Equity Skew ETF, dividends from net investment income, if any, are declared and paid annually. For the LeaderShares<sup>®</sup> Dynamic Yield ETF, dividends from net investment income, if any, are declared and paid monthly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) 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. Quarterly distributions in excess of ordinary taxable income are treated as returns of capital. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Cash –** The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

**Option Transactions –** The Funds are subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. When a Fund writes put and call options, an amount equal to the premium received is included in the statement of assets and liability as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if a Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

Put options are purchased to hedge against a decline in the value of securities held in the Funds' portfolio. If such a decline occurs, the put options will permit the Funds to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Funds upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Funds. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Funds, the benefits realized by the Funds as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. There were no options held at October 31, 2022, and there were no options transactions for the year ended October 31, 2022.

**Federal Income Taxes –** It is the Funds' 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 their taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in the Funds' October 31, 2022 year-end tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Funds make

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

significant investments; however the Funds are 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 Statements of Operations. During the period, the Funds did not incur any interest or penalties.

**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 these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended October 31, 2022, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), as well as cost of purchases and proceeds from sales of portfolio securities for in-kind transactions amounted to:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
|  |<br>Other | U.S. Gov't<br>Obligations |<br>Other | U.S. Gov't<br>Obligations |
| **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** | $54001866 | $— | $59464843 | $— |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | 297734695 |  | 297325474 |  |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | 208644907 |  | 205589744 |  |
| **LeaderShares<sup>®</sup> Equity Skew ETF** | 215198205 |  | 226087128 |  |
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** | 22263699 | 15995762 | 27300577 | 28616117 |
|  | Purchases In-Kind | Purchases In-Kind | Sales In-Kind | Sales In-Kind |
|  |  | U.S. Gov't |  | U.S. Gov't |
|  | Other | Obligations | Other | Obligations |
| **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** | $74620091 | $— | $46678776 | $— |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | 168721204 |  | 132293819 |  |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | 132492692 |  | 95789355 |  |
| **LeaderShares<sup>®</sup> Equity Skew ETF** | 140646158 |  | 95168211 |  |
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** | 12817708 | 3938923 | 598687 | 118931 |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Redwood Investment Management, LLC serves as the Funds' Investment Advisor (the "Advisor"). Pursuant to investment advisory agreements with the Funds, the Advisor, 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

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

borne by the Advisor, the LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF, LeaderShares<sup>®</sup> AlphaFactor <sup>®</sup> Tactical Focused ETF, LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF, LeaderShares<sup>®</sup> Equity Skew ETF, and LeaderShares<sup>®</sup> Dynamic Yield ETF pay the Advisor a unitary management fee, computed and accrued daily and paid monthly, at an annual rate of 0.75%, 0.99%, 0.75%, 0.75% and 0.75% respectively of each Funds' average daily net assets. For the year ended October 31, 2022 the Funds incurred the following advisory fees:

---

| | |
|:---|:---|
|  | **Investment Advisory Fees** |
| **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** | $594479 |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | 1459156 |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | 1005152 |
| **LeaderShares<sup>®</sup> Equity Skew ETF** | 839841 |
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** | 633421 |

---

The Advisor's unitary management fee is designed to pay the Funds' expenses and to compensate the Advisor for providing services for the Funds. Out of the unitary management fee, the Advisor pays substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services and Independent Trustees' fees, but not payments under the Funds' 12b-1 plan, brokerage fees and commissions, taxes, borrowing costs (such as dividend expense on securities sold short and interest), fees and expenses of other investment companies in which the Funds may invest, and extraordinary or non-recurring expenses (including litigation to which the Trust or the Funds may be a party and indemnification of the Trustees and officers with respect thereto). The Advisor, and not the Funds' shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

The Funds have adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. No distribution or service fees are currently paid by the Funds, and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds. Northern Lights Distributors, LLC, the Funds' distributor (the "Distributor"), its affiliates, and the Funds' Advisor or its affiliates may, at their own expense and out of their own legitimate profits, provide additional cash payments to financial intermediaries who sell shares of the Funds, including affiliates of the Advisor.

*<u>Ultimus Fund Solutions, LLC ("UFS")</u> –* UFS, an affiliate of the Distributor, provides administration and fund accounting services to the Funds. Pursuant to a separate servicing agreement with UFS, the advisor on behalf of the Funds pay UFS customary fees for providing administration and fund accounting 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.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>* – 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 Funds. Under the terms of such agreement, NLCS receives customary fees from the Advisor on behalf of the Funds. The Chief Compliance Officer of the Trust is also an officer of NLCS, and is not paid any fees directly by the Advisor or Funds for serving in such capacity.

*<u>Blu Giant, LLC ("Blu Giant")</u>* – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Advisor on behalf of the Funds.

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Funds for federal income tax purposes and its respective gross unrealized appreciation and depreciation at October 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Cost for Federal**<br>**Tax purposes** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** | **Tax Net Unrealized**<br>**App/Dep** |
| LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF | $91574410 | $2409553 | $(12603451) | $(10193898) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF | 152962364 | 4289349 | (738278) | 3551071 |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 135002620 | 14557695 | (4284331) | 10273364 |
| LeaderShares<sup>®</sup> Equity Skew ETF | 120217248 | 3156144 | (7687137) | (4530993) |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 93771454 |  | (9694516) | (9694516) |

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**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the year ended October 31, 2022 and October 31, 2021 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the period ended October 31, 2022:** | **For the period ended October 31, 2022:** | **For the period ended October 31, 2022:** | **For the period ended October 31, 2022:** | **For the period ended October 31, 2022:** | **For the period ended October 31, 2022:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax Exempt** | |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| LeaderShares<sup>®</sup> Activist Leaders ETF | $730514 | $— | $4972381 | $— | $5702895 |
| LeaderShares<sup>®</sup> AlphaFactor Tactical Focused ETF | 3387401 |  | 1296694 |  | 4684095 |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 1093305 |  |  |  | 1093305 |
| LeaderShares<sup>®</sup> Equity Skew ETF | 1347897 |  | 7449169 |  | 8797066 |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 1343205 |  |  |  | 1343205 |
| **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** | **For the period ended October 31, 2021:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax Exempt** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| LeaderShares<sup>®</sup> Activist Leaders ETF | $55755 | $— | $— | $— | $55755 |
| LeaderShares<sup>®</sup> AlphaFactor Tactical Focused ETF | 248363 |  |  |  | 248363 |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 296928 |  |  |  | 296928 |
| LeaderShares<sup>®</sup> Equity Skew ETF | 3395546 | 177 |  |  | 3395723 |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 386865 |  |  |  | 386865 |

---

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

As of October 31, 2022, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF | $— | $— | $— | $(11933349) | $— | $(10193898) | $(22127247) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF |  |  |  | (20677247) |  | 3551071 | (17126176) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 116001 |  |  | (30690975) |  | 10273364 | (20301610) |
| LeaderShares<sup>®</sup> Equity Skew ETF |  |  |  | (20993240) |  | (4530993) | (25524233) |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 56010 |  |  | (3095825) |  | (9694516) | (12734331) |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gains and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for debt modification and adjustments for real estate investment trusts.

At October 31, 2022, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | **Non-Expiring** |
| <br>**Portfolio** | **Short-Term** | **Long-Term** | **Total** |
| LeaderShares<sup>®</sup>Activist Leaders ETF | 10405200 | 1528149 | 11933349 |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF | 20677247 |  | 20677247 |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 29527021 | 1163954 | 30690975 |
| LeaderShares<sup>®</sup> Equity Skew ETF | 20956137 | 37103 | 20993240 |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 3095825 |  | 3095825 |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of realized gain (loss) on in-kind redemptions and adjustments for prior year tax returns resulted in reclassifications for the Funds for the year ended October 31, 2022 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid in**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| LeaderShares<sup>®</sup>Activist Leaders ETF | $14441905 | $(14441905) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF | 22167742 | (22167742) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 9697508 | (9697508) |
| LeaderShares<sup>®</sup> Equity Skew ETF | 15617571 | (15617571) |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | (23219) | 23219 |

---

**7.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Funds at net asset value ("NAV") only in large blocks known as "Creation Units." Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must

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| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Funds shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Funds are disclosed in the Statements of Changes in Net Assets.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services. The Transaction Fees for the Funds are listed in the tables below:

**LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF, LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF, LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF and LeaderShares<sup>®</sup> Equity Skew ETF**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fee for In-Kind and**<br>&nbsp;&nbsp;**Cash Purchases** | &nbsp;&nbsp;**Minimum Additional Variable**<br>&nbsp;&nbsp;**Charge for Cash Purchases\*** | &nbsp;&nbsp;**Maximum Additional Variable**<br>&nbsp;&nbsp;**Charge for Cash Purchases\*** |
| &nbsp;&nbsp;$600 | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;2.00% |

---

**LeaderShares® Dynamic Yield ETF**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fee for In-Kind and**<br>&nbsp;&nbsp;**Cash Purchases** | &nbsp;&nbsp;**Minimum Additional Variable**<br>&nbsp;&nbsp;**Charge for Cash Purchases\*** | &nbsp;&nbsp;**Maximum Additional Variable**<br>&nbsp;&nbsp;**Charge for Cash Purchases\*** |
| &nbsp;&nbsp;$500 | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;2.00% |

---

\* As a percentage of the amount invested.

**8.** **PRINCIPAL INVESTMENT RISKS** 

The Funds' investments in securities, financial instruments and derivatives expose it to various risks, certain of which are discussed below. Each Fund's prospectus and statement of additional information include further information regarding the risks associated with each Fund's investments. The Risks associated with the Funds' investments include, but are not limited to:

LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF: activist risk, active trading risk, authorized participant concentration risk, cybersecurity risk, derivatives risk, equity risk, ETF structure risks, fluctuation of net asset value risk, gap risk, information technology sector risk, management risk, market capitalization risk, market risk, market events risk, new fund risk, quantitative investing risk, rules-based strategy risk, sector risk, swap risk, and volatility risk.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF: active trading risk, authorized participant concentration risk, cash positions risk, cybersecurity risk, derivatives risk, equity risk, ETF structure risks, fluctuation of net asset value risk, focus risk, gap risk, investment companies and ETFs Risk, management risk, market capitalization risk, market risk, market events risk, money market instrument risk, new fund risks, quantitative investing risk, rules-based strategy risk, sector risk, swap risk, tactical overlay strategy risk, U.S. Government securities risk, and volatility risk.

LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF: active trading risk, authorized participant concentration risk, calculation methodology risk, concentration risk, consumer discretionary sector risk, derivatives risk, ETF structure risks, equity risk, financial sector risk, fluctuation of net asset value risk, gap risk, index tracking error risk, industrial sectors risk, information technology sector risk, management risk, market capitalization risk, market risk, market events risk, new fund risk, passive investment risk, portfolio turnover risk, retail sector risk, rules-based strategy risk, and volatility risk.

LeaderShares<sup>®</sup> Equity Skew ETF: active trading risk, authorized participant concentration risk, cybersecurity risk, equity risk, emerging markets risk, ETF structure risks, fluctuation of net asset value risk, gap risk, geographic and sector risk, management risk, investment companies and ETFs Risk, foreign (Non-US) investments risk, market capitalization risk, market risk, market events risk, new fund risks, and quantitative investing risk.

LeaderShares<sup>®</sup> Dynamic Yield ETF: market risk, fixed income securities risk, active trading risk, asset allocation risk, authorized participant concentration risk, bank loan risk, cash positions risk, convertible securities risk, counterparty credit risk, credit risk, credit spread risk, currency risk, cybersecurity risk, derivatives risk, emerging markets risk, ETF structure risk, equity risk, fluctuation of net asset value risk, foreign (Non-US) investments risk, future contract risk, gap risk, high yield risk, index risk, investment companies and ETFs risk, issuer-specific risk, leveraging risk, LIBOR risk, liquidity risk, management risk, market events risk, model risk, mortgage-backed and asset-backed securities risk, new fund risk, odd lot pricing risk, portfolio turnover risk, prepayment and extension risk, regulatory risk, sector risk, swap risk, US government securities risk, valuation risk, variable or floating rate securities risk, and volatility risk.

**ETF Structure Risks.** Each Fund is structured as an ETF and as a result is subject to special risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units."

Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares.

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| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in the closing price. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the shares. When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares and the Fund's NAV. In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's NAV.

**Equity Risk.** Equity securities are susceptible to general market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their issuers change and unexpected trading activity among retail investors. Factors that may influence the price of equity securities include developments affecting a specific company or industry, or the changing economic, political or market conditions.

**Fluctuation of Net Asset Value Risk.** The NAV of the Fund's shares will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the shares on the Exchange. The Advisor cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the shares will be closely related to, but not identical to, the same forces influencing the prices of the Fund's holdings trading individually or in the aggregate at any point in time. Unlike conventional ETFs, LeaderShares® Activist Leaders® ETF, LeaderShares® AlphaFactor® Tactical Focused ETF, LeaderShares® Equity Skew ETF, and LeaderShares® Dynamic Yield ETF are not index funds. The Funds are actively managed and do not seek to replicate the performance of a specified Index. Actively managed ETFs have a limited trading history and, therefore, there can be no assurance as to whether and/or the extent to which the shares will trade at premiums or discounts to NAV.

**Index Tracking Error Risk.** As with all index funds, the performance of the Fund and the Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times, may deviate from the relative weightings of Index or may hold securities not included in the Index. Tracking error risk may be heightened during times or market volatility or other unusual market conditions.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

**Market Risk.** Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is 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 Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the bond or other markets, volatility in the securities markets, adverse investor sentiment affect the securities markets and political events affect 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. When the value of the Fund's investments goes down, your investment in the Fund 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 Fund and its investments and could result in decreases to the Fund's net asset value. 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. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its 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 Fund 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.

COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.

**9.** **NEW REGULATORY UPDATES** 

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (''ASU 2020-04''). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

**10.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements 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.

![(COHEN & CO LOGO)](ls007_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of the LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF, LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF, LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF, LeaderShares<sup>®</sup> Equity Skew ETF and LeaderShares<sup>®</sup> Dynamic Yield ETF and Board of Trustees of Two Roads Shared Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of LeaderShares<sup>®</sup> Activist Leaders ETF, LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF, LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF, LeaderShares<sup>®</sup> Equity Skew ETF and LeaderShares<sup>®</sup> Dynamic Yield ETF (the "Funds"), each a series of Two Roads Shared Trust, as of October 31, 2022, and the related statements of operations and changes in net assets, the related notes, and the financial highlights for the year then ended (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 October 31, 2022, the results of their operations, changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial statements and financial highlights for the years ended October 31, 2021, and prior years or periods, were audited by other auditors whose report dated January 10, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

<u>Basis for Opinion</u>

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 audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit 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 October 31, 2022, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit 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 audit provides a reasonable basis for our opinion.

C O H E N & C O M P A N Y , L T D .

800.229.1099 \| 866.818.4535 fax \| cohencpa.com

Registered with the Public Company Accounting Oversight Board

We have served as the Funds' auditor since 2022.

![(-s- COHEN & COMPANY, LTD.)](ls008_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 5, 2023

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| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)** |
| **October 31, 2022** |

---

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act. The program is reasonably designed to assess and manage the Funds liquidity risk, taking into consideration, among other factors, the Funds investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal year ended October 31, 2022 the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed the Funds investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds liquidity risk management program has been effectively implemented.

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| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **EXPENSE EXAMPLES (Unaudited)** |
| **October 31, 2022** |

---

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; (2) ongoing costs, including a unitary management fee and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example for is based on an investment of $1,000 invested for the period of time as indicated in the table below.

**Actual Expenses**

The "Actual" expenses line in the table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The "Hypothetical" line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | ***Hypothetical*** | ***Hypothetical*** |
|  |  |  | ***Actual\**** | ***Actual\**** | *(5% return before expenses)* | *(5% return before expenses)* |
|  | *Fund's* | *Beginning* | *Ending* |  | *Ending* |  |
|  | *Annualized* | *Account* | *Account* | *Expenses* | *Account* | *Expenses* |
|  | *Expense* | *Value* | *Value* | *Paid During* | *Value* | *Paid During* |
|  | *Ratio* | *5/1/22* | *10/31/22* | *Period* | *10/31/22* | *Period* |
| LeaderShares® Activist Leaders® ETF | 0.75% | $1000.00 | $870.30 | $3.54 | $1021.42 | $3.82 |
| LeaderShares® AlphaFactor® Tactical Focused ETF | 0.99% | $1000.00 | $1018.20 | $5.04 | $1020.21 | $5.04 |
| LeaderShares® AlphaFactor® US Core Equity ETF | 0.75% | $1000.00 | $989.90 | $3.76 | $1021.42 | $3.82 |
| LeaderShares® Equity Skew ETF | 0.75% | $1000.00 | $946.50 | $3.68 | $1021.42 | $3.82 |
| LeaderShares® Dynamic Yield ETF | 0.75% | $1000.00 | $955.20 | $3.70 | $1021.42 | $3.82 |

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\* Expenses are equal to the average account value over the period, multiplied by the Funds' annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).

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| |
|:---|
| **LeaderShares® ETFs** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **October 31, 2022** |

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*Trustees and Officers.* The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

**Independent Trustees \***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address,**<br> **Year of Birth** | &nbsp;&nbsp;**Position(s)**<br> **Held with**<br> **Registrant** | &nbsp;&nbsp;**Term and**<br> **Length**<br> **Served** | &nbsp;&nbsp;**Principal**<br> **Occupation(s) During**<br> **Past 5 Years** | &nbsp;&nbsp;**Number of**<br> **Portfolios**<br> **Overseen In**<br> **The Fund**<br> **Complex\*\*** | &nbsp;&nbsp;**Other Directorships**<br> **Held During Past 5**<br> **Years** |
| &nbsp;&nbsp;Mark Garbin <br> Year of Birth: 1951 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite, Since 2012 | &nbsp;&nbsp;Managing Principal, Coherent Capital Management LLC (since 2008), Independent Director, OCHEE LP (2021- present) | &nbsp;&nbsp;10 | &nbsp;&nbsp;Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013); Forethought Variable Insurance Trust (since 2013); OHA Mortgage Strategies Fund (offshore), Ltd. (2014 -2017); iCapital KKR Private Markets Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018) and OHA CLO Enhanced Equity II Genpar LLP (since 2021) |
| &nbsp;&nbsp;Mark D. Gersten <br> Year of Birth: 1950 | &nbsp;&nbsp;Chairman, Trustee | &nbsp;&nbsp;Indefinite, Since 2012 | &nbsp;&nbsp;Independent Consultant (since 2012); Senior Vice President – Global Fund Administration Mutual Funds & Alternative Funds, AllianceBernstein LP (1985 – 2011) | &nbsp;&nbsp;10 | &nbsp;&nbsp;Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013); iCapital KKR Private Markets Fund (since 2014); previously, Ramius Archview Credit and Distressed Fund (2015-2017); and Schroder Global Series Trust (2012 to 2017) |
| &nbsp;&nbsp;Neil M. Kaufman <br> Year of Birth: 1960 | &nbsp;&nbsp;Trustee, Audit Committee Chairman | &nbsp;&nbsp;Indefinite, Since 2012 | &nbsp;&nbsp;Managing Member, Kaufman, McGowan PLLC (legal services)(Since 2016) | &nbsp;&nbsp;10 | &nbsp;&nbsp;iCapital KKR Private Markets Fund (since 2014) |
| &nbsp;&nbsp;Anita K. Krug <br> Year of Birth: 1969 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite, Since 2012 | &nbsp;&nbsp;Dean and Professor (since 2019) of Chicago-Kent College of Law, Illinois Institute of Technology; Interim Vice Chancellor for Academic Affairs (2018-2019) University of Washington Bothell; Interim Dean (2017- 2018), Professor (2016-2019), Associate Professor (2014-2016); and Assistant Professor (2010-2014), University of Washington School of Law | &nbsp;&nbsp;10 | &nbsp;&nbsp;iCapital KKR Private Markets Fund (since 2014); Centerstone Investors Trust (2016-2021) |

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\* Information is as of October 31, 2022.

\*\* As of October 31, 2022, the Trust was comprised of 25 active portfolios managed by seven unaffiliated investment advisers and two affiliated investment advisers. The term "Fund Complex" applies only to those series of the Trust that (i) are advised by a common investment adviser or by an investment adviser that is an affiliated person of the investment adviser of any of the other series of the Trust or (ii) hold themselves out to investors as related companies for purposes of investment and investor services. The Funds do not hold themselves out as related to any other series within the Trust, except for the Redwood Managed Volatility Fund, Redwood Managed Volatility Portfolio, Redwood Managed Municipal Income Fund, Redwood AlphaFactor Tactical International Fund, and Redwood Systematic Macro Trend ("SMarT") Fund, which are also advised by the Funds' Adviser.

10/31/22 – Two Roads v2

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| |
|:---|
| **LeaderShares® ETFs** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **October 31, 2022** |

---

**Officers of the Trust\***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address,**<br> **Year of Birth** | &nbsp;&nbsp;**Position(s)**<br> **Held with**<br> **Registrant** | &nbsp;&nbsp;**Principal Occupation(s) During**<br> **Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios<br> Overseen In<br> The Fund<br> Complex\*\*** | &nbsp;&nbsp;**Other**<br> **Directorships**<br> **Held During Past**<br> **5 Years** |
| &nbsp;&nbsp;James Colantino<br> Year of Birth: 1969 | &nbsp;&nbsp;President Since Feb. 2017 Treasurer (2012 to 2017) | &nbsp;&nbsp;Senior Vice President (2012- present); Vice President (2004 to 2012); Ultimus Fund Solutions LLC | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Laura Szalyga<br> Year of Birth: 1978 | &nbsp;&nbsp;Treasurer Since Feb. 2017 | &nbsp;&nbsp;Vice President, Ultimus Fund Solutions LLC (since 2015); Assistant Vice President, Ultimus Fund Solutions LLC (2011-2014) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Timothy Burdick<br> Year of Birth: 1986 | &nbsp;&nbsp;Vice President Since Aug. 2022 Secretary Since Aug. 2022 | &nbsp;&nbsp;Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2022 – present); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019 – 2022); Senior Program Compliance Manager, CJ Affiliate (2016 – 2019). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;William B. Kimme<br> Year of Birth: 1962 | &nbsp;&nbsp;Chief Compliance Officer Since Inception | &nbsp;&nbsp;Senior Compliance Officer, Northern Lights Compliance Services, LLC (September 2011 - present) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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\* Information is as of October 31, 2022.

\*\* As of October 31, 2022, the Trust was comprised of 25 active portfolios managed by seven unaffiliated investment advisers and two affiliated investment advisers. The term "Fund Complex" applies only to those series of the Trust that (i) are advised by a common investment adviser or by an investment adviser that is an affiliated person of the investment adviser of any of the other series of the Trust or (ii) hold themselves out to investors as related companies for purposes of investment and investor services. The Funds do not hold themselves out as related to any other series within the Trust, except for the Redwood Managed Volatility Fund, Redwood Managed Volatility Portfolio, Redwood Managed Municipal Income Fund, Redwood AlphaFactor Tactical International Fund, and Redwood Systematic Macro Trend ("SMarT") Fund, which are also advised by the Fund's Adviser.

The Funds' Statement of Additional Information ("SAI") includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-855-733-3863.

10/31/22 – Two Roads v2

***PRIVACY NOTICE***

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| | |
|:---|:---|
| FACTS | WHAT DOES TWO ROADS SHARED TRUST DO WITH YOUR PERSONAL INFORMATION |
| Why? | Financial companies choose how they share your personal information. |
|  | Federal law gives consumers the right to limit some but not all sharing. |
|  | Federal law also requires us to tell you how we collect, share, and protect your personal information.<br>Please read this notice carefully to understand what we do. |
| What? | THE TYPES OF PERSONAL INFORMATION WE COLLECT AND SHARE DEPENDS ON THE PRODUCT OR SERVICE THAT YOU HAVE WITH US. THIS INFORMATION CAN INCLUDE: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and income |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Account transactions and transaction history |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment experience and purchase history |
|  | When you are *no longer* our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reason Two Roads Shared Trust chooses to share and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | **Does Two Roads**<br> **Shared Trust share?** | **Can you limit**<br> **this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes –** |  |  |
| &nbsp;&nbsp;such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | YES | NO |
| &nbsp;&nbsp;**For our marketing purposes –** | NO | We do not share |
| &nbsp;&nbsp;to offer our products and services to you |  |  |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | NO | We do not share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** | NO | We do not share |
| &nbsp;&nbsp;information about your transactions and experiences |  |  |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** | NO | We do not share |
| &nbsp;&nbsp;information about your creditworthiness |  |  |
| &nbsp;&nbsp;**For our affiliates to market to you** | NO | We do not share |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | NO | We do not share |

---

Questions? <u>Call 1-402-895-1600</u>

**What we do**

---

| | |
|:---|:---|
| **How does Two Roads Shared Trust<br> protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.<br>These measures include computer safeguards and secured files and buildings. |
|  | Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does Two Roads Shared Trust** | We collect your personal information, for example, when you |
| **collect my personal information?** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● open an account or give us contact information |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide account information or give us your income information |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● make deposits or withdrawals from your account |
|  | We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for nonaffiliates to market to you |
|  | State laws and individual companies may give you additional rights to limit sharing |
| **Definitions** |  |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Two Roads Shared Trust has no affiliates.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Two Roads Shared Trust does not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliates financial companies that together market financial products or services to you. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Two Roads Shared Trust does not jointly market.* |

---

**<u>Proxy Voting Policy</u>**

Information regarding how the Funds vote 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 1-480-757-4277 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>Portfolio Holdings</u>**

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 <u>http://www.sec.gov</u>. The information on Form N-PORT is available without charge, upon request, by calling 1-480-757-4277.

---

| |
|:---|
| **<u>Investment Advisor</u>** |
| Redwood Investment Management, LLC |
| 4110 N Scottsdale Rd, Suite 125 |
| Scottsdale, AZ 85251 |
| **<u>Administrator</u>** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

LEADERSHARES-AR22

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) N/A

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.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that 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.

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 | <u>2022</u> | <u>2021</u> |
| LeaderShares AlphaFactor US Core Equity ETF | $13000 | $16250 |
| LeaderShares Activist Leaders ETF | $13000 | $16500 |
| LeaderShares AlphaFactor Tactical Focused ETF | $13000 | $16500 |
| LeaderShares Equity Skew ETF | $13000 | $16500 |
| LeaderShares Dynamic Yield ETF | $14000 | $16250 |

---

(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 | <u>2022</u> | <u>2021</u> |
| LeaderShares AlphaFactor US Core Equity ETF | $3200 | $3200 |
| LeaderShares Activist Leaders ETF | $3200 | $3200 |
| LeaderShares AlphaFactor Tactical Focused ETF | $3200 | $3200 |
| LeaderShares Equity Skew ETF | $3200 | $3200 |

---

LeaderShares Dynamic Yield ETF $3,200 $3,200

---

| | |
|:---|:---|
| (d) | All Other Fees. There were no 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. |
| (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. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for each of the last two fiscal years 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.<br>|
| (j) | Not applicable. |

---

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Mark Garbin, Mark Gersten, Neil M. Kaufman and Anita K. Krug.

ITEM 6. SCHEDULE OF INVESTMENT

Included in annual report to shareholders filed under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end management investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to open-end management investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to open-end management investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable at this time.

ITEM 11. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the 1940 Act), as of a date within 90 days of the filing date of this Form N-CSR, the principal executive officer and principal
financial officer of the registrant have concluded that the disclosure controls and procedures of the registrant are reasonably designed
to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date,
including that information required to be disclosed is accumulated and communicated to the registrant's management, including the
registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required
disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act) that occurred 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end management investment companies.

ITEM 13. EXHIBITS

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](coe.htm)

(a)(2) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 13(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

(a)(3) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and 13(b) of Form N-CSR) are filed herewith.](cert2.htm)

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 James Colantino | <u>/s/James Colantino</u> |
| President/Principal Executive Officer, | President/Principal Executive Officer, |
| Date: January 9, 2023 |  |

---

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 James Colantino | <u>/s/James Colantino</u> |
| President/Principal Executive Officer | President/Principal Executive Officer |
| Date: January 9, 2023 |  |

---

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 Laura Szalyga | <u>/s/ Laura Szalyga</u> |
| Treasurer/Principal Financial Officer | Treasurer/Principal Financial Officer |
| Date: January 9, 2023 |  |

---

## Ex-99.Cert

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, James Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the LeaderShares ETF Funds (a series of Two Roads Shared
Trust the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 1/9/2023 | <u>/s/ James Colantino</u> |
|  | James Colantino |
|  | Principal Executive Officer/President |

---

------

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Laura Szalyga, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the LeaderShares ETF Funds (each a series of Two Roads
Shared Trust the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 1/9/2023 | <u>/s/ Laura Szalyga</u> |
|  | Laura Szalyga |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

Jim Colantino, Principal Executive Officer, and Laura Szalyga, Principal Financial Officer of Two Roads Shared Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer Principal Financial Officer

Two Roads Shared Trust Two Roads Shared Trust

<u>/s/ James Colantino</u> <u>/s/ Laura Szalyga</u> 

James Colantino Laura Szalyga

Date: <u>1/</u>9<u>/2023</u> Date: <u>1/</u>9<u>/2023</u> 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Two Roads Shared Trust and will be retained by Two Roads Shared Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Attachment 8.G(3)**

**TWO ROADS SHARED TRUST**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Two Roads Shared Trust (the "Trust") have adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the Trust's senior officers to provide full, fair, timely, and comprehensible disclosure, financial and otherwise, to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly, and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules, and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and its adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust' financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or its operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six years from the date such action is taken, the first two years in an easily accessible place, a copy of the information or materials supplied to the Board (i) that provided the basis for any amendment or waiver to this Code and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

**<u>CODE OF ETHICS FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Two Roads
Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending
December 31, ; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements
of the Code during the calendar year ending December 31, .

Set forth below exceptions to items (3) and (4), if any:

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

Signature: ____________________________________

Name (please print): _____________________________

Date: ________________________________________