# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-25-004166
**Filing Date:** 2025-7
**Character Count:** 157789
**Document Hash:** 7cb96cbcf073903849b925c6ccf99c1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004166.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001580642-25-004166

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251113046

**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

### Anfield Universal Fixed Income Fund (Series ID: S000040050)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000124329 | Anfield Universal Fixed Income Fund Class A | AFLEX           |
| C000124331 | Anfield Universal Fixed Income Fund Class C | AFLKX           |
| C000124332 | Anfield Universal Fixed Income Fund Class I | AFLIX           |

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

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

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

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

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

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

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

Date of fiscal year end: <u>10/31</u> <br>Date of reporting period: <u>4/30/2025</u>

**Item 1. Reports to Stockholders.** 

(a) #### Anfield Universal Fixed Income Fund

#### Class A (AFLEX)

#### Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Anfield Universal Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://anfieldaflix.com/our-fund/**. You can also request this information by contacting us at 1-866-866-4848.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $78 | 1.56%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $150099256 |
| Number of Portfolio Holdings | 338 |
| Advisory Fee | $580453 |
| Portfolio Turnover | 20% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifcbf26a61b9ee5a0a3df5e9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 20.6% |
| Collateralized Mortgage Obligations | 6.0% |
| Corporate Bonds | 47.8% |
| Open End Funds | 3.3% |
| Preferred Stock | 9.0% |
| Term Loans | 10.0% |
| U.S. Government & Agencies | 3.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i936c6138c8fe2898f6ee0121.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Communications | 0.1% |
| ABS | 0.7% |
| Real Estate | 1.2% |
| Technology | 1.7% |
| Health Care | 2.0% |
| Energy | 2.4% |
| Fixed Income | 3.2% |
| U.S. Treasury Obligations | 3.3% |
| Utilities | 4.1% |
| CMO | 6.0% |
| Industrials | 7.4% |
| Consumer Discretionary | 19.3% |
| CLO | 19.4% |
| Financials | 27.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill | 3.3% |
| First Citizens BancShares, Inc. | 2.5% |
| Energy Transfer, L.P. | 2.4% |
| Voya CLO Ltd., C | 1.8% |
| Aramark Services, Inc. | 1.8% |
| Fidelity Advisor Floating Rate High Income Fund | 1.7% |
| Bank of New York Mellon Corporation (The) | 1.7% |
| Nissan Motor Acceptance Corporation | 1.6% |
| Air Lease Corporation | 1.6% |
| Man GLG US CLO, BR | 1.6% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://anfieldaflix.com/our-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Anfield Universal Fixed Income Fund - Class A (AFLEX)

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-AFLEX

#### Anfield Universal Fixed Income Fund

#### Class C (AFLKX)

#### Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Anfield Universal Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://anfieldaflix.com/our-fund/**. You can also request this information by contacting us at 1-866-866-4848.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $116 | 2.31%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $150099256 |
| Number of Portfolio Holdings | 338 |
| Advisory Fee | $580453 |
| Portfolio Turnover | 20% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i38e16785b43f5651f4e04d18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 20.6% |
| Collateralized Mortgage Obligations | 6.0% |
| Corporate Bonds | 47.8% |
| Open End Funds | 3.3% |
| Preferred Stock | 9.0% |
| Term Loans | 10.0% |
| U.S. Government & Agencies | 3.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic48871fd5a0e124b6cfe961b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Communications | 0.1% |
| ABS | 0.7% |
| Real Estate | 1.2% |
| Technology | 1.7% |
| Health Care | 2.0% |
| Energy | 2.4% |
| Fixed Income | 3.2% |
| U.S. Treasury Obligations | 3.3% |
| Utilities | 4.1% |
| CMO | 6.0% |
| Industrials | 7.4% |
| Consumer Discretionary | 19.3% |
| CLO | 19.4% |
| Financials | 27.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill | 3.3% |
| First Citizens BancShares, Inc. | 2.5% |
| Energy Transfer, L.P. | 2.4% |
| Voya CLO Ltd., C | 1.8% |
| Aramark Services, Inc. | 1.8% |
| Fidelity Advisor Floating Rate High Income Fund | 1.7% |
| Bank of New York Mellon Corporation (The) | 1.7% |
| Nissan Motor Acceptance Corporation | 1.6% |
| Air Lease Corporation | 1.6% |
| Man GLG US CLO, BR | 1.6% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://anfieldaflix.com/our-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Anfield Universal Fixed Income Fund - Class C (AFLKX)

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-AFLKX

#### Anfield Universal Fixed Income Fund

#### Class I (AFLIX)

#### Semi-Annual Shareholder Report - April 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Anfield Universal Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://anfieldaflix.com/our-fund/**. You can also request this information by contacting us at 1-866-866-4848.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $66 | 1.31%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $150099256 |
| Number of Portfolio Holdings | 338 |
| Advisory Fee | $580453 |
| Portfolio Turnover | 20% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9587da6f487de257cf2677e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 20.6% |
| Collateralized Mortgage Obligations | 6.0% |
| Corporate Bonds | 47.8% |
| Open End Funds | 3.3% |
| Preferred Stock | 9.0% |
| Term Loans | 10.0% |
| U.S. Government & Agencies | 3.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i25aa5dcae7433888747fe288.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Communications | 0.1% |
| ABS | 0.7% |
| Real Estate | 1.2% |
| Technology | 1.7% |
| Health Care | 2.0% |
| Energy | 2.4% |
| Fixed Income | 3.2% |
| U.S. Treasury Obligations | 3.3% |
| Utilities | 4.1% |
| CMO | 6.0% |
| Industrials | 7.4% |
| Consumer Discretionary | 19.3% |
| CLO | 19.4% |
| Financials | 27.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill | 3.3% |
| First Citizens BancShares, Inc. | 2.5% |
| Energy Transfer, L.P. | 2.4% |
| Voya CLO Ltd., C | 1.8% |
| Aramark Services, Inc. | 1.8% |
| Fidelity Advisor Floating Rate High Income Fund | 1.7% |
| Bank of New York Mellon Corporation (The) | 1.7% |
| Nissan Motor Acceptance Corporation | 1.6% |
| Air Lease Corporation | 1.6% |
| Man GLG US CLO, BR | 1.6% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://anfieldaflix.com/our-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Anfield Universal Fixed Income Fund - Class I (AFLIX)

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-AFLIX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

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

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

**Item 5. Audit Committee of Listed Registrants** Not applicable.

**Item 6. Investments.** 

(a) &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements filed under Item 7(a) of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

(a) ---

| |
|:---|
| ![(ANFIELD CAPITAL LOGO)](an001_v1.jpg) |
| **Anfield Universal Fixed Income Fund** |
| Class A Shares (AFLEX) |
| Class C Shares (AFLKX) |
| Class I Shares (AFLIX) |
| **April 30, 2025** |
| **Semi-Annual Financial Statements** |
| **and** |
| **Additional Information** |
| *Advised by:* |
| Anfield Capital Management, LLC |
| 4041 MacArthur Blvd. |
| Suite 155 |
| Newport Beach, CA 92660 |
| www.AnfieldFunds.com |
| ***Distributed by Northern Lights Distributors, LLC*** |
| ***Member FINRA*** |

---

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 3.2%** |  |
|  | **FIXED INCOME - 3.2%** |  |
| 286672 | Fidelity Advisor Floating Rate High Income Fund | $2591511 |
| 422170 | Vanguard High-Yield Corporate Fund, Admiral Class | 2283938 |
|  |  | 4875449 |
|  | **TOTAL OPEN END FUNDS (Cost $5,171,518)** | 4875449 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 1500000 Allegro CLO XV Ltd. Series 1A D1AR<sup>(a),(b)</sup> | TSFR3M + 3.000% | 7.3110 | 04/20/38 | 1473141 |
| 1000000 Balboa Bay Loan Funding 2024-1 Ltd. Series 1A D1<sup>(a),(b)</sup> | TSFR3M + 3.200% | 7.4690 | 07/20/37 | 993489 |
| 500000 Battalion Clo 17 Ltd. Series 17A CR<sup>(a),(b)</sup> | TSFR3M + 2.250% | 6.5190 | 03/09/34 | 499991 |
| 1000000 Battalion Clo XVI Ltd. Series 16A CR2<sup>(a),(b)</sup> | TSFR3M + 2.000% | 6.2690 | 01/20/38 | 989273 |
| 2000000 BlueMountain Fuji US Clo II Ltd. Series 2A C<sup>(a),(b)</sup> | TSFR3M + 3.262% | 7.5310 | 10/20/30 | 1989006 |
| 500500 Crown Point CLO IV Ltd. Series 2018-4A B<sup>(a),(b)</sup> | TSFR3M + 1.762% | 6.0310 | 04/20/31 | 500502 |
| 1000000 Dryden 55 CLO Ltd. Series 2018-55A D<sup>(a),(b)</sup> | TSFR3M + 3.112% | 7.3680 | 04/15/31 | 996893 |
| 1500000 Greenwood Park CLO Ltd. Series 2018-1A D<sup>(a),(b)</sup> | TSFR3M + 2.762% | 7.0180 | 04/15/31 | 1487323 |
| 1000000 ICG US Clo 2021-3 Ltd. Series 3A CR<sup>(a),(b)</sup> | TSFR3M + 2.100% | 6.3690 | 10/20/34 | 994026 |
| 500000 Madison Park Funding XLV Ltd. Series 45A CRR<sup>(a),(b)</sup> | TSFR3M + 1.900% | 6.1560 | 07/15/34 | 496996 |
| 2400000 Man GLG US CLO Series 2018-1A BR<sup>(a),(b)</sup> | TSFR3M + 2.232% | 6.5010 | 04/22/30 | 2406611 |
| 1500000 Mountain View CLO IX Ltd. Series 2015-9A CR<sup>(a),(b)</sup> | TSFR3M + 3.382% | 7.6380 | 07/15/31 | 1499136 |
| 1000000 Octagon Investment Partners 32 Ltd. Series 1A A2R3<sup>(a),(b)</sup> | TSFR3M + 1.600% | 5.8560 | 10/31/37 | 994468 |
| 1000000 Octagon Investment Partners 46 Ltd. Series 2A DR<sup>(a),(b)</sup> | TSFR3M + 3.562% | 7.8180 | 07/15/36 | 995463 |
| 1500000 Rockford Tower CLO 2017-1 Ltd. Series 2017-1A DR2B<sup>(a),(b)</sup> | TSFR3M + 5.242% | 9.5110 | 04/20/34 | 1501600 |
| 2000000 Sound Point CLO II Ltd. Series 2013-1A A3R<sup>(a),(b)</sup> | TSFR3M + 2.112% | 6.3940 | 01/26/31 | 1996352 |
| 417828 Steele Creek CLO Ltd. Series 2014-1RA B<sup>(a),(b)</sup> | TSFR3M + 1.762% | 6.0310 | 04/21/31 | 418240 |
| 1000000 TCW CLO 2017-1A Ltd. Series 1A A2R3<sup>(a),(b)</sup> | TSFR3M + 1.450% | 5.7710 | 10/29/34 | 993059 |
| 2000000 Venture 33 CLO Ltd. Series 33A D<sup>(a),(b)</sup> | TSFR3M + 3.422% | 7.6780 | 07/15/31 | 1947676 |
| 1000000 Venture XV CLO Ltd. Series 2013-15A DR2<sup>(a),(b)</sup> | TSFR3M + 4.182% | 8.4380 | 07/15/32 | 988632 |
| 2750000 Voya CLO Ltd. Series 2018-1A C<sup>(a),(b)</sup> | TSFR3M + 2.862% | 7.1310 | 04/19/31 | 2720385 |
| 2000000 Zais Matrix CDO I Series 2022-18A D1<sup>(a),(b)</sup> | TSFR3M + 4.670% | 8.9520 | 01/25/35 | 1982306 |
|  |  |  |  | 28864568 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 20.2% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** |  |  |  |  |
| 121498 | Alternative Loan Trust Series 2004-35T2 A4<sup>(c)</sup> |  | 6.0000 | 02/25/35 | $21994 |
| 3332 | Banc of America Mortgage Trust Series 2004-A 2A4<sup>(b)</sup> |  | 5.9160 | 02/25/34 | 3265 |
| 5454849 | BCAP, LLC Trust Series 2007-AA2 21IO<sup>(b),(c)</sup> |  | 0.4230 | 04/25/37 | 58396 |
| 6491 | Bear Stearns ARM Trust Series 2003-4 3A1<sup>(b)</sup> |  | 7.0830 | 07/25/33 | 6155 |
| 3500 | Bear Stearns Asset Backed Securities Trust Series 2003-AC5 A2<sup>(d)</sup> |  | 5.5000 | 10/25/33 | 3520 |
| 488 | Chase Mortgage Finance Trust Series 2007-A1 7A1<sup>(b)</sup> |  | 7.5500 | 02/25/37 | 490 |
| 17693 | CHL Mortgage Pass-Through Trust Series 2004-7 3A1<sup>(b)</sup> |  | 5.7340 | 05/25/34 | 16607 |
| 4705 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-1 A2<sup>(a)</sup> |  | 6.0000 | 09/25/33 | 2246 |
| 2790 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-4 7AR2<sup>(b)</sup> | TSFR1M + 0.564% | 4.8910 | 06/25/34 | 2559 |
| 21554 | GSR Mortgage Loan Trust Series 2004-2F 7A2<sup>(b),(c)</sup> | TSFR1M + 7.536% | 3.2090 | 01/25/34 | 695 |
| 5687 | GSR Mortgage Loan Trust Series 2004-6F 2A6 |  | 5.5000 | 05/25/34 | 5718 |
| 4866 | Impac CMB Trust Series 2004-4 1M3<sup>(b)</sup> | TSFR1M + 1.014% | 5.3410 | 09/25/34 | 4838 |
| 15987 | Impac CMB Trust Series 2004-6 M1<sup>(b)</sup> | TSFR1M + 1.034% | 5.2660 | 10/25/34 | 15405 |
| 1943 | Impac CMB Trust Series 2004-5 1A3<sup>(b)</sup> | TSFR1M + 0.939% | 5.3610 | 10/25/34 | 1925 |
| 12914 | JP Morgan Mortgage Trust Series 2005-A1 3A5<sup>(b)</sup> |  | 5.6820 | 02/25/35 | 12008 |
| 10301 | MASTR Alternative Loan Trust Series 2003-7 6A1 |  | 6.5000 | 12/25/33 | 10319 |
| 396752 | MASTR Alternative Loan Trust Series 2007-HF1 4AX<sup>(c)</sup> |  | 7.0000 | 10/25/47 | 74119 |
| 3013 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR 2A6<sup>(b)</sup> |  | 5.8080 | 09/25/34 | 2960 |
| 7265 | Morgan Stanley Mortgage Loan Trust Series 2004-10AR 4A<sup>(b)</sup> |  | 7.0260 | 11/25/34 | 6757 |
| 54474 | Wilshire Funding Corporation Series 1997-WFC1 M3<sup>(b)</sup> |  | 7.2500 | 08/25/27 | 53443 |
|  |  |  |  |  | 303419 |
|  | **HOME EQUITY — 0.4%** |  |  |  |  |
| 23248 | Aames Mortgage Trust Mortgage Pass Through Certs Series 2001-1 M2<sup>(d)</sup> |  | 8.0880 | 06/25/31 | 23258 |
| 7074 | AFC Trust Series 2000-1 1A<sup>(b)</sup> | TSFR1M + 0.844% | 5.1710 | 03/25/30 | 6881 |
| 126 | Ameriquest Mortgage Securities Asset-Backed Pass-Through Ctfs Series 2003-11 AF6<sup>(d)</sup> |  | 5.3900 | 12/25/33 | 245 |
| 21144 | Asset Backed Securities Corporation Home Equity Loan Trust Series 2003-HE6 M2<sup>(b)</sup> | TSFR1M + 2.589% | 6.9160 | 11/25/33 | 26452 |
| 135000 | Bear Stearns Asset Backed Securities I Trust Series 2004-BO1 M9B<sup>(b)</sup> | TSFR1M + 6.114% | 10.4410 | 10/25/34 | 133119 |
| 15591 | Bear Stearns Asset Backed Securities Trust Series 2003-ABF1 A<sup>(b)</sup> | TSFR1M + 0.854% | 5.1810 | 01/25/34 | 15156 |
| 111999 | CDC Mortgage Capital Trust Series 2004-HE1 M2<sup>(b)</sup> | TSFR1M + 1.914% | 6.2410 | 06/25/34 | 111741 |
| 86272 | CDC Mortgage Capital Trust Series 2004-HE3 M2<sup>(b)</sup> | TSFR1M + 1.914% | 6.2410 | 11/25/34 | 83750 |
| 19879 | Credit Suisse First Boston Mortgage Securities Corporation Series 2001-HE8 A1<sup>(d)</sup> |  | 6.9900 | 02/25/31 | 19690 |
| 3845 | Meritage Mortgage Loan Trust Series 2003-1 M2<sup>(b)</sup> | TSFR1M + 2.439% | 6.7660 | 11/25/33 | 3831 |
| 28884 | Meritage Mortgage Loan Trust Series 2003-1 M3<sup>(b)</sup> | TSFR1M + 2.814% | 7.1410 | 11/25/33 | 28459 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 20.2% (Continued)** |  |  |  |  |
|  | **HOME EQUITY — 0.4% (Continued)** |  |  |  |  |
| 17020 | Merrill Lynch Mortgage Investors Trust Series 2003-OPT1 M2<sup>(b)</sup> | TSFR1M + 2.289% | 3.1600 | 07/25/34 | $13324 |
| 14549 | New Century Home Equity Loan Trust Series 2003-A M1<sup>(a),(b)</sup> | TSFR1M + 1.239% | 3.3730 | 10/25/33 | 15636 |
| 1843 | NovaStar Mortgage Funding Trust Series 2004-1 M5<sup>(b)</sup> | TSFR1M + 1.689% | 6.0160 | 06/25/34 | 1741 |
| 10057 | Option One Mortgage Loan Trust Series 2003-5 A2<sup>(b)</sup> | TSFR1M + 0.754% | 5.0810 | 08/25/33 | 10263 |
| 58506 | RASC Series Trust Series 2003-KS4 MI1<sup>(d)</sup> |  | 4.6100 | 06/25/33 | 58560 |
| 11440 | Saxon Asset Securities Trust Series 2003-3 M2<sup>(b)</sup> | TSFR1M + 2.514% | 3.8150 | 12/25/33 | 10262 |
| 47506 | Terwin Mortgage Trust Series TMTS Series 2003-2HE M2<sup>(b)</sup> | TSFR1M + 2.264% | 7.6660 | 07/25/34 | 57670 |
|  |  |  |  |  | 620038 |
|  | **MANUFACTURED HOUSING — 0.0%<sup>(e)</sup>** |  |  |  |  |
| 1993 | Conseco Finance Corporation Series 1997-1 M1<sup>(b)</sup> |  | 7.2200 | 03/15/28 | 2009 |
|  | **RESIDENTIAL MORTGAGE — 0.4%** |  |  |  |  |
| 87399 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-CB3 B1<sup>(b)</sup> | TSFR1M + 2.889% | 3.1300 | 03/25/34 | 104273 |
| 69647 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-CB6 M2<sup>(b)</sup> | TSFR1M + 1.839% | 4.5550 | 07/25/35 | 66041 |
| 31524 | CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6 2A4<sup>(b)</sup> | TSFR1M + 1.014% | 5.3410 | 11/25/34 | 30375 |
| 21837 | CWABS, Inc. Asset-Backed Certificates Trust Series 2A3 2A3<sup>(b)</sup> | TSFR1M + 1.314% | 5.6410 | 11/25/34 | 21461 |
| 10827 | Equity One Mortgage Pass-Through Trust Series 2002-5 M1<sup>(d)</sup> |  | 5.8030 | 11/25/32 | 10903 |
| 9516 | First Franklin Mortgage Loan Trust Series 2002-FF1 1A2<sup>(b)</sup> | TSFR1M + 1.239% | 5.5630 | 04/25/32 | 9953 |
| 14313 | Long Beach Mortgage Loan Trust Series 2003-2 M2<sup>(b)</sup> | TSFR1M + 2.964% | 7.2910 | 06/25/33 | 16012 |
| 25582 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2004-NC7 M4<sup>(b)</sup> | TSFR1M + 1.839% | 6.1660 | 07/25/34 | 28228 |
| 109279 | Structured Asset Securities Corporation Series 2005-WF1 M7<sup>(b)</sup> | TSFR1M + 2.019% | 6.3460 | 02/25/35 | 113211 |
| 143305 | Structured Asset Securities Corporation Series 2005-WF1 M8<sup>(b)</sup> | TSFR1M + 2.169% | 6.4960 | 02/25/35 | 147135 |
|  |  |  |  |  | 547592 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $30,791,599)** | **TOTAL ASSET BACKED SECURITIES (Cost $30,791,599)** | **TOTAL ASSET BACKED SECURITIES (Cost $30,791,599)** |  | 30337626 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9%** |  |  |  |  |
| 106001 | Fannie Mae Interest Strip<sup>(c)</sup> |  | 5.5000 | 08/25/35 | 16164 |
| 243747 | Fannie Mae Interest Strip Series 384 2<sup>(c)</sup> |  | 4.5000 | 07/25/37 | 28986 |
| 345084 | Fannie Mae Interest Strip Series 385 3<sup>(c)</sup> |  | 5.0000 | 01/25/38 | 54154 |
| 850380 | Fannie Mae Interest Strip Series 407 40<sup>(c)</sup> |  | 6.0000 | 01/25/38 | 168093 |
| 220501 | Fannie Mae Interest Strip Series 418 141<sup>(b),(c)</sup> |  | 5.5000 | 05/25/39 | 34273 |
| 219974 | Fannie Mae Interest Strip Series 418 147<sup>(b),(c)</sup> |  | 6.0000 | 05/25/39 | 35658 |
| 99853 | Fannie Mae Interest Strip Series 409 80<sup>(b),(c)</sup> |  | 4.5000 | 11/25/39 | 19253 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9% (Continued)** |  |  |  |
| 420845 Fannie Mae Interest Strip Series 408 9<sup>(b),(c)</sup> |  | 4.5000 | 10/25/40 | $78175 |
| 278416 Fannie Mae Interest Strip Series 409 83<sup>(b),(c)</sup> |  | 4.5000 | 11/25/40 | 45929 |
| 1071479 Fannie Mae Interest Strip Series 406 15<sup>(c)</sup> |  | 5.0000 | 12/25/40 | 238647 |
| 181343 Fannie Mae Interest Strip Series 409 C13<sup>(c)</sup> |  | 3.5000 | 11/25/41 | 29082 |
| 122337 Fannie Mae Interest Strip Series 409 64<sup>(b),(c)</sup> |  | 4.0000 | 11/25/41 | 19769 |
| 158564 Fannie Mae Interest Strip Series 413 126<sup>(b),(c)</sup> |  | 4.0000 | 07/25/42 | 25627 |
| 158413 Fannie Mae Interest Strip Series 413 177<sup>(b),(c)</sup> |  | 4.5000 | 07/25/42 | 28921 |
| 322499 Fannie Mae Interest Strip Series 413 155<sup>(b),(c)</sup> |  | 4.5000 | 07/25/42 | 59022 |
| 792431 Fannie Mae Interest Strip Series 417 C24<sup>(c)</sup> |  | 3.5000 | 12/25/42 | 103128 |
| 352252 Fannie Mae Interest Strip Series 419 C3<sup>(c)</sup> |  | 3.0000 | 11/25/43 | 48345 |
| 466903 Fannie Mae Interest Strip Series 426 292<sup>(b),(c)</sup> |  | 3.5000 | 08/25/51 | 76324 |
| 288941 Fannie Mae REMICS Series 2004-70 XJ<sup>(b),(c)</sup> |  | 5.0000 | 10/25/34 | 40413 |
| 468440 Fannie Mae REMICS Series 2006-109 SG<sup>(b),(c)</sup> | SOFR30A + 6.516% | 2.1620 | 11/25/36 | 44740 |
| 198169 Fannie Mae REMICS Series 2007-39 AI<sup>(b),(c)</sup> | SOFR30A + 6.006% | 1.6520 | 05/25/37 | 18587 |
| 134236 Fannie Mae REMICS Series 2007-92 SK<sup>(b),(c)</sup> | SOFR30A + 6.336% | 1.9820 | 09/25/37 | 15401 |
| 141748 Fannie Mae REMICS Series 2007-112 SA<sup>(b),(c)</sup> | SOFR30A + 6.450% | 1.9820 | 12/25/37 | 17942 |
| 43413 Fannie Mae REMICS Series 2009-31 PI<sup>(c)</sup> |  | 5.0000 | 11/25/38 | 781 |
| 348452 Fannie Mae REMICS Series 2009-101 MI<sup>(c)</sup> |  | 6.0000 | 12/25/39 | 32300 |
| 382316 Fannie Mae REMICS Series 2009-113 XI<sup>(b),(c)</sup> |  | 5.0000 | 01/25/40 | 57840 |
| 465242 Fannie Mae REMICS Series 2010-150 SP<sup>(b),(c)</sup> | SOFR30A + 6.486% | 2.1320 | 10/25/40 | 43631 |
| 1339799 Fannie Mae REMICS Series 2011-149 MS<sup>(b),(c)</sup> | SOFR30A + 5.886% | 1.5320 | 11/25/41 | 74598 |
| 113438 Fannie Mae REMICS Series 2012-84 KI<sup>(b),(c)</sup> | SOFR30A + 6.000% | 6.0000 | 08/25/42 | 17351 |
| 144000 Fannie Mae REMICS Series 2013-10 SJ<sup>(b),(c)</sup> | SOFR30A + 6.036% | 1.6820 | 02/25/43 | 16372 |
| 414457 Fannie Mae REMICS Series 2014-68 IB<sup>(c)</sup> |  | 4.5000 | 02/25/43 | 45177 |
| 71926 Fannie Mae REMICS Series 2015-16 IN<sup>(c)</sup> |  | 4.5000 | 09/25/43 | 1851 |
| 1114862 Fannie Mae REMICS Series 2013-103 JS<sup>(b),(c)</sup> | SOFR30A + 5.886% | 1.5320 | 10/25/43 | 114039 |
| 141178 Fannie Mae REMICS Series 2015-22 BS<sup>(b),(c)</sup> | SOFR30A + 6.036% | 4.5980 | 04/25/45 | 16261 |
| 6651962 Fannie Mae REMICS Series 2015-40 LT<sup>(b),(c)</sup> | SOFR30A + 6.200% | 0.0300 | 06/25/45 | 10366 |
| 2000448 Fannie Mae REMICS Series 2015-34 HI<sup>(c)</sup> |  | 6.0000 | 06/25/45 | 445111 |
| 81419 Fannie Mae REMICS Series 2017-78 KI<sup>(c)</sup> |  | 3.5000 | 10/25/47 | 14623 |
| 52102 Fannie Mae REMICS Series 2018-37 CI<sup>(c)</sup> |  | 4.0000 | 10/25/47 | 1077 |
| 962089 Fannie Mae REMICS Series 2017-97 SW<sup>(b),(c)</sup> | SOFR30A + 6.086% | 1.7320 | 12/25/47 | 122003 |
| 155715 Fannie Mae REMICS Series 2018-2 LI<sup>(c)</sup> |  | 3.5000 | 12/25/47 | 15029 |
| 292300 Fannie Mae REMICS Series 2017-99 DI<sup>(c)</sup> |  | 3.5000 | 12/25/47 | 38467 |
| 263929 Fannie Mae REMICS Series 2018-31 IO<sup>(c)</sup> |  | 4.5000 | 12/25/47 | 51577 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9% (Continued)** |  |  |  |
| 981970 Fannie Mae REMICS Series 2018-16 MI<sup>(c)</sup> |  | 4.0000 | 03/25/48 | $201447 |
| 193656 Fannie Mae REMICS Series 2018-34 CI<sup>(c)</sup> |  | 4.0000 | 05/25/48 | 33190 |
| 235909 Fannie Mae REMICS Series 2018-35 KI<sup>(c)</sup> |  | 4.0000 | 05/25/48 | 40354 |
| 1032168 Fannie Mae REMICS Series 2018-54 SA<sup>(b),(c)</sup> | SOFR30A + 6.136% | 1.7820 | 08/25/48 | 105553 |
| 409955 Fannie Mae REMICS Series 2018-74 MI<sup>(c)</sup> |  | 4.5000 | 10/25/48 | 80406 |
| 579815 Fannie Mae REMICS Series 2019-44 IC<sup>(c)</sup> |  | 3.5000 | 08/25/49 | 81068 |
| 213210 Fannie Mae REMICS Series 2021-27 GI<sup>(c)</sup> |  | 4.5000 | 05/25/51 | 55758 |
| 983622 Fannie Mae REMICS Series 2020-10 S<sup>(b),(c)</sup> | SOFR30A + 5.936% | 1.5820 | 05/25/59 | 115772 |
| 16084 Freddie Mac REMICS Series 2433 SA<sup>(b)</sup> | SOFR30A + 20.632% | 9.3360 | 02/15/32 | 18742 |
| 686509 Freddie Mac REMICS Series 5112 IB<sup>(c)</sup> |  | 6.5000 | 05/15/32 | 77821 |
| 185642 Freddie Mac REMICS Series 4394 BI<sup>(c)</sup> |  | 5.5000 | 07/15/37 | 24239 |
| 53386 Freddie Mac REMICS Series 4419 EI<sup>(c)</sup> |  | 6.0000 | 10/15/37 | 6194 |
| 3174196 Freddie Mac REMICS Series 4669 TI<sup>(b),(c)</sup> | SOFR30A + 5.986% | 0.1000 | 09/15/40 | 5931 |
| 82365 Freddie Mac REMICS Series 3772 SA<sup>(b)</sup> | SOFR30A + 14.567% | 1.5320 | 12/15/40 | 69662 |
| 335510 Freddie Mac REMICS Series 3935 SH<sup>(b),(c)</sup> | SOFR30A + 6.486% | 2.1410 | 12/15/40 | 6003 |
| 162680 Freddie Mac REMICS Series 4076 SW<sup>(b),(c)</sup> | SOFR30A + 5.936% | 1.5910 | 07/15/42 | 17411 |
| 102250 Freddie Mac REMICS Series 4139 PO<sup>(f)</sup> |  | 2.3600 | 08/15/42 | 68048 |
| 216724 Freddie Mac REMICS Series 4091 ES<sup>(b),(c)</sup> | SOFR30A + 6.436% | 2.0910 | 08/15/42 | 32372 |
| 420932 Freddie Mac REMICS Series 4197 IG<sup>(c)</sup> |  | 4.0000 | 04/15/43 | 52200 |
| 9430047 Freddie Mac REMICS Series 4765 SI<sup>(b),(c)</sup> |  | 0.2050 | 08/15/44 | 80989 |
| 278104 Freddie Mac REMICS Series 4416 DS<sup>(b),(c)</sup> | SOFR30A + 5.985% | 1.6410 | 12/15/44 | 34612 |
| 231646 Freddie Mac REMICS Series 4480 IN<sup>(c)</sup> |  | 4.0000 | 03/15/45 | 35977 |
| 271547 Freddie Mac REMICS Series 4473 AS<sup>(b),(c)</sup> | SOFR30A + 5.486% | 1.1410 | 05/15/45 | 28501 |
| 101744 Freddie Mac REMICS Series 4591 QI<sup>(c)</sup> |  | 3.5000 | 04/15/46 | 18443 |
| 724644 Freddie Mac REMICS Series 4583 ST<sup>(b),(c)</sup> | SOFR30A + 5.886% | 1.5410 | 05/15/46 | 86341 |
| 617234 Freddie Mac REMICS Series 4699 NI<sup>(c)</sup> |  | 4.0000 | 12/15/46 | 76349 |
| 166319 Freddie Mac REMICS Series 4792 AI<sup>(c)</sup> |  | 4.0000 | 05/15/48 | 29729 |
| 985517 Freddie Mac REMICS Series 4827 BI<sup>(c)</sup> |  | 4.5000 | 09/15/48 | 155405 |
| 337549 Freddie Mac REMICS Series 5093 NI<sup>(c)</sup> |  | 4.0000 | 08/25/49 | 68611 |
| 748292 Freddie Mac REMICS Series 5022 IO<sup>(c)</sup> |  | 3.0000 | 09/25/50 | 128775 |
| 418716 Freddie Mac REMICS Series 5023 MI<sup>(c)</sup> |  | 3.0000 | 10/25/50 | 71302 |
| 429481 Freddie Mac REMICS Series 5086 IW<sup>(c)</sup> |  | 3.0000 | 03/25/51 | 60046 |
| 303053 Freddie Mac REMICS Series 5082 HI<sup>(c)</sup> |  | 3.0000 | 03/25/51 | 40947 |
| 810721 Freddie Mac REMICS Series 5086 HI<sup>(c)</sup> |  | 4.5000 | 03/25/51 | 180035 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9% (Continued)** |  |  |  |
| 1192903 Freddie Mac REMICS Series 5174 NI<sup>(c)</sup> |  | 3.5000 | 12/25/51 | $211283 |
| 304697 Freddie Mac REMICS Series 4291 MS<sup>(b),(c)</sup> | SOFR30A + 5.786% | 1.4410 | 01/15/54 | 34813 |
| 34637 Freddie Mac Strips Series 202 IO<sup>(c)</sup> |  | 6.5000 | 04/01/29 | 3131 |
| 454672 Freddie Mac Strips Series 256 50<sup>(c)</sup> |  | 5.0000 | 06/15/38 | 57187 |
| 162269 Freddie Mac Strips Series 303 181<sup>(b),(c)</sup> |  | 4.5000 | 12/15/39 | 19516 |
| 165401 Freddie Mac Strips Series 303 175<sup>(b),(c)</sup> |  | 4.5000 | 12/15/40 | 22502 |
| 236224 Freddie Mac Strips Series 303 141<sup>(b),(c)</sup> |  | 4.5000 | 01/15/43 | 36514 |
| 477568 Freddie Mac Strips Series 324 C24<sup>(c)</sup> |  | 5.0000 | 12/15/43 | 99328 |
| 543669 Freddie Mac Strips Series 365 C10<sup>(c)</sup> |  | 3.5000 | 06/15/49 | 111357 |
| 6782 Government National Mortgage Association Series 2011-157 AI<sup>(c)</sup> |  | 4.0000 | 12/16/26 | 91 |
| 464049 Government National Mortgage Association Series 2021-78 QI<sup>(c)</sup> |  | 5.0000 | 05/20/34 | 42807 |
| 2173714 Government National Mortgage Association Series 2009-87 IW<sup>(b),(c)</sup> | TSFR1M + 6.736% | 2.4170 | 07/20/34 | 78333 |
| 5448098 Government National Mortgage Association Series 2014-94 JI<sup>(b),(c)</sup> | TSFR1M + 6.586% | 0.1500 | 09/16/34 | 24053 |
| 640511 Government National Mortgage Association Series 2007-26 SD<sup>(b),(c)</sup> | TSFR1M + 6.686% | 2.3650 | 05/16/37 | 81808 |
| 3949935 Government National Mortgage Association Series 2017-60 SA<sup>(b),(c)</sup> | TSFR1M + 6.576% | 2.2570 | 10/20/37 | 199767 |
| 1128879 Government National Mortgage Association Series 2008-60 SH<sup>(b),(c)</sup> | TSFR1M + 6.036% | 1.7150 | 07/16/38 | 24321 |
| 792644 Government National Mortgage Association Series 2017-88 IB<sup>(c)</sup> |  | 5.5000 | 02/20/39 | 107316 |
| 146109 Government National Mortgage Association Series 2009-61 AS<sup>(b),(c)</sup> | TSFR1M + 5.986% | 1.6670 | 03/20/39 | 1123 |
| 625807 Government National Mortgage Association Series 2009-69 IV<sup>(c)</sup> |  | 5.5000 | 08/20/39 | 85131 |
| 2053700 Government National Mortgage Association Series 2010-29 SA<sup>(b),(c)</sup> | TSFR1M + 6.436% | 2.1170 | 10/20/39 | 257431 |
| 217120 Government National Mortgage Association Series 2013-90 AI<sup>(c)</sup> |  | 3.5000 | 10/20/39 | 3522 |
| 651796 Government National Mortgage Association Series 2017-60 SU<sup>(b),(c)</sup> | TSFR1M + 6.286% | 1.9650 | 01/16/40 | 60172 |
| 769072 Government National Mortgage Association Series 2013-20 IM<sup>(c)</sup> |  | 5.0000 | 04/20/40 | 119845 |
| 1098275 Government National Mortgage Association Series 2017-160 TI<sup>(b),(c)</sup> |  | 0.5000 | 06/20/40 | 17048 |
| 971377 Government National Mortgage Association Series 2010-133 SB<sup>(b),(c)</sup> | TSFR1M + 5.906% | 1.5850 | 10/16/40 | 121426 |
| 167225 Government National Mortgage Association Series 2019-22 HI<sup>(c)</sup> |  | 5.0000 | 10/16/40 | 20231 |
| 1641903 Government National Mortgage Association Series 2010-166 SA<sup>(b),(c)</sup> | TSFR1M + 5.936% | 1.6150 | 12/16/40 | 202565 |
| 248104 Government National Mortgage Association Series 2012-69 QI<sup>(c)</sup> |  | 4.0000 | 03/16/41 | 26400 |
| 161823 Government National Mortgage Association Series 2011-68 EI<sup>(c)</sup> |  | 6.0000 | 04/20/41 | 17179 |
| 66709 Government National Mortgage Association Series 2013-75 GI<sup>(c)</sup> |  | 3.0000 | 06/20/41 | 329 |
| 189729 Government National Mortgage Association Series 2015-44 AI<sup>(c)</sup> |  | 3.0000 | 08/20/41 | 1139 |
| 228291 Government National Mortgage Association Series 2012-108 PS<sup>(b),(c)</sup> | TSFR1M + 6.636% | 2.3150 | 03/16/42 | 29795 |
| 913063 Government National Mortgage Association Series 2013-4 ID<sup>(c)</sup> |  | 5.5000 | 05/16/42 | 166945 |
| 155635 Government National Mortgage Association Series 2012-149 GI<sup>(c)</sup> |  | 5.0000 | 07/20/42 | 13656 |
| 323717 Government National Mortgage Association Series 2012-98 HS<sup>(b),(c)</sup> | TSFR1M + 5.885% | 1.5670 | 08/20/42 | 34535 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9% (Continued)** |  |  |  |
| 777774 Government National Mortgage Association Series 2012-126 IO<sup>(c)</sup> |  | 3.5000 | 10/20/42 | $99065 |
| 406420 Government National Mortgage Association Series 2012-140 IC<sup>(c)</sup> |  | 3.5000 | 11/20/42 | 66934 |
| 234474 Government National Mortgage Association Series 2012-149 CS<sup>(b),(c)</sup> | TSFR1M + 6.086% | 1.7670 | 12/20/42 | 18922 |
| 67919 Government National Mortgage Association Series 2013-5 BI<sup>(c)</sup> |  | 3.5000 | 01/20/43 | 11026 |
| 326228 Government National Mortgage Association Series 2013-20 KI<sup>(c)</sup> |  | 5.0000 | 01/20/43 | 55912 |
| 938779 Government National Mortgage Association Series 2013-144 AS<sup>(b),(c)</sup> | TSFR1M + 6.636% | 2.3170 | 03/20/43 | 13545 |
| 347054 Government National Mortgage Association Series 2013-82 IG<sup>(c)</sup> |  | 3.5000 | 05/20/43 | 52054 |
| 499210 Government National Mortgage Association Series 2019-22 EI<sup>(b),(c)</sup> |  | 1.0000 | 07/20/43 | 10415 |
| 67853 Government National Mortgage Association Series 2013-103 DS<sup>(b),(c)</sup> | TSFR1M + 6.036% | 1.7170 | 07/20/43 | 8423 |
| 294972 Government National Mortgage Association Series 2013-189 PS<sup>(b),(c)</sup> | TSFR1M + 6.036% | 1.7170 | 07/20/43 | 28251 |
| 604936 Government National Mortgage Association Series 2013-122 SB<sup>(b),(c)</sup> | TSFR1M + 5.986% | 1.6650 | 08/16/43 | 71995 |
| 8360469 Government National Mortgage Association Series 2019-21 SI<sup>(b),(c)</sup> |  | 0.2660 | 10/20/43 | 61531 |
| 192587 Government National Mortgage Association Series 2014-132 SL<sup>(b),(c)</sup> | TSFR1M + 5.986% | 1.6670 | 10/20/43 | 10427 |
| 139893 Government National Mortgage Association Series 2013-181 SA<sup>(b),(c)</sup> | TSFR1M + 5.986% | 1.6670 | 11/20/43 | 13064 |
| 290567 Government National Mortgage Association Series 2014-91 SB<sup>(b),(c)</sup> | TSFR1M + 5.486% | 1.1650 | 06/16/44 | 20725 |
| 94115 Government National Mortgage Association Series 2014-133 BS<sup>(b),(c)</sup> | TSFR1M + 5.486% | 1.1670 | 09/20/44 | 9257 |
| 476329 Government National Mortgage Association Series 2019-22 SA<sup>(b),(c)</sup> | TSFR1M + 5.486% | 1.1670 | 02/20/45 | 48382 |
| 120428 Government National Mortgage Association Series 2017-99 DI<sup>(c)</sup> |  | 4.0000 | 07/20/45 | 5489 |
| 417790 Government National Mortgage Association Series 2017-112 KI<sup>(c)</sup> |  | 4.5000 | 08/20/45 | 40739 |
| 526486 Government National Mortgage Association Series 2016-163 KI<sup>(c)</sup> |  | 6.0000 | 08/20/45 | 43546 |
| 302392 Government National Mortgage Association Series 2017-130 LI<sup>(c)</sup> |  | 4.5000 | 10/16/45 | 23796 |
| 1933941 Government National Mortgage Association Series 2019-22 CI<sup>(b),(c)</sup> | TSFR1M + 30.678% | 1.0000 | 10/20/45 | 92082 |
| 262601 Government National Mortgage Association Series 2015-179 GS<sup>(b),(c)</sup> | TSFR1M + 6.636% | 2.3170 | 12/20/45 | 41013 |
| 93216 Government National Mortgage Association Series 2016-54 PI<sup>(c)</sup> |  | 3.0000 | 04/20/46 | 9387 |
| 275551 Government National Mortgage Association Series 2016-46 IO<sup>(c)</sup> |  | 3.5000 | 04/20/46 | 44753 |
| 70733 Government National Mortgage Association Series 2017-101 ID<sup>(c)</sup> |  | 4.5000 | 04/20/46 | 4986 |
| 167774 Government National Mortgage Association Series 2016-81 IO<sup>(c)</sup> |  | 4.0000 | 06/20/46 | 31908 |
| 849524 Government National Mortgage Association Series 2016-121 JS<sup>(b),(c)</sup> | TSFR1M + 5.986% | 1.6670 | 09/20/46 | 113893 |
| 292010 Government National Mortgage Association Series 2016-116 IJ<sup>(c)</sup> |  | 3.5000 | 09/20/46 | 31388 |
| 124582 Government National Mortgage Association Series 2019-11 MI<sup>(c)</sup> |  | 5.0000 | 11/20/46 | 6013 |
| 151780 Government National Mortgage Association Series 2017-114 CI<sup>(c)</sup> |  | 3.5000 | 03/20/47 | 11411 |
| 11123 Government National Mortgage Association Series 2017-141 ID<sup>(c)</sup> |  | 3.5000 | 07/20/47 | 1581 |
| 302797 Government National Mortgage Association Series 2018-18 BI<sup>(c)</sup> |  | 4.0000 | 11/20/47 | 25726 |
| 736235 Government National Mortgage Association Series 2017-179 KS<sup>(b),(c)</sup> | TSFR1M + 6.086% | 1.7670 | 12/20/47 | 101904 |
| 121430 Government National Mortgage Association Series 2017-179 WI<sup>(c)</sup> |  | 5.0000 | 12/20/47 | 27483 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9% (Continued)** |  |  |  |
| 294801 | Government National Mortgage Association Series 2018-1 IP<sup>(c)</sup> |  | 3.5000 | 01/20/48 | $31817 |
| 17144576 | Government National Mortgage Association Series 2020-86 TK<sup>(b),(c)</sup> | TSFR1M + 6.086% | 0.1500 | 08/20/48 | 87252 |
| 160030 | Government National Mortgage Association Series 2018-120 JI<sup>(c)</sup> |  | 5.5000 | 09/20/48 | 23157 |
| 228026 | Government National Mortgage Association Series 2018-154 IT<sup>(c)</sup> |  | 5.5000 | 10/20/48 | 41888 |
| 433916 | Government National Mortgage Association Series 2019-6 SA<sup>(b),(c)</sup> | TSFR1M + 5.936% | 1.6170 | 01/20/49 | 51020 |
| 223726 | Government National Mortgage Association Series 2019-18 CS<sup>(b),(c)</sup> | TSFR1M + 5.936% | 1.6170 | 02/20/49 | 19548 |
| 902013 | Government National Mortgage Association Series 2020-47 MI<sup>(c)</sup> |  | 3.5000 | 04/20/50 | 173597 |
| 383922 | Government National Mortgage Association Series 2020-127 IN<sup>(c)</sup> |  | 2.5000 | 08/20/50 | 53699 |
| 600092 | Government National Mortgage Association Series 2020-167 NS<sup>(b),(c)</sup> | TSFR1M + 6.186% | 1.8670 | 11/20/50 | 87103 |
| 1927231 | Government National Mortgage Association Series 2019-H16 CI<sup>(b),(c)</sup> |  | 2.3170 | 10/20/69 | 79317 |
|  |  |  |  |  | 8791343 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,763,522)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,763,522)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,763,522)** |  | 8791343 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 47.1%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 4.8%** |  |  |  |  |
| 700000 | Ares Capital Corporation |  | 2.1500 | 07/15/26 | 675045 |
| 2349000 | Bain Capital Specialty Finance, Inc. |  | 2.9500 | 03/10/26 | 2304973 |
| 600000 | Blackstone Secured Lending Fund |  | 3.6250 | 01/15/26 | 593652 |
| 850000 | FS KKR Capital Corporation |  | 3.4000 | 01/15/26 | 838659 |
| 275000 | FS KKR Capital Corporation |  | 2.6250 | 01/15/27 | 260398 |
| 1350000 | Icahn Enterprises, L.P. / Icahn Enterprises |  | 6.2500 | 05/15/26 | 1346414 |
| 750000 | UBS Group A.G.<sup>(a),(b)</sup> | H15T1Y + 1.550% | 4.4880 | 05/12/26 | 749861 |
| 182000 | UBS Group A.G.<sup>(a),(b)</sup> | SOFRRATE + 2.044% | 2.1930 | 06/05/26 | 181538 |
| 250000 | UBS Group A.G.<sup>(a),(b)</sup> | SOFRRATE + 3.340% | 6.3730 | 07/15/26 | 250705 |
|  |  |  |  |  | 7201245 |
|  | **AUTOMOTIVE — 9.1%** |  |  |  |  |
| 400000 | Ford Motor Credit Company, LLC |  | 4.6870 | 06/09/25 | 399472 |
| 1650000 | Ford Motor Credit Company, LLC |  | 5.1250 | 06/16/25 | 1648796 |
| 1935000 | Ford Motor Credit Company, LLC |  | 3.3750 | 11/13/25 | 1912626 |
| 375000 | Ford Motor Credit Company, LLC |  | 2.7000 | 08/10/26 | 360462 |
| 500000 | Ford Motor Credit Company, LLC |  | 5.8000 | 03/05/27 | 497124 |
| 313000 | Ford Motor Credit Company, LLC |  | 4.1250 | 08/17/27 | 300254 |
| 500000 | Ford Motor Credit Company, LLC |  | 3.8150 | 11/02/27 | 473394 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.1% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 9.1% (Continued)** |  |  |  |  |
| 1000000 | Ford Motor Credit Company, LLC |  | 6.2000 | 06/20/34 | $934635 |
| 603000 | General Motors Financial Company, Inc.<sup>(b)</sup> | H15T5Y + 4.997% | 5.7000 | Perpetual | 569601 |
| 515000 | Harley-Davidson Financial Services, Inc.<sup>(a)</sup> |  | 3.3500 | 06/08/25 | 513683 |
| 938000 | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 1.8500 | 09/16/26 | 888022 |
| 1288000 | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 5.3000 | 09/13/27 | 1262872 |
| 750000 | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 2.7500 | 03/09/28 | 685050 |
| 2525000 | Nissan Motor Acceptance Corporation<sup>(a)</sup> |  | 2.0000 | 03/09/26 | 2443008 |
| 500000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 5.4000 | 03/20/26 | 502251 |
| 250000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 4.7500 | 11/13/28 | 247406 |
|  |  |  |  |  | 13638656 |
|  | **BANKING — 9.0%** |  |  |  |  |
| 500000 | ABN AMRO Bank N.V.<sup>(a)</sup> |  | 4.7500 | 07/28/25 | 499557 |
| 500000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.714% | 2.8520 | 05/07/26 | 499760 |
| 250000 | Barclays plc<sup>(b)</sup> | H15T1Y + 2.300% | 5.3040 | 08/09/26 | 250132 |
| 600000 | BNP Paribas S.A.<sup>(a)</sup> |  | 4.3750 | 09/28/25 | 598090 |
| 250000 | BNP Paribas S.A.<sup>(a),(b)</sup> | SOFRRATE + 2.074% | 2.2190 | 06/09/26 | 249274 |
| 1300000 | BNP Paribas S.A.<sup>(a),(b)</sup> | H15T5Y + 3.196% | 4.6250 | Perpetual | 1231676 |
| 394000 | BPCE S.A.<sup>(a)</sup> |  | 4.8750 | 04/01/26 | 393711 |
| 2000000 | Citigroup, Inc.<sup>(b)</sup> | H15T5Y + 3.417% | 3.8750 | Perpetual | 1950115 |
| 725000 | Citizens Financial Group, Inc.<sup>(b)</sup> | H15T5Y + 3.215% | 4.0000 | Perpetual | 682405 |
| 550000 | Credit Agricole S.A.<sup>(a),(b)</sup> | SOFRRATE + 1.676% | 1.9070 | 06/16/26 | 547960 |
| 1000000 | Credit Agricole S.A.<sup>(b)</sup> | H15T5Y + 3.237% | 4.7500 | Perpetual | 906787 |
| 1000000 | Deutsche Bank A.G.<sup>(b)</sup> | H15T5Y + 4.524% | 6.0000 | Perpetual | 981660 |
| 740000 | KeyCorporation<sup>(b)</sup> | US0003M + 3.606% | 5.0000 | Perpetual | 716968 |
| 1000000 | M&T Bank Corporation<sup>(b)</sup> | H15T5Y + 2.679% | 3.5000 | Perpetual | 917537 |
| 850000 | PNC Financial Services Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 2.595% | 3.4000 | Perpetual | 801916 |
| 419000 | Royal Bank of Canada<sup>(b)</sup> | SOFRRATE + 7.450% | 8.5000 | 02/28/39 | 431959 |
| 550000 | Societe Generale S.A.<sup>(a)</sup> |  | 4.7500 | 11/24/25 | 548796 |
| 1000000 | Societe Generale S.A.<sup>(b)</sup> | H15T5Y + 4.514% | 5.3750 | Perpetual | 875655 |
| 500000 | Synchrony Bank |  | 5.4000 | 08/22/25 | 500186 |
|  |  |  |  |  | 13584144 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.1% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 1.7%** |  |  |  |  |
| 989000 | Teva Pharmaceutical Finance Netherlands III BV |  | 3.1500 | 10/01/26 | $957254 |
| 1600000 | Teva Pharmaceutical Finance Netherlands III BV |  | 4.7500 | 05/09/27 | 1572171 |
|  |  |  |  |  | 2529425 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.6%** |  |  |  |  |
| 975000 | Aramark Services, Inc.<sup>(a)</sup> |  | 5.0000 | 02/01/28 | 958849 |
|  | **ELECTRIC UTILITIES — 4.1%** |  |  |  |  |
| 1000000 | American Electric Power Company, Inc.<sup>(b)</sup> | H15T5Y + 2.675% | 3.8750 | 02/15/62 | 941869 |
| 1110000 | CenterPoint Energy, Inc.<sup>(b)</sup> | H15T5Y + 3.254% | 7.0000 | 02/15/55 | 1136435 |
| 2000000 | Electricite de France S.A.<sup>(a),(b)</sup> | H15T5Y + 5.411% | 9.1250 | Perpetual | 2241950 |
| 150000 | FirstEnergy Corporation |  | 4.1500 | 07/15/27 | 148230 |
| 500000 | Sempra<sup>(b)</sup> | H15T5Y + 2.868% | 4.1250 | 04/01/52 | 459423 |
| 1250000 | Southern Company (The)<sup>(b)</sup> | H15T5Y + 2.915% | 3.7500 | 09/15/51 | 1212200 |
|  |  |  |  |  | 6140107 |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |  |  |  |
| 125000 | Warner Media, LLC |  | 2.9500 | 07/15/26 | 121350 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.3%** |  |  |  |  |
| 512000 | Charles River Laboratories International, Inc.<sup>(a)</sup> |  | 4.2500 | 05/01/28 | 487106 |
|  | **INSURANCE — 0.2%** |  |  |  |  |
| 250000 | Athene Global Funding<sup>(a)</sup> |  | 2.9500 | 11/12/26 | 244271 |
|  | **LEISURE FACILITIES & SERVICES — 5.6%** |  |  |  |  |
| 828000 | Boyd Gaming Corporation |  | 4.7500 | 12/01/27 | 812244 |
| 838000 | Caesars Entertainment, Inc.<sup>(a)</sup> |  | 4.6250 | 10/15/29 | 774432 |
| 265000 | International Game Technology plc<sup>(a)</sup> |  | 4.1250 | 04/15/26 | 262358 |
| 963000 | International Game Technology plc<sup>(a)</sup> |  | 6.2500 | 01/15/27 | 968036 |
| 500000 | International Game Technology plc<sup>(a)</sup> |  | 5.2500 | 01/15/29 | 489328 |
| 1000000 | Las Vegas Sands Corporation |  | 2.9000 | 06/25/25 | 996109 |
| 1025000 | Penn National Gaming, Inc.<sup>(a)</sup> |  | 5.6250 | 01/15/27 | 1009764 |
| 725000 | Penn National Gaming, Inc.<sup>(a)</sup> |  | 4.1250 | 07/01/29 | 636641 |
| 844000 | Scientific Games International, Inc.<sup>(a)</sup> |  | 7.0000 | 05/15/28 | 844942 |
| 438000 | Scientific Games International, Inc.<sup>(a)</sup> |  | 7.2500 | 11/15/29 | 446389 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.1% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 5.6% (Continued)** |  |  |  |  |
| 1248000 | Station Casinos, LLC<sup>(a)</sup> |  | 4.5000 | 02/15/28 | $1205144 |
|  |  |  |  |  | 8445387 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.2%** |  |  |  |  |
| 1250000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.3750 | 04/15/26 | 1247904 |
| 500000 | VICI Properties, L.P. / VICI Note Company, Inc.<sup>(a)</sup> |  | 5.7500 | 02/01/27 | 505674 |
|  |  |  |  |  | 1753578 |
|  | **RETAIL - DISCRETIONARY — 1.0%** |  |  |  |  |
| 1563000 | Penske Automotive Group, Inc. |  | 3.5000 | 09/01/25 | 1552437 |
|  | **SPECIALTY FINANCE — 7.1%** |  |  |  |  |
| 650000 | AerCap Global Aviation Trust<sup>(a),(b)</sup> | TSFR3M + 4.562% | 6.5000 | 06/15/45 | 651131 |
| 2512000 | Air Lease Corporation<sup>(b)</sup> | H15T5Y + 4.076% | 4.6500 | Perpetual | 2439223 |
| 715000 | Ally Financial, Inc. |  | 5.7500 | 11/20/25 | 716006 |
| 200000 | Ally Financial, Inc. |  | 6.0500 | 02/15/26 | 200309 |
| 250000 | Ally Financial, Inc. |  | 6.0000 | 07/15/29 | 250643 |
| 2017000 | Ally Financial, Inc. Series B<sup>(b)</sup> | H15T5Y + 3.868% | 4.7000 | Perpetual | 1859433 |
| 500000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 4.8750 | 10/01/25 | 499535 |
| 250000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 1.9500 | 01/30/26 | 244339 |
| 1113000 | Capital One Financial Corporation<sup>(b)</sup> | H15T5Y + 3.157% | 3.9500 | Perpetual | 1061107 |
| 628000 | Discover Financial Services Series C<sup>(b)</sup> | US0003M + 3.076% | 5.5000 | Perpetual | 602267 |
| 1000000 | ILFC E-Capital Trust I<sup>(a),(b)</sup> | TSFR3M + 1.812% | 6.1170 | 12/21/65 | 809038 |
| 165000 | OneMain Finance Corporation |  | 3.5000 | 01/15/27 | 158098 |
| 855000 | Synchrony Financial |  | 4.5000 | 07/23/25 | 853646 |
| 250000 | Synchrony Financial |  | 3.7000 | 08/04/26 | 244736 |
|  |  |  |  |  | 10589511 |
|  | **TECHNOLOGY SERVICES — 0.4%** |  |  |  |  |
| 650000 | Leidos, Inc. |  | 3.6250 | 05/15/25 | 649532 |
|  | **TRANSPORTATION & LOGISTICS — 1.9%** |  |  |  |  |
| 1425000 | Air Canada<sup>(a)</sup> |  | 3.8750 | 08/15/26 | 1398864 |
| 1035528 | American Airlines 2016-2 Class A Pass Through Series 2016-2 A |  | 3.6500 | 06/15/28 | 983557 |
| 375000 | Delta Air Lines Inc / SkyMiles IP Ltd.<sup>(a)</sup> |  | 4.5000 | 10/20/25 | 371897 |
|  |  |  |  |  | 2754318 |
|  | **TOTAL CORPORATE BONDS (Cost $69,122,902)** |  |  |  | 70649916 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PREFERRED STOCK — 8.9%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 1.0%** |  |  |  |  |
| 1550000 | Charles Schwab Corporation (The)<sup>(b)</sup> | H15T5Y + 3.168% | 4.0000 | Perpetual | $1505082 |
|  | **BANKING — 3.2%** |  |  |  |  |
| 3704000 | First Citizens BancShares, Inc.<sup>(a),(b)</sup> | TSFR3M + 4.234% | 8.5329 | Perpetual | 3769042 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | H15T5Y + 3.453% | 3.9000 | Perpetual | 982525 |
|  |  |  |  |  | 4751567 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.3%** |  |  |  |  |
| 2625000 | Bank of New York Mellon Corporation (The) Series H<sup>(b)</sup> | H15T5Y + 3.352% | 3.7000 | Perpetual | 2571319 |
| 1000000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 2.915% | 3.6500 | Perpetual | 958355 |
|  |  |  |  |  | 3529674 |
|  | **OIL & GAS PRODUCERS — 2.4%** |  |  |  |  |
| 3577000 | Energy Transfer, L.P.<sup>(b)</sup> | H15T5Y + 5.694% | 6.5000 | Perpetual | 3562918 |
|  | **TOTAL PREFERRED STOCK (Cost $13,305,223)** |  |  |  | 13349241 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 9.8%** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 1.8%** |  |  |  |  |
| 2630573 | Aramark Services, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3250 | 04/06/28 | 2640109 |
|  | **LEISURE FACILITIES & SERVICES — 2.3%** |  |  |  |  |
| 990019 | Restaurant Brands <sup>(b)</sup> | TSFR1M + 1.750% | 6.0720 | 09/23/30 | 982208 |
| 990000 | Caesars Entertainment, Inc.<sup>(b)</sup> | TSFR3M + 2.250% | 6.4730 | 02/06/31 | 976387 |
| 990656 | Light & Wonder International, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5660 | 04/16/29 | 991072 |
| 500000 | Penn Entertainment, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8220 | 05/03/29 | 499095 |
|  |  |  |  |  | 3448762 |
|  | **TERM LOANS — 9.8% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 1.3%** |  |  |  |  |
| 1947352 | Great Outdoors Group, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.5720 | 01/16/32 | 1908892 |
|  | **SEMICONDUCTORS — 0.7%** |  |  |  |  |
| 1113952 | MKS Instruments, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3230 | 08/17/29 | 1108661 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME FUND SCHEDULE** |
| **OF INVESTMENTS (Unaudited) (Continued) April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **SOFTWARE — 0.6%** |  |  |  |  |
| 992327 | Sunshine Software Merger Sub, Inc.<sup>(b)</sup> | TSFR1M + 3.865% | 8.1860 | 09/21/28 | $883171 |
|  | **TRANSPORTATION & LOGISTICS — 3.1%** |  |  |  |  |
| 1150000 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | TSFR3M + 2.250% | 6.5430 | 04/20/28 | 1128179 |
| 1980000 | Air Canada<sup>(b)</sup> | TSFR3M + 2.000% | 6.3230 | 03/21/31 | 1960408 |
| 1661608 | United Airlines, Inc.<sup>(b)</sup> | TSFR3M + 2.000% | 6.2750 | 02/24/31 | 1659797 |
|  |  |  |  |  | 4748384 |
|  | **TOTAL TERM LOANS (Cost $14,955,365)** |  |  |  | 14737979 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  |  | **(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 3.3%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 3.3%** |  |  |  |  |
| 5000000 | United States Treasury Bill<sup>(f)</sup> |  | 4.2000 | 09/11/25 | 4924056 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,924,711)** |  |  |  | 4924056 |
|  | **TOTAL INVESTMENTS - 98.4% (Cost $160,034,840)** |  |  |  | $147665610 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** |  |  |  | 2433646 |
|  | **NET ASSETS - 100.0%** |  |  |  | $150099256 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional<br> Amount<sup>(g)</sup>** | **Value and<br> Unrealized<br> Appreciation** |
| 20 | CBOT 10 Year US Treasury Note | Interactive Brokers | 06/18/2025 | $2244375 | $50312 |
| 20 | CBOT 5 Year US Treasury Note | Interactive Brokers | 06/30/2025 | 2183906 | 45468 |
| 20 | CBOT US Treasure Bond Futures | Interactive Brokers | 06/18/2025 | 2332500 | 13751 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  | $109531 |

---

---

| | |
|:---|:---|
| A.G. | - Aktiengesellschaft |
| CLO | - Collateralized Loan Obligation |
| CBOT | - Chicago Board of Trade |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| LTD | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| S.A. | - Société Anonyme |

---

---

| | |
|:---|:---|
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| SOFRINDX | United States SOFR Secured Overnight Financing Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | Term SOFR Secured Overnight Financing Rate 1 month |
| TSFR3M | Term SOFR Secured Overnight Financing Rate 3 month |
| US0003M | ICE LIBOR USD 3 Month |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025 the total market value of 144A securities is $59,494,639 or 39.6% of net assets.

<sup>(b)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(c)</sup> Interest only securities.

<sup>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at April 30, 2025.

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

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

<sup>(g)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;At cost | $160034840 |
| &nbsp;&nbsp;&nbsp;At fair value | $147665610 |
| &nbsp;&nbsp;&nbsp;Cash | 1411357 |
| &nbsp;&nbsp;&nbsp;Due from broker | 43159 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1338142 |
| &nbsp;&nbsp;&nbsp;Deposits with brokers | 354997 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts | 109531 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 404300 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 33950 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 151361046 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 593410 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 406563 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 97519 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 125514 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 193 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 38591 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1261790 |
| **NET ASSETS** | $**150099256** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $177478396 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (27379140) |
| **NET ASSETS** | $**150099256** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
| **Net Asset Value Per Share:** |  |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**603222** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **69618** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.66** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (net asset value plus maximum sales charge of 5.75%) | $**9.19** |
| Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**82209** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **9485** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.67** |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**149413825** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **17241096** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.67** |

---

(a) Unlimited number of shares of beneficial
 interest authorized, no par value.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended April 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $172457 |
| &nbsp;&nbsp;&nbsp;Interest | 5157508 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 5329965 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 580453 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 404 |
| &nbsp;&nbsp;&nbsp;Administration fees | 137905 |
| &nbsp;&nbsp;&nbsp;Third party administration servicing fees | 62670 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 44014 |
| &nbsp;&nbsp;&nbsp;Registration fees | 33675 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 23050 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 14860 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 13056 |
| &nbsp;&nbsp;&nbsp;Legal fees | 12282 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 12207 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 10622 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3620 |
| &nbsp;&nbsp;&nbsp;Audit fees | 2099 |
| &nbsp;&nbsp;&nbsp;Broker fees | 98 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2136 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 954031 |
| &nbsp;&nbsp;&nbsp;**NET EXPENSES** | 954031 |
| **NET INVESTMENT INCOME** | 4375934 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments and foreign currency transactions | (1906339) |
| &nbsp;&nbsp;&nbsp;Net realized loss from futures contracts | (201019) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 941930 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | 237031 |
| **NET REALIZED AND UNREALIZED LOSS FROM INVESTMENTS** | (928397) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**3447537** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**October 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4375934 | $7443494 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (1906339) | (1953432) |
| &nbsp;&nbsp;&nbsp;Net realized loss from futures contracts | (201019) | (99) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 941930 | 5299497 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | 237031 | (127500) |
| Net increase in net assets resulting from operations | 3447537 | 10661960 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (18591) | (45929) |
| &nbsp;&nbsp;&nbsp;Class C | (1889) | (3648) |
| &nbsp;&nbsp;&nbsp;Class I | (4121789) | (7434267) |
| &nbsp;&nbsp;&nbsp;From Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (11693) |
| &nbsp;&nbsp;&nbsp;Class C |  | (1059) |
| &nbsp;&nbsp;&nbsp;Class I |  | (1778975) |
| Total distributions to shareholders | (4142269) | (9275571) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 30000 | 11555 |
| &nbsp;&nbsp;&nbsp;Class I | 35676466 | 67239137 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 15820 | 51190 |
| &nbsp;&nbsp;&nbsp;Class C | 1889 | 4707 |
| &nbsp;&nbsp;&nbsp;Class I | 3370422 | 7424715 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (203533) | (414931) |
| &nbsp;&nbsp;&nbsp;Class C |  | (11329) |
| &nbsp;&nbsp;&nbsp;Class I | (27908908) | (78104076) |
| Net increase (decrease) in net assets from shares of beneficial interest | 10982156 | (3799032) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 10287424 | (2412643) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of the period/year | 139811832 | 142224475 |
| &nbsp;&nbsp;&nbsp;End of the period/year | $**150099256** | $**139811832** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**October 31, 2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3450 | 1319 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1820 | 5870 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (23379) | (47418) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (18109) | (40229) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 217 | 540 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  | (1295) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 217 | (755) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 4095790 | 7688466 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 387681 | 851202 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3207933) | (8937332) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 1275538 | (397664) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period or Year <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months**<br>**Year**<br>**Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Ended**<br>**October 31,**<br>**2024** |<br>**Year Ended**<br>**October 31,**<br>**2023** |<br>**Year Ended**<br>**October 31,**<br>**2022** |<br>**Year Ended**<br>**October 31,**<br>**2021** |<br>**Year Ended**<br>**October 31,**<br>**2020** |
| Net asset value, beginning of period/year | $8.70 | $8.62 | $8.52 | $9.48 | $9.51 | $9.82 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.25 | 0.44 | 0.41 | 0.25 | 0.22 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (2) | (0.06) | 0.20 | 0.14 | (0.96) | 0.11 | (0.28) |
| Total from investment operations | 0.19 | 0.64 | 0.55 | (0.71) | 0.33 | (0.05) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.45) | (0.45) | (0.25) | (0.36) | (0.26) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  | (0.11) |  |  |  |  |
| Total distributions | (0.23) | (0.56) | (0.45) | (0.25) | (0.36) | (0.26) |
| Net asset value, end of period/year | $8.66 | $8.70 | $8.62 | $8.52 | $9.48 | $9.51 |
| Total return (3) | 2.13% (8) | 7.63% (7) | 6.62% | (7.54)% | 3.50% | (0.49)% |
| Net assets, at end of period/year (000)s | $603 | $763 | $1103 | $2027 | $8096 | $10937 |
| Ratio of gross expenses to average net assets (4)(5)(6) | 1.56% (9) | 1.58% | 1.60% | 1.64% | 1.50% | 1.47% |
| Ratio of net expenses to average net assets (5)(6) | 1.56% (9) | 1.58% | 1.60% | 1.64% | 1.50% | 1.47% |
| Ratio of net investment income to average net assets (5)(6) | 5.78% (9) | 5.09% | 4.79% | 2.75% | 2.27% | 2.33% |
| Portfolio Turnover Rate | 20% (8) | 62% | 26% | 44% | 52% | 33% |

---

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

(2) Net realized and unrealized gain (loss)
 on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not
 reconcile with aggregate gains (losses) in the statement of operations due to the share transactions for the period.

(3) Total return shown excludes the effect
 of applicable sales charges. Total returns are historical in nature and assume changes in sale price, reinvestment of dividends and capital
 gain distributions. Had the adviser not waived a portion of the Fund's expenses, total returns would have been lower.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(5) The ratios of expenses to average
 net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in
 which the Fund invests.

(6) Ratio calculated for each share class
 as a whole, therefore an individual investor's ratio may vary.

(7) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting
 purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(8) Not annualized.

(9) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period or Year <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months**<br>**Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |<br>**Year Ended**<br>**October 31,**<br>**2023** |<br>**Year Ended**<br>**October 31,**<br>**2022** |<br>**Year Ended**<br>**October 31,**<br>**2021** |<br>**Year Ended**<br>**October 31,**<br>**2020** |
| Net asset value, beginning of period/year | $8.71 | $8.63 | $8.53 | $9.48 | $9.51 | $9.82 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.22 | 0.38 | 0.35 | 0.19 | 0.15 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (2) | (0.06) | 0.20 | 0.13 | (0.96) | 0.11 | (0.28) |
| Total from investment operations | 0.16 | 0.58 | 0.48 | (0.77) | 0.26 | (0.12) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.39) | (0.38) | (0.18) | (0.29) | (0.19) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  | (0.11) |  |  |  |  |
| Total distributions | (0.20) | (0.50) | (0.38) | (0.18) | (0.29) | (0.19) |
| Net asset value, end of period/year | $8.67 | $8.71 | $8.63 | $8.53 | $9.48 | $9.51 |
| Total return (3) | 1.87% (7) | 6.88% | 5.75% | (8.15)% | 2.71% | (1.23)% |
| Net assets, at end of period/year (000)s | $82 | $81 | $86 | $319 | $671 | $1203 |
| Ratio of gross expenses to average net assets (4)(5)(6) | 2.31% (8) | 2.34% | 2.35% | 2.39% | 2.25% | 2.22% |
| Ratio of net expenses to average net assets (5)(6) | 2.31% (8) | 2.34% | 2.35% | 2.39% | 2.25% | 2.22% |
| Ratio of net investment income to average net assets (5)(6) | 5.03% (8) | 4.34% | 4.02% | 2.08% | 1.51% | 1.59% |
| Portfolio Turnover Rate | 20% (7) | 62% | 26% | 44% | 52% | 33% |

---

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

(2) Net realized and unrealized gain (loss)
 on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not
 reconcile with aggregate gains (losses) in the statement of operations due to the share transactions for the period.

(3) Total returns are historical in nature
 and assume changes in sale price, reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the
 Fund's expenses, total returns would have been lower.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(5) The ratios of expenses to average
 net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in
 which the Fund invests.

(6) Ratio calculated for each share class
 as a whole, therefore an individual investor's ratio may vary.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period or Year |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months**<br>**Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |<br>**Year Ended**<br>**October 31,**<br>**2023** |<br>**Year Ended**<br>**October 31,**<br>**2022** |<br>**Year Ended**<br>**October 31,**<br>**2021** |<br>**Year Ended**<br>**October 31,**<br>**2020** |
| Net asset value, beginning of period/year | $8.70 | $8.62 | $8.53 | $9.49 | $9.51 | $9.83 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.26 | 0.46 | 0.44 | 0.30 | 0.24 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (2) | (0.05) | 0.20 | 0.12 | (0.98) | 0.12 | (0.28) |
| Total from investment operations | 0.21 | 0.66 | 0.56 | (0.68) | 0.36 | (0.03) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.47) | (0.47) | (0.28) | (0.38) | (0.29) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  | (0.11) |  |  |  |  |
| Total distributions | (0.24) | (0.58) | (0.47) | (0.28) | (0.38) | (0.29) |
| Net asset value, end of period/year | $8.67 | $8.70 | $8.62 | $8.53 | $9.49 | $9.51 |
| Total return (3) | 2.38% (8) | 7.88% (7) | 6.78% | (7.28)% | 3.87% | (0.34)% |
| Net assets, at end of period/year (000)s | $149414 | $138968 | $141035 | $107121 | $126814 | $156042 |
| Ratio of gross expenses to average net assets (4)(5)(6) | 1.31% (9) | 1.34% | 1.35% | 1.39% | 1.25% | 1.22% |
| Ratio of net expenses to average net assets (5)(6) | 1.31% (9) | 1.34% | 1.35% | 1.39% | 1.25% | 1.22% |
| Ratio of net investment income to average net assets (5)(6) | 6.03% (9) | 5.34% | 5.20% | 3.24% | 2.54% | 2.59% |
| Portfolio Turnover Rate | 20% (8) | 62% | 26% | 44% | 52% | 33% |

---

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

(2) Net realized and unrealized gain (loss)
 on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not
 reconcile with aggregate gains (losses) in the statement of operations due to the share transactions for the period.

(3) Total returns are historical in nature
 and assume changes in sale price, reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the
 Fund's expenses, total returns would have been lower.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(5) The ratios of expenses to average
 net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in
 which the Fund invests.

(6) Ratio calculated for each share class
 as a whole, therefore an individual investor's ratio may vary.

(7) Includes adjustments in accordance
 with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting
 purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(8) Not annualized.

(9) Annualized.

See accompanying notes to financial statements.

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) April 30, 2025**

**1.** **ORGANIZATION** 

The Anfield Universal Fixed Income Fund (the "Fund"), is a series of shares of beneficial interest of the Two Roads Shared Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 8, 2012, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Fund commenced operations on June 28, 2013. The investment objective is to seek current income.

The Fund offers Class A, Class C, and Class I shares. Class A shares are offered at net asset value ("NAV") plus a maximum sales charge of 5.75%. Investors that purchase $1,000,000 or more of the Fund's Class A shares will not pay a sales charge on the purchase. Class C shares of the Fund are sold at NAV without an initial sales charge. Class I shares of the Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees but have a higher minimum initial investment than Class A and Class C shares. Each share class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees), and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

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

**Security Valuation** *–* Securities listed on an exchange are valued at the last quoted sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees of the Trust (the "Board") using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Short-term debt obligations, excluding U.S. Treasury Bills, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

***Anfield Universal Fixed Income Fund***

 **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**April 30, 2025**

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board. The Board has appointed the Adviser as its valuation designee (the "Valuation Designee") for all fair value determinations and responsibilities, other than overseeing pricing service providers used by the Trust, including the Fund. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability effectively to oversee the designee's fair value determinations. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures approved by the Board.

*Exchange- Traded Funds -* The Fund may invest in exchange-traded funds ("ETFs"). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

*Futures Contracts –* The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, foreign currencies, or commodities. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the consolidated statement of assets and liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default, however, there could be adverse impacts if the clearinghouse is unable to fulfill such guarantee due to circumstances such as bankruptcy.

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

The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default,

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

however, there could be adverse impacts if the clearinghouse is unable to fulfill such guarantee due to circumstances such as bankruptcy.

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

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

*Fair Valuation Process -* The applicable investments are valued by the Valuation Designee pursuant to valuation procedures approved by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $4875449 | $— | $— | $4875449 |
| Asset Backed Securities |  | 30337626 |  | 30337626 |
| Collateralized Mortgage Obligations |  | 8791343 |  | 8791343 |
| Corporate Bonds |  | 70649916 |  | 70649916 |
| Preferred Stock |  | 13349241 |  | 13349241 |
| Term Loans |  | 14737979 |  | 14737979 |
| U.S. Government & Agencies |  | 4924056 |  | 4924056 |
| Total | $4875449 | $142790161 | $— | $147665610 |
| Futures Contracts \*\* | $109531 | $— | $— | $109531 |
| Total | $109531 | $— | $— | $109531 |

---

\* Refer to the Schedule of Investments for classifications.

\*\* Represents the net unrealized appreciation of futures contracts.

The following table presents changes in assets classified in Level 3 of the fair value hierarchy during the period ended attributable to the following:

---

| | |
|:---|:---|
|  | Corporate Bonds |
| Beginning Balance November 1, 2024 | $774892 |
| Total realized gain (loss) |  |
| Change in Unrealized Appreciation | (2354) |
| Cost of Purchases |  |
| Proceeds from Sales | (775000) |
| Amortization | 2462 |
| Net transfers in/out of level 3 |  |
| Ending Balance April 30, 2025 | $— |

---

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

**Impact of Derivatives on the Statement of Assets and Liabilities and Statement of Operations**

The derivative instruments outstanding as of April 30, 2025, as disclosed in the Schedule of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed in the Statement of Operations serve as indicators of the volume of derivative activity for the Fund. The average market value for the period was $6,760,781.

The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** |
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Statement of Assets and Liabilities Location** |<br>**Fair Value** |
| Futures Contracts - Interest Risk | Net unrealized appreciation on futures contracts | $109531 |
|  |  | $109531 |

---

The following is a summary of the location of derivative investments on the Fund's Statement of Operations as of April 30, 2025:

<u>Derivative Investment Type</u> <u>Location of Gain (Loss) on Derivatives</u> <br> Futures Contracts Net realized loss from futures contracts/Net change in unrealized appreciation on futures contracts

The following is a summary of the Fund's realized loss and unrealized depreciation on derivative investments recognized in the Statement of Operations categorized by primary risk exposure for the six months ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| **Realized loss on derivatives recognized in the Statement of Operations** | **Realized loss on derivatives recognized in the Statement of Operations** | **Realized loss on derivatives recognized in the Statement of Operations** |
|  |  | Total for the |
| Derivative Investment Type | Interest Risk | Six Months Ended April 30, 2025 |
| Futures Contracts | $(201019) | $(201019) |
| **Net change in unrealized appreciation on derivatives recognized in the<br> Statement of Operations** | **Net change in unrealized appreciation on derivatives recognized in the<br> Statement of Operations** | **Net change in unrealized appreciation on derivatives recognized in the<br> Statement of Operations** |
|  |  | Total for the |
| Derivative Investment Type | Interest Risk | Six Months Ended April 30, 2025 |
| Futures Contracts | $237031 | $237031 |

---

**Security Transactions and Related Income** – Security transactions are accounted for on trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Due from broker balance is comprised of margin balance held at the broker.

**Dividends and Distributions to Shareholders –** Dividends from net investment income are declared and distributed monthly. Distributable net realized capital gains are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on ex dividend date and determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

**Federal Income Taxes** – It is the Fund's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended October 31, 2022, to October 31, 2024, or expected to be taken in the Fund's October 31, 2025, year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**3.** **PRINCIPAL INVESTMENT RISKS** 

The Fund's investments in securities, financial instruments and derivatives expose it to various risks, certain of which are discussed in these Notes to Financial Statements. Please refer to the Fund's prospectus and statement of additional information for further information regarding the risks associated with the Fund's investments which include, but are not limited to: active trading risk, bank loan risk, cash positions risk, collateralized loan obligations risk, common stock risk, convertible securities risk, counterparty credit risk, credit risk, credit spread risk, currency risk, cybersecurity risk, derivatives risk, emerging markets risks, energy sector risk, financial sector risk, fixed income securities risk, foreign custody risk, foreign (non-U.S.) investment risk, futures contract risk, gap risk, hedging transactions risk, high yield fixed income securities ("junk bond") risk, index risk, interest rate risk, issuer-specific risk, investment companies and exchange-traded funds risks, leverage risk, liquidity risk, management risk, market events risk, market risks, MLP risk, mortgage-backed and asset-backed securities risk, odd lot risk, preferred securities risk, prepayment and extension risk, regulatory risk, sector risk, securities lending risk, short sales risk, sovereign debt risk, swap risk, underlying fund risk, U.S. government securities risk, valuation risk, variable or floating rate securities risk, volatility risk, and yield curve risk.

**Bank Loan Risk -** The Fund's investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest.

**Currency Risk -** The risk that foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

**Collateralized Loan Obligations Risk –** The Fund is subject to certain risks as a result of its investments in Collateralized Loan Obligations ("CLOs"). The CLO's performance is linked to the expertise of the CLO manager. One of the primary risks to investors of a CLO is the potential change in CLO manager, over which the Fund will have no control. The Fund may be adversely affected by new (or revised) laws or regulations that may be imposed by government regulators or self-regulatory organizations that supervise the financial markets. CLO debt securities are limited recourse obligations of their issuers. If income from the underlying loans is insufficient to make payments on the CLO debt, no other assets will be available for payment. In the event of an early redemption, holders of the CLO debt being redeemed will be repaid earlier than the stated maturity of the debt. The timing of redemptions may adversely affect the returns on CLO debt. The CLO

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

manager may not find suitable assets in which to invest during the reinvestment period or to replace assets that the manager has determined are no longer suitable for investment. Additionally, there is a risk that the reinvestment period may terminate early if, for example, the CLO defaults on payments on the securities which it issues or if the CLO manager determines that it can no longer reinvest in underlying assets.

**Convertible Securities Risk -** The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security.

**Counterparty Credit Risk -** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund. The Adviser considers factors such as counterparty credit ratings and financial statements among others when determining whether a counterparty is creditworthy. The Adviser regularly monitors the creditworthiness of each counterparty with which the Fund enters into a transaction. In addition, the Fund may enter into swap agreements that involve a limited number of counterparties, which may increase the Fund's exposure to counterparty risk.

**Derivatives Risk -** The derivative instruments in which the Fund may invest, including futures, options, credit default swaps, total return swaps, repurchase agreements and other similar instruments, may be more volatile than other instruments and may be subject to unanticipated market movements, which are potentially unlimited. The risks associated with investments in derivatives also include leverage, liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

**Financial Sector Risk -** The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. The Fund may be adversely affected by events or developments negatively impacting the financial sector.

**Fixed Income Securities Risk -** Fixed income securities are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, duration risk, and liquidity risk. In addition, current market conditions may pose heightened risks for fixed income securities. When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. Moreover, new regulations applicable to and changing business practices of financial intermediaries that make markets in fixed income securities have resulted in less market making activity for certain fixed income securities, which has reduced the liquidity and may increase the volatility for such fixed income securities. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening.

**Foreign (non-U.S.) Investment Risk -** Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S.

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

**Investment Companies and Exchange-Traded Funds ("ETFs") Risk** - When the Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company's operating expenses including the management fees of the unaffiliated funds in addition to those paid by the Fund. The risk of owning an investment company generally reflects the risks of owning the underlying investments held by the investment company. The Fund may also incur brokerage costs when it purchases and sells ETFs. Inverse ETFs generally use derivatives that are designed to produce returns that move in the opposite direction of the indexes they track, meaning that when the value of the index rises, the inverse ETF suffers a loss. During periods of market volatility, inverse ETFs may not perform as expected.

**Market Risk -** Overall market risk may appropriately affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflicts, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, trade restrictions (including tariffs), the spread of infection or other public health threats, lack of liquidity in the bond markets, volatility in the securities markets, adverse investor sentiment and political events affect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund's net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

**Mortgage-Backed and Asset-Backed Securities Risk -** The risk of investing in mortgage-backed and other asset-backed securities, including prepayment risk, extension risk, interest rate risk, market risk and management risk. Mortgage-backed securities include caps and floors, inverse floaters, mortgage dollar rolls, private mortgage pass-through securities, resets and stripped mortgage securities. A systemic and persistent increase in interest rate volatility may also negatively impact a number of the Fund's mortgage-backed and asset-backed securities holdings.

**Odd Lot Risk -** Bonds may be purchased and held as smaller sized bond positions known as "odd lots". Pricing services generally value such securities based on bid prices for larger institutional sized bond positions known as "round lots"; and such round lot prices may reflect more favorable pricing than odd lot holdings. The Fund may purchase securities suitable for its investment strategies in odd lots. Special valuation considerations may apply with respect to the Fund's odd-lot positions, as the Fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. The Fund may fair value a particular bond if the Adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. There can be no assurance that the

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

Fund's valuation procedures will result in pricing data that is completely congruent with prices that the Fund might obtain on the open market.

**U.S. Government Securities Risk -** Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

**Volatility Risk -** The Fund's investments may appreciate or decrease significantly in value over short periods of time. The value of an investment in the Fund's portfolio may fluctuate due to factors that affect markets generally or that affect a particular industry or sector. The value of an investment in the Fund's portfolio may also be more volatile than the market as a whole. This volatility may affect the Fund's net asset value per share, including by causing it to experience significant increases or declines in value over short periods of time. Events or financial circumstances affecting individual investments, industries or sectors may increase the volatility of the Fund.

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term and Government securities, for the six months ended April 30, 2025, amounted to $39,922,103 and $28,188,803, respectively. The cost of purchases and the proceeds from the sale of U.S. Government securities for the six months ended April 30, 2025, amounted to $8,860,150 and $8.950,600, respectively.

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

*Advisory Fees* – Anfield Capital Management, LLC serves as the Fund's investment adviser (the "Adviser"). Pursuant to an Investment Advisory Agreement with the Fund, the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.80% of the Fund's average daily net assets totaling $580,453 for the six months ended April 30, 2025.

The Adviser has contractually agreed to reduce its fees and/or reimburse expenses of the Fund, until at least March 1, 2026, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads; brokerage fees and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses) do not exceed 1.75%, 2.50%, and 1.50% of the Fund's average daily net assets for Class A, Class C, and Class I shares, respectively. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the Adviser.

These fee waivers and/or expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the date such fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits as well as any expense limitation that was in effect at the time the waiver or reimbursement was made.

During the six months ended April 30, 2025, the Adviser did not waive any fees or expenses.

The Board has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of up to 0.25% and 1.00% of its average daily net assets for Class A and Class C, respectively, and is paid to Northern Lights Distributors, LLC (the "Distributor" and "NLD"), an affiliate of Ultimus Fund Solutions, LLC ("UFS"), to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of the Fund's shareholder accounts not otherwise required to be provided by the Adviser.

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. During the six months ended April 30, 2025, neither the distributor nor the principal underwriter received underwriting commissions. Class C shares and Class I shares of the Fund are not subject to an initial sales charge.

In addition, certain affiliates of the Distributor provide services to the Fund as follows:

Ultimus Fund Solutions, LLC ("UFS"*)* - an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Fund for serving in such capacities.

Northern Lights Compliance Services, LLC ("NLCS"*)* - an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

BluGiant, LLC ("BluGiant") - BluGiant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from UFS under the administrative servicing agreement.

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

The Statement of Assets and Liabilities represents cost for financial reporting purposes. As of April 30, 2025, aggregate cost for federal tax purposes is $159,864,362 and differs from market value by net unrealized appreciation (depreciation) consisted of:

---

| | |
|:---|:---|
| Gross unrealized appreciation: | $3741088 |
| Gross unrealized depreciation: | (15939840) |
| Net unrealized depreciation: | $(12198752) |

---

The tax character of distributions paid during the fiscal years ended October 31, 2024, and October 31, 2023, was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>October 31, 2024 | Fiscal Year Ended<br>October 31, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $7483844 | $6862331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Capital Gain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | 1791727 |  |
|  | $9275571 | $6862331 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) |
| $— | $— | $— | $(13543726) | $— | $(13140682) | $(26684408) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the mark-to-market open future 1256 contracts and adjustments for perpetual bonds.

***Anfield Universal Fixed Income Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) April 30, 2025**

At October 31, 2024, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $1088494 | $12455232 | $13543726 | $— |

---

**7.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2025, Charles Schwab & Co., Inc. was the record owner of 80.7% of the Fund's outstanding shares, respectively. Charles Schwab & Co. may be the beneficial owner of some or all of the shares for the Fund or may hold the shares for the benefit of others. As a result, Charles Schwab & Co. may be deemed to control the Fund, respectively. Persons controlling the Fund can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the advisory agreement with the Adviser.

**8.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

***Anfield Universal Fixed Income Fund* ADDITIONAL INFORMATION (Unaudited) April 30, 2025**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

**<u>Approval of Advisory Agreement</u>**

**Anfield Capital Management, LLC for the Anfield Universal Fixed Income Fund**

At a meeting held on March 19, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Two Roads Shared Trust (the "Trust"), each of whom is not an "interested person" of the Trust (the "Independent Trustees" or the "Trustees"), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered the renewal of the investment advisory agreement (the "Advisory Agreement") between Anfield Capital Management, LLC ("Anfield" or the "Adviser") and the Trust, on behalf of Anfield Universal Fixed Income Fund (the "Fund").

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

Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of and request additional materials and information from the Adviser. The Board was advised by, and met in executive sessions with, the Board's independent legal counsel, and received a memorandum from such independent counsel regarding its responsibilities under applicable law. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at and between prior meetings with respect to the services provided by the Adviser, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Adviser. The Board noted that the information received and considered by the Board in connection with the Meeting and throughout the year was both written and oral.

Matters considered by the Board in connection with its approval of the Advisory Agreement included, among others, the following:

*Nature, Extent and Quality of Services*. The Board reviewed materials provided by Anfield related to the Advisory Agreement with respect to the Fund, including: the Advisory Agreement; a description of the manner in which investment decisions are made and executed; an overview of the personnel that perform services for the Fund and their background and experience; a review of the financial condition of Anfield; information regarding risk management processes, liquidity management, and derivative risk management processes and procedures, as applicable; the compliance policies and procedures of Anfield, including its business continuity and cybersecurity policies and a code of ethics that contained provisions reasonably necessary to prevent Access Persons, as that term

***Anfield Universal Fixed Income Fund* ADDITIONAL INFORMATION (Unaudited) (Continued) April 30, 2025**

is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); Anfield's compliance resources and practices; information regarding Anfield's compliance and regulatory history; and an independent report prepared by Broadridge, an independent third-party data provider, analyzing the performance record, fees, and expenses of the Fund as compared to those of a peer group of other mutual funds with similar investment strategies as selected by Broadridge (the "Peer Group").

The Board also noted that on a regular basis it received and reviewed information from the Trust's Chief Compliance Officer ("CCO") regarding the Fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, which included evaluations of the regulatory compliance systems of the Adviser. The Board noted the analysis by the Trust's CCO that the Adviser's compliance, risk management, and associated policies appeared to be operating effectively overall and that its policies and procedures were reasonably designed to prevent violations of federal securities laws. The Board also considered information with respect to the effectiveness of the Adviser's cybersecurity and business continuity policies and procedures.

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

In considering the nature, extent, and quality of the services provided by Anfield, the Board took into account its knowledge, acquired through discussions and reports during the preceding year and in past years, of Anfield's management and the quality of the performance of its duties. The Board noted the continued retention of an outside CCO and found that Anfield continued to operate an effective compliance program and had no significant compliance matters reported over the past year. The Board concluded that Anfield had sufficient quality and depth of personnel, resources, and compliance policies and procedures to perform its duties under the Advisory Agreement with respect to the Fund and that the nature, overall quality, and extent of the services provided by Anfield were satisfactory and reliable.

*Performance*. In considering the Fund's performance, the Board noted that it reviews information about the Fund's performance results at its regularly scheduled meetings. Among other data, the Board considered the Fund's performance as compared to a benchmark index and against the performance of its Peer Group and Morningstar category. The Board noted that while it found the data provided by the independent third-party generally useful, it recognized the data's limitations, including in particular that data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group. The Board also noted differences in the investment strategies of the Fund relative to the funds in its Peer Group.

The Board took into account management's discussion of the performance of the Fund, including the quarterly written reports containing the Adviser's performance commentaries. The Board also noted that the Adviser was actively monitoring the performance of the Fund.

The Board noted that Anfield is responsible for the day-to-day management of the Fund's investment portfolio and considered, among other performance data, the performance of the Fund for the one-year, three-year, five-year, and since inception periods ended December 31, 2024, as compared to the performance of the Fund's benchmark index, Peer Group, and Morningstar category. The Board considered that the Fund outperformed the median of its Morningstar category for the one- and three-year periods and the benchmark index for the one-year and since inception periods. The Board also considered that the Fund underperformed the median of its Peer Group for the one-year, three-year, five-year, and since inception periods, its Morningstar category for the five-year and since inception periods, and the benchmark index for the three - and five-year periods. The Board took into account the Adviser's discussion of the Fund's performance history, including the factors that had contributed to any underperformance, such as the impact of current market conditions on the performance of the Fund's investment strategy. The Board also noted the Fund's risk-adjusted returns. The Board concluded that the Fund's overall performance was satisfactory and that any underperformance was being appropriately monitored and/or addressed.

***Anfield Universal Fixed Income Fund* ADDITIONAL INFORMATION (Unaudited) (Continued) April 30, 2025**

*Fees and Expenses*. Regarding the costs of the services provided by the Adviser, the Board considered, among other data, a comparison of the Fund's contractual advisory fee and net expense ratio to those of the funds in its Peer Group and Morningstar category. The Board noted that, while it found the data provided by the independent third-party generally useful, it recognized the data's limitations, including potential differences in the investment strategies of the Fund relative to the strategies of the funds in its Peer Group, as well as the level, quality, and nature of the services provided by the Adviser with respect to the Fund. The Board also took into account the Adviser's discussion with respect to the fees and expenses relating to the Fund.

The Board noted that the Fund's contractual advisory fee was above the median of its Peer Group and Morningstar category. The Board also noted that the Fund's net total expenses were above the median of its Peer Group and Morningstar category but were not the highest among the funds in its Peer Group or Morningstar category. The Board took into account that the Adviser had agreed to reimburse expenses to limit net annual operating expenses (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) to 1.50%, 1.75%, and 2.50% for Class I, Class A, and Class C shares, respectively, although the Fund was currently below its expense cap at current asset levels.

The Board determined that the services provided under the Advisory Agreement were in addition to, rather than duplicative of, the advisory services provided to the underlying funds or ETFs in which the Fund may invest.

Based on the factors above, the Board concluded that the advisory fee of the Fund was not unreasonable.

*Profitability*. The Board considered the profitability of Anfield and its affiliates with respect to the Fund, as applicable, and whether these profits were reasonable in light of the services provided to the Fund. The Board reviewed a profitability analysis prepared by Anfield and considered the total profits of the Adviser from its relationship with the Fund. The Board concluded that Anfield's and its affiliates' profitability from its relationship with the Fund, after taking into account a reasonable allocation of costs, was not excessive.

*Economies of Scale*. The Board considered whether Anfield would realize economies of scale with respect to the advisory services provided to the Fund and whether fee levels reflected these economies of scale for the benefit of shareholders. The Board noted that the advisory fee did not currently have breakpoints with respect to the Fund. The Board also considered that the Adviser may share potential economies of scale from its advisory business in a variety of ways, including through services that benefit shareholders and investments in the business intended to enhance services available to shareholders. The Board considered the profitability analysis provided by the Adviser and also noted that the expenses of managing the Fund as a percentage of assets under management were expected to decrease as the Fund's assets continue to grow. The Board noted that at current asset levels, economies of scale were not a relevant consideration and that it would revisit whether economies of scale exist in the future once the Fund had achieved sufficient size.

*Other Benefits*. The Board also considered the character and amount of other direct and incidental benefits to be received by Anfield from its relationship with the Fund. The Board considered that Anfield did not believe it would receive any direct, indirect or ancillary material "fall-out" benefits from its relationship with the Fund other than certain reputational benefits that may result from this relationship. The Board concluded that any such benefits are reasonable.

*Conclusion*. The Board, having requested and received such information from Anfield as it believed reasonably necessary to evaluate the terms of the Advisory Agreement with respect to the Fund and having been advised by independent counsel that it had appropriately considered and weighed all relevant factors, determined that approval of Advisory Agreement with respect to the Fund for an additional one-year term was in the best interests of the Fund and its shareholders.

In considering the renewal of the Advisory Agreement with respect to the Fund, the Board considered a variety of factors, including those discussed above, and also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry. The Board did not identify any one

***Anfield Universal Fixed Income Fund* ADDITIONAL INFORMATION (Unaudited) (Continued) April 30, 2025**

factor as determinative, and each Independent Trustee may have weighed each factor differently. The Board's conclusions may be based in part on its consideration of the advisory arrangements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year.

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

Information regarding how the Fund votes proxies relating to portfolio securities for the twelve month period ended June 30 as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-866-866-4848 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

---

| |
|:---|
| **<u>Adviser</u>** |
| Anfield Capital Management, LLC |
| 4041 MacArthur Blvd., Suite 155 |
| Newport Beach, CA 92660 |
| **<u>Administrator</u>** |
| Ultimus Fund Solutions |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing contained herein is to be considered an offer of sale or solicitation of an offer to buy shares of the Fund. Such an offering is made only by a prospectus, which contains information about the Fund's investment objective, risks, fees and expenses. Investors are reminded to read the prospectus carefully before investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included
 in Item 7(a).

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

Not applicable.

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

Not applicable.

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

Included under Item 7(a).

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

Included under Item 7(a).

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Two Roads Shared Trust

---

| |
|:---|
| By <u>/s/ James Colantino</u> |
| James Colantino |
| Principal Executive Officer/President |
| Date: 6/30/2025 |

---

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

---

| |
|:---|
| By <u>/s/ James Colantino</u> |
| James Colantino |
| Principal Executive Officer/President |
| Date: 6/30/2025 |

---

---

| |
|:---|
| By <u>/s/ Laura Szalyga</u> |
| Laura Szalyga |
| Principal Financial Officer/Treasurer |
| Date: 6/30/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, James Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Anfield Universal Fixed Income Fund, a series
 of the Two Roads Shared Trust ("registrant");

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 6/30/2025 | <u>/s/ James Colantino</u> |
|  | James Colantino |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Laura Szalyga, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Anfield Universal Fixed Income Fund, a series
 of the Two Roads Shared Trust ("registrant");

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 6/30/2025 | <u>/s/ Laura Szalyga</u> |
|  | Laura Szalyga |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust |
| /s/ James Colantino | /s/ James Colantino | /s/ Laura Szalyga | /s/ Laura Szalyga |
| James Colantino | James Colantino | Laura Szalyga | Laura Szalyga |
| Date: | 6/30/2025 | Date: | 6/30/2025 |

---

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

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