# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-25-004160
**Filing Date:** 2025-7
**Character Count:** 204144
**Document Hash:** e83d35e94e63698c23335074d3dd7156
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004160.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001580642-25-004160

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251112578

**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:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## 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 |  |

?xml version='1.0' encoding='ASCII'?

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

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

<u>Two Roads Shared Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450 Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (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> <br>Date of reporting period: <u>4/30/2025</u>

**Item 1. Reports to Stockholders.** 

(a) # LeaderShares Activist Leaders ETF
(ACTV) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](if2481aaff54ec2c6908981ad.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about LeaderShares Activist Leaders ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at**https://www.leadersharesetfs.com/funds/leadershares-activist-leaders-etf**. You can also request this information by contacting us at 1-888-617-1444. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| LeaderShares Activist Leaders ETF | $36 | 0.75%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$16,363,282

* Number of Portfolio Holdings19

* Advisory Fee $216,698

* Portfolio Turnover97%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0c5fa8e6e29334833ed4fee6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 24.7% |
| Exchange-Traded Funds | 56.7% |
| Money Market Funds | 18.6% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4ddff1d69a86e815f2fdefab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Utilities | 0.6% |
| Materials | 0.6% |
| Health Care | 1.1% |
| Industrials | 1.9% |
| Consumer Staples | 2.7% |
| Communications | 3.0% |
| Technology | 4.0% |
| Consumer Discretionary | 4.6% |
| Real Estate | 6.0% |
| Money Market Funds | 18.5% |
| Equity | 56.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 35.1% |
| SPDR S&P 500 ETF Trust ETF | 21.0% |
| Goldman Sachs Financial Square Government Fund, Administration Class | 18.5% |
| Restaurant Brands International, Inc. | 3.4% |
| Healthcare Realty Trust, Inc. | 3.1% |
| Match Group, Inc. | 3.0% |
| Howard Hughes Holdings, Inc. | 2.9% |
| Lamb Weston Holdings, Inc. | 2.7% |
| Vestis Corporation | 1.9% |
| Rapid7, Inc. | 1.9% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information you may review the Fund's prospectus, which is available upon request at 1-888-617-1444 or on the Fund's website at https://www.leadersharesetfs.com/funds/leadershares-activist-leaders-etf.

On December 10, 2024, the Board of Trustees of the Trust approved Agreements and Plans of Reorganization (collectively, the "Plan") pursuant to which each of the Redwood AlphaFactor Tactical International Fund, Redwood Managed Municipal Income Fund, Redwood Managed Volatility Fund, Redwood Systematic Macro Trend ("SMarT<sup>®</sup>") Fund, LeaderShares Activist Leaders ETF, LeaderShares AlphaFactor<sup>®</sup> Tactical Focused ETF, 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 (each an "Existing Fund") will reorganize into a corresponding newly created series (each an "Acquiring Fund") of Investment Managers Series Trust II (each a "Reorganization" and collectively, the "Reorganizations"). Redwood Investment Management, LLC will continue to serve as the investment adviser to each of the Acquiring Funds following the Reorganizations. Each Acquiring Fund will have the same investment objective, and substantially similar principal investment strategies, policies and risks as its corresponding Existing Fund, and each Acquiring Fund will be managed by the same portfolio managers as the Existing Funds. The Reorganizations with respect to each of the Existing Funds is expected to close by the end of the third quarter of 2025, subject to the fulfillment of closing conditions, including the approval of the Plan with respect to each of the Existing Funds by its respective shareholders.

![Image](if2481aaff54ec2c6908981ad.jpg)

# LeaderShares Activist Leaders ETF - Fund (ACTV)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://www.leadersharesetfs.com/funds/leadershares-activist-leaders-etf**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-ACTV

# LeaderShares AlphaFactor Tactical Focused ETF
(LSAT) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](idff37b2ab1a8a560c03d4cff.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about LeaderShares AlphaFactor Tactical Focused ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at**https://www.leadersharesetfs.com/funds/leadershares-tactical-focused-etf**. You can also request this information by contacting us at 1-888-617-1444. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| LeaderShares AlphaFactor Tactical Focused ETF | $48 | 0.99%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$97,888,024

* Number of Portfolio Holdings34

* Advisory Fee $552,870

* Portfolio Turnover66%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ife85bdfa4dbe0af0e36c0762.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.6% |
| Money Market Funds | 0.1% |
| Purchased Options | 3.3% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8c6fe2c05dcefcabeeb51094.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.1% |
| Real Estate | 3.0% |
| Purchased Options | 3.3% |
| Materials | 3.3% |
| Industrials | 3.7% |
| Energy | 9.0% |
| Technology | 9.5% |
| Health Care | 10.0% |
| Consumer Discretionary | 12.8% |
| Communications | 12.9% |
| Consumer Staples | 13.2% |
| Financials | 19.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| VeriSign, Inc. | 3.7% |
| H&R Block, Inc. | 3.7% |
| Premier, Inc., Class A | 3.5% |
| Boyd Gaming Corporation | 3.5% |
| Boston Beer Company, Inc. (The), Class A | 3.4% |
| Monster Beverage Corporation | 3.4% |
| US Foods Holding Corporation | 3.4% |
| MGIC Investment Corporation | 3.4% |
| CF Industries Holdings, Inc. | 3.3% |
| HCA Healthcare, Inc. | 3.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information you may review the Fund's prospectus, which is available upon request at 1-888-617-1444 or on the Fund's website at https://www.leadersharesetfs.com/funds/leadershares-tactical-focused-etf.

On December 10, 2024, the Board of Trustees of the Trust approved Agreements and Plans of Reorganization (collectively, the "Plan") pursuant to which each of the Redwood AlphaFactor Tactical International Fund, Redwood Managed Municipal Income Fund, Redwood Managed Volatility Fund, Redwood Systematic Macro Trend ("SMarT<sup>®</sup>") Fund, LeaderShares Activist Leaders ETF, LeaderShares AlphaFactor<sup>®</sup> Tactical Focused ETF, 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 (each an "Existing Fund") will reorganize into a corresponding newly created series (each an "Acquiring Fund") of Investment Managers Series Trust II (each a "Reorganization" and collectively, the "Reorganizations"). Redwood Investment Management, LLC will continue to serve as the investment adviser to each of the Acquiring Funds following the Reorganizations. Each Acquiring Fund will have the same investment objective, and substantially similar principal investment strategies, policies and risks as its corresponding Existing Fund, and each Acquiring Fund will be managed by the same portfolio managers as the Existing Funds. The Reorganizations with respect to each of the Existing Funds is expected to close by the end of the third quarter of 2025, subject to the fulfillment of closing conditions, including the approval of the Plan with respect to each of the Existing Funds by its respective shareholders.

![Image](idff37b2ab1a8a560c03d4cff.jpg)

# LeaderShares AlphaFactor Tactical Focused ETF - Fund (LSAT)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://www.leadersharesetfs.com/funds/leadershares-tactical-focused-etf**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-LSAT

# LeaderShares AlphaFactor US Core Equity ETF
(LSAF) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](iba75c7b30a49d6886d69e124.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about LeaderShares AlphaFactor US Core Equity ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at**https://www.leadersharesetfs.com/funds/leadershares-alphafactor-core-etf**. You can also request this information by contacting us at 1-888-617-1444. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| LeaderShares AlphaFactor US Core Equity ETF | $36 | 0.75%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$131,050,755

* Number of Portfolio Holdings100

* Advisory Fee $542,396

* Portfolio Turnover80%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibce6a528427144e8a5325e60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i28e761344ac25a7ac68e53f6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Real Estate | 0.9% |
| Utilities | 2.2% |
| Energy | 2.8% |
| Communications | 4.3% |
| Materials | 5.3% |
| Health Care | 5.9% |
| Consumer Staples | 7.8% |
| Technology | 14.2% |
| Industrials | 15.0% |
| Financials | 16.5% |
| Consumer Discretionary | 24.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NRG Energy, Inc. | 1.2% |
| Booking Holdings, Inc. | 1.2% |
| Uber Technologies, Inc. | 1.1% |
| VeriSign, Inc. | 1.1% |
| Carlisle Companies, Inc. | 1.1% |
| H&R Block, Inc. | 1.1% |
| Core & Main, Inc., Class A | 1.1% |
| Curtiss-Wright Corporation | 1.1% |
| EMCOR Group, Inc. | 1.1% |
| Newmont Corporation | 1.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information you may review the Fund's prospectus, which is available upon request at 1-888-617-1444 or on the Fund's website at https://www.leadersharesetfs.com/funds/leadershares-alphafactor-core-etf .

On December 10, 2024, the Board of Trustees of the Trust approved Agreements and Plans of Reorganization (collectively, the "Plan") pursuant to which each of the Redwood AlphaFactor Tactical International Fund, Redwood Managed Municipal Income Fund, Redwood Managed Volatility Fund, Redwood Systematic Macro Trend ("SMarT<sup>®</sup>") Fund, LeaderShares Activist Leaders ETF, LeaderShares AlphaFactor<sup>®</sup> Tactical Focused ETF, 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 (each an "Existing Fund") will reorganize into a corresponding newly created series (each an "Acquiring Fund") of Investment Managers Series Trust II (each a "Reorganization" and collectively, the "Reorganizations"). Redwood Investment Management, LLC will continue to serve as the investment adviser to each of the Acquiring Funds following the Reorganizations. Each Acquiring Fund will have the same investment objective, and substantially similar principal investment strategies, policies and risks as its corresponding Existing Fund, and each Acquiring Fund will be managed by the same portfolio managers as the Existing Funds. The Reorganizations with respect to each of the Existing Funds is expected to close by the end of the third quarter of 2025, subject to the fulfillment of closing conditions, including the approval of the Plan with respect to each of the Existing Funds by its respective shareholders.

![Image](iba75c7b30a49d6886d69e124.jpg)

# LeaderShares AlphaFactor US Core Equity ETF - Fund (LSAF)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://www.leadersharesetfs.com/funds/leadershares-alphafactor-core-etf**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-LSAF

# LeaderShares Dynamic Yield ETF
(DYLD) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ib1c8922950cd5a4dc424612e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about LeaderShares Dynamic Yield ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at**https://www.leadersharesetfs.com/funds/leadershares-dynamic-yield-etf**. You can also request this information by contacting us at 1-888-617-1444. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| LeaderShares Dynamic Yield ETF | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$55,207,963

* Number of Portfolio Holdings214

* Advisory Fee $237,844

* Portfolio Turnover1%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id34ca38f86505fde7abd905d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 48.3% |
| U.S. Government & Agencies | 51.7% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id7d5102fce1de22de6c281e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Utilities | 0.2% |
| Real Estate | 0.7% |
| Materials | 1.0% |
| Consumer Staples | 2.8% |
| Energy | 3.2% |
| Consumer Discretionary | 3.4% |
| Industrials | 4.7% |
| Technology | 5.2% |
| Health Care | 7.1% |
| Financials | 8.0% |
| Communications | 11.2% |
| U.S. Treasury Obligations | 50.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 3.7300%, 05/08/25 | 45.2% |
| United States Treasury Bill, 4.2400%, 08/14/25 | 5.4% |
| DISH DBS Corporation, 5.2500%, 12/01/26 | 0.3% |
| Tenneco, Inc., 8.0000%, 11/17/28 | 0.3% |
| DISH DBS Corporation, 5.7500%, 12/01/28 | 0.3% |
| CCO Holdings, LLC / CCO Holdings Capital, 4.2500%, 01/15/34 | 0.3% |
| CCO Holdings, LLC / CCO Holdings Capital, 4.5000%, 06/01/33 | 0.3% |
| Carnival Corporation, 6.0000%, 05/01/29 | 0.3% |
| DaVita, Inc., 4.6250%, 06/01/30 | 0.3% |
| CCO Holdings, LLC / CCO Holdings Capital, 4.5000%, 05/01/32 | 0.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information you may review the Fund's prospectus, which is available upon request at 1-888-617-1444 or on the Fund's website at https://www.leadersharesetfs.com/funds/leadershares-dynamic-yield-etf.

On December 10, 2024, the Board of Trustees of the Trust approved Agreements and Plans of Reorganization (collectively, the "Plan") pursuant to which each of the Redwood AlphaFactor Tactical International Fund, Redwood Managed Municipal Income Fund, Redwood Managed Volatility Fund, Redwood Systematic Macro Trend ("SMarT<sup>®</sup>") Fund, LeaderShares Activist Leaders ETF, LeaderShares AlphaFactor<sup>®</sup> Tactical Focused ETF, 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 (each an "Existing Fund") will reorganize into a corresponding newly created series (each an "Acquiring Fund") of Investment Managers Series Trust II (each a "Reorganization" and collectively, the "Reorganizations"). Redwood Investment Management, LLC will continue to serve as the investment adviser to each of the Acquiring Funds following the Reorganizations. Each Acquiring Fund will have the same investment objective, and substantially similar principal investment strategies, policies and risks as its corresponding Existing Fund, and each Acquiring Fund will be managed by the same portfolio managers as the Existing Funds. The Reorganizations with respect to each of the Existing Funds is expected to close by the end of the third quarter of 2025, subject to the fulfillment of closing conditions, including the approval of the Plan with respect to each of the Existing Funds by its respective shareholders.

![Image](ib1c8922950cd5a4dc424612e.jpg)

# LeaderShares Dynamic Yield ETF - Fund (DYLD)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://www.leadersharesetfs.com/funds/leadershares-dynamic-yield-etf**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-DYLD

# LeaderShares Equity Skew ETF
(SQEW) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i554e8ba198ed34ba86948ea5.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about LeaderShares Equity Skew ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at**https://www.leadersharesetfs.com/funds/leadershares-equity-skew-etf**. You can also request this information by contacting us at 1-888-617-1444. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| LeaderShares Equity Skew ETF | $36 | 0.75%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$60,128,858

* Number of Portfolio Holdings155

* Advisory Fee $329,276

* Portfolio Turnover101%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1bc25f026e63496930822198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 39.9% |
| Exchange-Traded Funds | 60.1% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i909c07107c9caa0cc2315535.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Materials | 0.6% |
| Real Estate | 1.0% |
| Utilities | 1.2% |
| Communications | 1.8% |
| Energy | 2.3% |
| Industrials | 2.8% |
| Consumer Staples | 3.3% |
| Consumer Discretionary | 3.7% |
| Financials | 6.2% |
| Health Care | 6.3% |
| Technology | 10.2% |
| Equity | 59.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard FTSE Emerging Markets ETF | 28.4% |
| SPDR S&P 600 Small Cap Value ETF | 21.0% |
| iShares S&P Small-Cap 600 Growth ETF | 4.5% |
| SPDR S&P 600 Small Cap Growth ETF | 4.5% |
| Apple, Inc. | 3.7% |
| Microsoft Corporation | 3.2% |
| Amazon.com, Inc. | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.1% |
| SPDR Portfolio S&P 500 Growth ETF | 1.1% |
| Exxon Mobil Corporation | 0.9% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information you may review the Fund's prospectus, which is available upon request at 1-888-617-1444 or on the Fund's website at https://www.leadersharesetfs.com/funds/leadershares-equity-skew-etf..

On December 10, 2024, the Board of Trustees of the Trust approved Agreements and Plans of Reorganization (collectively, the "Plan") pursuant to which each of the Redwood AlphaFactor Tactical International Fund, Redwood Managed Municipal Income Fund, Redwood Managed Volatility Fund, Redwood Systematic Macro Trend ("SMarT<sup>®</sup>") Fund, LeaderShares Activist Leaders ETF, LeaderShares AlphaFactor<sup>®</sup> Tactical Focused ETF, 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 (each an "Existing Fund") will reorganize into a corresponding newly created series (each an "Acquiring Fund") of Investment Managers Series Trust II (each a "Reorganization" and collectively, the "Reorganizations"). Redwood Investment Management, LLC will continue to serve as the investment adviser to each of the Acquiring Funds following the Reorganizations. Each Acquiring Fund will have the same investment objective, and substantially similar principal investment strategies, policies and risks as its corresponding Existing Fund, and each Acquiring Fund will be managed by the same portfolio managers as the Existing Funds. The Reorganizations with respect to each of the Existing Funds is expected to close by the end of the third quarter of 2025, subject to the fulfillment of closing conditions, including the approval of the Plan with respect to each of the Existing Funds by its respective shareholders.

![Image](i554e8ba198ed34ba86948ea5.jpg)

# LeaderShares Equity Skew ETF - Fund (SQEW)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://www.leadersharesetfs.com/funds/leadershares-equity-skew-etf**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-SQEW

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable

**Item 3. Audit Committee Financial Expert.** Not applicable

**Item 4. Principal Accountant Fees and Services.** Not applicable

**Item 5. Audit Committee of Listed Registrants.** Not applicable to open-end investment companies

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![(COVER PAGE)](le001_v1.jpg)

---

| |
|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 24.5%** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 35861 | Vestis Corporation | $314142 |
|  | **CONSTRUCTION MATERIALS - 0.6%** |  |
| 5939 | MDU Resources Group, Inc. | 101794 |
|  | **ELECTRIC UTILITIES - 0.5%** |  |
| 5323 | PG&E Corporation | 87936 |
|  | **FOOD - 2.7%** |  |
| 8249 | Lamb Weston Holdings, Inc. | 435630 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 28422 | Fortrea Holdings, Inc.<sup>(a)</sup> | 177069 |
|  | **HEALTH CARE REIT - 3.1%** |  |
| 32543 | Healthcare Realty Trust, Inc. | 505393 |
|  | **INTERNET MEDIA & SERVICES - 3.0%** |  |
| 16575 | Match Group, Inc. | 491615 |
|  | **LEISURE FACILITIES & SERVICES - 4.7%** |  |
| 3631 | Cinemark Holdings, Inc. | 108603 |
| 8579 | Restaurant Brands International, Inc. | 552487 |
| 6861 | Wendy's Company (The) | 85763 |
|  |  | 746853 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.9%** |  |
| 7241 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | 481744 |
|  | **SOFTWARE - 3.0%** |  |
| 9709 | Evolent Health, Inc., Class A<sup>(a)</sup> | 95731 |
| 3923 | Gen Digital, Inc. | 101488 |
| 12984 | Rapid7, Inc.<sup>(a)</sup> | 306682 |
|  |  | 503901 |

---

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

---

| |
|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 24.5% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 1.0%** |  |
| 3189 | NCR Atleos Corporation<sup>(a)</sup> | $89037 |
| 7805 | NCR Voyix Corporation<sup>(a)</sup> | 66889 |
|  |  | 155926 |
|  | **TOTAL COMMON STOCKS (Cost $4,900,857)** | 4002003 |
|  | **EXCHANGE-TRADED FUNDS — 56.1%** |  |
|  | **EQUITY - 56.1%** |  |
| 6210 | SPDR S&P 500 ETF Trust | 3443693 |
| 11281 | Vanguard S&P 500 ETF | 5750377 |
|  |  | 9194070 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,691,153)** | 9194070 |
|  | **SHORT-TERM INVESTMENT — 18.5%** |  |
|  | **MONEY MARKET FUND - 18.5%** |  |
| 3023369 | Goldman Sachs Financial Square Government Fund, 3.97%<sup>(b)(c)</sup> (Cost $3,023,369) | 3023369 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $17,615,379)** | $16219442 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | 143840 |
|  | **NET ASSETS - 100.0%** | $16363282 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(c)</sup> All or a portion of the security is held in a separate collateral account at April 30, 2025 for options contracts. The total fair value of the collateral as of April 30, 2025 is $3,023,369 and represents 18.5% of net assets.

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

---

| |
|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **APRIL 30, 2025** |

---

---

| | |
|:---|:---|
| Diversification of Assets | Diversification of Assets |
| Country | % of Net Assets |
| United States | 95.7% |
| Canada | 3.4% |
| Total | 99.1% |
| Other Assets in Excess of Liabilities | 0.9% |
| Grand Total | 100.0% |

---

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5%** |  |
|  | **ASSET MANAGEMENT - 3.1%** |  |
| 164681 | Blue Owl Capital, Inc. | $3051539 |
|  | **AUTOMOTIVE - 3.0%** |  |
| 129636 | Harley-Davidson, Inc. | 2906439 |
|  | **BEVERAGES - 6.8%** |  |
| 13650 | Boston Beer Company, Inc. (The), Class A<sup>(a)</sup> | 3355170 |
| 55626 | Monster Beverage Corporation<sup>(a)</sup> | 3344235 |
|  |  | 6699405 |
|  | **CABLE & SATELLITE - 3.2%** |  |
| 145627 | Sirius XM Holdings, Inc. | 3119330 |
|  | **CHEMICALS - 3.3%** |  |
| 41689 | CF Industries Holdings, Inc. | 3267167 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.7%** |  |
| 59790 | H&R Block, Inc. | 3609522 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.9%** |  |
| 9457 | HCA Healthcare, Inc. | 3263422 |
| 169597 | Premier, Inc., Class A | 3451299 |
|  |  | 6714721 |
|  | **HEALTH CARE REIT - 3.1%** |  |
| 193138 | Healthcare Realty Trust, Inc. | 2999433 |
|  | **HOUSEHOLD PRODUCTS - 2.9%** |  |
| 45739 | Spectrum Brands Holdings, Inc. | 2886131 |
|  | **INSURANCE - 12.6%** |  |
| 37574 | American International Group, Inc. | 3063033 |
| 104036 | Corebridge Financial, Inc. | 3082587 |
| 24928 | Globe Life, Inc. | 3074620 |
| 83143 | Old Republic International Corporation | 3126176 |
|  |  | 12346416 |

---

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 6.9%** |  |
| 104696 | Match Group, Inc. | $3105283 |
| 12939 | VeriSign, Inc.<sup>(a)</sup> | 3650352 |
|  |  | 6755635 |
|  | **LEISURE FACILITIES & SERVICES - 9.8%** |  |
| 49773 | Boyd Gaming Corporation | 3441305 |
| 24554 | Choice Hotels International, Inc. | 3096505 |
| 71157 | Travel + Leisure Company | 3125927 |
|  |  | 9663737 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.1%** |  |
| 52830 | Hologic, Inc.<sup>(a)</sup> | 3074706 |
|  | **OIL & GAS PRODUCERS - 9.0%** |  |
| 25251 | EOG Resources, Inc. | 2785943 |
| 98517 | HF Sinclair Corporation | 2962406 |
| 22481 | Marathon Petroleum Corporation | 3089114 |
|  |  | 8837463 |
|  | **PUBLISHING & BROADCASTING - 2.8%** |  |
| 18211 | Nexstar Media Group, Inc. | 2725458 |
|  | **SPECIALTY FINANCE - 3.4%** |  |
| 132266 | MGIC Investment Corporation | 3294746 |
|  | **TECHNOLOGY HARDWARE - 6.4%** |  |
| 68095 | Avnet, Inc. | 3199784 |
| 118501 | HP, Inc. | 3030071 |
|  |  | 6229855 |
|  | **TECHNOLOGY SERVICES - 3.1%** |  |
| 30509 | Euronet Worldwide, Inc.<sup>(a)</sup> | 3023442 |
|  | **WHOLESALE - CONSUMER STAPLES - 3.4%** |  |
| 50279 | US Foods Holding Corporation<sup>(a)</sup> | 3301319 |
|  | **TOTAL COMMON STOCKS (Cost $98,609,258)** | 94506464 |

---

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| 127429 Goldman Sachs Financial Square Government Fund, 3.97% <sup>(b)(c)</sup> (Cost – $127,429) | $127429 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED - 3.3%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 3.3%** |  |  |  |  |  |
| 440 SPDR S&P 500 ETF Trust<sup>(a)</sup> | BTIG | 12/31/25 | $| 485 | $21340000 | $710600 |
| 65 SPDR S&P 500 ETF Trust<sup>(a)</sup> | BTIG | 03/31/26 |  | 500 | 3250000 | 137280 |
| 950 SPDR S&P 500 ETF Trust<sup>(a)</sup> | BTIG | 03/31/26 |  | 515 | 48925000 | 2347450 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $3,728,571)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $3,728,571)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $3,728,571)** |  |  | 3195330 |
|  | **TOTAL EQUITY OPTIONS PURCHASED (Cost - $3,728,571)** | **TOTAL EQUITY OPTIONS PURCHASED (Cost - $3,728,571)** |  |  |  | 3195330 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $102,465,258)** | **TOTAL INVESTMENTS - 99.9% (Cost $102,465,258)** | **TOTAL INVESTMENTS - 99.9% (Cost $102,465,258)** |  |  | $97829223 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** |  | 58801 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  |  | $97888024 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |
| BTIG | - BTIG, LLC |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

<sup>(c)</sup> All or a portion of the security is held in a separate collateral account at April 30, 2025 for options contracts. The total fair value of the collateral as of April 30, 2025 is $127,429 and represents 0.1% of net assets.

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 2.7%** |  |
| 17255 | Columbia Sportswear Company | $1072743 |
| 23163 | Skechers USA, Inc., Class A<sup>(a)</sup> | 1112287 |
| 18710 | Tapestry, Inc. | 1321862 |
|  |  | 3506892 |
|  | **ASSET MANAGEMENT - 2.0%** |  |
| 7775 | Affiliated Managers Group, Inc. | 1287773 |
| 2710 | Ameriprise Financial, Inc. | 1276464 |
|  |  | 2564237 |
|  | **AUTOMOTIVE - 1.0%** |  |
| 27734 | General Motors Company | 1254686 |
|  | **BEVERAGES - 0.9%** |  |
| 21299 | Molson Coors Beverage Company, Class B | 1225331 |
|  | **BIOTECH & PHARMA - 1.1%** |  |
| 35876 | Exelixis, Inc.<sup>(a)</sup> | 1404545 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.1%** |  |
| 161198 | ADT, Inc. | 1292808 |
| 23992 | H&R Block, Inc. | 1448397 |
|  |  | 2741205 |
|  | **CONSTRUCTION MATERIALS - 1.1%** |  |
| 3844 | Carlisle Companies, Inc. | 1458721 |
|  | **CONSUMER SERVICES - 1.0%** |  |
| 7556 | Grand Canyon Education, Inc.<sup>(a)</sup> | 1347764 |
|  | **CONTAINERS & PACKAGING - 1.1%** |  |
| 14680 | Crown Holdings, Inc. | 1414124 |
|  | **E-COMMERCE DISCRETIONARY - 1.0%** |  |
| 19515 | eBay, Inc. | 1330142 |

---

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 2.2%** |  |
| 46609 | Brookfield Renewable Corporation | $1326492 |
| 13681 | NRG Energy, Inc. | 1499164 |
|  |  | 2825656 |
|  | **ELECTRICAL EQUIPMENT - 2.9%** |  |
| 20754 | Carrier Global Corporation | 1297955 |
| 18040 | Fortive Corporation | 1257208 |
| 39721 | Vontier Corporation | 1263525 |
|  |  | 3818688 |
|  | **ENGINEERING & CONSTRUCTION - 2.1%** |  |
| 3564 | EMCOR Group, Inc. | 1428095 |
| 4300 | TopBuild Corporation<sup>(a)</sup> | 1271768 |
|  |  | 2699863 |
|  | **FOOD - 3.9%** |  |
| 17541 | BellRing Brands, Inc.<sup>(a)</sup> | 1353113 |
| 23665 | Pilgrim's Pride Corporation | 1291636 |
| 11247 | Post Holdings, Inc.<sup>(a)</sup> | 1272823 |
| 20478 | Tyson Foods, Inc., Class A | 1254073 |
|  |  | 5171645 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.9%** |  |
| 8564 | DaVita, Inc.<sup>(a)</sup> | 1212234 |
| 1950 | McKesson Corporation | 1389941 |
| 4402 | Medpace Holdings, Inc.<sup>(a)</sup> | 1357533 |
| 6949 | Universal Health Services, Inc., Class B | 1230459 |
|  |  | 5190167 |
|  | **HEALTH CARE REIT - 0.9%** |  |
| 76883 | Healthcare Realty Trust, Inc. | 1193993 |
|  | **HOME CONSTRUCTION - 4.8%** |  |
| 10309 | D.R. Horton, Inc. | 1302439 |
| 11435 | Lennar Corporation, Class A | 1241955 |
| 18949 | Masco Corporation | 1148499 |
| 180 | NVR, Inc.<sup>(a)</sup> | 1282635 |
| 12779 | PulteGroup, Inc. | 1310870 |
|  |  | 6286398 |

---

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 0.9%** |  |
| 18373 | Spectrum Brands Holdings, Inc. | $1159336 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.1%** |  |
| 27409 | Core & Main, Inc., Class A<sup>(a)</sup> | 1443906 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.9%** |  |
| 2401 | Goldman Sachs Group, Inc. | 1314668 |
| 24792 | Jefferies Financial Group, Inc. | 1158530 |
| 16925 | SEI Investments Company | 1325058 |
| 34414 | Virtu Financial, Inc., Class A | 1347308 |
|  |  | 5145564 |
|  | **INSURANCE - 8.6%** |  |
| 11753 | Aflac, Inc. | 1277316 |
| 15066 | American International Group, Inc. | 1228180 |
| 6221 | Assurant, Inc. | 1199036 |
| 22514 | Brighthouse Financial, Inc.<sup>(a)</sup> | 1310765 |
| 25200 | Equitable Holdings, Inc. | 1246140 |
| 10546 | Hartford Financial Services Group, Inc. (The) | 1293678 |
| 14239 | Loews Corporation | 1236372 |
| 33168 | Old Republic International Corporation | 1247117 |
| 16060 | Unum Group | 1247220 |
|  |  | 11285824 |
|  | **INTERNET MEDIA & SERVICES - 3.4%** |  |
| 288 | Booking Holdings, Inc. | 1468592 |
| 18085 | Uber Technologies, Inc.<sup>(a)</sup> | 1465066 |
| 5183 | VeriSign, Inc.<sup>(a)</sup> | 1462228 |
|  |  | 4395886 |
|  | **LEISURE FACILITIES & SERVICES - 7.9%** |  |
| 19833 | Boyd Gaming Corporation | 1371255 |
| 2860 | Domino's Pizza, Inc. | 1402459 |
| 21164 | Dutch Bros, Inc.<sup>(a)</sup> | 1264337 |
| 5783 | Hilton Worldwide Holdings, Inc. | 1303951 |
| 10758 | Hyatt Hotels Corporation, Class A | 1212211 |
| 15055 | Light & Wonder, Inc.<sup>(a)</sup> | 1285396 |

---

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 7.9% (Continued)** |  |
| 5519 | Marriott International, Inc., Class A | $1316723 |
| 28341 | Travel + Leisure Company | 1245020 |
|  |  | 10401352 |
|  | **LEISURE PRODUCTS - 0.8%** |  |
| 67753 | Mattel, Inc.<sup>(a)</sup> | 1076595 |
|  | **MACHINERY - 2.0%** |  |
| 3965 | Caterpillar, Inc. | 1226256 |
| 4153 | Curtiss-Wright Corporation | 1432328 |
|  |  | 2658584 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9%** |  |
| 12376 | Revvity, Inc. | 1156290 |
|  | **METALS & MINING - 1.1%** |  |
| 27046 | Newmont Corporation | 1424783 |
|  | **OIL & GAS PRODUCERS - 2.8%** |  |
| 10056 | EOG Resources, Inc. | 1109478 |
| 10865 | Exxon Mobil Corporation | 1147670 |
| 2784 | Murphy USA, Inc. | 1388019 |
|  |  | 3645167 |
|  | **RETAIL - CONSUMER STAPLES - 1.1%** |  |
| 19168 | Kroger Company | 1384121 |
|  | **RETAIL - DISCRETIONARY - 4.9%** |  |
| 8111 | AutoNation, Inc.<sup>(a)</sup> | 1412530 |
| 17829 | Best Buy Company, Inc. | 1189016 |
| 10524 | Builders FirstSource, Inc.<sup>(a)</sup> | 1258986 |
| 5621 | Lowe's Companies, Inc. | 1256631 |
| 8287 | Williams-Sonoma, Inc. | 1280093 |
|  |  | 6397256 |
|  | **SEMICONDUCTORS - 3.1%** |  |
| 9064 | Applied Materials, Inc. | 1366035 |
| 1954 | KLA Corporation | 1373056 |

---

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **SEMICONDUCTORS - 3.1% (Continued)** |  |
| 2305 | Monolithic Power Systems, Inc. | $1367096 |
|  |  | 4106187 |
|  | **SOFTWARE - 3.1%** |  |
| 49191 | Dropbox, Inc., Class A<sup>(a)</sup> | 1404402 |
| 4891 | Salesforce, Inc. | 1314261 |
| 13463 | Twilio, Inc., Class A<sup>(a)</sup> | 1302007 |
|  |  | 4020670 |
|  | **SPECIALTY FINANCE - 2.0%** |  |
| 52902 | MGIC Investment Corporation | 1317789 |
| 44780 | SLM Corporation | 1294590 |
|  |  | 2612379 |
|  | **STEEL - 2.0%** |  |
| 4592 | Reliance, Inc. | 1323552 |
| 10526 | Steel Dynamics, Inc. | 1365328 |
|  |  | 2688880 |
|  | **TECHNOLOGY HARDWARE - 3.0%** |  |
| 5886 | Apple, Inc. | 1250775 |
| 27158 | Avnet, Inc. | 1276154 |
| 9664 | Jabil, Inc. | 1416356 |
|  |  | 3943285 |
|  | **TECHNOLOGY SERVICES - 5.0%** |  |
| 17607 | Fidelity National Information Services, Inc. | 1388840 |
| 5978 | Fiserv, Inc.<sup>(a)</sup> | 1103359 |
| 9664 | Leidos Holdings, Inc. | 1422349 |
| 20100 | PayPal Holdings, Inc.<sup>(a)</sup> | 1323384 |
| 2586 | S&P Global, Inc. | 1293129 |
|  |  | 6531061 |
|  | **TELECOMMUNICATIONS - 0.9%** |  |
| 4902 | T-Mobile US, Inc. | 1210549 |
|  | **TRANSPORTATION & LOGISTICS - 2.8%** |  |
| 26722 | Alaska Air Group, Inc.<sup>(a)</sup> | 1182983 |
| 10849 | Expeditors International of Washington, Inc. | 1192414 |

---

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

---

| |
|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.8% (Continued)** |  |
| 9186 | Ryder System, Inc. | $1264636 |
|  |  | 3640033 |
|  | **TRANSPORTATION EQUIPMENT - 2.0%** |  |
| 13720 | Allison Transmission Holdings, Inc. | 1265533 |
| 7211 | Westinghouse Air Brake Technologies Corporation | 1332160 |
|  |  | 2597693 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.0%** |  |
| 20104 | US Foods Holding Corporation<sup>(a)</sup> | 1320029 |
|  | **TOTAL COMMON STOCKS (Cost $126,548,475)** | 129679487 |
|  | **TOTAL INVESTMENTS - 99.0% (Cost $126,548,475)** | $129679487 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | 1371268 |
|  | **NET ASSETS - 100.0%** | $131050755 |

---

REIT - Real Estate Investment Trust <br>

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

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

---

| |
|:---|
| **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 39.4%** |  |
|  | **AEROSPACE & DEFENSE - 1.1%** |  |
| 1005 | Boeing Company (The)<sup>(a)</sup> | $184156 |
| 322 | General Dynamics Corporation | 87623 |
| 248 | L3Harris Technologies, Inc. | 54565 |
| 268 | Lockheed Martin Corporation | 128037 |
| 176 | Northrop Grumman Corporation | 85624 |
| 745 | RTX Corporation | 93967 |
|  |  | 633972 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 1574 | NIKE, Inc., Class B | 88774 |
|  | **ASSET MANAGEMENT - 0.9%** |  |
| 196 | Blackrock, Inc. | 179195 |
| 983 | Blackstone, Inc. | 129471 |
| 2226 | Charles Schwab Corporation | 181197 |
| 498 | KKR & Company, Inc. | 56906 |
|  |  | 546769 |
|  | **AUTOMOTIVE - 0.2%** |  |
| 4941 | Ford Motor Company | 49459 |
| 1282 | General Motors Company | 57998 |
|  |  | 107457 |
|  | **BANKING - 2.4%** |  |
| 8690 | Bank of America Corporation | 346557 |
| 2457 | Citigroup, Inc. | 168010 |
| 1569 | JPMorgan Chase & Company | 383808 |
| 513 | PNC Financial Services Group, Inc. | 82434 |
| 1703 | Truist Financial Corporation | 65293 |
| 2062 | US Bancorp | 83181 |
| 4252 | Wells Fargo & Company | 301935 |
|  |  | 1431218 |
|  | **BEVERAGES - 1.1%** |  |
| 4891 | Coca-Cola Company | 354841 |
| 1530 | Keurig Dr Pepper, Inc. | 52923 |
| 1751 | PepsiCo, Inc. | 237401 |
|  |  | 645165 |

---

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

---

| |
|:---|
| **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 39.4% (Continued)** |  |
|  | **BIOTECH & PHARMA - 3.0%** |  |
| 1282 | AbbVie, Inc. | $250118 |
| 385 | Amgen, Inc. | 112004 |
| 2510 | Bristol-Myers Squibb Company | 126002 |
| 1599 | Gilead Sciences, Inc. | 170357 |
| 3024 | Johnson & Johnson | 472682 |
| 3173 | Merck & Company, Inc. | 270341 |
| 7245 | Pfizer, Inc. | 176850 |
| 141 | Regeneron Pharmaceuticals, Inc. | 84425 |
| 583 | Zoetis, Inc. | 91181 |
|  |  | 1753960 |
|  | **CABLE & SATELLITE - 0.4%** |  |
| 133 | Charter Communications, Inc., Class A<sup>(a)</sup> | 52117 |
| 4912 | Comcast Corporation, Class A | 167991 |
|  |  | 220108 |
|  | **CHEMICALS - 0.3%** |  |
| 293 | Air Products and Chemicals, Inc. | 79430 |
| 881 | Corteva, Inc. | 54613 |
| 132 | Sherwin-Williams Company (The) | 46585 |
|  |  | 180628 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.1%** |  |
| 224 | Waste Management, Inc. | 52273 |
|  | **DATA CENTER REIT - 0.2%** |  |
| 412 | Digital Realty Trust, Inc. | 66142 |
| 73 | Equinix, Inc. | 62835 |
|  |  | 128977 |
|  | **DIVERSIFIED INDUSTRIALS - 0.8%** |  |
| 709 | 3M Company | 98487 |
| 843 | General Electric Company | 169898 |
| 841 | Honeywell International, Inc. | 177031 |
| 212 | Illinois Tool Works, Inc. | 50861 |
|  |  | 496277 |

---

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

---

| |
|:---|
| **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 39.4% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 1.7%** |  |
| 5406 | Amazon.com, Inc.<sup>(a)</sup> | $996974 |
|  | **ELECTRIC UTILITIES - 1.2%** |  |
| 663 | American Electric Power Company, Inc. | 71829 |
| 438 | Consolidated Edison, Inc. | 49385 |
| 1053 | Dominion Energy, Inc. | 57262 |
| 969 | Duke Energy Corporation | 118237 |
| 545 | Entergy Corporation | 45328 |
| 1242 | Exelon Corporation | 58250 |
| 856 | NextEra Energy, Inc. | 57249 |
| 2825 | PG&E Corporation | 46669 |
| 808 | Sempra | 60010 |
| 1376 | Southern Company | 126441 |
| 724 | Xcel Energy, Inc. | 51187 |
|  |  | 741847 |
|  | **ELECTRICAL EQUIPMENT - 0.1%** |  |
| 514 | Otis Worldwide Corporation | 49483 |
|  | **ENTERTAINMENT CONTENT - 0.4%** |  |
| 225 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 52497 |
| 2366 | Walt Disney Company | 215188 |
|  |  | 267685 |
|  | **FOOD - 0.2%** |  |
| 1656 | Mondelez International, Inc., Class A | 112823 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.7%** |  |
| 223 | Cencora, Inc. | 65265 |
| 351 | Cigna Group (The) | 119354 |
| 1614 | CVS Health Corporation | 107670 |
| 302 | Elevance Health, Inc. | 127015 |
| 159 | McKesson Corporation | 113334 |
| 1159 | UnitedHealth Group, Inc. | 476859 |
|  |  | 1009497 |

---

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

---

| |
|:---|
| **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 39.4% (Continued)** |  |
|  | **HEALTH CARE REIT - 0.1%** |  |
| 353 | Welltower, Inc. | $53864 |
|  | **HOME CONSTRUCTION - 0.1%** |  |
| 378 | D.R. Horton, Inc. | 47757 |
|  | **HOUSEHOLD PRODUCTS - 1.0%** |  |
| 584 | Colgate-Palmolive Company | 53839 |
| 2415 | Kenvue, Inc. | 56994 |
| 425 | Kimberly-Clark Corporation | 56007 |
| 2976 | Procter & Gamble Company | 483809 |
|  |  | 650649 |
|  | **INDUSTRIAL REIT - 0.2%** |  |
| 1188 | Prologis, Inc. | 121414 |
|  | **INFRASTRUCTURE REIT - 0.3%** |  |
| 593 | American Tower Corporation, Class A | 133668 |
| 548 | Crown Castle, Inc. | 57956 |
|  |  | 191624 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 457 | CME Group, Inc. | 126626 |
| 415 | Goldman Sachs Group, Inc. | 227233 |
| 365 | Intercontinental Exchange, Inc. | 61309 |
| 903 | Morgan Stanley | 104224 |
|  |  | 519392 |
|  | **INSURANCE - 1.9%** |  |
| 635 | Aflac, Inc. | 69012 |
| 346 | Allstate Corporation | 68643 |
| 737 | American International Group, Inc. | 60080 |
| 179 | Arthur J Gallagher & Company | 57404 |
| 1207 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 643633 |
| 356 | Marsh & McLennan Companies, Inc. | 80267 |
| 773 | MetLife, Inc. | 58261 |
| 469 | Prudential Financial, Inc. | 48171 |

---

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

---

| |
|:---|
| **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 39.4% (Continued)** |  |
|  | **INSURANCE - 1.9% (Continued)** |  |
| 294 | Travelers Companies, Inc. | $77654 |
|  |  | 1163125 |
|  | **LEISURE FACILITIES & SERVICES - 0.7%** |  |
| 923 | McDonald's Corporation | 295037 |
| 1468 | Starbucks Corporation | 117513 |
|  |  | 412550 |
|  | **MACHINERY - 0.1%** |  |
| 190 | Deere & Company | 88076 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.7%** |  |
| 2212 | Abbott Laboratories | 289218 |
| 381 | Agilent Technologies, Inc. | 40996 |
| 374 | Becton Dickinson and Company | 77452 |
| 854 | Danaher Corporation | 170228 |
| 747 | Edwards Lifesciences Corporation<sup>(a)</sup> | 56391 |
| 596 | GE HealthCare Technologies, Inc. | 41917 |
| 109 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 47159 |
| 209 | Stryker Corporation | 78149 |
| 514 | Thermo Fisher Scientific, Inc. | 220506 |
|  |  | 1022016 |
|  | **METALS & MINING - 0.2%** |  |
| 1952 | Freeport-McMoRan, Inc. | 70331 |
| 1458 | Newmont Corporation | 76807 |
|  |  | 147138 |
|  | **OIL & GAS PRODUCERS - 2.2%** |  |
| 2119 | Chevron Corporation | 288312 |
| 1602 | ConocoPhillips | 142770 |
| 707 | EOG Resources, Inc. | 78003 |
| 5488 | Exxon Mobil Corporation | 579698 |
| 2447 | Kinder Morgan, Inc. | 64356 |
| 413 | Marathon Petroleum Corporation | 56750 |
| 533 | Phillips 66 | 55464 |
| 410 | Valero Energy Corporation | 47597 |

---

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

---

| |
|:---|
| **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 39.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 2.2% (Continued)** |  |
| 753 | Williams Companies, Inc. (The) | $44103 |
|  |  | 1357053 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.1%** |  |
| 1273 | Baker Hughes Company | 45064 |
|  | **RETAIL - CONSUMER STAPLES - 0.5%** |  |
| 825 | Kroger Company (The) | 59573 |
| 607 | Target Corporation | 58697 |
| 1801 | Walmart, Inc. | 175147 |
|  |  | 293417 |
|  | **RETAIL - DISCRETIONARY - 0.9%** |  |
| 709 | Home Depot, Inc. | 255588 |
| 724 | Lowe's Companies, Inc. | 161857 |
| 435 | Ross Stores, Inc. | 60465 |
| 593 | TJX Companies, Inc. | 76307 |
|  |  | 554217 |
|  | **RETAIL REIT - 0.1%** |  |
| 1089 | Realty Income Corporation | 63010 |
|  | **SEMICONDUCTORS - 2.0%** |  |
| 2178 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 212028 |
| 671 | Analog Devices, Inc. | 130791 |
| 618 | Applied Materials, Inc. | 93139 |
| 5824 | Intel Corporation | 117062 |
| 1725 | Lam Research Corporation | 123631 |
| 1515 | Micron Technology, Inc. | 116579 |
| 1483 | QUALCOMM, Inc. | 220167 |
| 1191 | Texas Instruments, Inc. | 190620 |
|  |  | 1204017 |
|  | **SOFTWARE - 3.5%** |  |
| 338 | Adobe, Inc.<sup>(a)</sup> | 126743 |
| 4807 | Microsoft Corporation | 1900015 |
| 145 | Roper Technologies, Inc. | 81212 |
|  |  | 2107970 |

---

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

---

| |
|:---|
| **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 39.4% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.1%** |  |
| 490 | Capital One Financial Corporation | $88327 |
|  | **TECHNOLOGY HARDWARE - 4.4%** |  |
| 10531 | Apple, Inc. | 2237837 |
| 5112 | Cisco Systems, Inc. | 295115 |
| 1026 | Corning, Inc. | 45534 |
|  |  | 2578486 |
|  | **TECHNOLOGY SERVICES - 0.5%** |  |
| 232 | Automatic Data Processing, Inc. | 69739 |
| 649 | Cognizant Technology Solutions Corporation, Class A | 47747 |
| 684 | Fidelity National Information Services, Inc. | 53954 |
| 98 | Moody's Corporation | 44406 |
| 221 | S&P Global, Inc. | 110511 |
|  |  | 326357 |
|  | **TELECOMMUNICATIONS - 0.9%** |  |
| 9140 | AT&T, Inc. | 253178 |
| 296 | T-Mobile US, Inc. | 73097 |
| 5340 | Verizon Communications, Inc. | 235280 |
|  |  | 561555 |
|  | **TOBACCO & CANNABIS - 0.4%** |  |
| 1145 | Altria Group, Inc. | 67727 |
| 893 | Philip Morris International, Inc. | 153024 |
|  |  | 220751 |
|  | **TRANSPORTATION & LOGISTICS - 0.6%** |  |
| 290 | FedEx Corporation | 60996 |
| 295 | Norfolk Southern Corporation | 66095 |
| 775 | Union Pacific Corporation | 167136 |
| 945 | United Parcel Service, Inc., Class B | 90058 |
|  |  | 384285 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.1%** |  |
| 622 | Sysco Corporation | 44411 |
|  | **TOTAL COMMON STOCKS (Cost $24,601,397)** | 23710412 |

---

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

---

| |
|:---|
| **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 59.5%** |  |
|  | **EQUITY - 59.5%** |  |
| 22204 | iShares S&P Small-Cap 600 Growth ETF | $2685796 |
| 7667 | SPDR Portfolio S&P 500 Growth ETF | 628694 |
| 33249 | SPDR S&P 600 Small Cap Growth ETF | 2683194 |
| 171666 | SPDR S&P 600 Small Cap Value ETF | 12638051 |
| 377829 | Vanguard FTSE Emerging Markets ETF | 17096762 |
|  |  | 35732497 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $37,871,678)** | 35732497 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $62,473,075)** | $59442909 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | 685949 |
|  | **NET ASSETS - 100.0%** | $60128858 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 2.3%** |  |  |  |  |
| 126000 | Boeing Company (The) |  | 2.1960 | 02/04/26 | $123466 |
| 115000 | Boeing Company (The) |  | 5.1500 | 05/01/30 | 116061 |
| 116000 | Boeing Company (The) |  | 5.7050 | 05/01/40 | 112342 |
| 117000 | Boeing Company (The) |  | 5.8050 | 05/01/50 | 109840 |
| 119000 | Boeing Company (The) |  | 5.9300 | 05/01/60 | 110169 |
| 34000 | Bombardier, Inc.<sup>(a)</sup> |  | 7.8750 | 04/15/27 | 34106 |
| 122000 | RTX Corporation |  | 4.1250 | 11/16/28 | 120943 |
| 143000 | RTX Corporation |  | 4.5000 | 06/01/42 | 124394 |
| 136000 | TransDigm, Inc. |  | 5.5000 | 11/15/27 | 135483 |
| 128000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.7500 | 08/15/28 | 130744 |
| 128000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.8750 | 12/15/30 | 131982 |
|  |  |  |  |  | 1249530 |
|  | **AUTOMOTIVE — 0.6%** |  |  |  |  |
| 127000 | Clarios Global, L.P. / Clarios US Finance Company<sup>(a)</sup> |  | 8.5000 | 05/15/27 | 127697 |
| 166000 | Tenneco, Inc.<sup>(a)</sup> |  | 8.0000 | 11/17/28 | 158747 |
|  |  |  |  |  | 286444 |
|  | **BANKING — 5.8%** |  |  |  |  |
| 132000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 0.960% | 1.7340 | 07/22/27 | 127607 |
| 129000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.302% | 3.4190 | 12/20/28 | 125415 |
| 124000 | Bank of America Corporation Series N<sup>(b)</sup> | TSFR3M + 1.572% | 4.2710 | 07/23/29 | 123126 |
| 128000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.472% | 3.9740 | 02/07/30 | 125196 |
| 146000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.252% | 2.4960 | 02/13/31 | 131973 |
| 151000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 133393 |
| 175000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.930% | 2.6760 | 06/19/41 | 123803 |
| 173000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3110 | 04/22/42 | 130359 |
| 158000 | Bank of America Corporation Series B<sup>(b)</sup> | TSFR3M + 3.412% | 4.0830 | 03/20/51 | 122558 |
| 121000 | Citigroup, Inc. |  | 4.4500 | 09/29/27 | 120593 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **BANKING — 5.8% (Continued)** |  |  |  |  |
| 124000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 3.914% | 4.4120 | 03/31/31 | $121608 |
| 146000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.107% | 2.5720 | 06/03/31 | 130577 |
| 131000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 0.885% | 1.5780 | 04/22/27 | 127350 |
| 141000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.510% | 2.7390 | 10/15/30 | 130364 |
| 123000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 3.790% | 4.4930 | 03/24/31 | 122020 |
| 150000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.250% | 2.5800 | 04/22/32 | 132789 |
| 116000 | JPMorgan Chase & Company |  | 6.4000 | 05/15/38 | 127143 |
| 157000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.642% | 3.9640 | 11/15/48 | 122859 |
| 168000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3280 | 04/22/52 | 115232 |
| 124000 | Wells Fargo & Company |  | 3.0000 | 04/22/26 | 122365 |
| 125000 | Wells Fargo & Company |  | 3.0000 | 10/23/26 | 122646 |
| 133000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.100% | 2.3930 | 06/02/28 | 127465 |
| 142000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.432% | 2.8790 | 10/30/30 | 131411 |
| 180000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.530% | 3.0680 | 04/30/41 | 132375 |
| 135000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 4.502% | 5.0130 | 04/04/51 | 119018 |
|  |  |  |  |  | 3149245 |
|  | **BEVERAGES — 0.9%** |  |  |  |  |
| 122000 | Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc. |  | 4.7000 | 02/01/36 | 117823 |
| 127000 | Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc. |  | 4.9000 | 02/01/46 | 115546 |
| 114000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.7500 | 01/23/29 | 115675 |
| 128000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | 01/23/49 | 126925 |
|  |  |  |  |  | 475969 |
|  | **BIOTECH & PHARMA — 2.4%** |  |  |  |  |
| 118000 | AbbVie, Inc. |  | 3.6000 | 05/14/25 | 117954 |
| 123000 | AbbVie, Inc. |  | 2.9500 | 11/21/26 | 120908 |
| 131000 | AbbVie, Inc. |  | 3.2000 | 11/21/29 | 124721 |
| 142000 | AbbVie, Inc. |  | 4.0500 | 11/21/39 | 122869 |
| 146000 | AbbVie, Inc. |  | 4.2500 | 11/21/49 | 118871 |
| 143000 | Amgen, Inc. |  | 4.6630 | 06/15/51 | 119626 |
| 114000 | AstraZeneca plc |  | 6.4500 | 09/15/37 | 127005 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 2.4% (Continued)** |  |  |  |  |
| 127000 | Bristol-Myers Squibb Company |  | 3.4000 | 07/26/29 | $122760 |
| 147000 | Bristol-Myers Squibb Company |  | 4.2500 | 10/26/49 | 118121 |
| 114000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | 05/15/38 | 125349 |
| 104000 | Pfizer, Inc. |  | 7.2000 | 03/15/39 | 121342 |
|  |  |  |  |  | 1339526 |
|  | **CABLE & SATELLITE — 5.3%** |  |  |  |  |
| 137000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 5.1250 | 05/01/27 | 135223 |
| 140000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 5.0000 | 02/01/28 | 136626 |
| 144000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 5.3750 | 06/01/29 | 140995 |
| 135000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 6.3750 | 09/01/29 | 136334 |
| 152000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.7500 | 03/01/30 | 143476 |
| 156000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.5000 | 08/15/30 | 144980 |
| 162000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.2500 | 02/01/31 | 146507 |
| 166000 | CCO Holdings, LLC / CCO Holdings Capital Corporation |  | 4.5000 | 05/01/32 | 147435 |
| 172000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.5000 | 06/01/33 | 149789 |
| 179000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.2500 | 01/15/34 | 150910 |
| 120000 | Comcast Corporation |  | 4.1500 | 10/15/28 | 119662 |
| 130000 | Comcast Corporation |  | 4.6000 | 10/15/38 | 119150 |
| 135000 | Comcast Corporation |  | 4.7000 | 10/15/48 | 115016 |
| 195000 | Comcast Corporation |  | 2.8870 | 11/01/51 | 117597 |
| 200000 | Comcast Corporation |  | 2.9370 | 11/01/56 | 116652 |
| 146000 | DIRECTV Holdings, LLC / DIRECTV Financing Company<sup>(a)</sup> |  | 5.8750 | 08/15/27 | 141276 |
| 177000 | DISH DBS Corporation<sup>(a)</sup> |  | 5.2500 | 12/01/26 | 161390 |
| 180000 | DISH DBS Corporation<sup>(a)</sup> |  | 5.7500 | 12/01/28 | 151505 |
| 135000 | DISH Network Corporation<sup>(a)</sup> |  | 11.7500 | 11/15/27 | 142084 |
| 137000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 5.0000 | 08/01/27 | 135507 |
| 148000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 4.0000 | 07/15/28 | 138878 |
|  |  |  |  |  | 2890992 |
|  | **CONSTRUCTION MATERIALS — 0.3%** |  |  |  |  |
| 152000 | Standard Industries, Inc.<sup>(a)</sup> |  | 4.3750 | 07/15/30 | 141917 |
|  | **CONTAINERS & PACKAGING — 0.2%** |  |  |  |  |
| 135000 | Mauser Packaging Solutions Holding Company<sup>(a)</sup> |  | 7.8750 | 08/15/26 | 133143 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **DIVERSIFIED INDUSTRIALS — 0.2%** |  |  |  |  |
| 115000 | General Electric Company |  | 6.7500 | 03/15/32 | $128693 |
|  | **E-COMMERCE DISCRETIONARY — 0.4%** |  |  |  |  |
| 123000 | Amazon.com, Inc. |  | 3.1500 | 08/22/27 | 120888 |
| 144000 | Amazon.com, Inc. |  | 4.0500 | 08/22/47 | 118259 |
|  |  |  |  |  | 239147 |
|  | **ELECTRIC UTILITIES — 0.2%** |  |  |  |  |
| 138000 | FirstEnergy Corporation |  | 4.1500 | 07/15/27 | 136372 |
|  | **ELECTRICAL EQUIPMENT — 0.5%** |  |  |  |  |
| 129000 | Emerald Debt Merger Sub, LLC<sup>(a)</sup> |  | 6.6250 | 12/15/30 | 130976 |
| 125000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 7.2500 | 06/15/28 | 126764 |
|  |  |  |  |  | 257740 |
|  | **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |  |
| 122000 | Brand Industrial Services, Inc.<sup>(a)</sup> |  | 10.3750 | 08/01/30 | 115970 |
|  | **ENTERTAINMENT CONTENT — 0.2%** |  |  |  |  |
| 131000 | Univision Communications, Inc.<sup>(a)</sup> |  | 6.6250 | 06/01/27 | 126761 |
|  | **FOOD — 1.7%** |  |  |  |  |
| 123000 | Kraft Heinz Foods Company |  | 3.0000 | 06/01/26 | 121095 |
| 121000 | Kraft Heinz Foods Company |  | 3.8750 | 05/15/27 | 119815 |
| 126000 | Kraft Heinz Foods Company |  | 4.2500 | 03/01/31 | 122837 |
| 115000 | Kraft Heinz Foods Company<sup>(a)</sup> |  | 7.1250 | 08/01/39 | 130733 |
| 132000 | Kraft Heinz Foods Company |  | 5.0000 | 06/04/42 | 119682 |
| 130000 | Kraft Heinz Foods Company |  | 5.2000 | 07/15/45 | 117930 |
| 150000 | Kraft Heinz Foods Company |  | 4.3750 | 06/01/46 | 121471 |
| 137000 | Kraft Heinz Foods Company |  | 4.8750 | 10/01/49 | 117492 |
|  |  |  |  |  | 971055 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.5%** |  |  |  |  |
| 149000 | CHS/Community Health Systems, Inc.<sup>(a)</sup> |  | 5.6250 | 03/15/27 | 145746 |
| 120000 | Cigna Group (The) |  | 4.3750 | 10/15/28 | 119713 |
| 136000 | Cigna Group (The) |  | 4.9000 | 12/15/48 | 117336 |
| 119000 | CVS Health Corporation |  | 4.3000 | 03/25/28 | 118053 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.5% (Continued)** |  |  |  |  |
| 133000 | CVS Health Corporation |  | 4.7800 | 03/25/38 | $119756 |
| 135000 | CVS Health Corporation |  | 5.1250 | 07/20/45 | 117161 |
| 138000 | CVS Health Corporation |  | 5.0500 | 03/25/48 | 117399 |
| 160000 | DaVita, Inc.<sup>(a)</sup> |  | 4.6250 | 06/01/30 | 148640 |
| 113000 | HCA, Inc. |  | 5.8750 | 02/15/26 | 113292 |
| 131000 | HCA, Inc. |  | 5.6250 | 09/01/28 | 134108 |
| 137000 | HCA, Inc. |  | 3.5000 | 09/01/30 | 127859 |
| 129000 | Tenet Healthcare Corporation |  | 6.2500 | 02/01/27 | 129034 |
| 136000 | Tenet Healthcare Corporation |  | 5.1250 | 11/01/27 | 134986 |
| 134000 | Tenet Healthcare Corporation |  | 6.1250 | 10/01/28 | 133933 |
| 133000 | Tenet Healthcare Corporation |  | 6.1250 | 06/15/30 | 133605 |
|  |  |  |  |  | 1910621 |
|  | **HOME & OFFICE PRODUCTS — 0.1%** |  |  |  |  |
| 76000 | Newell Brands, Inc. |  | 5.2000 | 04/01/26 | 74999 |
|  | **INDUSTRIAL INTERMEDIATE PROD — 0.2%** |  |  |  |  |
| 125000 | Chart Industries, Inc.<sup>(a)</sup> |  | 7.5000 | 01/01/30 | 129842 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.2%** |  |  |  |  |
| 136000 | United Rentals North America, Inc. |  | 4.8750 | 01/15/28 | 134163 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.8%** |  |  |  |  |
| 122000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | TSFR3M + 1.563% | 4.2230 | 05/01/29 | 120748 |
| 148000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.281% | 2.6150 | 04/22/32 | 129921 |
| 121000 | Goldman Sachs Group, Inc. (The) |  | 6.7500 | 10/01/37 | 129831 |
| 122000 | Goldman Sachs Group, Inc. (The) |  | 6.2500 | 02/01/41 | 127389 |
| 119000 | Morgan Stanley |  | 3.8750 | 01/27/26 | 118508 |
| 132000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 0.879% | 1.5930 | 05/04/27 | 128160 |
| 123000 | Morgan Stanley<sup>(b)</sup> | TSFR3M + 1.890% | 4.4310 | 01/23/30 | 122088 |
| 146000 | Morgan Stanley Series GMTN<sup>(b)</sup> | SOFRRATE + 1.143% | 2.6990 | 01/22/31 | 133162 |
|  |  |  |  |  | 1009807 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **INSURANCE — 0.2%** |  |  |  |  |
| 124000 | HUB International Ltd.<sup>(a)</sup> |  | 7.2500 | 06/15/30 | $128687 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |  |
| 144000 | Uber Technologies, Inc.<sup>(a)</sup> |  | 4.5000 | 08/15/29 | 142037 |
|  | **LEISURE FACILITIES & SERVICES — 2.1%** |  |  |  |  |
| 144000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(a)</sup> |  | 3.8750 | 01/15/28 | 138403 |
| 156000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(a)</sup> |  | 4.0000 | 10/15/30 | 142169 |
| 29000 | Caesars Entertainment, Inc.<sup>(a)</sup> |  | 8.1250 | 07/01/27 | 29110 |
| 128000 | Caesars Entertainment, Inc.<sup>(a)</sup> |  | 7.0000 | 02/15/30 | 130990 |
| 127000 | Carnival Corporation<sup>(a)</sup> |  | 7.6250 | 03/01/26 | 127491 |
| 138000 | Carnival Corporation<sup>(a)</sup> |  | 5.7500 | 03/01/27 | 137664 |
| 146000 | Carnival Corporation<sup>(a)</sup> |  | 4.0000 | 08/01/28 | 139349 |
| 150000 | Carnival Corporation<sup>(a)</sup> |  | 6.0000 | 05/01/29 | 149298 |
| 137000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> |  | 5.5000 | 04/01/28 | 137165 |
|  |  |  |  |  | 1131639 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.2%** |  |  |  |  |
| 120000 | Abbott Laboratories |  | 4.9000 | 11/30/46 | 112224 |
| 141000 | Avantor Funding, Inc.<sup>(a)</sup> |  | 4.6250 | 07/15/28 | 135652 |
| 124000 | Bausch & Lomb Escrow Corporation<sup>(a)</sup> |  | 8.3750 | 10/01/28 | 128966 |
| 149000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 3.8750 | 04/01/29 | 139308 |
| 148000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 5.2500 | 10/01/29 | 140688 |
|  |  |  |  |  | 656838 |
|  | **METALS & MINING — 0.5%** |  |  |  |  |
| 133000 | Freeport-McMoRan, Inc. |  | 5.4500 | 03/15/43 | 123048 |
| 147000 | Novelis Corporation<sup>(a)</sup> |  | 4.7500 | 01/30/30 | 136821 |
|  |  |  |  |  | 259869 |
|  | **OIL & GAS PRODUCERS — 3.0%** |  |  |  |  |
| 150000 | Cheniere Energy Partners, L.P. |  | 4.0000 | 03/01/31 | 139987 |
| 123000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.3750 | 07/01/28 | 120993 |
| 122000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.7500 | 07/01/31 | 116080 |
| 114000 | ConocoPhillips |  | 6.5000 | 02/01/39 | 125165 |
| 166000 | ConocoPhillips Company |  | 4.0250 | 03/15/62 | 116024 |
| 119000 | Continental Resources, Inc./OK<sup>(a)</sup> |  | 5.7500 | 01/15/31 | 117094 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.0% (Continued)** |  |  |  |  |
| 138000 | New Fortress Energy, Inc.<sup>(a)</sup> |  | 6.5000 | 09/30/26 | $113174 |
| 162000 | Shell Finance US, Inc. |  | 4.3750 | 05/11/45 | 135678 |
| 115000 | Shell International Finance BV |  | 6.3750 | 12/15/38 | 126131 |
| 129000 | Venture Global LNG, Inc.<sup>(a)</sup> |  | 8.1250 | 06/01/28 | 128606 |
| 122000 | Venture Global LNG, Inc.<sup>(a)</sup> |  | 9.5000 | 02/01/29 | 126467 |
| 131000 | Venture Global LNG, Inc.<sup>(a)</sup> |  | 8.3750 | 06/01/31 | 126777 |
| 124000 | Venture Global LNG, Inc.<sup>(a)</sup> |  | 9.8750 | 02/01/32 | 126107 |
|  |  |  |  |  | 1618283 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.2%** |  |  |  |  |
| 122000 | Weatherford International Ltd.<sup>(a)</sup> |  | 8.6250 | 04/30/30 | 120950 |
|  | **PUBLISHING & BROADCASTING — 0.2%** |  |  |  |  |
| 139000 | Nexstar Media, Inc.<sup>(a)</sup> |  | 5.6250 | 07/15/27 | 137629 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.7%** |  |  |  |  |
| 140000 | SBA Communications Corporation |  | 3.8750 | 02/15/27 | 136845 |
| 153000 | SBA Communications Corporation |  | 3.1250 | 02/01/29 | 141932 |
| 125000 | Uniti Group, L.P. / Uniti Group Finance, Inc. / CSL Capital, LLC<sup>(a)</sup> |  | 10.5000 | 02/15/28 | 132825 |
|  |  |  |  |  | 411602 |
|  | **RETAIL - DISCRETIONARY — 0.2%** |  |  |  |  |
| 120000 | Home Depot, Inc. (The) |  | 5.8750 | 12/16/36 | 127820 |
|  | **SEMICONDUCTORS — 0.5%** |  |  |  |  |
| 160000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1370 | 11/15/35 | 132425 |
| 164000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1870 | 11/15/36 | 133738 |
|  |  |  |  |  | 266163 |
|  | **SOFTWARE — 2.7%** |  |  |  |  |
| 154000 | AthenaHealth Group, Inc.<sup>(a)</sup> |  | 6.5000 | 02/15/30 | 147328 |
| 146000 | Cloud Software Group, Inc.<sup>(a)</sup> |  | 9.0000 | 09/30/29 | 147258 |
| 154000 | McAfee Corporation<sup>(a)</sup> |  | 7.3750 | 02/15/30 | 133268 |
| 124000 | Microsoft Corporation |  | 2.4000 | 08/08/26 | 121616 |
| 120000 | Microsoft Corporation |  | 3.3000 | 02/06/27 | 119025 |
| 189000 | Microsoft Corporation |  | 2.5250 | 06/01/50 | 117100 |
| 170000 | Microsoft Corporation |  | 2.9210 | 03/17/52 | 113163 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 2.7% (Continued)** |  |  |  |  |
| 195000 | Microsoft Corporation |  | 2.6750 | 06/01/60 | $115514 |
| 168000 | Oracle Corporation |  | 3.6000 | 04/01/50 | 114726 |
| 172000 | Oracle Corporation |  | 3.8500 | 04/01/60 | 115423 |
| 144000 | Picard Midco, Inc.<sup>(a)</sup> |  | 6.5000 | 03/31/29 | 144143 |
| 134000 | SS&C Technologies, Inc.<sup>(a)</sup> |  | 5.5000 | 09/30/27 | 133449 |
|  |  |  |  |  | 1522013 |
|  | **SPECIALTY FINANCE — 0.2%** |  |  |  |  |
| 127000 | OneMain Finance Corporation |  | 7.1250 | 03/15/26 | 128211 |
|  | **TECHNOLOGY HARDWARE — 1.3%** |  |  |  |  |
| 119000 | Apple, Inc. |  | 3.2500 | 02/23/26 | 118213 |
| 143000 | Apple, Inc. |  | 3.8500 | 05/04/43 | 118642 |
| 123000 | Apple, Inc. |  | 4.6500 | 02/23/46 | 111809 |
| 87000 | Dell International, LLC / EMC Corporation |  | 6.0200 | 06/15/26 | 88012 |
| 147000 | Imola Merger Corporation<sup>(a)</sup> |  | 4.7500 | 05/15/29 | 140550 |
| 122000 | NCR Atleos Escrow Corporation<sup>(a)</sup> |  | 9.5000 | 04/01/29 | 131331 |
| 13000 | Western Digital Corporation |  | 4.7500 | 02/15/26 | 12927 |
|  |  |  |  |  | 721484 |
|  | **TECHNOLOGY SERVICES — 0.7%** |  |  |  |  |
| 142000 | Neptune Bidco US, Inc.<sup>(a)</sup> |  | 9.2900 | 04/15/29 | 126554 |
| 120000 | Visa, Inc. |  | 3.1500 | 12/14/25 | 119066 |
| 135000 | Visa, Inc. |  | 4.3000 | 12/14/45 | 116165 |
|  |  |  |  |  | 361785 |
|  | **TELECOMMUNICATIONS — 5.2%** |  |  |  |  |
| 121000 | AT&T, Inc. |  | 4.3500 | 03/01/29 | 120699 |
| 123000 | AT&T, Inc. |  | 4.3000 | 02/15/30 | 121916 |
| 160000 | AT&T, Inc. |  | 2.5500 | 12/01/33 | 131920 |
| 180000 | AT&T, Inc. |  | 3.5000 | 09/15/53 | 120820 |
| 181000 | AT&T, Inc. |  | 3.5500 | 09/15/55 | 121059 |
| 173000 | AT&T, Inc. |  | 3.8000 | 12/01/57 | 119423 |
| 182000 | AT&T, Inc. |  | 3.6500 | 09/15/59 | 120553 |
| 101000 | British Telecommunications plc |  | 9.6250 | 12/15/30 | 123434 |
| 105000 | Deutsche Telekom International Finance BV |  | 8.7500 | 06/15/30 | 123413 |
| 147000 | Frontier Communications Corporation<sup>(a)</sup> |  | 5.0000 | 05/01/28 | 145494 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 5.2% (Continued)** |  |  |  |  |
| 143000 | Intelsat Jackson Holdings S.A.<sup>(a)</sup> |  | 6.5000 | 03/15/30 | $141026 |
| 101000 | Orange S.A. |  | 9.0000 | 03/01/31 | 122652 |
| 125000 | Verizon Communications, Inc. |  | 4.1250 | 03/16/27 | 124892 |
| 120000 | Verizon Communications, Inc. |  | 4.3290 | 09/21/28 | 120317 |
| 125000 | Verizon Communications, Inc. |  | 4.0160 | 12/03/29 | 122608 |
| 146000 | Verizon Communications, Inc. |  | 2.5500 | 03/21/31 | 129771 |
| 126000 | Verizon Communications, Inc. |  | 4.5000 | 08/10/33 | 121385 |
| 167000 | Verizon Communications, Inc. |  | 3.4000 | 03/22/41 | 127498 |
| 134000 | Verizon Communications, Inc. |  | 4.8620 | 08/21/46 | 118133 |
| 179000 | Verizon Communications, Inc. |  | 3.5500 | 03/22/51 | 126778 |
| 164000 | Verizon Communications, Inc. |  | 3.7000 | 03/22/61 | 111798 |
| 131000 | Vodafone Group plc |  | 5.2500 | 05/30/48 | 119044 |
| 126000 | Vodafone Group plc<sup>(b)</sup> | USSW5 + 4.873% | 7.0000 | 04/04/79 | 129814 |
|  |  |  |  |  | 2864447 |
|  | **TOBACCO & CANNABIS — 0.2%** |  |  |  |  |
| 125000 | BAT Capital Corporation |  | 3.5570 | 08/15/27 | 122672 |
|  | **TRANSPORTATION & LOGISTICS — 1.1%** |  |  |  |  |
| 50712 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |  | 5.5000 | 04/20/26 | 50448 |
| 137000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |  | 5.7500 | 04/20/29 | 132951 |
| 127000 | Delta Air Lines, Inc. |  | 7.3750 | 01/15/26 | 128863 |
| 138000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.3750 | 04/15/26 | 136070 |
| 148000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.6250 | 04/15/29 | 139372 |
|  |  |  |  |  | 587704 |
|  | **TOTAL CORPORATE BONDS (Cost $27,874,903)** |  |  |  | 26211769 |
|  | **U.S. GOVERNMENT & AGENCIES — 50.8%** |  |  |  |  |
|  | **U.S. TREASURY NOTES & BILLS — 50.8%** |  |  |  |  |
| 24956000 | United States Treasury Bill<sup>(c)</sup> |  | 3.7300 | 05/08/25 | 24935632 |
| 3014000 | United States Treasury Bill<sup>(c)</sup> |  | 4.2400 | 08/14/25 | 2977298 |
| 75000 | United States Treasury Note |  | 1.6250 | 05/15/31 | 65944 |

---

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

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 50.8% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 50.8% (Continued)** |  |  |
|  | **U.S. TREASURY NOTES & BILLS — 50.8% (Continued)** |  |  |  |
| 68000 | United States Treasury Note | 2.2500 | 05/15/41 | $49817 |
| 78000 | United States Treasury Note | 2.3750 | 05/15/51 | 50158 |
|  |  |  |  | 28078849 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $28,127,215)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $28,127,215)** |  | 28078849 |
|  | **TOTAL INVESTMENTS - 98.3% (Cost $56,002,118)** | **TOTAL INVESTMENTS - 98.3% (Cost $56,002,118)** |  | $54290618 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%** |  |  | 917345 |
|  | **NET ASSETS - 100.0%** |  |  | $55207963 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | Treasury Secured Overnight Financing Rate (SOFR) 3 Month |
| USSW5 | USD 5 Year Interest Rate Swap |

---

<sup>(a)</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. As of April 30, 2025, the total market value of 144A securities is 9,635,153 or 17.5% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<sup>(c)</sup> Zero coupon bond. Rate disclosed is the current yield as of April 30, 2025.

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

---

| |
|:---|
| **LeaderShares® ETFs** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | LeaderShares<sup>®</sup> | LeaderShares<sup>®</sup> |  |  |
| **ASSETS** | LeaderShares<sup>®</sup> | AlphaFactor<sup>®</sup> | AlphaFactor<sup>®</sup> | LeaderShares<sup>®</sup> | LeaderShares<sup>®</sup> |
| &nbsp;&nbsp;&nbsp;Investment securities: | Activist Leaders<sup>®</sup> ETF | Tactical Focused ETF | US Core Equity ETF | Equity Skew ETF | Dynamic Yield ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $17615379 | $102465258 | $126548475 | $62473075 | $56002118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value | $16219442 | $97829223 | $129679487 | $59442909 | $54290618 |
| &nbsp;&nbsp;&nbsp;Cash | 94005 | 110992 | 1404937 | 698431 | 582286 |
| &nbsp;&nbsp;&nbsp;Cash on deposit with broker | 21 | 511 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 959682 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 73236 | 15660 | 37625 | 23905 | 356942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 16386704 | 98916068 | 131122049 | 60165245 | 55229846 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  | 936882 |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 23422 | 91162 | 71294 | 36387 | 21883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 23422 | 1028044 | 71294 | 36387 | 21883 |
| **NET ASSETS** | $**16363282** | $**97888024** | $**131050755** | $**60128858** | $**55207963** |
| **Net Assets Consist Of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $58935882 | $120120378 | $169519908 | $102128724 | $63791081 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (42572600) | (22232354) | (38469153) | (41999866) | (8583118) |
| **NET ASSETS** | $**16363282** | $**97888024** | $**131050755** | $**60128858** | $**55207963** |
| **Net Asset Value Per Share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**16363282** | $**97888024** | $**131050755** | $**60128858** | $**55207963** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **550000** | **2550000** | **3350000** | **1975000** | **2450000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) | $**29.75** | $**38.39** | $**39.12** | $**30.44** | $**22.53** |

---

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

---

| |
|:---|
| **LeaderShares® ETFs** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | LeaderShares<sup>®</sup> | LeaderShares<sup>®</sup> |  |  |
|  | LeaderShares<sup>®</sup> | AlphaFactor<sup>®</sup> | AlphaFactor<sup>®</sup> | LeaderShares<sup>®</sup> | LeaderShares<sup>®</sup> |
| **INVESTMENT INCOME** | Activist Leaders<sup>®</sup> ETF | Tactical Focused ETF | US Core Equity ETF | Equity Skew ETF | Dynamic Yield ETF |
| &nbsp;&nbsp;&nbsp;Dividends | $510086 | $1458144 | $1034130 | $995080 | $— |
| &nbsp;&nbsp;&nbsp;Interest | 30684 | 20377 | 26956 | 12448 | 1559968 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding expense | (16767) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 524003 | 1478521 | 1061086 | 1007528 | 1559968 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 216698 | 552870 | 542396 | 329276 | 237844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 216698 | 552870 | 542396 | 329276 | 237844 |
| **NET INVESTMENT INCOME** | 307305 | 925651 | 518690 | 678252 | 1322124 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5359813) | (4602749) | (8217794) | (3824989) | (35552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 1296234 | 17618703 | 15958109 | 339446 | (149734) |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | (4063579) | 13015954 | 7740315 | (3485543) | (185286) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1031712 | (18231648) | (12603166) | (2950391) | (153736) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (3031867) | (5215694) | (4862851) | (6435934) | (339022) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**(2724562)** | $**(4290043)** | $**(4344161)** | $**(5757682)** | $**983102** |

---

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 Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $307305 | $779045 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (5359813) | (10108424) |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 1296234 | 15542840 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on investments | 1031712 | 8133888 |
| Net increase (decrease) in net assets resulting from operations | (2724562) | 14347349 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (535460) | (1076375) |
| Net decrease in net assets resulting from distributions to shareholders | (535460) | (1076375) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 7489136 | 51962162 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (57835932) | (82799657) |
| Net decrease in net assets resulting from shares of beneficial interest | (50346796) | (30837495) |
| **TOTAL DECREASE IN NET ASSETS** | (53606818) | (17566521) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 69970100 | 87536621 |
| &nbsp;&nbsp;&nbsp;End of Period | $**16363282** | $**69970100** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 225000 | 1575000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1850000) | (2550000) |
| Net decrease in shares of beneficial interest outstanding | (1625000) | (975000) |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $925651 | $1860495 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (4602749) | (829688) |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 17618703 | 19288642 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (18231648) | 13599324 |
| Net increase (decrease) in net assets resulting from operations | (4290043) | 33918773 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (1456599) | (2646455) |
| Net decrease in net assets resulting from distributions to shareholders | (1456599) | (2646455) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 63111018 | 118981911 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (81671912) | (214512961) |
| Net decrease in net assets resulting from shares of beneficial interest | (18560894) | (95531050) |
| **TOTAL DECREASE IN NET ASSETS** | (24307536) | (64258732) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 122195560 | 186454292 |
| &nbsp;&nbsp;&nbsp;End of Period | $**97888024** | $**122195560** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1575000 | 3375000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2025000) | (6125000) |
| Net decrease in shares of beneficial interest outstanding | (450000) | (2750000) |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $518690 | $720555 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (8217794) | (7079158) |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 15958109 | 38499073 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (12603166) | 11432517 |
| Net increase (decrease) in net assets resulting from operations | (4344161) | 43572987 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (610245) | (1243170) |
| Net decrease in net assets resulting from distributions to shareholders | (610245) | (1243170) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 84844274 | 195868329 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (105149991) | (237067222) |
| Net decrease in net assets resulting from shares of beneficial interest | (20305717) | (41198893) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (25260123) | 1130924 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 156310878 | 155179954 |
| &nbsp;&nbsp;&nbsp;End of Period | $**131050755** | $**156310878** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2125000 | 5075000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2600000) | (6325000) |
| Net decrease in shares of beneficial interest outstanding | (475000) | (1250000) |

---

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

---

| |
|:---|
| **LeaderShares® Equity Skew ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $678252 | $1367869 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (3824989) | 69635 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 339446 | 20950182 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (2950391) | 3429162 |
| Net increase (decrease) in net assets resulting from operations | (5757682) | 25816848 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (1202218) | (1535565) |
| Net decrease in net assets resulting from distributions to shareholders | (1202218) | (1535565) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 46098145 | 166407290 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (79073260) | (224436843) |
| Net decrease in net assets resulting from shares of beneficial interest | (32975115) | (58029553) |
| **TOTAL DECREASE IN NET ASSETS** | (39935015) | (33748270) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 100063873 | 133812143 |
| &nbsp;&nbsp;&nbsp;End of Period | $**60128858** | $**100063873** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1375000 | 5125000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2375000) | (6975000) |
| Net decrease in shares of beneficial interest outstanding | (1000000) | (1850000) |

---

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

---

| |
|:---|
| **LeaderShares® Dynamic Yield ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1322124 | $3245819 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (35552) | (3630338) |
| &nbsp;&nbsp;&nbsp;Net realized loss on in-kind redemptions | (149734) | (606955) |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (153736) | 8200972 |
| Net increase in net assets resulting from operations | 983102 | 7209498 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (1445935) | (3187125) |
| Net decrease in net assets resulting from distributions to shareholders | (1445935) | (3187125) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (12409049) | (24458926) |
| Net decrease in net assets resulting from shares of beneficial interest | (12409045) | (24458926) |
| **TOTAL DECREASE IN NET ASSETS** | (12871878) | (20436553) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 68079841 | 88516394 |
| &nbsp;&nbsp;&nbsp;End of Period | $**55207963** | $**68079841** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (550000) | (1100000) |
| Net decrease in shares of beneficial interest outstanding | (550000) | (1100000) |

---

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

---

| |
|:---|
| **LeaderShares® Activist Leaders® ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year/Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** | **For the Year**<br>**Ended**<br>**October 31, 2023** | **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 \*** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $32.17 | $27.79 | $28.86 | $38.48 | $24.29 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.17 | 0.31 | 0.33 | 0.15 | 0.01 | (0.00) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.33) | 4.47 | (1.32) | (6.98) | 14.21 | (0.71 |
| Total from investment operations | (2.16) | 4.78 | (0.99) | (6.83) | 14.22 | (0.71 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.40) | (0.08) | (0.36) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (2.43) |  |  |
| Total distributions | (0.26) | (0.40) | (0.08) | (2.79) | (0.03) |  |
| Net asset value, end of year/period | $29.75 | $32.17 | $27.79 | $28.86 | $38.48 | $24.29 |
| Market price, end of year/period | $29.81 | $32.16 | $27.81 | $28.90 | $38.49 | $24.30 |
| Total return (2) | (6.78)% (5) | 17.17% | (3.43)% | (19.11)% | 58.60% | (2.84) |
| Net assets, at end of year/period (000s) | $16363 | $69970 | $87537 | $82255 | $76961 | $42513 |
| Ratio of expenses to average net assets | 0.75% (4) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75 |
| Ratio of net investment income to average net assets | 1.06% (4) | 0.95% | 1.07% | 0.45% | 0.02% | (0.75) |
| Portfolio Turnover Rate (3) | 97% (5) | 90% | 89% | 67% | 49% | 3 |

---

\* 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 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.

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

(4) Annualized.

(5) Not annualized.

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

---

| |
|:---|
| **LeaderShares® AlphaFactor® Tactical Focused ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year/Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** | **For the Year**<br>**Ended**<br>**October 31, 2023** | **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\*** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $40.73 | $32.43 | $32.98 | $35.11 | $24.09 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.33 | 0.49 | 0.44 | 0.49 | 0.51 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.15) | 8.45 | (0.88) | (1.40) | 10.60 | (0.94) |
| Total from investment operations | (1.82) | 8.94 | (0.44) | (0.91) | 11.11 | (0.91) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.52) | (0.64) | (0.11) | (0.88) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.34) |  |  |
| Total distributions | (0.52) | (0.64) | (0.11) | (1.22) | (0.09) |  |
| Net asset value, end of year/period | $38.39 | $40.73 | $32.43 | $32.98 | $35.11 | $24.09 |
| Market price, end of year/period | $38.39 | $40.77 | $32.42 | $32.93 | $35.13 | $24.10 |
| Total return (2) | (4.52)% (5) | 27.93% | (1.32)% | (2.76)% | 46.20% | 3.64% (5) |
| Net assets, at end of year/period (000s) | $97888 | $122196 | $186454 | $157485 | $128144 | $47571 |
| Ratio of expenses to average net assets | 0.99% (4) | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% (4) |
| Ratio of net investment income to average net assets | 1.65% (4) | 1.33% | 1.33% | 1.48% | 1.53% | 16.95% (4) |
| Portfolio Turnover Rate (3) | 66% (5) | 107% | 192% | 229% | 78% | 0% (5) |

---

\* 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 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.

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

(4) Annualized.

(5) Not annualized.

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

---

| |
|:---|
| **LeaderShares® AlphaFactor® 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 Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** | **For the Year**<br>**Ended**<br>**October 31, 2023** | **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** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $40.87 | $30.58 | $30.18 | $33.72 | $24.72 | $25.44 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.15 | 0.18 | 0.27 | 0.27 | 0.11 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.73) | 10.40 | 0.23 | (3.56) | 8.99 | (0.71 |
| Total from investment operations | (1.58) | 10.58 | 0.50 | (3.29) | 9.10 | (0.54 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.29) | (0.10) | (0.25) | (0.10) | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.00 |
| Total distributions | (0.17) | (0.29) | (0.10) | (0.25) | (0.10) | (0.18 |
| Net asset value, end of year/period | $39.12 | $40.87 | $30.58 | $30.18 | $33.72 | $24.72 |
| Market price, end of year/period | $39.08 | $40.85 | $30.56 | $30.20 | $33.78 | $24.72 |
| Total return (2) | (3.88)% (5) | 34.79% | 1.66% | (9.76)% | 36.84% | (2.09) |
| Net assets, at end of year/period (000s) | $131051 | $156311 | $155180 | $146385 | $123093 | $73540 |
| Ratio of expenses to average net assets | 0.75% (4) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75 |
| Ratio of net investment income to average net assets | 0.71% (4) | 0.49% | 0.85% | 0.88% | 0.35% | 0.70 |
| Portfolio Turnover Rate (3) | 80% (5) | 146% | 136% | 150% | 177% | 181 |

---

\* 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.

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

(4) Annualized.

(5) Not annualized.

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

---

| |
|:---|
| **LeaderShares® Equity Skew ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year/Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** | **For the Year**<br>**Ended**<br>**October 31, 2023** | **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\*** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $33.63 | $27.73 | $28.32 | $37.34 | $28.06 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.26 | 0.37 | 0.27 | 0.30 | 0.28 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.00) | 5.90 | (0.75) | (6.31) | 10.67 | 2.97 |
| Total from investment operations | (2.74) | 6.27 | (0.48) | (6.01) | 10.95 | 3.06 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.37) | (0.11) | (0.46) | (0.26) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (1.41) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (2.55) |  |  |
| Total distributions | (0.45) | (0.37) | (0.11) | (3.01) | (1.67) |  |
| Net asset value, end of year/period | $30.44 | $33.63 | $27.73 | $28.32 | $37.34 | $28.06 |
| Market price, end of year/period | $30.49 | $33.67 | $27.69 | $28.27 | $37.41 | $27.83 |
| Total return (2) | (8.28)% (5) | 22.73% | (1.69)% | (17.47)% | 40.17% | 12.24% (5) |
| Net assets, at end of year/period (000s) | $60129 | $100064 | $133812 | $116817 | $105478 | $54020 |
| Ratio of expenses to average net assets | 0.75% (4) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% (4) |
| Ratio of net investment income to average net assets | 1.54% (4) | 1.14% | 0.92% | 0.95% | 0.80% | 0.71% (4) |
| Portfolio Turnover Rate (3) | 101% (5) | 190% | 143% | 184% | 58% | 57% (5) |

---

\* 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 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.

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

(4) Annualized.

(5) Not annualized.

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

---

| |
|:---|
| **LeaderShares® Dynamic Yield ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year/Period Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** | **For the Year**<br>**Ended**<br>**October 31, 2023** | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Period**<br>**Ended**<br>**October 31, 2021 \*** |
|  | **(Unaudited)** | | | | |
| Net asset value, beginning of year/period | $22.69 | $21.59 | $21.60 | $25.07 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.47 | 1.00 | 0.72 | 0.36 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.12) | 1.09 | (0.03) | (3.46) | 0.04 |
| Total from investment operations | 0.35 | 2.09 | 0.69 | (3.10) | 0.22 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.99) | (0.70) | (0.36) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.01) |  |
| Total distributions | (0.51) | (0.99) | (0.70) | (0.37) | (0.15) |
| Net asset value, end of year/period | $22.53 | $22.69 | $21.59 | $21.60 | $25.07 |
| Market price, end of year/period | $22.48 | $22.64 | $21.54 | $21.61 | $25.12 |
| Total return (2) | 1.58% (5) | 9.80% | 3.17% | (12.45)% | 0.88% (5) |
| Net assets, at end of year/period (000s) | $55208 | $68080 | $88516 | $89653 | $71461 |
| Ratio of expenses to average net assets | 0.75% (4) | 0.75% | 0.75% | 0.75% | 0.75% (4) |
| Ratio of net investment income to average net assets | 4.15% (4) | 4.43% | 3.23% | 1.58% | 2.11% (4) |
| Portfolio Turnover Rate (3) | 1% (5) | 47% | 0% | 66% | 6% (5) |

---

\* 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 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.

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

(4) Annualized.

(5) Not annualized.

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

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **April 30, 2025** |

---

**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. The LeaderShares® Equity Skew ETF is a "fund of funds" in that the Fund will generally invest in other investment companies.

On December 10th, 2024, the Board of Trustees of the Trust approved an Agreements and Plans of Reorganization (collectively, the "Plan") pursuant to which each of the Redwood AlphaFactor Tactical International Fund, Redwood Managed Municipal Income Fund, Redwood Managed Volatility Fund, Redwood Systematic Macro Trend ("SMarT®") Fund, 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 an "Existing Fund") will reorganize into a corresponding newly created series (each an "Acquiring Fund") of Investment Managers Series Trust II (each a "Reorganization" and collectively, the "Reorganizations"). Redwood Investment Management, LLC (the "Adviser") will continue to serve as the investment adviser to each of the Acquiring Funds following the Reorganizations. Each Acquiring Fund will have the same investment objective, and substantially similar principal investment strategies, policies and risks as its corresponding Existing Fund, and each Acquiring Fund will be managed by the same portfolio managers as the Existing Funds. The Reorganization with respect to each of the Existing Funds is expected to close by the end of the third quarter of 2025, subject to the fulfillment of closing conditions, including the approval of the Plan with respect to each of the Existing Funds by its respective shareholders.

**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 generally accepted accounting principles 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

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

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.

**Operating Segments** – The Funds have adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of the portfolio managers and Chief Financial Officer of such Fund. The Funds operate as a single operating segment. The Funds' income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

**Security Valuation** – Securities listed on an exchange are valued at the last quoted 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. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Funds may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds' holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost (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 exchange-traded funds and 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.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

Exchange-Traded Funds – The Funds may invest in exchange-traded funds ("ETFs"). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.

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 of the Trust (the "Board"). The Board has appointed the Funds' Adviser as its valuation designee (the "Valuation Designee") for all fair value determinations and responsibilities, other than overseeing pricing service providers used by any series of the Trust, including the Funds.

This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability effectively to oversee the fair value determinations. 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 approved by the Board.

Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures approved by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to each Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2025, for the Funds' investments measured at fair value:

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

**LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $4002003 | $— | $— | $4002003 |
| Exchange-Traded Funds | 9194070 |  |  | 9194070 |
| Money Market Fund | 3023369 |  |  | 3023369 |
| Total | $16219442 | $— | $— | $16219442 |

---

**LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $94506464 | $— | $— | $94506464 |
| Money Market Fund | 127429 |  |  | 127429 |
| Purchased Options | 3195330 |  |  | 3195330 |
| Total | $97829223 | $— | $— | $97829223 |

---

**LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $129679487 | $— | $— | $129679487 |
| Total | $129679487 | $— | $— | $129679487 |

---

**LeaderShares<sup>®</sup> Equity Skew ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $23710412 | $— | $— | $23710412 |
| Exchange-Traded Funds | 35732497 |  |  | 35732497 |
| Total | $59442909 | $— | $— | $59442909 |

---

**LeaderShares<sup>®</sup> Dynamic Yield ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $— | $26211769 | $— | $26211769 |
| U.S. Government & Agencies |  | 28078849 |  | 28078849 |
| Total | $— | $54290618 | $— | $54290618 |

---

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

\* 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® Activist Leader® ETF, LeaderShares® AlphaFactor® Tactical Focused ETF, LeaderShares® AlphaFactor® US Core Equity ETF and the LeaderShares® US Equity Skew ETF, dividends from net investment income, if any, are declared and paid annually. For the LeaderShares® 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

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

determined 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 their 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.

For the six months ended April 30, 2025, the LeaderShares® Activist Leaders® ETF had a net realized gain of $899,850 on purchased options subject to equity price risk. The realized gains/(losses) are included in the line item marked "Net realized gain(loss) on investments" on the Statements of Operations. For the six months ended April 30, 2025, the LeaderShares® AlphaFactor® Tactical Focused ETF, had net unrealized depreciation of $533,241 on purchased options subject to equity price risk and this unrealized depreciation amount is included in the line item marked "Net change in unrealized appreciation (depreciation) on investments" on the Statements of Operations.

The amounts of realized and changes in unrealized gains and losses on derivative instruments during the

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

period as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity.

**Federal Income Taxes –** It is each Fund's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of 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 ended October 31, 2022 to October 31, 2024, or expected to be taken in the Funds' October 31, 2025 year-end tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Funds make 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 six months ended April 30, 2025, 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:

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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** | $82398391 | $— | $104713899 | $— |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | 88061390 |  | 91654200 |  |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | 124764957 |  | 122644067 |  |
| **LeaderShares<sup>®</sup> Equity Skew ETF** | 92577838 |  | 92921548 |  |
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** | 188373 |  | 2128713 | 3015000 |
|  | 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** | $6718512 | $— | $36619632 | $— |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | 63031475 |  | 81187449 |  |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | 83830824 |  | 106152794 |  |
| **LeaderShares<sup>®</sup> Equity Skew ETF** | 46215969 |  | 79183275 |  |
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** |  |  | 6051807 | 198524 |

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

Redwood Investment Management, LLC serves as the Funds' Investment Adviser (the "Adviser"). Pursuant to investment advisory agreement between the Trust and the Adviser with respect to the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, 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 Adviser 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 six months ended April 30, 2025, the Funds incurred the following advisory fees:

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| | |
|:---|:---|
|  | **Investment Advisory Fees** |
| **LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF** | $216698 |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF** | 552870 |
| **LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF** | 542396 |
| **LeaderShares<sup>®</sup> Equity Skew ETF** | 329276 |
| **LeaderShares<sup>®</sup> Dynamic Yield ETF** | 237844 |

---

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

The Adviser's unitary management fee is designed to pay the Funds' expenses and to compensate the Adviser for providing services for the Funds. Out of the unitary management fee, the Adviser 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 Adviser, 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' Adviser 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 Adviser.

*<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 Adviser 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.

*<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 Adviser 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 Adviser 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 Adviser on behalf of the Funds.

Each Trustee who is not affiliated with the Trust or an adviser to a fund within the Trust receives quarterly fees. For the six months ended April 30, 2025, the Trustees received fees in the amount of $31,615, with respect to the Funds, paid by the Adviser out of the unitary fee.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

**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 April 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Cost for**<br>**Federal Tax**<br>**Purposes** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Tax Net**<br>**Unrealized**<br>**App/Dep** |
| LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF | $18533650 | $62919 | $(2377127) | $(2314208) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF | 102779395 | 4582330 | (9532502) | (4950172) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 126549544 | 9597749 | (6467806) | 3129943 |
| LeaderShares<sup>®</sup> Equity Skew ETF | 62814747 | 246379 | (3618217) | (3371838) |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 56008466 | 264722 | (1982570) | (1717848) |

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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, 2024 and October 31, 2023 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax Exempt** | |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| LeaderShares<sup>®</sup> Activist Leaders ETF | $1076375 | $— | $— | $— | $1076375 |
| LeaderShares<sup>®</sup> AlphaFactor Tactical Focused ETF | 2646455 |  |  |  | 2646455 |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 1243170 |  |  |  | 1243170 |
| LeaderShares<sup>®</sup> Equity Skew ETF | 1535565 |  |  |  | 1535565 |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 3187125 |  |  |  | 3187125 |
| **For the period ended October 31, 2023:** | **For the period ended October 31, 2023:** | **For the period ended October 31, 2023:** | **For the period ended October 31, 2023:** | **For the period ended October 31, 2023:** | **For the period ended October 31, 2023:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax Exempt** |  |
| **Fund** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| LeaderShares<sup>®</sup> Activist Leaders ETF | $243068 | $— | $— | $— | $243068 |
| LeaderShares<sup>®</sup> AlphaFactor Tactical Focused ETF | 596625 |  |  |  | 596625 |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 502425 |  |  |  | 502425 |
| LeaderShares<sup>®</sup> Equity Skew ETF | 480938 |  |  |  | 480938 |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 3214975 |  |  |  | 3214975 |

---

As of October 31, 2024, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **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 | $339342 | $— | $— | $(36306005) | $— | $(3345915) | $(39312578) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF | 1119499 |  |  | (30886687) |  | 13281476 | (16485712) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 417188 |  |  | (49665044) |  | 15733109 | (33514747) |
| LeaderShares<sup>®</sup> Equity Skew ETF | 576420 |  |  | (35194939) |  | (421447) | (35039966) |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 167969 |  |  | (6724142) |  | (1564112) | (8120285) |

---

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

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 C-Corps.

At October 31, 2024, 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>**Fund** | **Short-Term** | **Long-Term** | **Total** |<br>**CLCF Utilized** |
| LeaderShares<sup>®</sup>Activist Leaders ETF | $25419569 | $10886436 | $36306005 | $— |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF | 30886687 |  | 30886687 |  |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF | 46930313 | 2734731 | 49665044 |  |
| LeaderShares<sup>®</sup> Equity Skew ETF | 35078377 | 116562 | 35194939 | 436621 |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | 3034628 | 3689514 | 6724142 |  |

---

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, 2024 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid in**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| LeaderShares<sup>®</sup>Activist Leaders ETF | $14519098 | $(14519098) |
| LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF | 11762936 | (11762936) |
| LeaderShares<sup>®</sup> Alpha Factor<sup>®</sup> US Core Equity ETF | 38498329 | (38498329) |
| LeaderShares<sup>®</sup> Equity Skew ETF | 20926584 | (20926584) |
| LeaderShares<sup>®</sup> Dynamic Yield ETF | (606955) | 606955 |

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**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 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

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

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**

---

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

---

**LeaderShares<sup>®</sup> Dynamic Yield ETF**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fee for In-Kind and<br> Cash Purchases** | &nbsp;&nbsp;**Minimum Additional Variable<br> Charge for Cash Purchases\*** | &nbsp;&nbsp;**Maximum Additional Variable<br> 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 and financial instruments 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, consumer discretionary sector risk, cybersecurity risk, equity risk, ETF structure risks, fluctuation of net asset value risk, foreign (non-U.S.) investment risk, gap risk, industrials sector risk, management risk, market capitalization risk, market events risk, market risk, quantitative investing risk, rules-based strategy risk, sector risk, and volatility risk.

LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF: active trading risk, authorized participant concentration risk, cash positions risk, consumer discretionary sector risk, cybersecurity risk, equity risk, ETF structure risks, fluctuation of net asset value risk, focus risk, gap risk, investment companies risk, management risk, market capitalization risk, market events risk, market risk, money market instrument risk, quantitative investing risk, rules-based strategy risk, sector risk, tactical overlay strategy risk, underlying funds 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, cybersecurity risk, ETF structure risks, equity risk, financial sector risk, fluctuation of net asset value risk, gap risk, index risk, index tracking error risk, industrial sectors risk, information technology sector risk,

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

management risk, market capitalization risk, market events risk, market 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, focus risk, foreign (non-U.S.) investments risk, gap risk, geographic and sector risk, investment companies risk, management risk, market capitalization risk, market risk, market events risk, quantitative investing risk, and underlying funds risk.

LeaderShares<sup>®</sup> Dynamic Yield ETF: active trading risk, asset allocation risk, authorized participant concentration risk, bank loan risk, cash positions risk, convertible securities risk, credit risk, credit spread risk, currency risk, cybersecurity risk, emerging markets risk, ETF structure risk, equity risk, fixed income securities risk, fluctuation of net asset value risk, foreign (non-U.S.) investments risk, gap risk, high yield fixed income securities risk, index risk, investment companies risk, issuer-specific risk, leveraging risk, LIBOR risk, liquidity risk, management risk, market events risk, market risk, model risk, mortgage-backed and asset-backed securities risk, odd lot pricing risk, portfolio turnover risk, prepayment and extension risk, regulatory risk, sector risk, swap risk, underlying funds risk, U.S. government securities risk, valuation risk, variable or floating rate securities risk, volatility risk, and yield curve 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 on which a Fund is listed 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.

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

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

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 Funds' 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 Adviser 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 Funds' 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 LeaderShares® AlphaFactor® US Core Equity ETF 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 LeaderShares® AlphaFactor® US Core Equity ETF may not be fully invested in the securities of the index at all times, may deviate from the relative weightings of the index or may hold securities not included in the index. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

**Market Risk.** Overall market risk may affect the value of individual instruments in which the Funds invest. The Funds are subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Funds' performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats, lack of liquidity in the bond or other markets, volatility in the securities markets, adverse investor sentiment 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. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Funds' assets can decline as can the value of the Funds' distributions. When the value of the Funds' investments goes down, your investment in the Funds decreases in value and you could lose money.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and its investments and could result in decreases to the Fund's net asset values. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Funds and their investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect 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.

**9.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF currently seeks to achieve its investment objective by investing a significant portion of its assets in the Vanguard S&P 500 ETF ("Vanguard"), a registered open-end investment company. The Fund may redeem its investment from Vanguard at any time if the Adviser determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of Vanguard. The annual report of Vanguard, along with the report of the independent registered public accounting firm is included in Vanguard's N-CSR available at "www.sec.gov" or on the website "www.investor.vanguard.com". As of April 30, 2025, the percentage of the Fund's net assets invested in Vanguard was 35.1%.

The LeaderShares<sup>®</sup> Equity Skew ETF currently seeks to achieve its investment objective by investing a significant portion of its assets in the Vanguard FTSE Emerging Markets ETF ("Vanguard"), a registered open-end investment company. The Fund may redeem its investment from Vanguard at any time if the Adviser determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of Vanguard. The annual report of Vanguard, along with the report of the independent registered public accounting firm is included in Vanguard's N-CSR available at "www.sec.gov" or on the website "www.investor.vanguard.com". As of April 30, 2025, the percentage of the Fund's net assets invested in Vanguard was 28.4%.

**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, other than the following.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **April 30, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

**LeaderShares ETFs**

At a meeting held on December 10, 2024 (the "Meeting"), the Board of Trustees (the "Board") of Two Roads Shared Trust (the "Trust"), each of whom is not an "interested person" of the Trust (the "Independent Trustees" or the "Trustees"), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered the renewal of the investment advisory agreements (each an "Advisory Agreement" and collectively the "Advisory Agreements") between Redwood Investment Management LLC ("Redwood" or the "Adviser") and the Trust, on behalf of the LeaderShares Activist Leaders ETF, LeaderShares AlphaFactor Tactical Focused ETF, LeaderShares AlphaFactor US Core Equity ETF, LeaderShares Dynamic Yield ETF, and LeaderShares Equity Skew ETF (each a "LeaderShares ETF" or a "Fund," and together the "LeaderShares ETFs" or the "Funds").

In connection with the Board's consideration of the Advisory Agreements, the Board received written materials in advance of the Meeting, which included information regarding: (i) the nature, extent, and quality of services provided to each LeaderShares ETF by Redwood; (ii) a description of the Adviser's investment management personnel; (iii) an overview of the Adviser's operations and financial condition; (iv) a description of the Adviser's brokerage practices (including any soft dollar arrangements); (v) a comparison of each LeaderShares ETF's advisory fees and overall expenses with those of comparable mutual funds; (vi) the level of profitability from the Adviser's fund-related operations; (vii) the Adviser's compliance policies and procedures, including policies and procedures for personal securities transactions, business continuity and information security; and (viii) information regarding the performance record of each LeaderShares ETF as compared to other mutual funds with similar investment strategies.

Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of and request additional materials and information from Redwood. The Board was advised by, and met in executive sessions with, the Board's independent legal counsel, and received a memorandum from such independent counsel regarding its responsibilities under applicable law. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at and between prior meetings with respect to the services provided by the Adviser, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations and representations from the Adviser. The Board noted that the information received and considered by the Board in connection with the Meeting and throughout the year was both written and oral. In considering the factors below, the Board also took into account the proposed reorganization plans with respect to the LeaderShares ETFs, which were also being considered for approval at the Meeting. The Board considered renewal of the Advisory Agreement with respect to each Fund separately.

Matters considered by the Board in connection with its approval of the Advisory Agreements with respect to each of the LeaderShares ETFs included, among others, the following:

*Nature, Extent and Quality of Services.* The Board reviewed materials provided by Redwood related to the Advisory Agreements with respect to each of the LeaderShares ETFs, including the Advisory Agreements, a description of the manner in which investment decisions are made and executed; an overview of the personnel that perform advisory, compliance and operational services for the LeaderShares ETFs and their background and

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **April 30, 2025** |

---

experience; a summary of the financial condition of Redwood; a quarterly written report containing Redwood's performance commentary; Redwood's compliance policies and procedures, including its business continuity plan and cybersecurity policies, and a code of ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); information regarding risk management processes and liquidity risk management and its derivative risk management processes and procedures; an annual review of the operation of Redwood's compliance program; information regarding Redwood's compliance and regulatory history; a report of Redwood's independent third-party compliance consultant; and an independent report prepared by Broadridge, an independent third-party data provider, analyzing the performance record, fees and expenses of each of the LeaderShares ETFs to those of a respective peer group of other mutual funds or ETFs, as applicable, with similar investment strategies as selected by Broadridge (the "Peer Group").

In considering the nature, extent and quality of services to be provided by Redwood under the Advisory Agreements, the Board considered Redwood's asset management, risk management, operations, and compliance experience. The Board considered that Redwood had summarized each of the investment strategies used for the LeaderShares ETFs and that in advising the LeaderShares ETFs, Redwood employed quantitative and tactical investment elements, as applicable, which require a significant level of sophistication and labor to execute. The Board noted that in addition to the reports on the information with respect to portfolio management functions from Redwood, on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer ("CCO") regarding Redwood's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including evaluations of the regulatory compliance systems of Redwood and any disciplinary history. The Board also considered Redwood's policies and procedures relating to business continuity and cybersecurity, including the Trust CCO's review and evaluation of these policies and procedures, and that the CCO found them to be satisfactory. The Board also considered the operation of Redwood's compliance program and any compliance matters over the past year, as well as a report by an independent third-party compliance consultant. The Board took into account representations and commitments previously made by Redwood and actions taken or to be taken by Redwood, including, without limitation, certain changes and enhancements to Redwood's compliance program.

The Board also considered the significant risks assumed by Redwood in connection with the services provided to the LeaderShares ETFs, including entrepreneurial risk and ongoing risks including investment, operational, enterprise, litigation, regulatory, and compliance risks with respect to the LeaderShares ETFs.

In considering the nature, extent, and quality of the services provided by Redwood, the Board took into account its knowledge, acquired through discussions and reports during the preceding year and in past years, of Redwood's management and the quality of the performance of Redwood's duties.

After discussion and taking into account the report and evaluation provided by the Trust's CCO, the Board concluded that Redwood had sufficient personnel, resources, investment methodologies and written compliance policies and procedures to perform its duties under the Advisory Agreements with respect to each of the LeaderShares ETFs.

*Performance*. In considering each LeaderShares ETF's performance, the Board noted that it reviews at its regularly scheduled quarterly meetings information about each LeaderShares ETF's performance results. Among other data, the Board considered each LeaderShares ETF's performance for the one-year, three-year, five-year, as applicable, and since inception periods ended September 30, 2024, as compared to a benchmark index and against the median performance of its Peer Group and Morningstar category. The Board noted that while it found the data provided by the independent third-party generally useful, it recognized the data's limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the funds in the Peer Group. With respect to the LeaderShares ETFs, the Board also received discount/premium information, as well as tracking error information for those LeaderShares ETFs passively managed against an index.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **April 30, 2025** |

---

With respect to the LeaderShares AlphaFactor US Core Equity ETF (for this paragraph only, the "Fund"), the Board considered that the Fund had outperformed the median of its Peer Group and the benchmark index for the one-year, and three-year periods, five year and since inception periods. The Board also considered that the Fund had outperformed the median of its Morningstar category for the one-year, three-year and since inception periods and underperformed the median of its Morningstar category for the five-year period. The Board also considered that the Fund underperformed the median of its Morningstar category for the five-year period.

With respect to the LeaderShares Activist Leaders ETF (for this paragraph only, the "Fund"), the Board considered that the Fund had underperformed the median of its Peer Group and Morningstar Category and the benchmark index for the one-year, three-year and since inception periods.

With respect to the LeaderShares AlphaFactor Tactical Focused ETF (for this paragraph only, the "Fund"), the Board considered that the Fund had outperformed the median of its Morningstar category for the one-year period and outperformed the median of its Peer Group for the three-year period. The Board also considered that the Fund had underperformed the median of its Peer Group for the one-year and since inception periods, underperformed the median of its Morningstar category for the three-year and since inception periods, and underperformed the benchmark index for the one-year, three-year and since inception periods.

With respect to the LeaderShares Dynamic Yield ETF (for this paragraph only, the "Fund"), the Board considered that the Fund had outperformed the median of its Peer Group for the three-year and since inception periods. The Board also considered that the Fund had underperformed the median of its Morningstar category and the benchmark index for the one-year, three-year and since inception periods and underperformed the median of its Peer Group for the one-year period. The Board noted the relatively short performance history of the Fund. The Board also took into account Redwood's discussion of the factors that contributed to the Fund's relative performance, including differences in the Fund's strategy from that of funds in the Peer Group.

With respect to the LeaderShares Equity Skew ETF (for this paragraph only, the "Fund"), the Board considered that the Fund had underperformed the median of its Peer Group and its Morningstar category and the benchmark index for the one-year, three-year and since inception periods. The Board took into account Redwood's discussion of the factors that contributed to the Fund's relative performance, including differences in the Fund's strategy from that of funds in the Peer Group. The Board also took into account actions taken by Redwood to address the Fund's performance and also noted that the Fund was being managed in accordance with its investment objective and strategies.

The Board also considered Redwood's discussion of each LeaderShares ETF's performance, including the factors that contributed to any underperformance, as well as the quarterly written reports containing Redwood's performance commentary. The Board noted each Fund's risk adjusted returns and how each Fund was managed, including whether each Fund was managed according to an index or actively managed by Redwood and the factors contributing to any difference in performance with any other funds managed by Redwood with a similar strategy. The Board also noted that Redwood was actively monitoring the performance of each LeaderShares ETF and considered more recent performance information provided at this Meeting. The Board concluded that the overall performance of each of the LeaderShares ETFs was satisfactory or, in the case of underperformance, was being appropriately monitored and/or addressed.

*Fees and Expenses*. As to the costs of the services provided by Redwood, among other expense data, the Board considered a comparison prepared by Broadridge of each LeaderShares ETF's contractual advisory fee and operating expenses compared to such LeaderShares ETF's Peer Group and Morningstar category. The Board noted that while it found the data provided by the independent third-party generally useful it recognized the data's limitations, including in particular that the funds in the Peer Group had a wide range of asset levels and varying expense record dates.

With respect to the LeaderShares Activist Leaders ETF, the Board noted, among other data, that the Fund's unitary fee was below the contractual management fee median of the Fund's Peer Group and above the median of

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **April 30, 2025** |

---

its Morningstar category. The Board noted the Fund's unitary fee structure as compared to the more conventional fee structures used by certain other funds in the Peer Group. The Board also recognized that the Fund's net total expenses were below the median of its Peer Group and above the median of its Morningstar category. The Board also noted, however, that the Fund's unitary fee (and net total expenses) was not the highest among the funds in its the Morningstar category.

With respect to the LeaderShares AlphaFactor Tactical Focused ETF, the Board noted, among other data, that the Fund' unitary fee was above the median of the contractual management fee of both the Fund's Peer Group and Morningstar category. The Board noted the Fund's unitary fee structure as compared to the more conventional fee structures used by certain other funds in the Peer Group. The Board recognized that the Fund's net total expenses were also above the median of both its Peer Group and its Morningstar category. The Board also considered Redwood's commentary with respect to differences in the Fund's strategy from that of the other funds in the Peer Group.

With respect to the LeaderShares Equity Skew ETF, the Board noted, among other data, that the Fund's unitary fee was below the contractual management fee median of the Fund's Peer Group and above the median of its Morningstar category. The Board noted the Fund's unitary fee structure as compared to the more conventional fee structures used by certain other funds in the Peer Group. The Board also recognized that the Fund's net total expenses were below the median of its Peer Group and above the median of its Morningstar category. The Board also noted, however, that the Fund's unitary fee (and net total expenses) was not the highest among the funds in its Morningstar category.

With respect to the LeaderShares AlphaFactor US Core Equity ETF, the Board noted, among other data, that the unitary fee was above the contractual management fee median of both the Fund's Peer Group and its Morningstar category, but was not the highest among the funds in its Peer Group. The Board noted the Fund's unitary fee structure as compared to certain other funds in the Peer Group that did not utilize the same type of fee structure. The Board recognized that the Fund's net total expenses were also above the median of both its Peer Group and Morningstar category but was not the highest among the funds in its Peer Group. The Board also considered Redwood's commentary with respect to differences in the Fund's strategy from that of other funds in the Peer Group.

With respect to the LeaderShares Dynamic Yield ETF, the Board noted, among other data, that the Fund's unitary fee was above the median of the contractual management fee of the Fund's Morningstar category and equal to the median of the Peer Group. The Board noted the Fund's unitary fee structure as compared to certain other funds in the Peer Group that did not utilize the same type of fee structure. The Board recognized that the Fund's net total expenses were also above the median of its Morningstar category and equal to the median of the Peer Group. The Board noted, however, that the Fund's unitary fee (and net total expenses) was not the highest among the funds in its Morningstar category.

The Board took into account Redwood's discussion of the LeaderShares ETFs' expenses. The Board also noted the extent to which Redwood was reimbursing expenses of each Fund, which when factored in, causes the total expenses of each such Fund to be more competitive compared to the other funds in such Fund's respective Peer Group.

The Board also noted the proposed reorganization plans with respect to the LeaderShares ETFs and any potential impact on the operating expenses of the LeaderShares ETFs.

In considering the level of the advisory fee paid with respect to each of the LeaderShares ETFs, the Board took into account the cost of other, private accounts managed by Redwood that used a similar strategy, if any, noting that any variance in the advisory fees was attributable to the differences in the management of these funds versus the private accounts.

---

| |
|:---|
| ***LeaderShares<sup>®</sup> ETFs*** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **April 30, 2025** |

---

Based on the factors above, the Board concluded that the advisory fee for each of the LeaderShares ETFs was not unreasonable.

*Profitability*. The Board considered Redwood's profitability and whether these profits were reasonable in light of the services provided to each of the LeaderShares ETFs. The Board reviewed a profitability analysis prepared by Redwood based on each LeaderShares ETF's asset level and considered the total profits of Redwood from its relationship with each of the LeaderShares ETFs on a Fund-by-Fund basis and for the LeaderShares ETFs and other funds advised by Redwood in the aggregate. The Board also considered that Redwood had entered into unitary fee arrangements with respect to the LeaderShares ETFs under which Redwood reimbursed such LeaderShares ETFs for expenses over the applicable unitary fee rate. The Board concluded that Redwood's profitability from its relationship with each of the LeaderShares ETFs, if any, after taking into account a reasonable allocation of costs, was not excessive.

*Economies of Scale*. The Board considered whether Redwood would realize economies of scale with respect to its management of each LeaderShares ETF as each LeaderShares ETF grew and whether fee levels reflected these economies. The Board noted that each LeaderShares ETF's current advisory fee does not include breakpoints and took into account Redwood's discussion of the Funds' fee structures, including the current size of the Funds as well as the level of expenses incurred with respect to each Fund. The Board considered the profitability analysis provided by the Adviser and noted that while expenses of managing each LeaderShares ETF as a percentage of assets under management were expected to decrease as each LeaderShares ETF's assets continued to grow, at current asset levels, economies of scale have not yet been reached. The Board noted that it would revisit whether economies of scale exist in the future once the respective LeaderShares ETF had achieved sufficient scale.

*Other Benefits*. The Board also considered the character and amount of other direct and incidental benefits to be received by Redwood from its relationship with the LeaderShares ETFs. The Board considered that Redwood uses certain LeaderShares ETFs as components of model portfolios it builds for its clients. The Board considered that Redwood has represented to the Board that it did not believe it receives any direct, indirect or ancillary material "fall-out" benefits from its relationship with the Funds. The Board concluded that any such benefits are reasonable.

*Conclusion*. The Board, having requested and received such information from Redwood as it believed reasonably necessary to evaluate the terms of the Advisory Agreements with respect to the LeaderShares ETFs, and having been advised by independent counsel that the Board had appropriately considered and weighed all relevant factors, including reliance on the representations and commitments made by Redwood at the Meeting, determined that approval of the Advisory Agreement with respect to each of the LeaderShares ETFs for an additional one-year term was in the best interests of each LeaderShares ETF and its shareholders.

In considering the renewal of each Advisory Agreement with respect to each of the LeaderShares ETFs, the Board considered a variety of factors, including those discussed above, and also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry). The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently. The Board's conclusions may be based in part on its consideration of the advisory arrangements in prior years and on the Board's ongoing regular review of each LeaderShares ETF's performance and operations throughout the year.

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

Information regarding how the Funds vote proxies relating to portfolio securities for the 6 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 1-888-617-1444 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. Not applicable

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)):

Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

Attached hereto. [Exhibit 99.906CERT](ex99-906cert.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 <u>/s/ James Colantino</u> |
| James Colantino |
| President/Principal Executive Officer |
| Date: July 9, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| By <u>/s/ James Colantino</u> |
| James Colantino |
| President/Principal Executive Officer |
| Date: July 9, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| By <u>/s/ Laura Szalyga</u> |
| Laura Szalyga |
| Treasurer/Principal Financial Officer |
| Date: July 9, 2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, James Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the LeaderShares Funds, a series of the Two Roads Shared
 Trust ("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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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: July 9, 2025 | <u>/s/ James Colantino</u> |
|  | James Colantino |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Laura Szalyga, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the LeaderShares Funds, a series of the Two Roads Shared
 Trust ("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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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: July 9, 2025 | <u>/s/ Laura Szalyga</u> |
|  | Laura Szalyga |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

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, 2024, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, 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.

---

| | | | |
|:---|:---|:---|:---|
| P rincipal Executive Officer/President | P rincipal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust |
| /s/ James Colantino | /s/ James Colantino | /s/ Laura Szalyga | /s/ Laura Szalyga |
| James Colantino | James Colantino | Laura Szalyga | Laura Szalyga |
| Date: | July 9, 2025 | Date: | July 9, 2025 |

---

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.