# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-001582
**Filing Date:** 2025-9
**Character Count:** 163980
**Document Hash:** 96f83498228c3805bb09a93d69240707
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001582.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000910472-25-001582

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251348456

**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

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.4%** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 1.5%** |  |
| 27601 | Vestis Corporation | &nbsp;&nbsp;&nbsp; $167262 |
|  | **CONSTRUCTION MATERIALS - 0.7%** |  |
| 4570 | MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp; 78833 |
|  | **ELECTRIC UTILITIES - 0.5%** |  |
| 4099 | PG&E Corporation | &nbsp;&nbsp;&nbsp; 57468 |
|  | **FOOD - 3.2%** |  |
| 6355 | Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp; 362680 |
|  | **HEALTH CARE REIT - 3.4%** |  |
| 25034 | Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 384522 |
|  | **INTERNET MEDIA & SERVICES - 3.9%** |  |
| 12755 | Match Group, Inc. | &nbsp;&nbsp;&nbsp; 437114 |
|  | **LEISURE FACILITIES & SERVICES - 5.1%** |  |
| 2812 | Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp; 75558 |
| 6614 | Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp; 448826 |
| 5278 | Wendy's Company (The) | &nbsp;&nbsp;&nbsp; 51988 |
|  |  | &nbsp;&nbsp; 576372 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 3.4%** |  |
| 5582 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 383651 |
|  | **SOFTWARE - 3.3%** |  |
| 7479 | Evolent Health, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75164 |
| 3032 | Gen Digital, Inc. | &nbsp;&nbsp;&nbsp; 89414 |
| 9992 | Rapid7, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 211030 |
|  |  | &nbsp;&nbsp; 375608 |
|  | **TECHNOLOGY HARDWARE - 1.4%** |  |
| 2473 | NCR Atleos Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75674 |
| 6013 | NCR Voyix Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81897 |
|  |  | &nbsp;&nbsp; 157571 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.4% (Continued)** | |
|  | **TOTAL COMMON STOCKS (Cost $3,525,821)** | &nbsp;&nbsp; $2981081 |
|  | **EXCHANGE-TRADED FUNDS — 71.4%** |  |
|  | **EQUITY - 71.4%** |  |
| 4780 | SPDR S&P 500 ETF Trust ETF | &nbsp;&nbsp;&nbsp; 3021342 |
| 8692 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 5050227 |
|  |  | &nbsp;&nbsp; 8071569 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $7,630,318)** | &nbsp;&nbsp; 8071569 |
|  | **SHORT-TERM INVESTMENT — 0.1%** |  |
|  | **MONEY MARKET FUND - 0.1%** |  |
| 8181 | Goldman Sachs Financial Square Government Fund, <br> Administration Class, 3.92%<sup>(b)</sup> (Cost $8,181)**<sup></sup>** | 8181 |
|  | **TOTAL INVESTMENTS - 97.9% (Cost $11,164,320)** | &nbsp;&nbsp;&nbsp; $11060831 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.1%** | &nbsp;&nbsp; 242199 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $11303030 |

---

---

| | | |
|:---|:---|:---|
| ETF | - Exchange-Traded Fund | - Exchange-Traded Fund |
| REIT | - Real Estate Investment Trust | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | <sup>(b)</sup> | Rate disclosed is the seven day effective yield as of July 31, 2025. |

---

---

| | |
|:---|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF**<br> **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **LEADERSHARES ACTIVIST LEADERS ETF**<br> **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **JULY 31, 2025** | **JULY 31, 2025** |
| Diversification of Assets | Diversification of Assets |
| Country | % of Net Assets |
| United States | 93.8% |
| Canada | 4.0% |
| Total | 97.8% |
| Money Market Fund | 0.1% |
| Other Assets in Excess of Liabilities | 2.1% |
| Grand Total | 100.0% |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **ASSET MANAGEMENT - 3.2%** |  |
| 158885 | Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp; $3074425 |
|  | **AUTOMOTIVE - 3.3%** |  |
| 131146 | Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp; 3190782 |
|  | **BEVERAGES - 6.5%** |  |
| 16149 | Boston Beer Company, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3344134 |
| 49393 | Monster Beverage Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2901839 |
|  |  | &nbsp;&nbsp; 6245973 |
|  | **CABLE & SATELLITE - 3.0%** |  |
| 134520 | Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp; 2841062 |
|  | **CHEMICALS - 3.3%** |  |
| 33580 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 3117231 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.2%** |  |
| 56357 | H&R Block, Inc. | &nbsp;&nbsp;&nbsp; 3062439 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.2%** |  |
| 8116 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; 2872983 |
| 140979 | Premier, Inc., Class A | &nbsp;&nbsp;&nbsp; 3028229 |
|  |  | &nbsp;&nbsp; 5901212 |
|  | **HEALTH CARE REIT - 3.2%** |  |
| 196727 | Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 3021727 |
|  | **HOUSEHOLD PRODUCTS - 3.3%** |  |
| 58245 | Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp; 3116690 |
|  | **INSURANCE - 12.8%** |  |
| 36100 | American International Group, Inc. | &nbsp;&nbsp;&nbsp; 2802443 |
| 86839 | Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp; 3087995 |
| 24862 | Globe Life, Inc. | &nbsp;&nbsp;&nbsp; 3492364 |
| 80250 | Old Republic International Corporation | &nbsp;&nbsp;&nbsp; 2902643 |
|  |  | &nbsp;&nbsp; 12285445 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 6.6%** |  |
| 99782 | Match Group, Inc. | &nbsp;&nbsp;&nbsp; $3419530 |
| 10635 | VeriSign, Inc. | &nbsp;&nbsp;&nbsp; 2859432 |
|  |  | &nbsp;&nbsp; 6278962 |
|  | **LEISURE FACILITIES & SERVICES - 10.5%** |  |
| 39600 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp; 3362040 |
| 24507 | Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp; 3129789 |
| 59890 | Travel + Leisure Company | &nbsp;&nbsp;&nbsp; 3548483 |
|  |  | &nbsp;&nbsp; 10040312 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.3%** |  |
| 47367 | Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3165063 |
|  | **OIL & GAS PRODUCERS - 10.0%** |  |
| 25821 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 3099036 |
| 74832 | HF Sinclair Corporation | &nbsp;&nbsp;&nbsp; 3288119 |
| 18555 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 3157875 |
|  |  | &nbsp;&nbsp; 9545030 |
|  | **PUBLISHING & BROADCASTING - 3.5%** |  |
| 18018 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 3371348 |
|  | **SPECIALTY FINANCE - 3.0%** |  |
| 111118 | MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 2877956 |
|  | **TECHNOLOGY HARDWARE - 6.5%** |  |
| 58502 | Avnet, Inc. | &nbsp;&nbsp;&nbsp; 3097096 |
| 125981 | HP, Inc. | &nbsp;&nbsp;&nbsp; 3124329 |
|  |  | &nbsp;&nbsp; 6221425 |
|  | **TECHNOLOGY SERVICES - 3.1%** |  |
| 30406 | Euronet Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2954855 |
|  | **WHOLESALE - CONSUMER STAPLES - 3.5%** |  |
| 40211 | US Foods Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3350783 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  |  | | | | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** | **COMMON STOCKS — 98.0% (Continued)** | **COMMON STOCKS — 98.0% (Continued)** | | | |
|  | **TOTAL COMMON STOCKS (Cost $92,403,091)** | **TOTAL COMMON STOCKS (Cost $92,403,091)** | **TOTAL COMMON STOCKS (Cost $92,403,091)** |  |  | &nbsp;&nbsp; $93662720 |
|  | **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** |  |  |  |
|  | **MONEY MARKET FUND - 0.1%** | **MONEY MARKET FUND - 0.1%** | **MONEY MARKET FUND - 0.1%** |  |  |  |
| 129098 | Gold Sachs Financial Square Government Fund, Administration Class, 3.92%<sup>(b)(c)</sup> <br> (Cost $129,098) | Gold Sachs Financial Square Government Fund, Administration Class, 3.92%<sup>(b)(c)</sup> <br> (Cost $129,098) | Gold Sachs Financial Square Government Fund, Administration Class, 3.92%<sup>(b)(c)</sup> <br> (Cost $129,098) | Gold Sachs Financial Square Government Fund, Administration Class, 3.92%<sup>(b)(c)</sup> <br> (Cost $129,098) | Gold Sachs Financial Square Government Fund, Administration Class, 3.92%<sup>(b)(c)</sup> <br> (Cost $129,098) | &nbsp;&nbsp; 129098 |
| **Contracts<sup>(d)</sup>** |  |  |  |  |  |  |
|  | **EQUITY OPTIONS PURCHASED — 0.9%** | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.9%** | **PUT OPTIONS PURCHASED - 0.9%** | **PUT OPTIONS PURCHASED - 0.9%** |  |  |  |
| 440 | SPDR S&P 500 ETF Trust | BTIG | 12/31/2025 | $485 | &nbsp;&nbsp;&nbsp; $21340000 | &nbsp;&nbsp;&nbsp; 129360 |
| 65 | SPDR S&P 500 ETF Trust | BTIG | 03/31/2026 | 500 | &nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 37830 |
| 950 | SPDR S&P 500 ETF Trust | BTIG | 03/31/2026 | 515 | &nbsp;&nbsp;&nbsp; 48925000 | &nbsp;&nbsp;&nbsp; 716775 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,728,571) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,728,571) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,728,571) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,728,571) |  | &nbsp;&nbsp; 883965 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $3,728,571) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $3,728,571) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $3,728,571) |  |  | 883965 |
|  | **TOTAL INVESTMENTS - 99.0% (Cost $96,260,760)** | **TOTAL INVESTMENTS - 99.0% (Cost $96,260,760)** | **TOTAL INVESTMENTS - 99.0% (Cost $96,260,760)** |  |  | &nbsp;&nbsp;&nbsp; $94675783 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** |  |  | &nbsp;&nbsp; 988918 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $95664701 |

---

---

| | |
|:---|:---|
| 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 July 31, 2025.

<sup>(c)</sup> All or a portion of the security is held in a separate collateral account at July 31, 2025 for options contracts. The total fair value of the collateral as of July 31, 2025 is $129,098 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.

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0%** |  |
|  | **AEROSPACE & DEFENSE - 1.1%** |  |
| 4481 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; $1396324 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.2%** |  |
| 14920 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp; 1611808 |
|  | **ASSET MANAGEMENT - 1.1%** |  |
| 6701 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp; 1406339 |
|  | **AUTOMOTIVE - 1.1%** |  |
| 26691 | General Motors Company | &nbsp;&nbsp;&nbsp; 1423698 |
|  | **BIOTECH & PHARMA - 1.8%** |  |
| 29979 | Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1085839 |
| 10411 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1335003 |
|  |  | &nbsp;&nbsp; 2420842 |
|  | **CHEMICALS - 2.0%** |  |
| 14259 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1323664 |
| 1891 | NewMarket Corporation | &nbsp;&nbsp;&nbsp; 1299117 |
|  |  | &nbsp;&nbsp; 2622781 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.0%** |  |
| 155539 | ADT, Inc. | &nbsp;&nbsp;&nbsp; 1298751 |
| 23995 | H&R Block, Inc. | &nbsp;&nbsp;&nbsp; 1303888 |
|  |  | &nbsp;&nbsp; 2602639 |
|  | **CONSTRUCTION MATERIALS - 2.0%** |  |
| 3491 | Carlisle Companies, Inc. | &nbsp;&nbsp;&nbsp; 1238293 |
| 6465 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp; 1450035 |
|  |  | &nbsp;&nbsp; 2688328 |
|  | **CONSUMER SERVICES - 0.9%** |  |
| 6929 | Grand Canyon Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1168437 |
|  | **CONTAINERS & PACKAGING - 1.0%** |  |
| 12754 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1267237 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 1.2%** |  |
| 17657 | eBay, Inc. | &nbsp;&nbsp;&nbsp; $1620030 |
|  | **ELECTRIC UTILITIES - 1.0%** |  |
| 8121 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 1357831 |
|  | **ELECTRICAL EQUIPMENT - 2.3%** |  |
| 1598 | Ralliant Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 73061 |
| 17350 | Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1455492 |
| 35568 | Vontier Corporation | &nbsp;&nbsp;&nbsp; 1475004 |
|  |  | &nbsp;&nbsp; 3003557 |
|  | **ENGINEERING & CONSTRUCTION - 2.2%** |  |
| 2441 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 1531703 |
| 9978 | Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1415579 |
|  |  | &nbsp;&nbsp; 2947282 |
|  | **ENTERTAINMENT CONTENT - 1.9%** |  |
| 8246 | Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp; 1257433 |
| 25607 | Fox Corporation, Class B | &nbsp;&nbsp;&nbsp; 1309542 |
|  |  | &nbsp;&nbsp; 2566975 |
|  | **FOOD - 1.9%** |  |
| 22592 | BellRing Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1233071 |
| 12105 | Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1280830 |
|  |  | &nbsp;&nbsp; 2513901 |
|  | **HEALTH CARE FACILITIES & SERVICES - 10.2%** |  |
| 2777 | Chemed Corporation | &nbsp;&nbsp;&nbsp; 1144957 |
| 4001 | Cigna Group (The) | &nbsp;&nbsp;&nbsp; 1069787 |
| 9190 | DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1290000 |
| 3452 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; 1221973 |
| 17938 | Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1213506 |
| 1805 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 1251840 |
| 4212 | Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1799367 |
| 4427 | Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 698890 |
| 59944 | Premier, Inc., Class A | &nbsp;&nbsp;&nbsp; 1287597 |
| 7556 | Tenet Healthcare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1218632 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 10.2% (Continued)** |  |
| 7301 | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp; $1215251 |
|  |  | &nbsp;&nbsp; 13411800 |
|  | **HOME CONSTRUCTION - 4.1%** |  |
| 20346 | Masco Corporation | &nbsp;&nbsp;&nbsp; 1386173 |
| 178 | NVR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1343809 |
| 12352 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 1394788 |
| 11422 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp; 1351908 |
|  |  | &nbsp;&nbsp; 5476678 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.0%** |  |
| 2979 | Watsco, Inc. | &nbsp;&nbsp;&nbsp; 1343172 |
| 1263 | WW Grainger, Inc. | &nbsp;&nbsp;&nbsp; 1312939 |
|  |  | &nbsp;&nbsp; 2656111 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.0%** |  |
| 23847 | Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1375018 |
| 14601 | SEI Investments Company | &nbsp;&nbsp;&nbsp; 1286640 |
|  |  | &nbsp;&nbsp; 2661658 |
|  | **INSURANCE - 11.4%** |  |
| 12486 | Aflac, Inc. | &nbsp;&nbsp;&nbsp; 1240609 |
| 15360 | American International Group, Inc. | &nbsp;&nbsp;&nbsp; 1192397 |
| 24302 | Brighthouse Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1162851 |
| 36938 | Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp; 1313515 |
| 23367 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1199895 |
| 10573 | Globe Life, Inc. | &nbsp;&nbsp;&nbsp; 1485189 |
| 10389 | Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1292288 |
| 14328 | Loews Corporation | &nbsp;&nbsp;&nbsp; 1297257 |
| 16310 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 1238745 |
| 34100 | Old Republic International Corporation | &nbsp;&nbsp;&nbsp; 1233397 |
| 4834 | Primerica, Inc. | &nbsp;&nbsp;&nbsp; 1284055 |
| 16243 | Unum Group | &nbsp;&nbsp;&nbsp; 1166410 |
|  |  | &nbsp;&nbsp; 15106608 |
|  | **INTERNET MEDIA & SERVICES - 0.9%** |  |
| 4520 | VeriSign, Inc. | &nbsp;&nbsp;&nbsp; 1215292 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 6.3%** |  |
| 16822 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp; $1428188 |
| 19173 | Dutch Bros, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1136384 |
| 4964 | Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1330749 |
| 13671 | Light & Wonder, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1316791 |
| 25481 | Travel + Leisure Company | &nbsp;&nbsp;&nbsp; 1509748 |
| 3931 | Wingstop, Inc. | &nbsp;&nbsp;&nbsp; 1483324 |
|  |  | &nbsp;&nbsp; 8205184 |
|  | **LEISURE PRODUCTS - 0.9%** |  |
| 66551 | Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1132033 |
|  | **MACHINERY - 2.1%** |  |
| 3373 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp; 1477441 |
| 15260 | Graco, Inc. | &nbsp;&nbsp;&nbsp; 1281535 |
|  |  | &nbsp;&nbsp; 2758976 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9%** |  |
| 22443 | Globus Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1181175 |
| 2463 | IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1316006 |
|  |  | &nbsp;&nbsp; 2497181 |
|  | **METALS & MINING - 1.1%** |  |
| 22664 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 1407434 |
|  | **OIL & GAS PRODUCERS - 1.9%** |  |
| 7891 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 1342969 |
| 3252 | Murphy USA, Inc. | &nbsp;&nbsp;&nbsp; 1178785 |
|  |  | &nbsp;&nbsp; 2521754 |
|  | **PUBLISHING & BROADCASTING - 1.1%** |  |
| 7637 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 1428959 |
|  | **REAL ESTATE SERVICES - 1.1%** |  |
| 9376 | CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1460218 |
|  | **RETAIL - CONSUMER STAPLES - 1.0%** |  |
| 18365 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 1287387 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 4.0%** |  |
| 6631 | AutoNation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1277396 |
| 3158 | Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp; 1474565 |
| 3912 | Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp; 1126656 |
| 2796 | Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1439968 |
|  |  | &nbsp;&nbsp; 5318585 |
|  | **SEMICONDUCTORS - 1.9%** |  |
| 12529 | Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1261796 |
| 1783 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 1268141 |
|  |  | &nbsp;&nbsp; 2529937 |
|  | **SOFTWARE - 2.1%** |  |
| 5737 | Appfolio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1533959 |
| 45873 | Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1246369 |
|  |  | &nbsp;&nbsp; 2780328 |
|  | **SPECIALTY FINANCE - 2.9%** |  |
| 2583 | Credit Acceptance Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1266393 |
| 47213 | MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 1222817 |
| 19628 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 1367483 |
|  |  | &nbsp;&nbsp; 3856693 |
|  | **STEEL - 0.9%** |  |
| 4149 | Reliance, Inc. | &nbsp;&nbsp;&nbsp; 1203749 |
|  | **TECHNOLOGY HARDWARE - 4.2%** |  |
| 6544 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 1358338 |
| 10686 | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp; 1417926 |
| 6037 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 1347277 |
| 9734 | TD SYNNEX Corporation | &nbsp;&nbsp;&nbsp; 1405492 |
|  |  | &nbsp;&nbsp; 5529033 |
|  | **TECHNOLOGY SERVICES - 5.6%** |  |
| 2756 | CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1269331 |
| 16172 | Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp; 1284219 |
| 7627 | Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1059695 |
| 8319 | Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1328128 |
| 17601 | PayPal Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1210245 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 5.6% (Continued)** |  |
| 11740 | Science Applications International Corporation | &nbsp;&nbsp;&nbsp; $1308775 |
|  |  | &nbsp;&nbsp; 7460393 |
|  | **TELECOMMUNICATIONS - 1.0%** |  |
| 5532 | T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp; 1318884 |
|  | **TRANSPORTATION & LOGISTICS - 2.8%** |  |
| 11471 | Kirby Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1093301 |
| 8239 | Ryder System, Inc. | &nbsp;&nbsp;&nbsp; 1464152 |
| 40605 | Southwest Airlines Company | &nbsp;&nbsp;&nbsp; 1255913 |
|  |  | &nbsp;&nbsp; 3813366 |
|  | **TRANSPORTATION EQUIPMENT - 0.9%** |  |
| 13725 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1236211 |
|  | **TOTAL COMMON STOCKS (Cost $122,891,876)** | &nbsp;&nbsp; 130892461 |
|  | **TOTAL INVESTMENTS - 99.0% (Cost $122,891,876)** | &nbsp;&nbsp;&nbsp; $130892461 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | &nbsp;&nbsp; 1280119 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $132172580 |

---

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

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.9%** |  |
|  | **AEROSPACE & DEFENSE - 0.5%** |  |
| 387 | Boeing Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $85852 |
| 138 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; 43002 |
| 100 | L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp; 27482 |
| 112 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp; 47150 |
| 70 | Northrop Grumman Corporation | &nbsp;&nbsp;&nbsp; 40363 |
| 295 | RTX Corporation | &nbsp;&nbsp;&nbsp; 46483 |
|  |  | &nbsp;&nbsp; 290332 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 547 | NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp; 40855 |
|  | **ASSET MANAGEMENT - 0.5%** |  |
| 75 | Blackrock, Inc. | &nbsp;&nbsp;&nbsp; 82951 |
| 382 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; 66071 |
| 887 | Charles Schwab Corporation (The) | &nbsp;&nbsp;&nbsp; 86686 |
| 202 | KKR & Company, Inc. | &nbsp;&nbsp;&nbsp; 29609 |
|  |  | &nbsp;&nbsp; 265317 |
|  | **AUTOMOTIVE - 0.1%** |  |
| 2011 | Ford Motor Company | &nbsp;&nbsp;&nbsp; 22262 |
| 507 | General Motors Company | &nbsp;&nbsp;&nbsp; 27043 |
|  |  | &nbsp;&nbsp; 49305 |
|  | **BANKING - 1.2%** |  |
| 3463 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 163696 |
| 974 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 91264 |
| 623 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 184557 |
| 206 | PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 39196 |
| 680 | Truist Financial Corporation | &nbsp;&nbsp;&nbsp; 29723 |
| 828 | US Bancorp | &nbsp;&nbsp;&nbsp; 37227 |
| 1699 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 136990 |
|  |  | &nbsp;&nbsp; 682653 |
|  | **BEVERAGES - 0.5%** |  |
| 2007 | Coca-Cola Company (The) | &nbsp;&nbsp;&nbsp; 136255 |
| 714 | Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp; 23312 |
| 701 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 96682 |
|  |  | &nbsp;&nbsp; 256249 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.9% (Continued)** |  |
|  | **BIOTECH & PHARMA - 1.2%** |  |
| 549 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; $103772 |
| 163 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 48101 |
| 1068 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp; 46255 |
| 636 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 71416 |
| 1264 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 208232 |
| 1316 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 102806 |
| 2987 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 69567 |
| 60 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp; 32728 |
| 238 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp; 34698 |
|  |  | &nbsp;&nbsp; 717575 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 54 | Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14545 |
| 1940 | Comcast Corporation, Class A | &nbsp;&nbsp;&nbsp; 64467 |
|  |  | &nbsp;&nbsp; 79012 |
|  | **CHEMICALS - 0.1%** |  |
| 121 | Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp; 34833 |
| 359 | Corteva, Inc. | &nbsp;&nbsp;&nbsp; 25895 |
|  |  | &nbsp;&nbsp; 60728 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.0%<sup>(b)</sup>** |  |
| 91 | Waste Management, Inc. | &nbsp;&nbsp;&nbsp; 20854 |
|  | **DATA CENTER REIT - 0.1%** |  |
| 165 | Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 29113 |
| 28 | Equinix, Inc. | &nbsp;&nbsp;&nbsp; 21985 |
|  |  | &nbsp;&nbsp; 51098 |
|  | **DIVERSIFIED INDUSTRIALS - 0.4%** |  |
| 281 | 3M Company | &nbsp;&nbsp;&nbsp; 41931 |
| 327 | General Electric Company | &nbsp;&nbsp;&nbsp; 88643 |
| 334 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp; 74265 |
| 84 | Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp; 21501 |
|  |  | &nbsp;&nbsp; 226340 |
|  | **E-COMMERCE DISCRETIONARY - 0.8%** |  |
| 2053 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 480629 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.9% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 0.5%** |  |
| 278 | American Electric Power Company, Inc. | &nbsp;&nbsp;&nbsp; $31453 |
| 444 | Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp; 25952 |
| 410 | Duke Energy Corporation | &nbsp;&nbsp;&nbsp; 49872 |
| 235 | Entergy Corporation | &nbsp;&nbsp;&nbsp; 21251 |
| 523 | Exelon Corporation | &nbsp;&nbsp;&nbsp; 23504 |
| 370 | NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 26292 |
| 346 | Sempra | &nbsp;&nbsp;&nbsp; 28261 |
| 570 | Southern Company (The) | &nbsp;&nbsp;&nbsp; 53854 |
| 304 | Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp; 22326 |
|  |  | &nbsp;&nbsp; 282765 |
|  | **ELECTRICAL EQUIPMENT - 0.1%** |  |
| 204 | Otis Worldwide Corporation | &nbsp;&nbsp;&nbsp; 17481 |
| 64 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; 22509 |
|  |  | &nbsp;&nbsp; 39990 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 90 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20046 |
| 930 | Walt Disney Company (The) | &nbsp;&nbsp;&nbsp; 110772 |
|  |  | &nbsp;&nbsp; 130818 |
|  | **FOOD - 0.1%** |  |
| 690 | Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp; 44636 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.6%** |  |
| 129 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 20023 |
| 92 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 26319 |
| 141 | Cigna Group (The) | &nbsp;&nbsp;&nbsp; 37701 |
| 660 | CVS Health Corporation | &nbsp;&nbsp;&nbsp; 40986 |
| 118 | Elevance Health, Inc. | &nbsp;&nbsp;&nbsp; 33403 |
| 71 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 49241 |
| 467 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 116546 |
|  |  | &nbsp;&nbsp; 324219 |
|  | **HEALTH CARE REIT - 0.0%<sup>(b)</sup>** |  |
| 153 | Welltower, Inc. | &nbsp;&nbsp;&nbsp; 25256 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.9% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 0.4%** |  |
| 233 | Colgate-Palmolive Company | &nbsp;&nbsp;&nbsp; $19537 |
| 1023 | Kenvue, Inc. | &nbsp;&nbsp;&nbsp; 21933 |
| 174 | Kimberly-Clark Corporation | &nbsp;&nbsp;&nbsp; 21684 |
| 1238 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 186282 |
|  |  | &nbsp;&nbsp; 249436 |
|  | **INDUSTRIAL REIT - 0.2%** |  |
| 496 | Prologis, Inc. | &nbsp;&nbsp;&nbsp; 52962 |
|  | **INFRASTRUCTURE REIT - 0.1%** |  |
| 247 | American Tower Corporation | &nbsp;&nbsp;&nbsp; 51472 |
| 227 | Crown Castle, Inc. | &nbsp;&nbsp;&nbsp; 23855 |
|  |  | &nbsp;&nbsp; 75327 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.4%** |  |
| 193 | CME Group, Inc. | &nbsp;&nbsp;&nbsp; 53708 |
| 158 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 114327 |
| 143 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 26431 |
| 356 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 50716 |
|  |  | &nbsp;&nbsp; 245182 |
|  | **INSURANCE - 0.7%** |  |
| 257 | Aflac, Inc. | &nbsp;&nbsp;&nbsp; 25536 |
| 134 | Allstate Corporation (The) | &nbsp;&nbsp;&nbsp; 27236 |
| 304 | American International Group, Inc. | &nbsp;&nbsp;&nbsp; 23600 |
| 73 | Arthur J Gallagher & Company | &nbsp;&nbsp;&nbsp; 20969 |
| 492 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 232164 |
| 143 | Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp; 28486 |
| 296 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 22481 |
| 189 | Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp; 19577 |
| 122 | Travelers Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 31748 |
|  |  | &nbsp;&nbsp; 431797 |
|  | **LEISURE FACILITIES & SERVICES - 0.3%** |  |
| 369 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 110726 |
| 600 | Starbucks Corporation | &nbsp;&nbsp;&nbsp; 53496 |
|  |  | &nbsp;&nbsp; 164222 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.9% (Continued)** |  |
|  | **MACHINERY - 0.1%** |  |
| 75 | Deere & Company | &nbsp;&nbsp;&nbsp; $39328 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.7%** |  |
| 902 | Abbott Laboratories | &nbsp;&nbsp;&nbsp; 113824 |
| 149 | Becton Dickinson and Company | &nbsp;&nbsp;&nbsp; 26559 |
| 349 | Danaher Corporation | &nbsp;&nbsp;&nbsp; 68809 |
| 307 | Edwards Lifesciences Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24348 |
| 46 | IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24578 |
| 85 | Stryker Corporation | &nbsp;&nbsp;&nbsp; 33382 |
| 209 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 97745 |
|  |  | &nbsp;&nbsp; 389245 |
|  | **METALS & MINING - 0.1%** |  |
| 769 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 30945 |
| 603 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 37446 |
|  |  | &nbsp;&nbsp; 68391 |
|  | **OIL & GAS PRODUCERS - 1.0%** |  |
| 862 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 130714 |
| 675 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 64355 |
| 292 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 35046 |
| 2304 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 257218 |
| 1001 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 28088 |
| 165 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 28081 |
| 216 | Phillips 66 | &nbsp;&nbsp;&nbsp; 26693 |
| 170 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 23343 |
| 309 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 18525 |
|  |  | &nbsp;&nbsp; 612063 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.1%** |  |
| 519 | Baker Hughes Company | &nbsp;&nbsp;&nbsp; 23381 |
| 713 | Schlumberger Ltd. | &nbsp;&nbsp;&nbsp; 24099 |
|  |  | &nbsp;&nbsp; 47480 |
|  | **RETAIL - CONSUMER STAPLES - 0.2%** |  |
| 325 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 22783 |
| 240 | Target Corporation | &nbsp;&nbsp;&nbsp; 24120 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.9% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 0.2% (Continued)** |  |
| 747 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; $73191 |
|  |  | &nbsp;&nbsp; 120094 |
|  | **RETAIL - DISCRETIONARY - 0.4%** |  |
| 290 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 106577 |
| 295 | Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp; 65953 |
| 175 | Ross Stores, Inc. | &nbsp;&nbsp;&nbsp; 23895 |
| 243 | TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 30261 |
|  |  | &nbsp;&nbsp; 226686 |
|  | **RETAIL REIT - 0.0%<sup>(b)</sup>** |  |
| 482 | Realty Income Corporation | &nbsp;&nbsp;&nbsp; 27055 |
|  | **SEMICONDUCTORS - 1.1%** |  |
| 861 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151803 |
| 264 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; 59302 |
| 250 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; 45015 |
| 2303 | Intel Corporation | &nbsp;&nbsp;&nbsp; 45599 |
| 675 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 64017 |
| 283 | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp; 19128 |
| 604 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp; 65921 |
| 575 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 84387 |
| 481 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; 87090 |
|  |  | &nbsp;&nbsp; 622262 |
|  | **SOFTWARE - 1.9%** |  |
| 135 | Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48288 |
| 70 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25520 |
| 1873 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 999245 |
| 62 | Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp; 34125 |
| 41 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25972 |
|  |  | &nbsp;&nbsp; 1133150 |
|  | **SPECIALTY FINANCE - 0.1%** |  |
| 335 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp; 72025 |
|  | **TECHNOLOGY HARDWARE - 1.8%** |  |
| 4251 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 882380 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.9% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 1.8% (Continued)** |  |
| 2091 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; $142355 |
| 402 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 25422 |
|  |  | &nbsp;&nbsp; 1050157 |
|  | **TECHNOLOGY SERVICES - 0.2%** |  |
| 93 | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp; 28784 |
| 263 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 18873 |
| 65 | Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24554 |
| 272 | Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp; 21600 |
| 87 | S&P Global, Inc. | &nbsp;&nbsp;&nbsp; 47945 |
|  |  | &nbsp;&nbsp; 141756 |
|  | **TELECOMMUNICATIONS - 0.5%** |  |
| 3686 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 101033 |
| 120 | T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp; 28609 |
| 2176 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 93046 |
|  |  | &nbsp;&nbsp; 222688 |
|  | **TOBACCO & CANNABIS - 0.2%** |  |
| 481 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 29793 |
| 376 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp; 61683 |
|  |  | &nbsp;&nbsp; 91476 |
|  | **TRANSPORTATION & LOGISTICS - 0.3%** |  |
| 116 | FedEx Corporation | &nbsp;&nbsp;&nbsp; 25925 |
| 123 | Norfolk Southern Corporation | &nbsp;&nbsp;&nbsp; 34194 |
| 314 | Union Pacific Corporation | &nbsp;&nbsp;&nbsp; 69698 |
| 385 | United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp; 33172 |
|  |  | &nbsp;&nbsp; 162989 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.0%<sup>(b)</sup>** |  |
| 258 | Sysco Corporation | &nbsp;&nbsp;&nbsp; 20537 |
|  | **TOTAL COMMON STOCKS (Cost $9,791,823)** | &nbsp;&nbsp; 10334939 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 81.2%** |  |
|  | **EQUITY - 81.2%** |  |
| 27465 | iShares S&P Small-Cap 600 Growth ETF | &nbsp;&nbsp;&nbsp; $3671796 |
| 93271 | iShares S&P Small-Cap 600 Value ETF | &nbsp;&nbsp;&nbsp; 9407313 |
| 94509 | SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 9314807 |
| 41206 | SPDR S&P 600 Small Cap Growth ETF | &nbsp;&nbsp;&nbsp; 3675163 |
| 116289 | SPDR S&P 600 Small Cap Value ETF | &nbsp;&nbsp;&nbsp; 9404291 |
| 227633 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 11336124 |
|  |  | &nbsp;&nbsp; 46809494 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $45,274,853)** | &nbsp;&nbsp; 46809494 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $55,066,676)** | &nbsp;&nbsp;&nbsp; $57144433 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | &nbsp;&nbsp; 514479 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $57658912 |

---

---

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

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2%** | **CORPORATE BONDS — 46.2%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **2.0%** | **AEROSPACE & DEFENSE** — **2.0%** |  |  |  |
| 118000 | Boeing Company (The) |  | 2.1960 | &nbsp;&nbsp;&nbsp;02/04/26 | $116451 |
| 107000 | Boeing Company (The) |  | 5.1500 | &nbsp;&nbsp;&nbsp;05/01/30 | 108759 |
| 108000 | Boeing Company (The) |  | 5.7050 | &nbsp;&nbsp;&nbsp;05/01/40 | 107347 |
| 109000 | Boeing Company (The) |  | 5.8050 | &nbsp;&nbsp;&nbsp;05/01/50 | 105238 |
| 111000 | Boeing Company (The) |  | 5.9300 | &nbsp;&nbsp;&nbsp;05/01/60 | 106260 |
| 10000 | Bombardier, Inc.<sup>(a)</sup> |  | 7.8750 | &nbsp;&nbsp;&nbsp;04/15/27 | 10056 |
| 114000 | RTX Corporation |  | 4.1250 | &nbsp;&nbsp;&nbsp;11/16/28 | 113221 |
| 133000 | RTX Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/42 | 117535 |
| 120000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;&nbsp;08/15/28 | 122617 |
| 120000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;&nbsp;12/15/30 | 124465 |
|  |  |  |  |  | 1031949 |
|  | **AUTOMOTIVE** — **0.5%** | **AUTOMOTIVE** — **0.5%** |  |  |  |
| 119000 | Clarios Global, L.P. / Clarios US Finance Company<sup>(a)</sup> |  | 8.5000 | &nbsp;&nbsp;&nbsp;05/15/27 | 119971 |
| 154000 | Tenneco, Inc.<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;&nbsp;11/17/28 | 153092 |
|  |  |  |  |  | 273063 |
|  | **BANKING** — **5.8%** | **BANKING** — **5.8%** |  |  |  |
| 124000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 0.960% | 1.7340 | &nbsp;&nbsp;&nbsp;07/22/27 | 120603 |
| 121000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.302% | 3.4190 | &nbsp;&nbsp;&nbsp;12/20/28 | 118172 |
| 116000 | Bank of America Corporation Series N<sup>(b)</sup> | TSFR3M + 1.572% | 4.2710 | &nbsp;&nbsp;&nbsp;07/23/29 | 115477 |
| 120000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.472% | 3.9740 | &nbsp;&nbsp;&nbsp;02/07/30 | 118053 |
| 136000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.252% | 2.4960 | &nbsp;&nbsp;&nbsp;02/13/31 | 124161 |
| 139000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | &nbsp;&nbsp;&nbsp;04/22/32 | 124671 |
| 163000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.930% | 2.6760 | &nbsp;&nbsp;&nbsp;06/19/41 | 116291 |
| 161000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3110 | &nbsp;&nbsp;&nbsp;04/22/42 | 123134 |
| 146000 | Bank of America Corporation Series B<sup>(b)</sup> | TSFR3M + 3.412% | 4.0830 | &nbsp;&nbsp;&nbsp;03/20/51 | 115823 |
| 113000 | Citigroup, Inc. |  | 4.4500 | &nbsp;&nbsp;&nbsp;09/29/27 | 112707 |
| 116000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 3.914% | 4.4120 | &nbsp;&nbsp;&nbsp;03/31/31 | 114663 |
| 136000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.107% | 2.5720 | &nbsp;&nbsp;&nbsp;06/03/31 | 123358 |
| 123000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 0.885% | 1.5780 | &nbsp;&nbsp;&nbsp;04/22/27 | 120357 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2% (Continued)** | **CORPORATE BONDS — 46.2% (Continued)** |  |  |  |
|  | **BANKING** — **5.8% (Continued)** | **BANKING** — **5.8% (Continued)** |  |  |  |
| 133000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.510% | 2.7390 | &nbsp;&nbsp;&nbsp;10/15/30 | $123941 |
| 115000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 3.790% | 4.4930 | &nbsp;&nbsp;&nbsp;03/24/31 | 114617 |
| 138000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.250% | 2.5800 | &nbsp;&nbsp;&nbsp;04/22/32 | 123222 |
| 108000 | JPMorgan Chase & Company |  | 6.4000 | &nbsp;&nbsp;&nbsp;05/15/38 | 120077 |
| 145000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.642% | 3.9640 | &nbsp;&nbsp;&nbsp;11/15/48 | 115484 |
| 156000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3280 | &nbsp;&nbsp;&nbsp;04/22/52 | 108808 |
| 116000 | Wells Fargo & Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;04/22/26 | 114830 |
| 117000 | Wells Fargo & Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;10/23/26 | 115036 |
| 125000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.100% | 2.3930 | &nbsp;&nbsp;&nbsp;06/02/28 | 120380 |
| 134000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.432% | 2.8790 | &nbsp;&nbsp;&nbsp;10/30/30 | 125195 |
| 168000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.530% | 3.0680 | &nbsp;&nbsp;&nbsp;04/30/41 | 126859 |
| 127000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 4.502% | 5.0130 | &nbsp;&nbsp;&nbsp;04/04/51 | 115315 |
|  |  |  |  |  | 2971234 |
|  | **BEVERAGES** — **0.5%** | **BEVERAGES** — **0.5%** |  |  |  |
| 114000 | Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc. |  | 4.7000 | &nbsp;&nbsp;&nbsp;02/01/36 | 110764 |
| 120000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | &nbsp;&nbsp;&nbsp;01/23/49 | 118249 |
|  |  |  |  |  | 229013 |
|  | **BIOTECH & PHARMA** — **2.3%** | **BIOTECH & PHARMA** — **2.3%** |  |  |  |
| 115000 | AbbVie, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;11/21/26 | 112997 |
| 123000 | AbbVie, Inc. |  | 3.2000 | &nbsp;&nbsp;&nbsp;11/21/29 | 117234 |
| 134000 | AbbVie, Inc. |  | 4.0500 | &nbsp;&nbsp;&nbsp;11/21/39 | 116967 |
| 136000 | AbbVie, Inc. |  | 4.2500 | &nbsp;&nbsp;&nbsp;11/21/49 | 111145 |
| 135000 | Amgen, Inc. |  | 4.6630 | &nbsp;&nbsp;&nbsp;06/15/51 | 114347 |
| 106000 | AstraZeneca plc |  | 6.4500 | &nbsp;&nbsp;&nbsp;09/15/37 | 118410 |
| 119000 | Bristol-Myers Squibb Company |  | 3.4000 | &nbsp;&nbsp;&nbsp;07/26/29 | 114844 |
| 137000 | Bristol-Myers Squibb Company |  | 4.2500 | &nbsp;&nbsp;&nbsp;10/26/49 | 110036 |
| 106000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | &nbsp;&nbsp;&nbsp;05/15/38 | 117112 |
| 96000 | Pfizer, Inc. |  | 7.2000 | &nbsp;&nbsp;&nbsp;03/15/39 | 113144 |
|  |  |  |  |  | 1146236 |
|  | **CABLE & SATELLITE** — **5.4%** | **CABLE & SATELLITE** — **5.4%** |  |  |  |
| 129000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;&nbsp;05/01/27 | 128064 |
| 132000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | 129816 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2% (Continued)** | **CORPORATE BONDS — 46.2% (Continued)** |  |  |  |
|  | **CABLE & SATELLITE** — **5.4% (Continued)** | **CABLE & SATELLITE** — **5.4% (Continued)** |  |  |  |
| 136000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 5.3750 | &nbsp;&nbsp;&nbsp;06/01/29 | $133667 |
| 127000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;&nbsp;09/01/29 | 128253 |
| 140000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;03/01/30 | 133490 |
| 144000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;08/15/30 | 134858 |
| 150000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;&nbsp;02/01/31 | 137366 |
| 154000 | CCO Holdings, LLC / CCO Holdings Capital Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;05/01/32 | 139848 |
| 160000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/33 | 142232 |
| 167000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;&nbsp;01/15/34 | 143939 |
| 112000 | Comcast Corporation |  | 4.1500 | &nbsp;&nbsp;&nbsp;10/15/28 | 111295 |
| 122000 | Comcast Corporation |  | 4.6000 | &nbsp;&nbsp;&nbsp;10/15/38 | 112286 |
| 127000 | Comcast Corporation |  | 4.7000 | &nbsp;&nbsp;&nbsp;10/15/48 | 107999 |
| 181000 | Comcast Corporation |  | 2.8870 | &nbsp;&nbsp;&nbsp;11/01/51 | 109012 |
| 184000 | Comcast Corporation |  | 2.9370 | &nbsp;&nbsp;&nbsp;11/01/56 | 106509 |
| 136000 | DIRECTV Holdings, LLC / DIRECTV Financing Company,<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;&nbsp;08/15/27 | 135267 |
| 165000 | DISH DBS Corporation<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;12/01/26 | 155275 |
| 168000 | DISH DBS Corporation<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;12/01/28 | 150251 |
| 127000 | DISH Network Corporation<sup>(a)</sup> |  | 11.7500 | &nbsp;&nbsp;&nbsp;11/15/27 | 132370 |
| 129000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/27 | 127612 |
| 136000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;07/15/28 | 129726 |
|  |  |  |  |  | 2729135 |
|  | **CONSTRUCTION MATERIALS** — **0.3%** | **CONSTRUCTION MATERIALS** — **0.3%** |  |  |  |
| 140000 | Standard Industries, Inc.<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;07/15/30 | 132806 |
|  | **CONTAINERS & PACKAGING** — **0.2%** | **CONTAINERS & PACKAGING** — **0.2%** |  |  |  |
| 127000 | Mauser Packaging Solutions Holding Company<sup>(a)</sup> |  | 7.8750 | &nbsp;&nbsp;&nbsp;08/15/26 | 126460 |
|  | **DIVERSIFIED INDUSTRIALS** — **0.2%** | **DIVERSIFIED INDUSTRIALS** — **0.2%** |  |  |  |
| 107000 | General Electric Company |  | 6.7500 | &nbsp;&nbsp;&nbsp;03/15/32 | 120704 |
|  | **E-COMMERCE DISCRETIONARY** — **0.4%** | **E-COMMERCE DISCRETIONARY** — **0.4%** |  |  |  |
| 115000 | Amazon.com, Inc. |  | 3.1500 | &nbsp;&nbsp;&nbsp;08/22/27 | 112852 |
| 136000 | Amazon.com, Inc. |  | 4.0500 | &nbsp;&nbsp;&nbsp;08/22/47 | 112090 |
|  |  |  |  |  | 224942 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2% (Continued)** | **CORPORATE BONDS — 46.2% (Continued)** |  |  |  |
|  | **ELECTRIC UTILITIES** — **0.3%** | **ELECTRIC UTILITIES** — **0.3%** |  |  |  |
| 130000 | FirstEnergy Corporation |  | 4.1500 | &nbsp;&nbsp;&nbsp;07/15/27 | $128433 |
|  | **ELECTRICAL EQUIPMENT** — **0.5%** | **ELECTRICAL EQUIPMENT** — **0.5%** |  |  |  |
| 121000 | Emerald Debt Merger Sub, LLC<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;&nbsp;12/15/30 | 123521 |
| 117000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;06/15/28 | 118644 |
|  |  |  |  |  | 242165 |
|  | **ENGINEERING & CONSTRUCTION** — **0.2%** | **ENGINEERING & CONSTRUCTION** — **0.2%** |  |  |  |
| 114000 | Brand Industrial Services, Inc.<sup>(a)</sup> |  | 10.3750 | &nbsp;&nbsp;&nbsp;08/01/30 | 103925 |
|  | **FOOD** — **1.7%** | **FOOD** — **1.7%** |  |  |  |
| 115000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/01/26 | 113514 |
| 113000 | Kraft Heinz Foods Company |  | 3.8750 | &nbsp;&nbsp;&nbsp;05/15/27 | 111644 |
| 118000 | Kraft Heinz Foods Company |  | 4.2500 | &nbsp;&nbsp;&nbsp;03/01/31 | 114407 |
| 107000 | Kraft Heinz Foods Company<sup>(a)</sup> |  | 7.1250 | &nbsp;&nbsp;&nbsp;08/01/39 | 117730 |
| 124000 | Kraft Heinz Foods Company |  | 5.0000 | &nbsp;&nbsp;&nbsp;06/04/42 | 110508 |
| 122000 | Kraft Heinz Foods Company |  | 5.2000 | &nbsp;&nbsp;&nbsp;07/15/45 | 108361 |
| 138000 | Kraft Heinz Foods Company |  | 4.3750 | &nbsp;&nbsp;&nbsp;06/01/46 | 109751 |
| 129000 | Kraft Heinz Foods Company |  | 4.8750 | &nbsp;&nbsp;&nbsp;10/01/49 | 107934 |
|  |  |  |  |  | 893849 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **3.5%** | **HEALTH CARE FACILITIES & SERVICES** — **3.5%** |  |  |  |
| 137000 | CHS/Community Health Systems, Inc.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;03/15/27 | 137307 |
| 112000 | Cigna Group (The) |  | 4.3750 | &nbsp;&nbsp;&nbsp;10/15/28 | 111597 |
| 128000 | Cigna Group (The) |  | 4.9000 | &nbsp;&nbsp;&nbsp;12/15/48 | 110918 |
| 111000 | CVS Health Corporation |  | 4.3000 | &nbsp;&nbsp;&nbsp;03/25/28 | 110271 |
| 125000 | CVS Health Corporation |  | 4.7800 | &nbsp;&nbsp;&nbsp;03/25/38 | 114328 |
| 127000 | CVS Health Corporation |  | 5.1250 | &nbsp;&nbsp;&nbsp;07/20/45 | 111791 |
| 130000 | CVS Health Corporation |  | 5.0500 | &nbsp;&nbsp;&nbsp;03/25/48 | 111973 |
| 148000 | DaVita, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;06/01/30 | 141324 |
| 105000 | HCA, Inc. |  | 5.8750 | &nbsp;&nbsp;&nbsp;02/15/26 | 105085 |
| 123000 | HCA, Inc. |  | 5.6250 | &nbsp;&nbsp;&nbsp;09/01/28 | 126091 |
| 129000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/01/30 | 121629 |
| 121000 | Tenet Healthcare Corporation |  | 6.2500 | &nbsp;&nbsp;&nbsp;02/01/27 | 121163 |
| 128000 | Tenet Healthcare Corporation |  | 5.1250 | &nbsp;&nbsp;&nbsp;11/01/27 | 127564 |
| 126000 | Tenet Healthcare Corporation |  | 6.1250 | &nbsp;&nbsp;&nbsp;10/01/28 | 126090 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2% (Continued)** | **CORPORATE BONDS — 46.2% (Continued)** |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES** — **3.5% (Continued)** | **HEALTH CARE FACILITIES & SERVICES** — **3.5% (Continued)** |  |  |  |
| 125000 | Tenet Healthcare Corporation |  | 6.1250 | &nbsp;&nbsp;&nbsp;06/15/30 | $126277 |
|  |  |  |  |  | 1803408 |
|  | **INDUSTRIAL INTERMEDIATE PROD** — **0.2%** | **INDUSTRIAL INTERMEDIATE PROD** — **0.2%** |  |  |  |
| 117000 | Chart Industries, Inc.<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;&nbsp;01/01/30 | 122705 |
|  | **INDUSTRIAL SUPPORT SERVICES** — **0.3%** | **INDUSTRIAL SUPPORT SERVICES** — **0.3%** |  |  |  |
| 128000 | United Rentals North America, Inc. |  | 4.8750 | &nbsp;&nbsp;&nbsp;01/15/28 | 127322 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **1.9%** | **INSTITUTIONAL FINANCIAL SERVICES** — **1.9%** |  |  |  |
| 114000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | TSFR3M + 1.563% | 4.2230 | &nbsp;&nbsp;&nbsp;05/01/29 | 113190 |
| 136000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.281% | 2.6150 | &nbsp;&nbsp;&nbsp;04/22/32 | 121120 |
| 113000 | Goldman Sachs Group, Inc. (The) |  | 6.7500 | &nbsp;&nbsp;&nbsp;10/01/37 | 124164 |
| 114000 | Goldman Sachs Group, Inc. (The) |  | 6.2500 | &nbsp;&nbsp;&nbsp;02/01/41 | 121988 |
| 111000 | Morgan Stanley |  | 3.8750 | &nbsp;&nbsp;&nbsp;01/27/26 | 110636 |
| 124000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;&nbsp;05/04/27 | 121210 |
| 115000 | Morgan Stanley<sup>(b)</sup> | TSFR3M + 1.890% | 4.4310 | &nbsp;&nbsp;&nbsp;01/23/30 | 114645 |
| 136000 | Morgan Stanley Series GMTN<sup>(b)</sup> | SOFRRATE + 1.143% | 2.6990 | &nbsp;&nbsp;&nbsp;01/22/31 | 125343 |
|  |  |  |  |  | 952296 |
|  | **INSURANCE** — **0.2%** | **INSURANCE** — **0.2%** |  |  |  |
| 116000 | HUB International Ltd.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;06/15/30 | 121013 |
|  | **INTERNET MEDIA & SERVICES** — **0.3%** | **INTERNET MEDIA & SERVICES** — **0.3%** |  |  |  |
| 136000 | Uber Technologies, Inc.<sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;08/15/29 | 134699 |
|  | **LEISURE FACILITIES & SERVICES** — **1.7%** | **LEISURE FACILITIES & SERVICES** — **1.7%** |  |  |  |
| 134000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;01/15/28 | 129453 |
| 144000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;10/15/30 | 133589 |
| 120000 | Caesars Entertainment, Inc.<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;&nbsp;02/15/30 | 123857 |
| 16000 | Carnival Corporation<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;03/01/27 | 16189 |
| 134000 | Carnival Corporation<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;08/01/28 | 130231 |
| 138000 | Carnival Corporation<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;05/01/29 | 139328 |
| 129000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;04/01/28 | 130523 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2% (Continued)** | **CORPORATE BONDS — 46.2% (Continued)** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES** — **1.7% (Continued)** | **LEISURE FACILITIES & SERVICES** — **1.7% (Continued)** |  |  | |
|  |  |  |  |  | $803170 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **1.2%** | **MEDICAL EQUIPMENT & DEVICES** — **1.2%** |  |  |  |
| 112000 | Abbott Laboratories |  | 4.9000 | &nbsp;&nbsp;&nbsp;11/30/46 | 104702 |
| 133000 | Avantor Funding, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;07/15/28 | 130122 |
| 116000 | Bausch & Lomb Escrow Corporation<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;&nbsp;10/01/28 | 121087 |
| 137000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;04/01/29 | 130743 |
| 136000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;10/01/29 | 133518 |
|  |  |  |  |  | 620172 |
|  | **METALS & MINING** — **0.5%** | **METALS & MINING** — **0.5%** |  |  |  |
| 125000 | Freeport-McMoRan, Inc. |  | 5.4500 | &nbsp;&nbsp;&nbsp;03/15/43 | 118141 |
| 137000 | Novelis Corporation<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;01/30/30 | 131329 |
|  |  |  |  |  | 249470 |
|  | **OIL & GAS PRODUCERS** — **3.0%** | **OIL & GAS PRODUCERS** — **3.0%** |  |  |  |
| 138000 | Cheniere Energy Partners, L.P. |  | 4.0000 | &nbsp;&nbsp;&nbsp;03/01/31 | 131899 |
| 115000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;&nbsp;07/01/28 | 118731 |
| 114000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.7500 | &nbsp;&nbsp;&nbsp;07/01/31 | 115486 |
| 106000 | ConocoPhillips |  | 6.5000 | &nbsp;&nbsp;&nbsp;02/01/39 | 117331 |
| 154000 | ConocoPhillips Company |  | 4.0250 | &nbsp;&nbsp;&nbsp;03/15/62 | 110841 |
| 111000 | Continental Resources, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;01/15/31 | 111643 |
| 130000 | New Fortress Energy, Inc.<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;&nbsp;09/30/26 | 45500 |
| 150000 | Shell Finance US, Inc. |  | 4.3750 | &nbsp;&nbsp;&nbsp;05/11/45 | 126505 |
| 107000 | Shell International Finance BV |  | 6.3750 | &nbsp;&nbsp;&nbsp;12/15/38 | 118213 |
| 121000 | Venture Global LNG, Inc.<sup>(a)</sup> |  | 8.1250 | &nbsp;&nbsp;&nbsp;06/01/28 | 125320 |
| 114000 | Venture Global LNG, Inc.<sup>(a)</sup> |  | 9.5000 | &nbsp;&nbsp;&nbsp;02/01/29 | 124396 |
| 123000 | Venture Global LNG, Inc.<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;&nbsp;06/01/31 | 127312 |
| 116000 | Venture Global LNG, Inc.<sup>(a)</sup> |  | 9.8750 | &nbsp;&nbsp;&nbsp;02/01/32 | 125207 |
|  |  |  |  |  | 1498384 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.2%** | **OIL & GAS SERVICES & EQUIPMENT** — **0.2%** |  |  |  |
| 114000 | Weatherford International Ltd.<sup>(a)</sup> |  | 8.6250 | &nbsp;&nbsp;&nbsp;04/30/30 | 117211 |
|  | **PUBLISHING & BROADCASTING** — **0.3%** | **PUBLISHING & BROADCASTING** — **0.3%** |  |  |  |
| 131000 | Nexstar Media, Inc.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;07/15/27 | 130876 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2% (Continued)** | **CORPORATE BONDS — 46.2% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.7%** | **REAL ESTATE INVESTMENT TRUSTS** — **0.7%** |  |  |  |
| 132000 | SBA Communications Corporation |  | 3.8750 | &nbsp;&nbsp;&nbsp;02/15/27 | $129756 |
| 141000 | SBA Communications Corporation |  | 3.1250 | &nbsp;&nbsp;&nbsp;02/01/29 | 131532 |
| 95000 | Uniti Group, L.P. / Uniti Group Finance, Inc. / CSL Capital, LLC<sup>(a)</sup> |  | 10.5000 | &nbsp;&nbsp;&nbsp;02/15/28 | 100390 |
|  |  |  |  |  | 361678 |
|  | **RETAIL - DISCRETIONARY** — **0.2%** | **RETAIL - DISCRETIONARY** — **0.2%** |  |  |  |
| 112000 | Home Depot, Inc. (The) |  | 5.8750 | &nbsp;&nbsp;&nbsp;12/16/36 | 119684 |
|  | **SEMICONDUCTORS** — **0.5%** | **SEMICONDUCTORS** — **0.5%** |  |  |  |
| 148000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1370 | &nbsp;&nbsp;&nbsp;11/15/35 | 124320 |
| 152000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1870 | &nbsp;&nbsp;&nbsp;11/15/36 | 125515 |
|  |  |  |  |  | 249835 |
|  | **SOFTWARE** — **2.8%** | **SOFTWARE** — **2.8%** |  |  |  |
| 142000 | AthenaHealth Group, Inc.<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;&nbsp;02/15/30 | 139712 |
| 136000 | Cloud Software Group, Inc.<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;&nbsp;03/31/29 | 137495 |
| 136000 | Cloud Software Group, Inc.<sup>(a)</sup> |  | 9.0000 | &nbsp;&nbsp;&nbsp;09/30/29 | 140636 |
| 142000 | McAfee Corporation<sup>(a)</sup> |  | 7.3750 | &nbsp;&nbsp;&nbsp;02/15/30 | 131827 |
| 116000 | Microsoft Corporation |  | 2.4000 | &nbsp;&nbsp;&nbsp;08/08/26 | 113936 |
| 112000 | Microsoft Corporation |  | 3.3000 | &nbsp;&nbsp;&nbsp;02/06/27 | 110788 |
| 177000 | Microsoft Corporation |  | 2.5250 | &nbsp;&nbsp;&nbsp;06/01/50 | 109087 |
| 158000 | Microsoft Corporation |  | 2.9210 | &nbsp;&nbsp;&nbsp;03/17/52 | 104411 |
| 181000 | Microsoft Corporation |  | 2.6750 | &nbsp;&nbsp;&nbsp;06/01/60 | 105527 |
| 156000 | Oracle Corporation |  | 3.6000 | &nbsp;&nbsp;&nbsp;04/01/50 | 107398 |
| 160000 | Oracle Corporation |  | 3.8500 | &nbsp;&nbsp;&nbsp;04/01/60 | 108124 |
| 126000 | SS&C Technologies, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;09/30/27 | 126141 |
|  |  |  |  |  | 1435082 |
|  | **SPECIALTY FINANCE** — **0.1%** | **SPECIALTY FINANCE** — **0.1%** |  |  |  |
| 41000 | OneMain Finance Corporation |  | 7.1250 | &nbsp;&nbsp;&nbsp;03/15/26 | 41533 |
|  | **TECHNOLOGY HARDWARE** — **1.3%** | **TECHNOLOGY HARDWARE** — **1.3%** |  |  |  |
| 111000 | Apple, Inc. |  | 3.2500 | &nbsp;&nbsp;&nbsp;02/23/26 | 110389 |
| 135000 | Apple, Inc. |  | 3.8500 | &nbsp;&nbsp;&nbsp;05/04/43 | 112578 |
| 115000 | Apple, Inc. |  | 4.6500 | &nbsp;&nbsp;&nbsp;02/23/46 | 104722 |
| 83000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;&nbsp;06/15/26 | 83714 |
| 137000 | Imola Merger Corporation<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/15/29 | 133036 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2% (Continued)** | **CORPORATE BONDS — 46.2% (Continued)** |  |  |  |
|  | **TECHNOLOGY HARDWARE** — **1.3% (Continued)** | **TECHNOLOGY HARDWARE** — **1.3% (Continued)** |  |  |  |
| 114000 | NCR Atleos Escrow Corporation<sup>(a)</sup> |  | 9.5000 | &nbsp;&nbsp;&nbsp;04/01/29 | $123604 |
| 9000 | Western Digital Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;02/15/26 | 8978 |
|  |  |  |  |  | 677021 |
|  | **TECHNOLOGY SERVICES** — **0.7%** | **TECHNOLOGY SERVICES** — **0.7%** |  |  |  |
| 134000 | Neptune Bidco US, Inc.<sup>(a)</sup> |  | 9.2900 | &nbsp;&nbsp;&nbsp;04/15/29 | 129825 |
| 112000 | Visa, Inc. |  | 3.1500 | &nbsp;&nbsp;&nbsp;12/14/25 | 111465 |
| 127000 | Visa, Inc. |  | 4.3000 | &nbsp;&nbsp;&nbsp;12/14/45 | 109593 |
|  |  |  |  |  | 350883 |
|  | **TELECOMMUNICATIONS** — **5.0%** | **TELECOMMUNICATIONS** — **5.0%** |  |  |  |
| 113000 | AT&T, Inc. |  | 4.3500 | &nbsp;&nbsp;&nbsp;03/01/29 | 112691 |
| 115000 | AT&T, Inc. |  | 4.3000 | &nbsp;&nbsp;&nbsp;02/15/30 | 114177 |
| 148000 | AT&T, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;12/01/33 | 123441 |
| 168000 | AT&T, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/15/53 | 113413 |
| 169000 | AT&T, Inc. |  | 3.5500 | &nbsp;&nbsp;&nbsp;09/15/55 | 113539 |
| 161000 | AT&T, Inc. |  | 3.8000 | &nbsp;&nbsp;&nbsp;12/01/57 | 112022 |
| 170000 | AT&T, Inc. |  | 3.6500 | &nbsp;&nbsp;&nbsp;09/15/59 | 113242 |
| 93000 | British Telecommunications plc |  | 9.6250 | &nbsp;&nbsp;&nbsp;12/15/30 | 113684 |
| 97000 | Deutsche Telekom International Finance BV |  | 8.7500 | &nbsp;&nbsp;&nbsp;06/15/30 | 113824 |
| 137000 | Frontier Communications Corporation<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/28 | 136948 |
| 93000 | Orange S.A. |  | 9.0000 | &nbsp;&nbsp;&nbsp;03/01/31 | 112251 |
| 117000 | Verizon Communications, Inc. |  | 4.1250 | &nbsp;&nbsp;&nbsp;03/16/27 | 116675 |
| 112000 | Verizon Communications, Inc. |  | 4.3290 | &nbsp;&nbsp;&nbsp;09/21/28 | 111893 |
| 117000 | Verizon Communications, Inc. |  | 4.0160 | &nbsp;&nbsp;&nbsp;12/03/29 | 115010 |
| 134000 | Verizon Communications, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;03/21/31 | 120036 |
| 118000 | Verizon Communications, Inc. |  | 4.5000 | &nbsp;&nbsp;&nbsp;08/10/33 | 114234 |
| 155000 | Verizon Communications, Inc. |  | 3.4000 | &nbsp;&nbsp;&nbsp;03/22/41 | 119660 |
| 126000 | Verizon Communications, Inc. |  | 4.8620 | &nbsp;&nbsp;&nbsp;08/21/46 | 111935 |
| 167000 | Verizon Communications, Inc. |  | 3.5500 | &nbsp;&nbsp;&nbsp;03/22/51 | 118974 |
| 152000 | Verizon Communications, Inc. |  | 3.7000 | &nbsp;&nbsp;&nbsp;03/22/61 | 104712 |
| 123000 | Vodafone Group plc |  | 5.2500 | &nbsp;&nbsp;&nbsp;05/30/48 | 112725 |
| 118000 | Vodafone Group plc<sup>(b)</sup> | USSW5 + 4.873% | 7.0000 | &nbsp;&nbsp;&nbsp;04/04/79 | 123459 |
|  |  |  |  |  | 2548545 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 46.2% (Continued)** |  |  |  |
|  | **TOBACCO & CANNABIS** — **0.2%** |  |  |  |
| 117000 | BAT Capital Corporation | 3.5570 | &nbsp;&nbsp;&nbsp;08/15/27 | $114847 |
|  | **TRANSPORTATION & LOGISTICS** — **1.1%** |  |  |  |
| 38000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;04/20/26 | 38020 |
| 129000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;04/20/29 | 129037 |
| 119000 | Delta Air Lines, Inc. | 7.3750 | &nbsp;&nbsp;&nbsp;01/15/26 | 120248 |
| 130000 | United Airlines, Inc.<sup>(a)</sup> | 4.3750 | &nbsp;&nbsp;&nbsp;04/15/26 | 129307 |
| 136000 | United Airlines, Inc.<sup>(a)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;04/15/29 | 132891 |
|  |  |  |  | 549503 |
|  | **TOTAL CORPORATE BONDS (Cost $24,923,045)** |  |  | 23483251 |
|  | **U.S. GOVERNMENT & AGENCIES — 50.7%** |  |  |  |
|  | **U.S. TREASURY BILLS & NOTES** — **50.7%** |  |  |  |
| 22902000 | United States Treasury Bill<sup>(c)</sup> | 3.7400 | &nbsp;&nbsp;&nbsp;08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22885604 |
| 2768000 | United States Treasury Bill<sup>(c)</sup> | 4.0200 | &nbsp;&nbsp;&nbsp;08/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763741 |
| 71000 | United States Treasury Note | 1.6250 | &nbsp;&nbsp;&nbsp;05/15/31 | 62224 |
| 64000 | United States Treasury Note | 2.2500 | &nbsp;&nbsp;&nbsp;05/15/41 | 46133 |
| 74000 | United States Treasury Note | 2.3750 | &nbsp;&nbsp;&nbsp;05/15/51 | 46302 |
|  |  |  |  | 25804004 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $25,853,869)** |  |  | 25804004 |
|  | **TOTAL INVESTMENTS - 96.9% (Cost $50,776,914)** |  |  | &nbsp;&nbsp;&nbsp; $49287255 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.1%** |  |  | &nbsp;&nbsp; 1577313 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $50864568 |

---

---

| | |
|:---|:---|
| 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 |

---

---

| |
|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

USSW5 USD 5 Year Interest Rate Swap <br>

<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 July 31, 2025, the total market value of 144A securities is 8,522,876 or 16.8% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on July 31, 2025.

<sup>(c)</sup> Zero coupon bond. Rate disclosed is the current yield as of July 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Two Roads Shared Trust

- **b. Investment Company Act file number:** 811-22718

- **c. CIK number of Registrant:** 0001552947

- **d. LEI of Registrant:** 549300REHU8QC2CK4V30

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 402-895-1600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Leadershares Dynamic Yield ETF

- **b. EDGAR series identifier (if any):** S000072292

- **c. LEI of Series:** 5493004O5MYND8N9K192

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $50864567.62

**Net Assets:** $50864567.62

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 35.28851200 | **1-Year:** 538.78573500 | **5-Year:** 1482.17913400 | **10-Year:** 3843.08681100 | **30-Year:** 5009.53735000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 28.95267800 | **1-Year:** 644.62843700 | **5-Year:** 1098.35685800 | **10-Year:** 152.99776800 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228396 | 0.28%                | 1.02%                | 0.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.21                    | $-38560.74                                 |
| Month 2  | $-62881.30               | $403624.57                                 |
| Month 3  | $14397.32                | $-143222.65                                |

### Schedule of Portfolio Investments

| Name                                                                                 | Title                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kraft Heinz Foods Company                                                            | KHC 4 7/8 10/01/49     | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    129000 | PA      | $107933.73    | 0.21%             | 2049-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 5 06/04/42         | CUSIP: 50076QAE6<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    124000 | PA      | $110508.44    | 0.22%             | 2042-06-04      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ingram Micro Inc.                                                                    | IM 4 3/4 05/15/29      | CUSIP: 45258LAA5<br>LEI: 549300KJMEWPKRQZHX63 | Long             | DBT              | CORP              | US        |    137000 | PA      | $133037.18    | 0.26%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 2.393 06/02/28     | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120380.00    | 0.24%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 8 3/8 06/01/31  | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    123000 | PA      | $127312.26    | 0.25%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS 2.699 01/22/31      | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    136000 | PA      | $125343.93    | 0.25%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5 1/8 07/20/45     | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    127000 | PA      | $111790.70    | 0.22%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 2.676 06/19/41     | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    163000 | PA      | $116291.25    | 0.23%             | 2041-06-19      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| McAfee Corp                                                                          | MCFE 7 3/8 02/15/30    | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    142000 | PA      | $131827.02    | 0.26%             | 2030-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| DISH Network Corporation                                                             | DISH 11 3/4 11/15/27   | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    127000 | PA      | $132370.14    | 0.26%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 9 7/8 02/01/32  | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    116000 | PA      | $125206.69    | 0.25%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 4 1/2 05/01/32    | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    154000 | PA      | $139848.34    | 0.27%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Shell Finance US Inc.                                                                | RDSALN 4 3/8 05/11/45  | CUSIP: 822905AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $126504.51    | 0.25%             | 2045-05-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                            | TIBX 9 09/30/29        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    136000 | PA      | $140635.29    | 0.28%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM 3.964 11/15/48     | CUSIP: 46647PAL0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    145000 | PA      | $115484.45    | 0.23%             | 2048-11-15      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP / Emerald Co-Issuer Inc.                                           | EMECLI 6 5/8 12/15/30  | CUSIP: 29103CAA6<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |    121000 | PA      | $123521.40    | 0.24%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 4 1/2 06/01/33    | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $142231.55    | 0.28%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc                    | ABIBB 4.7 02/01/36     | CUSIP: 03522AAH3<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | US        |    114000 | PA      | $110764.42    | 0.22%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 3.6 04/01/50      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    156000 | PA      | $107397.88    | 0.21%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                                     | AAL 5 1/2 04/20/26     | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     38000 | PA      | $38020.42     | 0.07%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM 2.739 10/15/30     | CUSIP: 46647PBE5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    133000 | PA      | $123941.43    | 0.24%             | 2030-10-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS 4.431 01/23/30      | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114645.02    | 0.23%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                                                                | CIVI 8 3/8 07/01/28    | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    115000 | PA      | $118731.06    | 0.23%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 4.083 03/20/51     | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    146000 | PA      | $115822.72    | 0.23%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 8 1/8 06/01/28  | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    121000 | PA      | $125319.94    | 0.25%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM 2.58 04/22/32      | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    138000 | PA      | $123221.56    | 0.24%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                   | COP 4.025 03/15/62     | CUSIP: 20826FBD7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    154000 | PA      | $110840.87    | 0.22%             | 2062-03-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 4 08/01/28         | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    134000 | PA      | $130231.25    | 0.26%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2 1/4 05/15/41       | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     64000 | PA      | $46132.50     | 0.09%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                             | V 3.15 12/14/25        | CUSIP: 92826CAD4<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111464.53    | 0.22%             | 2025-12-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.55 03/21/31       | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    134000 | PA      | $120035.87    | 0.24%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4 1/8 03/16/27      | CUSIP: 92343VDY7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    117000 | PA      | $116675.00    | 0.23%             | 2027-03-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.15 10/15/28    | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111294.72    | 0.22%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5 7/8 02/15/26     | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105085.22    | 0.21%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.329 09/21/28      | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111892.64    | 0.22%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                          | PFE 7.2 03/15/39       | CUSIP: 717081CY7<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     96000 | PA      | $113144.34    | 0.22%             | 2039-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C 4.45 09/29/27        | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    113000 | PA      | $112706.80    | 0.22%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 6 3/8 09/01/29    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    127000 | PA      | $128252.98    | 0.25%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 4 1/4 10/26/49     | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    137000 | PA      | $110036.44    | 0.22%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 3.3 02/06/27      | CUSIP: 594918BY9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    112000 | PA      | $110788.36    | 0.22%             | 2027-02-06      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 3.419 12/20/28     | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    121000 | PA      | $118171.69    | 0.23%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 5 02/01/28        | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $129815.95    | 0.26%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 4 1/2 08/15/30    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $134858.20    | 0.27%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 9 1/2 02/01/29  | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    114000 | PA      | $124395.93    | 0.24%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Tibco Software Inc                                                                   | TIBX 6 1/2 03/31/29    | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $137494.91    | 0.27%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.05 08/22/47     | CUSIP: 023135BJ4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    136000 | PA      | $112090.39    | 0.22%             | 2047-08-22      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 3.068 04/30/41     | CUSIP: 95000U2Q5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    168000 | PA      | $126857.71    | 0.25%             | 2041-04-30      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                          | CLR 5 3/4 01/15/31     | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    111000 | PA      | $111642.62    | 0.22%             | 2031-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 4.9 12/15/48        | CUSIP: 125523AK6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    128000 | PA      | $110917.53    | 0.22%             | 2048-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.7 10/15/48     | CUSIP: 20030NCM1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    127000 | PA      | $107999.24    | 0.21%             | 2048-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 4 1/4 03/01/31     | CUSIP: 50077LBF2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    118000 | PA      | $114406.65    | 0.22%             | 2031-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.187 11/15/36    | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    152000 | PA      | $125515.28    | 0.25%             | 2036-11-15      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                        | OMF 7 1/8 03/15/26     | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41533.16     | 0.08%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                                     | BMCAUS 4 3/8 07/15/30  | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    140000 | PA      | $132806.35    | 0.26%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 4 1/2 06/01/42     | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    133000 | PA      | $117535.12    | 0.23%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C 4.412 03/31/31       | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    116000 | PA      | $114663.04    | 0.23%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                                | NLSN 9.29 04/15/29     | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    134000 | PA      | $129825.90    | 0.26%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                                                           | CZR 7 02/15/30         | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123857.04    | 0.24%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                               | UAL 4 5/8 04/15/29     | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    136000 | PA      | $132891.04    | 0.26%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Visa Inc                                                                             | V 4.3 12/14/45         | CUSIP: 92826CAF9<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    127000 | PA      | $109592.97    | 0.22%             | 2045-12-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 3.4 07/26/29       | CUSIP: 110122CP1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    119000 | PA      | $114843.95    | 0.23%             | 2029-07-26      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 3 7/8 05/15/27     | CUSIP: 50077LBC9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    113000 | PA      | $111644.47    | 0.22%             | 2027-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Shell International Finance B.V.                                                     | RDSALN 6 3/8 12/15/38  | CUSIP: 822582AD4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    107000 | PA      | $118212.88    | 0.23%             | 2038-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 5 7/8 12/16/36      | CUSIP: 437076AS1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    112000 | PA      | $119684.14    | 0.24%             | 2036-12-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd Bermuda                                                | WFRD 8 5/8 04/30/30    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    114000 | PA      | $117211.49    | 0.23%             | 2030-04-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| AstraZeneca PLC                                                                      | AZN 6.45 09/15/37      | CUSIP: 046353AD0<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    106000 | PA      | $118409.49    | 0.23%             | 2037-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Western Digital Corp.                                                                | WDC 4 3/4 02/15/26     | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8978.43      | 0.02%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 7 1/8 08/01/39     | CUSIP: 42307TAH1<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    107000 | PA      | $117730.57    | 0.23%             | 2039-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 5 3/8 06/01/29    | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $133667.02    | 0.26%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                | UBER 4 1/2 08/15/29    | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    136000 | PA      | $134699.39    | 0.26%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.05 03/25/48      | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $111973.31    | 0.22%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 2.687 04/22/32     | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    139000 | PA      | $124670.53    | 0.25%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                                     | AAL 5 3/4 04/20/29     | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    129000 | PA      | $129036.70    | 0.25%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.6 10/15/38     | CUSIP: 20030NCL3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    122000 | PA      | $112285.96    | 0.22%             | 2038-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 3.85 05/04/43     | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    135000 | PA      | $112577.76    | 0.22%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                   | NXST 5 5/8 07/15/27    | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130876.14    | 0.26%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SBA Communications Corp.                                                             | SBAC 3 1/8 02/01/29    | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    141000 | PA      | $131531.92    | 0.26%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                                           | DVA 4 5/8 06/01/30     | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    148000 | PA      | $141324.79    | 0.28%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM 3.328 04/22/52     | CUSIP: 46647PCE4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    156000 | PA      | $108808.29    | 0.21%             | 2052-04-22      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                  | MEDIND 3 7/8 04/01/29  | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    137000 | PA      | $130743.33    | 0.26%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Bausch Plus Lomb Corp.                                                               | BLCOCN 8 3/8 10/01/28  | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    116000 | PA      | $121086.60    | 0.24%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                 | DISH 5 3/4 12/01/28    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    168000 | PA      | $150251.02    | 0.30%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5 5/8 09/01/28     | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    123000 | PA      | $126090.79    | 0.25%             | 2028-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | B 08/14/25             | CUSIP: 912797PN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2768000 | PA      | $2763741.90   | 5.43%             | 2025-08-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 5 3/4 03/01/27     | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     16000 | PA      | $16189.43     | 0.03%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 6 1/4 02/01/41      | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    114000 | PA      | $121987.50    | 0.24%             | 2041-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1 5/8 05/15/31       | CUSIP: 91282CCB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     71000 | PA      | $62224.84     | 0.12%             | 2031-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | B 08/07/25             | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22902000 | PA      | $22885603.54  | 44.99%            | 2025-08-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 5 1/8 05/01/27    | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    129000 | PA      | $128064.34    | 0.25%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 4 3/8 06/01/46     | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    138000 | PA      | $109750.68    | 0.22%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C 2.572 06/03/31       | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    136000 | PA      | $123358.47    | 0.24%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 3 06/01/26         | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113513.76    | 0.22%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 4 03/01/31         | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    138000 | PA      | $131899.56    | 0.26%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM 1.578 04/22/27     | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    123000 | PA      | $120357.37    | 0.24%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 4 3/4 03/01/30    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $133490.01    | 0.26%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                                     | NCRATL 9 1/2 04/01/29  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    114000 | PA      | $123603.93    | 0.24%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 4 1/8 11/16/28     | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    114000 | PA      | $113220.91    | 0.22%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 4.9 11/30/46       | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    112000 | PA      | $104701.77    | 0.21%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 4.223 05/01/29      | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    114000 | PA      | $113189.75    | 0.22%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | FCX 5.45 03/15/43      | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118140.85    | 0.23%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Brand Industrial Services Inc.                                                       | BRANDI 10 3/8 08/01/30 | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |    114000 | PA      | $103924.97    | 0.20%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.675 06/01/60    | CUSIP: 594918CD4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    181000 | PA      | $105526.76    | 0.21%             | 2060-06-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Community Health Systems Incorporated                                                | CYH 5 5/8 03/15/27     | CUSIP: 12543DBG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137000 | PA      | $137307.70    | 0.27%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding Inc                                                                  | AVTR 4 5/8 07/15/28    | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    133000 | PA      | $130122.45    | 0.26%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.55 09/15/55        | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    169000 | PA      | $113539.38    | 0.22%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.8 12/01/57         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    161000 | PA      | $112021.56    | 0.22%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 5.013 04/04/51     | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    127000 | PA      | $115315.45    | 0.23%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2 3/8 05/15/51       | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     74000 | PA      | $46302.03     | 0.09%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio Inc                                                                  | SIRI 5 08/01/27        | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    129000 | PA      | $127611.93    | 0.25%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 5.805 05/01/50      | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    109000 | PA      | $105238.44    | 0.21%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.                     | BCULC 3 7/8 01/15/28   | CUSIP: 68245XAH2<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |    134000 | PA      | $129452.56    | 0.25%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines Inc.                                                                 | DAL 7 3/8 01/15/26     | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    119000 | PA      | $120248.07    | 0.24%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 4.663 06/15/51    | CUSIP: 031162CF5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    135000 | PA      | $114347.03    | 0.22%             | 2051-06-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| BBH SWEEP VEHICLE                                                                    | BBH SWEEP VEHICLE      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1222232 | PA      | $1222232.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 2.615 04/22/32      | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    136000 | PA      | $121120.21    | 0.24%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 5 1/8 11/01/27     | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    128000 | PA      | $127564.11    | 0.25%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                 | DISH 5 1/4 12/01/26    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $155273.56    | 0.31%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 6 3/4 10/01/37      | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    113000 | PA      | $124163.84    | 0.24%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 2.95 11/21/26     | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    115000 | PA      | $112997.39    | 0.22%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.3 02/15/30         | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114176.78    | 0.22%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio Inc                                                                  | SIRI 4 07/15/28        | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    136000 | PA      | $129726.33    | 0.26%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 4 1/4 02/01/31    | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $137365.94    | 0.27%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Telekom International Finance B.V.                                          | DT 8 1/4 06/15/30      | CUSIP: 25156PAC7<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |     97000 | PA      | $113823.51    | 0.22%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.7 03/22/61        | CUSIP: 92343VGC2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    152000 | PA      | $104712.15    | 0.21%             | 2061-03-22      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 2.879 10/30/30     | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    134000 | PA      | $125195.10    | 0.25%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 4.271 07/23/29     | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    116000 | PA      | $115476.96    | 0.23%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                  | ABIBB 5.55 01/23/49    | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118248.36    | 0.23%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                      | BBDBCN 7 7/8 04/15/27  | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10055.84     | 0.02%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 3 1/2 09/01/30     | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    129000 | PA      | $121629.20    | 0.24%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.                     | BCULC 4 10/15/30       | CUSIP: 68245XAM1<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |    144000 | PA      | $133589.07    | 0.26%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 6 3/4 08/15/28     | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122617.44    | 0.24%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.137 11/15/35    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    148000 | PA      | $124319.95    | 0.24%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| ConocoPhillips                                                                       | COP 6 1/2 02/01/39     | CUSIP: 20825CAQ7<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | DBT              | CORP              | US        |    106000 | PA      | $117331.02    | 0.23%             | 2039-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 4 1/4 01/15/34    | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    167000 | PA      | $143938.55    | 0.28%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 2.937 11/01/56   | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    184000 | PA      | $106509.22    | 0.21%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 1.734 07/22/27     | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    124000 | PA      | $120603.18    | 0.24%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                               | HBGCN 7 1/4 06/15/30   | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    116000 | PA      | $121012.71    | 0.24%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.15 08/22/27     | CUSIP: 023135BC9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    115000 | PA      | $112851.35    | 0.22%             | 2027-08-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 3.85 04/01/60     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    160000 | PA      | $108123.51    | 0.21%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 4 3/8 10/15/28      | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111596.65    | 0.22%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4 1/4 11/21/49    | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    136000 | PA      | $111144.68    | 0.22%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 3.557 08/15/27  | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    117000 | PA      | $114846.92    | 0.23%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 3.974 02/07/30     | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118052.56    | 0.23%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                | RCL 5 1/2 04/01/28     | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    129000 | PA      | $130522.85    | 0.26%             | 2028-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 4.3 03/25/28       | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    111000 | PA      | $110270.97    | 0.22%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6 1/8 06/15/30     | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126277.25    | 0.25%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.55 03/22/51       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    167000 | PA      | $118974.13    | 0.23%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 3 10/23/26         | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    117000 | PA      | $115036.06    | 0.23%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC | UNIT 10 1/2 02/15/28   | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $100390.22    | 0.20%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                               | UAL 4 3/8 04/15/26     | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129306.59    | 0.25%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS 3 7/8 01/27/26      | CUSIP: 61746BDZ6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    111000 | PA      | $110635.83    | 0.22%             | 2026-01-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                    | FE 3.9 07/15/27        | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128433.31    | 0.25%             | 2027-07-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 3.311 04/22/42     | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    161000 | PA      | $123133.67    | 0.24%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                                                             | SBAC 3 7/8 02/15/27    | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    132000 | PA      | $129755.64    | 0.26%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.35 03/01/29        | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    113000 | PA      | $112691.16    | 0.22%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3 1/2 09/15/53       | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    168000 | PA      | $113413.36    | 0.22%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 4.78 03/25/38      | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    125000 | PA      | $114327.51    | 0.22%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4 1/2 08/10/33      | CUSIP: 92343VEA8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    118000 | PA      | $114234.34    | 0.22%             | 2033-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| British Telecommunications PLC                                                       | BRITEL 9 5/8 12/15/30  | CUSIP: 111021AE1<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     93000 | PA      | $113684.29    | 0.22%             | 2030-12-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4.65 02/23/46     | CUSIP: 037833BX7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    115000 | PA      | $104721.88    | 0.21%             | 2046-02-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 5.93 05/01/60       | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    111000 | PA      | $106260.31    | 0.21%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 3.2 11/21/29      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    123000 | PA      | $117233.93    | 0.23%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                               | BWY 7 7/8 08/15/26     | CUSIP: 57763RAB3<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    127000 | PA      | $126459.63    | 0.25%             | 2026-08-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS 1.593 05/04/27      | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    124000 | PA      | $121210.26    | 0.24%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 2.496 02/13/31     | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    136000 | PA      | $124160.94    | 0.24%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 6 05/01/29         | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    138000 | PA      | $139327.84    | 0.27%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 5.2 07/15/45       | CUSIP: 50077LAM8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    122000 | PA      | $108361.30    | 0.21%             | 2045-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                              | SSNC 5 1/2 09/30/27    | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    126000 | PA      | $126141.12    | 0.25%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| New Fortress Energy Inc.                                                             | NFE 6 1/2 09/30/26     | CUSIP: 644393AB6<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |    130000 | PA      | $45500.00     | 0.09%             | 2026-09-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM 4.493 03/24/31     | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114617.02    | 0.23%             | 2031-03-24      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.4 08/08/26      | CUSIP: 594918BR4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    116000 | PA      | $113936.33    | 0.22%             | 2026-08-08      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.862 08/21/46      | CUSIP: 92343VCK8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    126000 | PA      | $111935.25    | 0.22%             | 2046-08-21      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.4 03/22/41        | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    155000 | PA      | $119660.04    | 0.24%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                                   | VOD 5 1/4 05/30/48     | CUSIP: 92857WBM1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    123000 | PA      | $112725.02    | 0.22%             | 2048-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Athenahealth Group Inc.                                                              | ATHENA 6 1/2 02/15/30  | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    142000 | PA      | $139711.79    | 0.27%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 5.15 05/01/30       | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    107000 | PA      | $108758.90    | 0.21%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GE Aerospace                                                                         | GE 6 3/4 03/15/32      | CUSIP: 36962GXZ2<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    107000 | PA      | $120704.37    | 0.24%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tenneco LLC                                                                          | TEN 8 11/17/28         | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    154000 | PA      | $153091.83    | 0.30%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 5.705 05/01/40      | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    108000 | PA      | $107347.00    | 0.21%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 6 7/8 12/15/30     | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124464.24    | 0.24%             | 2030-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings Llc                                                 | FYBR 5 05/01/28        | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137000 | PA      | $136946.72    | 0.27%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 2.196 02/04/26      | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    118000 | PA      | $116450.58    | 0.23%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 3 1/4 02/23/26    | CUSIP: 037833BY5<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    111000 | PA      | $110388.54    | 0.22%             | 2026-02-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Chart Industries Inc                                                                 | GTLS 7 1/2 01/01/30    | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    117000 | PA      | $122704.92    | 0.24%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6 1/8 10/01/28     | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    126000 | PA      | $126090.22    | 0.25%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.                              | DTV 5 7/8 08/15/27     | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $135266.59    | 0.27%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6 1/4 02/01/27     | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    121000 | PA      | $121162.77    | 0.24%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                                                                | CIVI 8 3/4 07/01/31    | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    114000 | PA      | $115486.33    | 0.23%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.65 09/15/59        | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    170000 | PA      | $113242.33    | 0.22%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 2.887 11/01/51   | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    181000 | PA      | $109012.26    | 0.21%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.921 03/17/52    | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    158000 | PA      | $104411.39    | 0.21%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                                   | VOD 7 04/04/2079       | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    118000 | PA      | $123459.06    | 0.24%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                                    | POWSOL 8 1/2 05/15/27  | CUSIP: 69867DAC2<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |    119000 | PA      | $119970.92    | 0.24%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Orange S.A.                                                                          | ORAFP 8 1/2 03/01/31   | CUSIP: 35177PAL1<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |     93000 | PA      | $112250.71    | 0.22%             | 2031-03-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                                  | HNDLIN 4 3/4 01/30/30  | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    137000 | PA      | $131329.54    | 0.26%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                                             | WCC 7 1/4 06/15/28     | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    117000 | PA      | $118643.73    | 0.23%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.016 12/03/29      | CUSIP: 92343VEU4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    117000 | PA      | $115010.24    | 0.23%             | 2029-12-03      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.55 12/01/33        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    148000 | PA      | $123441.04    | 0.24%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM 6.4 05/15/38       | CUSIP: 46625HHF0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    108000 | PA      | $120077.15    | 0.24%             | 2038-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 3 04/22/26         | CUSIP: 949746RW3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    116000 | PA      | $114829.74    | 0.23%             | 2026-04-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                 | URI 4 7/8 01/15/28     | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    128000 | PA      | $127322.41    | 0.25%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.525 06/01/50    | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    177000 | PA      | $109086.76    | 0.21%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital Inc.                                                         | GSK 6 3/8 05/15/38     | CUSIP: 377372AE7<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |    106000 | PA      | $117111.53    | 0.23%             | 2038-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                  | MEDIND 5 1/4 10/01/29  | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    136000 | PA      | $133517.50    | 0.26%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 6.02 06/15/26     | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     83000 | PA      | $83713.76     | 0.16%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.05 11/21/39     | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    134000 | PA      | $116966.91    | 0.23%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** Two Roads Shared Trust

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer