# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-25-006511
**Filing Date:** 2025-10
**Character Count:** 168599
**Document Hash:** bedced08c7a7fe75d7371d0f37c41453
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006511.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0001580642-25-006511

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**EFFECTIVENESS DATE**: 20251009

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251383945

**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 ETF (Series ID: S000062994)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000204431 | Anfield Universal Fixed Income ETF |  |

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

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

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

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

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

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

Registrant's telephone number, including area code: <u>646-214-7277</u>

Date of fiscal year end: <u>7/31</u>

Date of reporting period: <u>7/31/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Anfield Universal Fixed Income ETF
(AFIF) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - July 31, 2025

# Fund Overview
This annual shareholder report contains important information about Anfield Universal Fixed Income ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **https://regentsparkfunds.com/our-funds/anfield-universal-fixed-income-etf/?cb=2099**. You can also request this information by contacting us at 1-866-866-4848.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Anfield Universal Fixed Income ETF | $108 | 1.08% |

---

# How did the Fund perform during the reporting period?
As of the conclusion of Q2, the Anfield Universal Fixed Income ETF ("AFIF" or the "Fund") has generated a LTM return of 6.95% over the last twelve months, outperforming the Bloomberg U.S. Aggregate (the "Index") by 87 basis points. The outperformance over the past 12 months can be attributed to the Fund's underweight to duration (approximately 1/3 of the Index) and overweight to credit (BB HY; BBB IG; CLOs and bank loans). More recently, treasuries have experienced a flight to quality tailwind amid elevated market volatility. While this has caused the Fund to lag the Index by 48 basis points to date, the portfolio management team remains confident in the Fund's current positioning.The portfolio management team continues to like floating rate debt instruments such as bank loans and CLOs. These positions have been performing well since trade implementation, and the portfolio management team expects interest rates to remain relatively stable throughout the remainder of the year and into 2026. As a result, the team is maintaining their conservative duration positioning (roughly 1/3 of the Index). The emphasis on short maturity bonds also benefited the Fund relative to broad corporate bond indices which typically have longer duration exposure. We continue to emphasize higher quality, yield-enhancing corporate credit, mortgage-backed, and asset-backed security allocations. Finally, we favor the front-end of the yield curve as we do not believe we are being compensated to extend further out and take on additional risk. The team continues to selectively add to positions they believe will outperform in the current interest rate environment, including shorter duration high yield bonds, bank loans, and select CLO tranches.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2b983cff9330cbf331d2afa2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Anfield Universal Fixed Income ETF - NAV** | **ICE BofA SOFR Overnight Rate Index** | **Bloomberg U.S. Aggregate 1-3 year Index (USD)** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/17/18** | $10000 | $10000 | $10000 | $10000 |
| **07/31/19** | $10052 | $10205 | $10397 | $10800 |
| **07/31/20** | $10242 | $10321 | $10832 | $11893 |
| **07/31/21** | $10209 | $10326 | $10874 | $11810 |
| **07/31/22** | $9625 | $10362 | $10522 | $10733 |
| **07/31/23** | $10090 | $10799 | $10566 | $10372 |
| **07/31/24** | $11047 | $11399 | $11169 | $10901 |
| **07/31/25** | $11736 | $11940 | $11693 | $11270 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 years** | **Since Inception (September 17, 2018)** |
| Anfield Universal Fixed Income ETF - NAV | 6.23% | 2.76% | 2.36% |
| ICE BofA SOFR Overnight Rate Index | 4.75% | 2.96% | 2.62% |
| Bloomberg U.S. Aggregate 1-3 year Index (USD) | 4.69% | 1.54% | 2.30% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.76% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $140343123 |
| Number of Portfolio Holdings | 304 |
| Advisory Fee | $905327 |
| Portfolio Turnover | 16% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib93a3709104bd7ab81186423.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 19.2% |
| Collateralized Mortgage Obligations | 5.8% |
| Corporate Bonds | 53.1% |
| Preferred Stock | 7.7% |
| Term Loans | 11.3% |
| U.S. Government & Agencies | 2.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic748b7441299a566a32f96f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Communications | 0.2% |
| Technology | 0.8% |
| Real Estate | 1.3% |
| U.S. Treasury Obligations | 2.8% |
| Energy | 2.9% |
| Health Care | 3.0% |
| Utilities | 5.6% |
| CMO | 5.7% |
| Industrials | 6.8% |
| CLO | 18.8% |
| Consumer Discretionary | 21.5% |
| Financials | 28.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Air Lease Corporation | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Electricite de France S.A. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Nissan Motor Acceptance Company, LLC | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;OZLM XXIV Ltd., C2 | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Bain Capital Specialty Finance, Inc. | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Apidos CLO XV, DRR | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;KKR CLO 27 LTD, D1R2 | &nbsp;&nbsp;1.4% |

---

# Material Fund Changes
No material changes occurred during the year ended July 31, 2025.

#### Anfield Universal Fixed Income ETF

#### Annual Shareholder Report - July 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://regentsparkfunds.com/our-funds/anfield-universal-fixed-income-etf/?cb=2099**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 073125-AFIF

(b) Not applicable.

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) Not
 applicable.

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not
 applicable.

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) Mark Gersten and Neil M. Kaufman are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten and Mr. Kaufman are independent for purposes of this Item.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | | |
|:---|:---|:---|
| Trust Series | 2025 | 2024 |
| Anfield Universal Fixed Income ETF | $21630 | $21000 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| | | |
|:---|:---|:---|
| Trust Series | 2025 | 2024 |
| Anfield Universal Fixed Income ETF | $4770 | $4625 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended July 31, 2025 and 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended July 31, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.** 

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

**Item 6. Investments.** 

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

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

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

(a) ---

| |
|:---|
| ![(LOGO)](an001_v1.jpg) |
| **Anfield Universal Fixed Income ETF** |
| **AFIF** |
| **July 31, 2025** |
| **Annual Financial Statements** |
| **and** |
| **Additional Information** |
| ***Advised by:*** |
| Regents Park Funds, LLC |
| 19900 MacArthur Blvd., Suite 655 |
| Irvine, CA 92612 |
| RegentsParkFunds.com |
| 1-866-866-4848 |
| ***Distributed by Northern Lights Distributors, LLC*** |
| ***Member FINRA*** |

---

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 18.8%** | **ASSET BACKED SECURITIES — 18.8%** | **ASSET BACKED SECURITIES — 18.8%** |  |
| 1500000 Allegro CLO XV Ltd. Series 1A D1AR<sup>(a),(b)</sup> | TSFR3M + 3.000% | 7.3250 | 04/20/38 | $1500835 |
| 2000000 Apidos CLO XV Series 2013-15A DRR<sup>(a),(b)</sup> | TSFR3M + 2.962% | 7.2870 | 04/20/31 | 2000770 |
| 1000000 Battalion Clo 17 Ltd. Series 17A CR<sup>(a),(b)</sup> | TSFR3M + 2.250% | 6.5750 | 03/09/34 | 1000300 |
| 1500000 Dryden 109 CLO Ltd. Series 109A BR<sup>(a),(b)</sup> | TSFR3M + 1.570% | 5.8880 | 04/15/38 | 1505477 |
| 1500000 Dryden 37 Senior Loan Fund Series 2015-37A ER<sup>(a),(b)</sup> | TSFR3M + 5.412% | 9.7290 | 01/15/31 | 1399964 |
| 1600000 Dryden 55 CLO Ltd. Series 2018-55A D<sup>(a),(b)</sup> | TSFR3M + 3.112% | 7.4290 | 04/15/31 | 1600541 |
| 1000000 ICG US Clo 2021-3 Ltd. Series 3A CR<sup>(a),(b)</sup> | TSFR3M + 2.100% | 6.4250 | 10/20/34 | 1001408 |
| 2000000 KKR CLO 27 LTD Series 27A D1R2<sup>(a),(b)</sup> | TSFR3M + 2.900% | 7.2180 | 01/15/35 | 1992812 |
| 1500000 Madison Park Funding XLV Ltd. Series 45A CRR<sup>(a),(b)</sup> | TSFR3M + 1.900% | 6.2180 | 07/15/34 | 1502197 |
| 1000000 OCP CLO Ltd. Series 23A CR<sup>(a),(b)</sup> | TSFR3M + 1.700% | 6.0220 | 01/17/37 | 1000508 |
| 1000000 Octagon Investment Partners 32 Ltd. Series 1A A2R3<sup>(a),(b)</sup> | TSFR3M + 1.600% | 5.9180 | 10/31/37 | 1000560 |
| 1000000 Octagon Investment Partners 46 Ltd. Series 2A DR<sup>(a),(b)</sup> | TSFR3M + 3.562% | 7.8790 | 07/15/36 | 998037 |
| 2150000 OZLM XXIV Ltd. Series 24A C2<sup>(a),(b)</sup> | TSFR3M + 4.522% | 8.8470 | 07/20/32 | 2115553 |
| 1750000 Shackleton 2014-V-R CLO Ltd. Series 2014-5RA D<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.7100 | 05/07/31 | 1750490 |
| 1000000 TCW CLO 2017-1A Ltd. Series 1A A2R3<sup>(a),(b)</sup> | TSFR3M + 1.450% | 5.7640 | 10/29/34 | 1000495 |
| 2000000 Venture XV CLO Ltd. Series 2013-15A DR2<sup>(a),(b)</sup> | TSFR3M + 4.182% | 8.4990 | 07/15/32 | 1989025 |
| 2000000 Wind River 2021-3 CLO Ltd. Series 3A D1AR<sup>(a),(b)</sup> | TSFR3M + 3.000% | 7.3250 | 04/20/38 | 1979904 |
| 1000000 Zais Matrix CDO I Series 2022-18A D1<sup>(a),(b)</sup> | TSFR3M + 4.670% | 8.9880 | 01/25/35 | 996121 |
|  |  |  |  | 26334997 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%<sup>(c)</sup>** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%<sup>(c)</sup>** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%<sup>(c)</sup>** |  |
| 43381 Alternative Loan Trust 2007-J1 Series 2007-J1 3A2<sup>(d)</sup> |  | 4.1100 | 11/25/36 | 40408 |
| 1709321 BCAP, LLC Trust 2007-AA2 Series 2007-AA2 21IO<sup>(b)</sup> |  | 0.4200 | 04/25/37 | 18636 |
|  |  |  |  | 59044 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $26,521,764)** | **TOTAL ASSET BACKED SECURITIES (Cost $26,521,764)** | **TOTAL ASSET BACKED SECURITIES (Cost $26,521,764)** | 26394041 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7%** |  |
| 41798 Fannie Mae Interest Strip Series 291 2<sup>(e)</sup> |  | 8.0000 | 11/25/27 | 1937 |
| 59545 Fannie Mae Interest Strip Series 343 6<sup>(e)</sup> |  | 5.0000 | 10/25/33 | 6222 |
| 71873 Fannie Mae Interest Strip Series 346 2<sup>(e)</sup> |  | 5.5000 | 12/25/33 | 11275 |
| 45756 Fannie Mae Interest Strip Series 355 12<sup>(b),(e)</sup> |  | 6.0000 | 07/25/34 | 5444 |
| 237874 Fannie Mae Interest Strip Series 364 2<sup>(e)</sup> |  | 4.5000 | 09/25/35 | 32131 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** |  |
| 398167 Fannie Mae Interest Strip Series 365 4<sup>(e)</sup> |  | 5.0000 | 04/25/36 | $58683 |
| 109128 Fannie Mae Interest Strip Series 384 28<sup>(b),(e)</sup> |  | 6.0000 | 05/25/36 | 17865 |
| 63464 Fannie Mae Interest Strip Series 370 2<sup>(e)</sup> |  | 6.0000 | 06/25/36 | 12312 |
| 571522 Fannie Mae Interest Strip Series 378 4<sup>(e)</sup> |  | 5.0000 | 07/25/36 | 97925 |
| 428012 Fannie Mae Interest Strip Series 371 2<sup>(e)</sup> |  | 6.5000 | 07/25/36 | 81607 |
| 106534 Fannie Mae Interest Strip Series 377 2<sup>(e)</sup> |  | 5.0000 | 10/25/36 | 17859 |
| 1252404 Fannie Mae Interest Strip Series 395 7<sup>(e)</sup> |  | 5.5000 | 11/25/36 | 230863 |
| 67003 Fannie Mae Interest Strip Series 383 20<sup>(e)</sup> |  | 5.5000 | 07/25/37 | 10478 |
| 332939 Fannie Mae Interest Strip Series 385 3<sup>(e)</sup> |  | 5.0000 | 01/25/38 | 51681 |
| 370869 Fannie Mae Interest Strip Series 407 40<sup>(e)</sup> |  | 6.0000 | 01/25/38 | 72356 |
| 664450 Fannie Mae Interest Strip Series 398 C9<sup>(e)</sup> |  | 6.0000 | 05/25/39 | 182913 |
| 194336 Fannie Mae Interest Strip Series 396 2<sup>(e)</sup> |  | 4.5000 | 06/25/39 | 27254 |
| 278039 Fannie Mae Interest Strip Series 399 2<sup>(e)</sup> |  | 5.5000 | 11/25/39 | 56501 |
| 792494 Fannie Mae Interest Strip Series 408 C4<sup>(e)</sup> |  | 5.5000 | 11/25/40 | 140739 |
| 299581 Fannie Mae Interest Strip Series 409 C18<sup>(e)</sup> |  | 4.0000 | 04/25/42 | 55876 |
| 38733 Fannie Mae REMICS Series 2001-32 SA<sup>(b),(e)</sup> | SOFR30A + 7.836% | 3.4860 | 07/25/31 | 2060 |
| 304385 Fannie Mae REMICS Series 2003-7 SN<sup>(b),(e)</sup> | SOFR30A + 7.636% | 3.2860 | 02/25/33 | 37928 |
| 84664 Fannie Mae REMICS Series 2003-43 IY<sup>(e)</sup> |  | 6.0000 | 05/25/33 | 11083 |
| 150090 Fannie Mae REMICS Series 2004-62 TP<sup>(b),(e)</sup> | SOFR30A + 37.870% | 5.5000 | 07/25/33 | 16938 |
| 190643 Fannie Mae REMICS Series 2004-70 XJ<sup>(b),(e)</sup> |  | 5.0000 | 10/25/34 | 25966 |
| 140324 Fannie Mae REMICS Series 2004-91 DS<sup>(b),(e)</sup> | SOFR30A + 6.536% | 2.1860 | 12/25/34 | 13035 |
| 47125 Fannie Mae REMICS Series 2005-87 SE<sup>(b),(e)</sup> | SOFR30A + 5.936% | 1.5860 | 10/25/35 | 3747 |
| 80817 Fannie Mae REMICS Series 2005-89 S<sup>(b),(e)</sup> | SOFR30A + 6.586% | 2.2360 | 10/25/35 | 6437 |
| 121539 Fannie Mae REMICS Series 2007-28 LS<sup>(b),(e)</sup> | SOFR30A + 6.511% | 2.1610 | 01/25/36 | 12699 |
| 15778 Fannie Mae REMICS Series 2006-8 WN<sup>(b),(e)</sup> | SOFR30A + 6.586% | 2.2360 | 03/25/36 | 1436 |
| 33092 Fannie Mae REMICS Series 2006-8 HL<sup>(b),(e)</sup> | SOFR30A + 6.586% | 2.2360 | 03/25/36 | 3287 |
| 1047941 Fannie Mae REMICS Series 2007-18 BF<sup>(b),(e)</sup> | SOFR30A + 0.494% | 4.8440 | 04/25/36 | 101419 |
| 1061849 Fannie Mae REMICS Series 2007-28 CF<sup>(b),(e)</sup> | SOFR30A + 0.504% | 4.8540 | 07/25/36 | 123237 |
| 91355 Fannie Mae REMICS Series 2006-101 SA<sup>(b),(e)</sup> | SOFR30A + 6.466% | 2.1160 | 10/25/36 | 10223 |
| 91561 Fannie Mae REMICS Series 2006-116 S<sup>(b),(e)</sup> | SOFR30A + 6.486% | 2.1360 | 12/25/36 | 8353 |
| 39318 Fannie Mae REMICS Series 2006-125 SM<sup>(b),(e)</sup> | SOFR30A + 7.086% | 2.7360 | 01/25/37 | 4177 |
| 159266 Fannie Mae REMICS Series 2007-36 SN<sup>(b),(e)</sup> | SOFR30A + 6.656% | 2.3060 | 04/25/37 | 15555 |
| 565071 Fannie Mae REMICS Series 2007-55 S<sup>(b),(e)</sup> | SOFR30A + 6.646% | 2.2960 | 06/25/37 | 20296 |
| 67786 Fannie Mae REMICS Series 2007-72 EK<sup>(b),(e)</sup> | SOFR30A + 6.286% | 1.9360 | 07/25/37 | 6947 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** |  |
| 70726 Fannie Mae REMICS Series 2007-66 AS<sup>(b),(e)</sup> | SOFR30A + 6.486% | 2.1360 | 07/25/37 | $6137 |
| 487898 Fannie Mae REMICS Series 2007-88 MI<sup>(b),(e)</sup> | SOFR30A + 6.406% | 2.0560 | 09/25/37 | 32528 |
| 68328 Fannie Mae REMICS Series 2007-106 SN<sup>(b),(e)</sup> | SOFR30A + 6.296% | 1.9460 | 11/25/37 | 6413 |
| 147436 Fannie Mae REMICS Series 2007-109 DI<sup>(b),(e)</sup> | SOFR30A + 6.286% | 1.9360 | 12/25/37 | 16886 |
| 214799 Fannie Mae REMICS Series 2007-117 SM<sup>(b),(e)</sup> | SOFR30A + 6.186% | 1.8360 | 01/25/38 | 19892 |
| 3976879 Fannie Mae REMICS Series 2010-89 AI<sup>(b),(e)</sup> | SOFR30A + 6.336% | 0.1500 | 02/25/38 | 12672 |
| 1366131 Fannie Mae REMICS Series 2008-58 SE<sup>(b),(e)</sup> | SOFR30A + 5.886% | 1.5360 | 07/25/38 | 127189 |
| 223424 Fannie Mae REMICS Series 2009-66 SH<sup>(b),(e)</sup> | SOFR30A + 5.936% | 1.5860 | 09/25/39 | 12846 |
| 73876 Fannie Mae REMICS Series 2009-112 ST<sup>(b),(e)</sup> | SOFR30A + 6.136% | 1.7860 | 01/25/40 | 7161 |
| 62510 Fannie Mae REMICS Series 2010-126 UI<sup>(e)</sup> |  | 5.5000 | 10/25/40 | 6076 |
| 212956 Fannie Mae REMICS Series 2010-130 HI<sup>(e)</sup> |  | 6.0000 | 11/25/40 | 40350 |
| 289947 Fannie Mae REMICS Series 2010-139 SA<sup>(b),(e)</sup> | SOFR30A + 5.916% | 1.5660 | 12/25/40 | 29841 |
| 56781 Fannie Mae REMICS Series 2011-11 PI<sup>(e)</sup> |  | 4.0000 | 03/25/41 | 6439 |
| 188376 Fannie Mae REMICS Series 2017-87 KI<sup>(e)</sup> |  | 5.0000 | 06/25/41 | 24589 |
| 278377 Fannie Mae REMICS Series 2011-96 SA<sup>(b),(e)</sup> | SOFR30A + 6.436% | 2.0860 | 10/25/41 | 21888 |
| 1655075 Fannie Mae REMICS Series 2012-30 CI<sup>(e)</sup> |  | 5.0000 | 10/25/41 | 166657 |
| 1199168 Fannie Mae REMICS Series 2011-122 DS<sup>(b),(e)</sup> | SOFR30A + 6.406% | 2.0560 | 12/25/41 | 169182 |
| 370092 Fannie Mae REMICS Series 2012-68 NS<sup>(b),(e)</sup> | SOFR30A + 6.586% | 2.2360 | 03/25/42 | 16302 |
| 638988 Fannie Mae REMICS Series 2012-89 SA<sup>(b),(e)</sup> | SOFR30A + 5.436% | 1.0860 | 08/25/42 | 49470 |
| 1126315 Fannie Mae REMICS Series 2012-103 TI<sup>(e)</sup> |  | 5.0000 | 09/25/42 | 184776 |
| 70825 Fannie Mae REMICS Series 2014-68 IB<sup>(e)</sup> |  | 4.5000 | 02/25/43 | 7591 |
| 230353 Fannie Mae REMICS Series 2013-103 JS<sup>(b),(e)</sup> | SOFR30A + 5.886% | 1.5360 | 10/25/43 | 21607 |
| 262268 Fannie Mae REMICS Series 2014-38 QI<sup>(e)</sup> |  | 5.5000 | 12/25/43 | 39348 |
| 850018 Fannie Mae REMICS Series 2014-87 MS<sup>(b),(e)</sup> | SOFR30A + 6.136% | 1.7860 | 01/25/45 | 85103 |
| 169953 Fannie Mae REMICS Series 2015-33 OI<sup>(e)</sup> |  | 5.0000 | 06/25/45 | 19090 |
| 355012 Fannie Mae REMICS Series 2016-39 LS<sup>(b),(e)</sup> | SOFR30A + 5.886% | 1.5360 | 07/25/46 | 39688 |
| 1200598 Fannie Mae REMICS Series 2017-97 SW<sup>(b),(e)</sup> | SOFR30A + 6.086% | 1.7360 | 12/25/47 | 142653 |
| 833907 Fannie Mae REMICS Series 2017-108 SA<sup>(b),(e)</sup> | SOFR30A + 6.036% | 1.6860 | 01/25/48 | 95395 |
| 2339578 Fannie Mae REMICS Series 2018-54 SA<sup>(b),(e)</sup> | SOFR30A + 6.136% | 1.7860 | 08/25/48 | 217438 |
| 363538 Fannie Mae REMICS Series 2018-58 IO<sup>(e)</sup> |  | 5.5000 | 08/25/48 | 53315 |
| 98860 Fannie Mae REMICS Series 2018-74 MI<sup>(e)</sup> |  | 4.5000 | 10/25/48 | 19375 |
| 351515 Fannie Mae REMICS Series 2019-41 SB<sup>(b),(e)</sup> | SOFR30A + 5.936% | 1.5860 | 08/25/49 | 40506 |
| 960766 Fannie Mae REMICS Series 2020-10 S<sup>(b),(e)</sup> | SOFR30A + 5.936% | 1.5860 | 05/25/59 | 108036 |
| 59097 Freddie Mac REMICS Series 2367 SG<sup>(b),(e)</sup> | SOFR30A + 7.766% | 3.4260 | 06/15/31 | 5437 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** |  |
| 619812 Freddie Mac REMICS Series 5112 IB<sup>(e)</sup> |  | 6.5000 | 05/15/32 | $68464 |
| 52532 Freddie Mac REMICS Series 2444 TI<sup>(b),(e)</sup> |  | 6.5000 | 05/15/32 | 6066 |
| 146408 Freddie Mac REMICS Series 2463 SB<sup>(b),(e)</sup> | SOFR30A + 7.886% | 3.5460 | 06/15/32 | 13199 |
| 19899 Freddie Mac REMICS Series 2524 SX<sup>(b),(e)</sup> | SOFR30A + 7.786% | 3.4460 | 11/15/32 | 1876 |
| 33700 Freddie Mac REMICS Series 2616 SC<sup>(b),(e)</sup> | SOFR30A + 7.886% | 3.5460 | 12/15/32 | 2776 |
| 422231 Freddie Mac REMICS Series 2802 SI<sup>(b),(e)</sup> | SOFR30A + 5.886% | 1.5460 | 05/15/34 | 29716 |
| 200476 Freddie Mac REMICS Series 2980 SL<sup>(b),(e)</sup> | SOFR30A + 6.586% | 2.2460 | 11/15/34 | 18160 |
| 207324 Freddie Mac REMICS Series 2950 SN<sup>(b),(e)</sup> | SOFR30A + 5.936% | 1.5960 | 03/15/35 | 10079 |
| 568573 Freddie Mac REMICS Series 3055 MS<sup>(b),(e)</sup> | SOFR30A + 6.486% | 2.1460 | 10/15/35 | 60353 |
| 39838 Freddie Mac REMICS Series 3117 JS<sup>(b),(e)</sup> | SOFR30A + 6.586% | 2.2460 | 02/15/36 | 3909 |
| 156663 Freddie Mac REMICS Series 3149 SM<sup>(b),(e)</sup> | SOFR30A + 6.536% | 2.1960 | 05/15/36 | 13621 |
| 75650 Freddie Mac REMICS Series 3239 SI<sup>(b),(e)</sup> | SOFR30A + 6.536% | 2.1960 | 11/15/36 | 7900 |
| 170826 Freddie Mac REMICS Series 3303 SG<sup>(b),(e)</sup> | SOFR30A + 5.986% | 1.6460 | 04/15/37 | 14900 |
| 161998 Freddie Mac REMICS Series 3355 BI<sup>(b),(e)</sup> | SOFR30A + 5.936% | 1.5960 | 08/15/37 | 13885 |
| 155876 Freddie Mac REMICS Series 3368 AI<sup>(b),(e)</sup> | SOFR30A + 5.916% | 1.5760 | 09/15/37 | 14663 |
| 81859 Freddie Mac REMICS Series 4340 TI<sup>(e)</sup> |  | 5.5000 | 07/15/39 | 2893 |
| 120407 Freddie Mac REMICS Series 3572 VS<sup>(b),(e)</sup> | SOFR30A + 6.616% | 2.2760 | 09/15/39 | 13094 |
| 110826 Freddie Mac REMICS Series 4451 DI<sup>(e)</sup> |  | 3.5000 | 10/15/39 | 2854 |
| 1638961 Freddie Mac REMICS Series 3652 CS<sup>(b),(e)</sup> | SOFR30A + 6.436% | 2.0960 | 03/15/40 | 197992 |
| 126197 Freddie Mac REMICS Series 3758 S<sup>(b),(e)</sup> | SOFR30A + 5.916% | 1.5760 | 11/15/40 | 10549 |
| 277898 Freddie Mac REMICS Series 3935 SH<sup>(b),(e)</sup> | SOFR30A + 6.486% | 2.1460 | 12/15/40 | 4162 |
| 102250 Freddie Mac REMICS Series 4139 PO<sup>(f)</sup> |  | 2.4700 | 08/15/42 | 67179 |
| 115978 Freddie Mac REMICS Series 4091 TS<sup>(b),(e)</sup> | SOFR30A + 6.436% | 2.0960 | 08/15/42 | 15808 |
| 328594 Freddie Mac REMICS Series 4471 JI<sup>(e)</sup> |  | 4.5000 | 09/15/43 | 55306 |
| 925339 Freddie Mac REMICS Series 4995 KI<sup>(e)</sup> |  | 5.5000 | 12/25/43 | 142038 |
| 154836 Freddie Mac REMICS Series 4456 IA<sup>(e)</sup> |  | 4.0000 | 03/15/45 | 25287 |
| 6440606 Freddie Mac REMICS Series 4583 TI<sup>(b),(e)</sup> | SOFR30A + 5.986% | 0.1000 | 05/15/46 | 16650 |
| 198570 Freddie Mac REMICS Series 4583 ST<sup>(b),(e)</sup> | SOFR30A + 5.886% | 1.5460 | 05/15/46 | 20238 |
| 331721 Freddie Mac REMICS Series 4618 SA<sup>(b),(e)</sup> | SOFR30A + 5.886% | 1.5460 | 09/15/46 | 37730 |
| 630380 Freddie Mac REMICS Series 5007 SK<sup>(b),(e)</sup> | SOFR30A + 5.986% | 1.6360 | 08/25/50 | 80586 |
| 485142 Freddie Mac REMICS Series 5136 IJ<sup>(e)</sup> |  | 2.5000 | 02/25/51 | 57718 |
| 799245 Freddie Mac REMICS Series 5086 HI<sup>(e)</sup> |  | 4.5000 | 03/25/51 | 175261 |
| 883029 Freddie Mac REMICS Series 5174 NI<sup>(e)</sup> |  | 3.5000 | 12/25/51 | 154329 |
| 201211 Freddie Mac REMICS Series 4291 MS<sup>(b),(e)</sup> | SOFR30A + 5.786% | 1.4460 | 01/15/54 | 19684 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** |  |
| 73469 Freddie Mac Strips Series 221 IO<sup>(e)</sup> |  | 7.0000 | 03/15/32 | $10956 |
| 2586720 Freddie Mac Strips Series 324 C17<sup>(e)</sup> |  | 3.5000 | 12/15/33 | 223561 |
| 202604 Freddie Mac Strips Series 238 8<sup>(e)</sup> |  | 5.0000 | 04/15/36 | 32533 |
| 226154 Freddie Mac Strips Series 240 IO<sup>(e)</sup> |  | 5.5000 | 07/15/36 | 40485 |
| 39772 Freddie Mac Strips Series 239 IO<sup>(e)</sup> |  | 6.0000 | 08/15/36 | 7137 |
| 328186 Freddie Mac Strips Series 247 24<sup>(e)</sup> |  | 5.0000 | 09/15/36 | 48092 |
| 561441 Freddie Mac Strips Series 244 IO<sup>(e)</sup> |  | 5.5000 | 12/15/36 | 82026 |
| 274479 Freddie Mac Strips Series 303 105<sup>(b),(e)</sup> |  | 4.0000 | 01/15/43 | 37214 |
| 988512 Freddie Mac Strips Series 324 C24<sup>(e)</sup> |  | 5.0000 | 12/15/43 | 209771 |
| 564361 Freddie Mac Strips Series 365 121<sup>(b),(e)</sup> |  | 4.0000 | 10/15/47 | 79659 |
| 525968 Freddie Mac Strips Series 365 C10<sup>(e)</sup> |  | 3.5000 | 06/15/49 | 107284 |
| 866388 Freddie Mac Strips Series 367 116<sup>(b),(e)</sup> |  | 3.5000 | 06/15/50 | 128174 |
| 438688 Government National Mortgage Association Series 2021-78 QI<sup>(e)</sup> |  | 5.0000 | 05/20/34 | 36190 |
| 287520 Government National Mortgage Association Series 2004-46 S<sup>(b),(e)</sup> | TSFR1M + 6.986% | 2.6350 | 06/20/34 | 12118 |
| 20775 Government National Mortgage Association Series 2004-106 HW<sup>(b)</sup> | TSFR1M + 26.928% | 5.2280 | 12/16/34 | 22558 |
| 96841 Government National Mortgage Association Series 2007-40 SW<sup>(b),(e)</sup> | TSFR1M + 4.066% | 0.0001 | 07/20/37 | 359 |
| 114612 Government National Mortgage Association Series 2008-2 SM<sup>(b),(e)</sup> | TSFR1M + 6.386% | 2.0460 | 01/16/38 | 10302 |
| 67387 Government National Mortgage Association Series 2008-6 SD<sup>(b),(e)</sup> | TSFR1M + 6.346% | 1.9950 | 02/20/38 | 307 |
| 862167 Government National Mortgage Association Series 2008-15 CI<sup>(b),(e)</sup> | TSFR1M + 6.376% | 2.0250 | 02/20/38 | 19862 |
| 103901 Government National Mortgage Association Series 2008-27 SI<sup>(b),(e)</sup> | TSFR1M + 6.356% | 2.0050 | 03/20/38 | 2237 |
| 85125 Government National Mortgage Association Series 2008-36 SB<sup>(b),(e)</sup> | TSFR1M + 6.156% | 1.8050 | 04/20/38 | 352 |
| 131283 Government National Mortgage Association Series 2008-51 SE<sup>(b),(e)</sup> | TSFR1M + 6.136% | 1.7960 | 06/16/38 | 9144 |
| 104865 Government National Mortgage Association Series 2008-51 SC<sup>(b),(e)</sup> | TSFR1M + 6.136% | 1.7850 | 06/20/38 | 6926 |
| 51385 Government National Mortgage Association Series 2008-95 DS<sup>(b),(e)</sup> | TSFR1M + 7.186% | 2.8350 | 12/20/38 | 599 |
| 88366 Government National Mortgage Association Series 2009-43 SA<sup>(b),(e)</sup> | TSFR1M + 5.836% | 1.4850 | 06/20/39 | 3623 |
| 315777 Government National Mortgage Association Series 2013-170 ID<sup>(b),(e)</sup> |  | 3.1200 | 02/20/40 | 24363 |
| 60902 Government National Mortgage Association Series 2010-113 BS<sup>(b),(e)</sup> | TSFR1M + 5.886% | 1.5350 | 09/20/40 | 6999 |
| 954778 Government National Mortgage Association Series 2010-133 SB<sup>(b),(e)</sup> | TSFR1M + 5.906% | 1.5660 | 10/16/40 | 109280 |
| 106837 Government National Mortgage Association Series 2010-152 SA<sup>(b),(e)</sup> | TSFR1M + 5.936% | 1.5960 | 11/16/40 | 11684 |
| 202887 Government National Mortgage Association Series 2012-77 DI<sup>(e)</sup> |  | 4.0000 | 01/20/41 | 7938 |
| 111776 Government National Mortgage Association Series 2012-69 QI<sup>(e)</sup> |  | 4.0000 | 03/16/41 | 11591 |
| 268566 Government National Mortgage Association Series 2011-148 SN<sup>(b),(e)</sup> | TSFR1M + 6.576% | 2.2360 | 11/16/41 | 34596 |
| 899572 Government National Mortgage Association Series 2013-4 ID<sup>(e)</sup> |  | 5.5000 | 05/16/42 | 162088 |
| 750635 Government National Mortgage Association Series 2012-126 IO<sup>(e)</sup> |  | 3.5000 | 10/20/42 | 105271 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7% (Continued)** |  |
| 103438 Government National Mortgage Association Series 2013-5 BI<sup>(e)</sup> |  | 3.5000 | 01/20/43 | $16263 |
| 140274 Government National Mortgage Association Series 2013-53 OI<sup>(e)</sup> |  | 3.5000 | 04/20/43 | 17287 |
| 700356 Government National Mortgage Association Series 2015-179 BI<sup>(e)</sup> |  | 4.0000 | 08/20/43 | 42145 |
| 75797 Government National Mortgage Association Series 2013-181 SA<sup>(b),(e)</sup> | TSFR1M + 5.986% | 1.6350 | 11/20/43 | 8222 |
| 161057 Government National Mortgage Association Series 2014-58 SA<sup>(b),(e)</sup> | TSFR1M + 5.986% | 1.6350 | 04/20/44 | 17483 |
| 275629 Government National Mortgage Association Series 2014-91 SB<sup>(b),(e)</sup> | TSFR1M + 5.486% | 1.1460 | 06/16/44 | 20957 |
| 55013 Government National Mortgage Association Series 2016-81 IM<sup>(e)</sup> |  | 4.0000 | 10/20/44 | 2965 |
| 1205584 Government National Mortgage Association Series 2014-146 EI<sup>(e)</sup> |  | 5.0000 | 10/20/44 | 253939 |
| 936017 Government National Mortgage Association Series 2017-56 IE<sup>(e)</sup> |  | 4.0000 | 11/20/44 | 74127 |
| 464706 Government National Mortgage Association Series 2019-22 SA<sup>(b),(e)</sup> | TSFR1M + 5.486% | 1.1350 | 02/20/45 | 41046 |
| 244132 Government National Mortgage Association Series 2015-36 MI<sup>(e)</sup> |  | 5.5000 | 03/20/45 | 37603 |
| 400614 Government National Mortgage Association Series 2015-64 SG<sup>(b),(e)</sup> | TSFR1M + 5.486% | 1.1350 | 05/20/45 | 36554 |
| 64250 Government National Mortgage Association Series 2016-27 IA<sup>(e)</sup> |  | 4.0000 | 06/20/45 | 8434 |
| 186395 Government National Mortgage Association Series 2017-99 DI<sup>(e)</sup> |  | 4.0000 | 07/20/45 | 7861 |
| 460382 Government National Mortgage Association Series 2015-144 SA<sup>(b),(e)</sup> | TSFR1M + 6.086% | 1.7350 | 10/20/45 | 56324 |
| 269145 Government National Mortgage Association Series 2016-84 IG<sup>(e)</sup> |  | 4.5000 | 11/16/45 | 52903 |
| 394807 Government National Mortgage Association Series 2016-4 SM<sup>(b),(e)</sup> | TSFR1M + 5.536% | 1.1850 | 01/20/46 | 31222 |
| 168378 Government National Mortgage Association Series 2016-9 SA<sup>(b),(e)</sup> | TSFR1M + 5.986% | 1.6350 | 01/20/46 | 18150 |
| 827408 Government National Mortgage Association Series 2016-121 JS<sup>(b),(e)</sup> | TSFR1M + 5.986% | 1.6350 | 09/20/46 | 103288 |
| 167532 Government National Mortgage Association Series 2016-145 UI<sup>(e)</sup> |  | 3.5000 | 10/20/46 | 29142 |
| 150629 Government National Mortgage Association Series 2017-68 CI<sup>(e)</sup> |  | 5.5000 | 05/16/47 | 28077 |
| 271174 Government National Mortgage Association Series 2018-8 IO<sup>(e)</sup> |  | 4.0000 | 01/20/48 | 53076 |
| 16717798 Government National Mortgage Association Series 2020-86 TK<sup>(b),(e)</sup> | TSFR1M + 6.086% | 0.1500 | 08/20/48 | 83974 |
| 155366 Government National Mortgage Association Series 2018-120 JI<sup>(e)</sup> |  | 5.5000 | 09/20/48 | 22435 |
| 236409 Government National Mortgage Association Series 2018-154 IT<sup>(e)</sup> |  | 5.5000 | 10/20/48 | 43380 |
| 419383 Government National Mortgage Association Series 2019-6 SA<sup>(b),(e)</sup> | TSFR1M + 5.936% | 1.5850 | 01/20/49 | 45346 |
| 1228320 Government National Mortgage Association Series 2020-47 MI<sup>(e)</sup> |  | 3.5000 | 04/20/50 | 236664 |
| 580228 Government National Mortgage Association Series 2020-167 NS<sup>(b),(e)</sup> | TSFR1M + 6.186% | 1.8350 | 11/20/50 | 80583 |
| 1767357 Government National Mortgage Association Series H16 CI<sup>(b),(e)</sup> |  | 2.1340 | 10/20/69 | 68135 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,661,141)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,661,141)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,661,141)** | 7970409 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 52.0%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 4.4%** |  |  |  |  |
| 750000 | Ares Capital Corporation |  | 5.5000 | 09/01/30 | $749000 |
| 2098000 | Bain Capital Specialty Finance, Inc. |  | 2.9500 | 03/10/26 | 2067619 |
| 383000 | Bain Capital Specialty Finance, Inc. |  | 5.9500 | 03/15/30 | 381020 |
| 600000 | Blackstone Secured Lending Fund |  | 3.6250 | 01/15/26 | 596154 |
| 200000 | FS KKR Capital Corporation |  | 3.4000 | 01/15/26 | 198551 |
| 275000 | FS KKR Capital Corporation |  | 2.6250 | 01/15/27 | 264309 |
| 625000 | FS KKR Capital Corporation |  | 3.2500 | 07/15/27 | 600491 |
| 243000 | FS KKR Capital Corporation |  | 3.1250 | 10/12/28 | 224064 |
| 1130000 | Icahn Enterprises, L.P. / Icahn Enterprises |  | 6.2500 | 05/15/26 | 1123599 |
|  |  |  |  |  | 6204807 |
|  | **AUTOMOTIVE — 10.1%** |  |  |  |  |
| 600000 | Ford Motor Credit Company, LLC |  | 4.1340 | 08/04/25 | 599946 |
| 1083000 | Ford Motor Credit Company, LLC |  | 3.3750 | 11/13/25 | 1077685 |
| 500000 | Ford Motor Credit Company, LLC |  | 4.5420 | 08/01/26 | 495878 |
| 375000 | Ford Motor Credit Company, LLC |  | 2.7000 | 08/10/26 | 365700 |
| 300000 | Ford Motor Credit Company, LLC |  | 4.9500 | 05/28/27 | 297579 |
| 812000 | Ford Motor Credit Company, LLC |  | 4.1250 | 08/17/27 | 791072 |
| 225000 | Ford Motor Credit Company, LLC |  | 5.8000 | 03/08/29 | 225501 |
| 500000 | Ford Motor Credit Company, LLC |  | 4.8500 | 11/20/29 | 480775 |
| 500000 | Ford Motor Credit Company, LLC |  | 6.2000 | 06/20/34 | 493740 |
| 1295000 | General Motors Financial Company, Inc.<sup>(b)</sup> | H15T5Y + 4.997% | 5.7000 | Perpetual | 1268381 |
| 723000 | Nissan Motor Acceptance Company, LLC |  | 2.0000 | 03/09/26 | 709363 |
| 2262000 | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 1.8500 | 09/16/26 | 2171834 |
| 837000 | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 5.3000 | 09/13/27 | 831354 |
| 1205000 | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 2.7500 | 03/09/28 | 1120703 |
| 535000 | Nissan Motor Acceptance Company, LLC<sup>(a)</sup> |  | 2.4500 | 09/15/28 | 483819 |
| 1300000 | Nissan Motor Acceptance Corporation<sup>(a)</sup> |  | 2.0000 | 03/09/26 | 1275479 |
| 500000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 5.4000 | 03/20/26 | 501523 |
| 500000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 5.6500 | 09/12/28 | 511979 |
| 500000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 4.7500 | 11/13/28 | 497570 |
|  |  |  |  |  | 14199881 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 52.0% (Continued)** | **CORPORATE BONDS — 52.0% (Continued)** | **CORPORATE BONDS — 52.0% (Continued)** | **CORPORATE BONDS — 52.0% (Continued)** |  |
|  | **BANKING — 13.3%** |  |  |  |  |
| 435000 | Bank of America Corporation<sup>(b)</sup> | H15T5Y + 2.760% | 4.3750 | Perpetual | $425599 |
| 800000 | Bank of Nova Scotia (The)<sup>(b)</sup> | H15T5Y + 2.613% | 3.6250 | 10/27/81 | 749198 |
| 250000 | Barclays plc<sup>(b)</sup> | H15T1Y + 2.300% | 5.3040 | 08/09/26 | 250000 |
| 500000 | Barclays plc |  | 4.8360 | 05/09/28 | 501320 |
| 1002000 | BNP Paribas S.A.<sup>(a)</sup> |  | 4.3750 | 09/28/25 | 1001113 |
| 2270000 | BNP Paribas S.A.<sup>(a),(b)</sup> | H15T5Y + 3.196% | 4.6250 | Perpetual | 2229641 |
| 1500000 | Citigroup, Inc.<sup>(b)</sup> | H15T5Y + 3.417% | 3.8750 | Perpetual | 1486176 |
| 1698000 | Citigroup, Inc. Series Y<sup>(b)</sup> | H15T5Y + 3.000% | 4.1500 | Perpetual | 1659877 |
| 1051000 | Citizens Financial Group, Inc.<sup>(b)</sup> | H15T5Y + 3.215% | 4.0000 | Perpetual | 1024188 |
| 1000000 | Credit Agricole S.A.<sup>(b)</sup> | H15T5Y + 3.237% | 4.7500 | Perpetual | 947247 |
| 1000000 | Deutsche Bank A.G.<sup>(b)</sup> | H15T5Y + 4.524% | 6.0000 | Perpetual | 1000617 |
| 1000000 | KeyBank NA |  | 6.9500 | 02/01/28 | 1050820 |
| 995000 | KeyCorporation<sup>(b)</sup> | TSFR3M + 3.868% | 5.0000 | Perpetual | 982140 |
| 200000 | Lloyds Banking Group plc |  | 4.5820 | 12/10/25 | 199913 |
| 1172000 | M&T Bank Corporation<sup>(b)</sup> | H15T5Y + 2.679% | 3.5000 | Perpetual | 1129497 |
| 500000 | Manufacturers & Traders Trust Company |  | 4.6500 | 01/27/26 | 500034 |
| 625000 | PNC Financial Services Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 2.595% | 3.4000 | Perpetual | 602930 |
| 352000 | Royal Bank of Canada<sup>(b)</sup> | SOFRRATE + 7.450% | 8.5000 | 02/28/39 | 359015 |
| 525000 | Societe Generale S.A.<sup>(a)</sup> |  | 4.2500 | 08/19/26 | 521555 |
| 500000 | Societe Generale S.A.<sup>(a),(b)</sup> | H15T1Y + 1.300% | 2.7970 | 01/19/28 | 485687 |
| 1000000 | Societe Generale S.A.<sup>(b)</sup> | H15T5Y + 4.514% | 5.3750 | Perpetual | 928805 |
| 597000 | US Bancorp<sup>(b)</sup> | SOFR + 2.914% | 5.3000 | Perpetual | 596073 |
|  |  |  |  |  | 18631445 |
|  | **BIOTECH & PHARMA — 2.4%** |  |  |  |  |
| 1113000 | Teva Pharmaceutical Finance Netherlands III BV |  | 3.1500 | 10/01/26 | 1089294 |
| 1800000 | Teva Pharmaceutical Finance Netherlands III BV |  | 4.7500 | 05/09/27 | 1788948 |
| 500000 | Teva Pharmaceutical Finance Netherlands III BV |  | 6.7500 | 03/01/28 | 517208 |
|  |  |  |  |  | 3395450 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.7%** |  |  |  |  |
| 1000000 | Aramark Services, Inc.<sup>(a)</sup> |  | 5.0000 | 02/01/28 | 991434 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 52.0% (Continued)** | **CORPORATE BONDS — 52.0% (Continued)** | **CORPORATE BONDS — 52.0% (Continued)** | **CORPORATE BONDS — 52.0% (Continued)** |  |
|  | **ELECTRIC UTILITIES — 5.6%** |  |  |  |  |
| 1600000 | American Electric Power Company, Inc.<sup>(b)</sup> | H15T5Y + 2.675% | 3.8750 | 02/15/62 | $1546299 |
| 1110000 | CenterPoint Energy, Inc.<sup>(b)</sup> | H15T5Y + 3.254% | 7.0000 | 02/15/55 | 1161027 |
| 1000000 | CMS Energy Corporation<sup>(b)</sup> | H15T5Y + 4.116% | 4.7500 | 06/01/50 | 964544 |
| 572000 | Duke Energy Corporation<sup>(b)</sup> | H15T5Y + 2.321% | 3.2500 | 01/15/82 | 550123 |
| 2000000 | Electricite de France S.A.<sup>(a),(b)</sup> | H15T5Y + 5.411% | 9.1250 | Perpetual | 2296720 |
| 170000 | Sempra<sup>(b)</sup> | H15T5Y + 2.868% | 4.1250 | 04/01/52 | 164629 |
| 1250000 | Southern Company (The)<sup>(b)</sup> | H15T5Y + 2.915% | 3.7500 | 09/15/51 | 1232026 |
|  |  |  |  |  | 7915368 |
|  | **ENTERTAINMENT CONTENT — 0.2%** |  |  |  |  |
| 300000 | Univision Communications, Inc.<sup>(a)</sup> |  | 4.5000 | 05/01/29 | 277876 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.6%** |  |  |  |  |
| 813000 | Charles River Laboratories International, Inc.<sup>(a)</sup> |  | 4.2500 | 05/01/28 | 789693 |
|  | **INSURANCE — 0.2%** |  |  |  |  |
| 250000 | Athene Global Funding<sup>(a)</sup> |  | 2.9500 | 11/12/26 | 244819 |
|  | **LEISURE FACILITIES & SERVICES — 4.9%** |  |  |  |  |
| 577000 | Boyd Gaming Corporation |  | 4.7500 | 12/01/27 | 572795 |
| 587000 | Caesars Entertainment, Inc.<sup>(a)</sup> |  | 4.6250 | 10/15/29 | 555109 |
| 1000000 | Carnival Corporation<sup>(a)</sup> |  | 4.0000 | 08/01/28 | 971875 |
| 837000 | International Game Technology plc<sup>(a)</sup> |  | 6.2500 | 01/15/27 | 844213 |
| 500000 | International Game Technology plc<sup>(a)</sup> |  | 5.2500 | 01/15/29 | 495403 |
| 1134000 | Penn Entertainment Inc<sup>(a)</sup> |  | 5.6250 | 01/15/27 | 1128793 |
| 80000 | Penn National Gaming, Inc.<sup>(a)</sup> |  | 4.1250 | 07/01/29 | 74121 |
| 500000 | Scientific Games International, Inc.<sup>(a)</sup> |  | 7.0000 | 05/15/28 | 500840 |
| 492000 | Scientific Games International, Inc.<sup>(a)</sup> |  | 7.2500 | 11/15/29 | 506257 |
| 1300000 | Station Casinos, LLC<sup>(a)</sup> |  | 4.5000 | 02/15/28 | 1273467 |
|  |  |  |  |  | 6922873 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 52.0% (Continued)** |  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.4%** |  |  |  |  |
| 1250000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.3750 | 04/15/26 | $1251141 |
| 166000 | MGM Growth Properties Operating Partnership, L.P. |  | 5.7500 | 02/01/27 | 167783 |
| 500000 | VICI Properties, L.P. / VICI Note Company, Inc.<sup>(a)</sup> |  | 4.2500 | 12/01/26 | 496000 |
|  |  |  |  |  | 1914924 |
|  | **RETAIL - DISCRETIONARY — 1.1%** |  |  |  |  |
| 1605000 | Penske Automotive Group, Inc. |  | 3.5000 | 09/01/25 | 1602005 |
|  | **SPECIALTY FINANCE — 6.0%** |  |  |  |  |
| 2436000 | Air Lease Corporation<sup>(b)</sup> | H15T5Y + 4.076% | 4.6500 | Perpetual | 2412386 |
| 500000 | Ally Financial, Inc. |  | 5.7500 | 11/20/25 | 500705 |
| 250000 | Ally Financial, Inc. |  | 6.0000 | 07/15/29 | 250051 |
| 1607000 | Ally Financial, Inc. Series B<sup>(b)</sup> | H15T5Y + 3.868% | 4.7000 | Perpetual | 1565078 |
| 650000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 4.8750 | 10/01/25 | 648926 |
| 250000 | Aviation Capital Group, LLC<sup>(a)</sup> |  | 1.9500 | 01/30/26 | 246524 |
| 848000 | Capital One Financial Corporation<sup>(b)</sup> | H15T5Y + 3.157% | 3.9500 | Perpetual | 829459 |
| 922000 | Capital One Financial Corporation<sup>(b)</sup> | TSFR3M + 3.338% | 5.5000 | Perpetual | 914036 |
| 500000 | ILFC E-Capital Trust I<sup>(a),(b)</sup> | TSFR3M + 1.812% | 6.4300 | 12/21/65 | 419353 |
| 135000 | OneMain Finance Corporation |  | 3.5000 | 01/15/27 | 131749 |
| 250000 | OneMain Finance Corporation |  | 5.3750 | 11/15/29 | 245383 |
| 250000 | Synchrony Financial |  | 3.7000 | 08/04/26 | 247510 |
|  |  |  |  |  | 8411160 |
|  | **TRANSPORTATION & LOGISTICS — 1.1%** |  |  |  |  |
| 1173000 | Air Canada<sup>(a)</sup> |  | 3.8750 | 08/15/26 | 1159636 |
| 380000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.3750 | 04/15/26 | 377973 |
|  |  |  |  |  | 1537609 |
|  | **TOTAL CORPORATE BONDS (Cost $72,206,997)** |  |  |  | 73039344 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PREFERRED STOCK — 7.6%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 1.1%** |  |  |  |  |
| 1550000 | Charles Schwab Corporation (The)<sup>(b)</sup> | H15T5Y + 3.168% | 4.0000 | Perpetual | $1529731 |
|  | **BANKING — 1.5%** |  |  |  |  |
| 1000000 | First Citizens BancShares, Inc.<sup>(a),(b)</sup> | TSFR3M + 4.234% | 8.5520 | Perpetual | 1039701 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | H15T5Y + 3.453% | 3.9000 | Perpetual | 991348 |
|  |  |  |  |  | 2031049 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.1%** |  |  |  |  |
| 1669000 | Bank of New York Mellon Corporation (The) Series H<sup>(b)</sup> | H15T5Y + 3.352% | 3.7000 | Perpetual | 1653606 |
| 1380000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 2.915% | 3.6500 | Perpetual | 1353604 |
|  |  |  |  |  | 3007210 |
|  | **OIL & GAS PRODUCERS — 2.9%** |  |  |  |  |
| 4046000 | Energy Transfer, L.P.<sup>(b)</sup> | H15T5Y + 5.694% | 6.5000 | Perpetual | 4063643 |
|  | **TOTAL PREFERRED STOCK (Cost $10,469,689)** | **TOTAL PREFERRED STOCK (Cost $10,469,689)** | **TOTAL PREFERRED STOCK (Cost $10,469,689)** | **TOTAL PREFERRED STOCK (Cost $10,469,689)** | 10631633 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 11.1%** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 1.6%** |  |  |  |  |
| 876858 | Aramark Services, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3560 | 04/06/28 | $879418 |
| 1443750 | Aramark Services, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3110 | 06/22/30 | 1447749 |
|  |  |  |  |  | 2327167 |
|  | **LEISURE FACILITIES & SERVICES — 3.9%** |  |  |  |  |
| 987525 | Restaurant Brands<sup>(b)</sup> | TSFR1M + 1.750% | 6.1060 | 09/20/30 | 986523 |
| 1984975 | Caesars Entertainment, Inc.<sup>(b)</sup> | TSFR3M + 2.250% | 6.6060 | 02/06/31 | 1985223 |
| 988167 | Light & Wonder International, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5930 | 04/14/29 | 991626 |
| 497442 | Penn Entertainment, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8560 | 05/03/29 | 499539 |
| 1000000 | Six Flags Entertainment Corporation<sup>(b)</sup> | TSFR1M + 2.000% | 6.3240 | 05/01/31 | 1000625 |
|  |  |  |  |  | 5463536 |
|  | **RETAIL - DISCRETIONARY — 1.4%** |  |  |  |  |
| 1942472 | Great Outdoors Group, LLC<sup>(b)</sup> | TSFR1M + 3.250% | 7.6060 | 01/23/32 | 1946842 |
|  | **SEMICONDUCTORS — 0.8%** |  |  |  |  |
| 1060885 | MKS Instruments, Inc.<sup>(b)</sup> | TSFR1M + 2.000% | 6.3530 | 08/17/29 | 1062609 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ANFIELD UNIVERSAL FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 11.1% (Continued)** |  |  |  |  |
|  | **TRANSPORTATION & LOGISTICS — 3.4%** |  |  |  |  |
| 1147125 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | TSFR3M + 2.250% | 6.5220 | 04/20/28 | $1143970 |
| 1975000 | Air Canada<sup>(b)</sup> | TSFR1M + 2.000% | 6.3530 | 03/21/31 | 1977469 |
| 1657412 | United Airlines, Inc.<sup>(b)</sup> | TSFR3M + 2.000% | 6.3510 | 02/22/31 | 1665906 |
|  |  |  |  |  | 4787345 |
|  | **TOTAL TERM LOANS (Cost $15,624,355)** |  |  |  | 15587499 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  |  | **(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 2.8%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 2.8%** |  |  |  |  |
| 4000000 | United States Treasury Bill<sup>(f)</sup> |  | 4.2600 | 09/11/25 | 3980490 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,981,383)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,981,383)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,981,383)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,981,383)** | 3980490 |
|  | **TOTAL INVESTMENTS - 98.0% (Cost $140,465,329)** | **TOTAL INVESTMENTS - 98.0% (Cost $140,465,329)** | **TOTAL INVESTMENTS - 98.0% (Cost $140,465,329)** | **TOTAL INVESTMENTS - 98.0% (Cost $140,465,329)** | $137603416 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | 2739707 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $140343123 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| 15 | CBOT 10 Year US Treasury Note | Interactive Brokers | 09/19/2025 | $1665938 | $7969 |
| 15 | CBOT 5 Year US Treasury Note | Interactive Brokers | 09/30/2025 | 1622578 | 2695 |
| 15 | CBOT US Treasure Bond Futures | Interactive Brokers | 09/19/2025 | 1712812 | 25781 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  | $36445 |

---

---

| | |
|:---|:---|
| A.G. | - Aktiengesellschaft |
| CLO | - Collateralized Loan Obligation |
| CBOT | - Chicago Board of Trade |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| LTD | - Limited Company |
| 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 |
| SOFR | United States SOFR Secured Overnight Financing Index |
| 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 |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025, the total market value of 144A securities is $53,305,988 or 38.0% 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> Percentage rounds to less than 0.1%.

<sup>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at July 31, 2025.

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

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

<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 ETF*** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **July 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;At cost | $140465329 |
| &nbsp;&nbsp;&nbsp;At fair value | $137603416 |
| &nbsp;&nbsp;&nbsp;Cash | 1290100 |
| &nbsp;&nbsp;&nbsp;Due from broker | 4022 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 1148906 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1250490 |
| &nbsp;&nbsp;&nbsp;Deposits for futures contracts | 244623 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts | 36445 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 141578002 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 1070358 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 94659 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 44870 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 24992 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1234879 |
| **NET ASSETS** | $**140343123** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $147835198 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (7492075) |
| **NET ASSETS** | $**140343123** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**140343123** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **15050000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.33** |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended July 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Interest | $7012544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 7012544 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 905327 |
| &nbsp;&nbsp;&nbsp;Administration fees | 258125 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 25089 |
| &nbsp;&nbsp;&nbsp;Legal fees | 21287 |
| &nbsp;&nbsp;&nbsp;Audit fees | 20944 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 18992 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 17386 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 15677 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11968 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3650 |
| &nbsp;&nbsp;&nbsp;Other expenses | 10282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1308727 |
| **NET INVESTMENT INCOME** | 5703817 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 62462 |
| &nbsp;&nbsp;&nbsp;Net realized loss from futures contracts | (172565) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1623606 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | 36445 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 1549948 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**7253765** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**July 31, 2025** | **For the**<br>**Year Ended**<br>**July 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5703817 | $6449487 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 62462 | (1003176) |
| &nbsp;&nbsp;&nbsp;Net realized loss from futures contracts | (172565) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1623606 | 4227367 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | 36445 |  |
| Net increase in net assets resulting from operations | 7253765 | 9673678 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (4816573) | (6656392) |
| Net decrease in net assets from distribution to shareholders | (4816573) | (6656392) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 47333276 | 11104592 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (13544829) | (26782626) |
| Net increase (decrease) in net assets from shares of beneficial interest | 33788447 | (15678034) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 36225639 | (12660748) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of the year | 104117484 | 116778232 |
| &nbsp;&nbsp;&nbsp;End of the year | $**140343123** | $**104117484** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 5150000 | 1225000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1475000) | (2975000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 3675000 | (1750000) |

---

See accompanying notes to financial statements.

---

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

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Years

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**July 31, 2025** | **For the**<br>**Year Ended**<br>**July 31, 2024** | **For the**<br>**Year Ended**<br>**July 31, 2023** | **For the**<br>**Year Ended**<br>**July 31, 2022** | **For the**<br>**Year Ended**<br>**July 31, 2021** |
| Net asset value, beginning of year | $9.15 | $8.90 | $8.92 | $9.69 | $9.86 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.44 | 0.55 | 0.44 | 0.22 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.12 | 0.27 | (0.03) | (0.80) | (0.16) |
| Total from investment operations | 0.56 | 0.82 | 0.41 | (0.58) | (0.03) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.57) | (0.43) | (0.19) | (0.14) |
| Total distributions | (0.38) | (0.57) | (0.43) | (0.19) | (0.14) |
| Net asset value, end of year | $9.33 | $9.15 | $8.90 | $8.92 | $9.69 |
| Total return (b)(c) | 6.23% | 9.49% | 4.83% | (5.73)% | (0.32)% |
| Net assets, at end of year (000)s | $140343 | $104117 | $116778 | $121134 | $129179 |
| Ratio of net expenses to average net assets (d)(e) | 1.08% | 1.11% | 1.06% | 0.98% | 1.00% |
| Ratio of net investment income to average net assets (f) | 4.72% | 6.09% | 4.98% | 2.37% | 1.35% |
| Portfolio Turnover Rate (g) | 16% | 49% | 31% | 53% | 135% |

---

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

(b) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates. Total return would have been lower absent fee waiver/expense reimbursement.

(c) Includes adjustments in accordance
 with accounting principles generally accepted in the United States 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.

(d) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(f) Recognition of net investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(g) Portfolio turnover rate excludes securities
 received or delivered from in-kind transactions.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **July 31, 2025** |

---

**1.** **ORGANIZATION** 

The Anfield Universal Fixed Income ETF (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 September 17, 2018. The Fund's investment objective is to seek current income. The Fund is an actively managed ETF that normally invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments.

**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's ("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 CODM is comprised of the portfolio manager 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 ("NOCP"). In the absence of a sale such securities shall be valued at the mean between the last 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 (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. 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. 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. Short - term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

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 Trustees of the Trust (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 to effectively oversee the designee's fair value determinations. The Board may also enlist third party consultants such as 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.

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

*Exchange-Traded Funds* ("ETFs") *–* The Fund may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. 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. 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.

*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.

*Valuation of Underlying Funds –* 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 exchange-traded funds such as closed-end funds and ETFs, 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 established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

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.

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.

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

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 July 31, 2025, for the Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | $— | $26394041 | $— | $26394041 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 7970409 |  | 7970409 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 73039344 |  | 73039344 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 10631633 |  | 10631633 |
| &nbsp;&nbsp;&nbsp;Term Loans |  | 15587499 |  | 15587499 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agencies |  | 3980490 |  | 3980490 |
| Total | $— | $137603416 | $— | $137603416 |
|  | Level 1 | Level 2 | Level 3 | Total |
| Futures contracts\*\* | $36445 | $— | $— | $36445 |

---

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

\* Refer to the Schedule of Investments for classifications.

\*\* Represents the net unrealized appreciation (depreciation) of futures contracts.

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

The derivative instruments outstanding as of July 31, 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 period as disclosed in the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** |
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Balance Sheet Location** |<br>**Fair Value** |
| Futures Contracts - Interest Risk | Net unrealized appreciation on futures contracts | $36445 |
|  |  | $36445 |

---

The following is a summary of the location of derivative investments on the Fund's Statement of Operations as of July 31, 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

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

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 year ended July 31, 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 | Year Ended July 31, 2025 |
| Futures Contracts | $(172565) | $(172565) |
| **Net change in unrealized appreciation on derivatives recognized in the Statement of Operations** | **Net change in unrealized appreciation on derivatives recognized in the Statement of Operations** | **Net change in unrealized appreciation on derivatives recognized in the Statement of Operations** |
|  |  | Total for the |
| Derivative Investment Type | Interest Risk | Year Ended July 31, 2025 |
| Futures Contracts | $36445 | $36445 |

---

**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, if any, 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 the 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.

**Federal Income Taxes** – The Funds have qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Funds recognize 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 reviewed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing). The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

**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.

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

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

For the year ended July 31, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions, short-term investments and U.S. government obligations) for the Fund amounted to $97,121,508 and $17,893,891, respectively. For the year ended July 31, 2025, cost of purchases and proceeds from sales of in-kind transactions for the Fund amounted to $0 and $0, respectively.

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

Regents Park Funds, LLC serves as the Fund's investment adviser (the "Adviser"). Pursuant to an Investment Advisory Agreement with the Fund, the Adviser, subject to the authority of the Board, is responsible for managing the day to day operations of the Fund, including: selecting the overall investment strategies; monitoring and evaluating Sub-Adviser (as defined below) performance; and providing related administrative services and facilities. Anfield Group, LLC ("Anfield Group"), which is wholly owned by the David Young and Sandra G. Glain Family Trust, wholly owns the Adviser. As compensation for its services, the Fund pays to the Adviser an advisory fee (computed daily and paid monthly) at an annual rate of 0.75% of its average daily net assets. For the year ended July 31, 2025, the Fund incurred advisory fees of $905,327.

Anfield Capital Management, LLC ("Anfield" or the "Sub-Adviser") serves as Sub-Adviser to the Fund. Anfield Group owns a majority interest in Anfield. The Sub-Adviser is an affiliate of the Adviser. The Sub-Adviser, with respect to the portion of the Fund's assets allocated to the Sub-Adviser, is responsible for selecting investments and assuring that investments are made in accordance with the Fund's investment objective, policies and restrictions. The Adviser compensates the Sub-Adviser for its services from the management fees received from the Fund at the annual rate of 0.65% of the Fund's average daily net assets.

The Adviser, pursuant to an Expense Limitation Agreement (the "Agreement") has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund until at least November 30, 2025, to ensure that total annual Fund operating expenses after fee waiver and reimbursement (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) will not exceed 1.50% of average daily net assets. This Agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the Adviser. These fee waivers and 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 fees have been waived or reimbursed) if such recoupment can be achieved without exceeding the foregoing expense limit as well as any expense limitation that was in effect at the time the waiver or reimbursement was made. If the Adviser waives any fee or reimburses any expense pursuant to its Agreement, and the Fund's operating expenses are subsequently less than 1.50% of average daily net assets, the Adviser will be entitled to recoupment from the Fund for such waived fees or reimbursed expenses provided that such recoupment does not cause the Fund's expenses to exceed the expense limitation in effect at the time of the waiver or reimbursement by the Adviser. If the Fund's operating expenses subsequently exceed 1.50% per annum of average daily net assets recoupments shall be suspended. No recoupment amount will be paid to the Adviser in any fiscal quarter unless the Board has determined in advance that such recoupment is in the best interest of the Fund and its shareholders.

During the year ended July 31, 2025, the Adviser did not waive management fees or reimburse expenses.

The Trust, with respect to the Fund, has adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to Northern Lights Distributors ("NLD" or "the Distributor") and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

No distribution or service fees are currently paid by the Fund and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund. In addition, certain affiliates of the Distributor provide services to the Fund as follows:

<u>Ultimus Fund Solutions, LLC ("UFS")</u>, 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 servicing in such capacities.

<u>BluGiant, LLC ("BluGiant")</u>, 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 the Fund.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u>, 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.

**5.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are principally in exchange for a deposit of a specified cash payment, plus a transaction fee, but may also be permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets.

The Transaction Fees for the Fund are listed in the table below:

---

| | | |
|:---|:---|:---|
| <br>**Fee for In-Kind and**<br>**Cash Purchases** | **Minimum Additional**<br>**Variable Charge for**<br>**Cash Purchases\*** | **Maximum Additional**<br>**Variable Charge for**<br>**Cash Purchases\*** |
| $150 | 20 bps | 200 bps |

---

\* As a percentage of the amount invested.

**6.** **PRINCIPAL INVESTMENT RISKS** 

The Fund's investments in securities, financial instruments and derivatives expose it to various risks, certain of which are discussed below. 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, authorized participant concentration risk, bank loan risk, cash redemption 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, ETF structure risks, financials sector risk, fixed income securities risk, fluctuation of net asset value risk, foreign (non-U.S.) investment risk, futures contract risk, gap risk, hedging transactions risk, high yield risk, index risk, investment companies and exchange-traded funds risk, issuer-specific risk, leveraging risk, liquidity risk, management risk, market events risk, market risk, MLP risk, mortgage-backed and asset-backed securities risk, odd lot pricing risk, portfolio turnover risk, prepayment and extension risk, regulatory risk, sector risk, securities lending risk, swap risk, underlying fund risk, U.S. government securities risk, valuation risk, variable or floating

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

rate securities risk, volatility risk, and yield curve risk. The Fund may be subject to the risks listed and/or described below through its own direct investments and indirectly through its investments in other investment companies.

**Investment Companies Risk** – When the Fund invests in other investment companies (including closed-end funds or 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 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 shares of investment companies. An exchange-traded closed-end fund's or ETF's shares could trade at a significant premium or discount to its NAV. The Fund may invest in inverse ETFs, which may result in increased volatility and will magnify the Fund's losses or gains. During periods of market volatility, inverse ETFs may not perform as expected.

**Underlying Fund Risk** – The Fund's investment performance and its ability to achieve its investment objective are directly related to the performance of the underlying funds in which it invests. There can be no assurance that the Fund's investments in the underlying funds will achieve their respective investment objectives. The Fund is subject to the risks of the underlying funds in direct proportion to the allocation of its assets among the underlying funds.

**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.

**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 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.

**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 liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and certain derivatives may create a risk of loss greater than the amount invested by the Fund. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The risks associated with investments in derivatives also include leverage, liquidity, interest rate, market, credit and management risks. 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. Derivative prices are highly volatile and may

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; and national and international political and economic events, changes in interest rates, and inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested.

**ETF Structure Risks** – The Fund is structured as an ETF and as a result is subject to special risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." Trading in Shares on the Cboe BZX Exchange, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in the closing price. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the shares. There may be times when the market price and the net asset value vary significantly. For example, in times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of the Fund's shares and the Fund's net asset value. When all or a portion of ETFs underlying securities trade in a market that is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares and the Fund's NAV. In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's NAV.

**Fixed Income Securities Risk** – Fixed income securities are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, duration, 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. Risks associated with rising interest rates are heightened given that after being at or near historic lows in recent years, interest rates have begun to rise. 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. Duration risk arises when holding long duration and long maturity investments, which will magnify certain risks, including interest rate risk and credit risk. Longer-term securities may be more sensitive to interest rate changes.

**Fluctuation of Net Asset Value Risk** *–* The NAV of the Fund's shares will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the shares on the Exchange. The Fund's Sub-Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the shares will be closely related to, but not identical to, the same forces influencing the prices of the Fund's holdings trading individually or in the aggregate at any point in time. In addition, unlike conventional ETFs, the Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index. Actively managed ETFs have a limited trading history and, therefore, there can be no assurance as to whether and/or the extent to which the Shares will trade at premiums or discounts to NAV.

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| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

**Market Risk** *–* Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, tariffs, sanctions, the spread of infectious illness or other public health threats, lack of liquidity in the bond and other markets, volatility in the securities markets, adverse investor sentiment and political events affect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the 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, includes 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 the interest rate volatility may also negatively impact a number of the Fund's mortgage-backed and asset-backed securities holdings. The Fund will invest less than 25% of its net assets in asset-backed securities or mortgage-backed securities that are below-investment grade.

**Sector Risk** – If the Fund invests a significant portion of its total assets in certain issuers within the same economic sector, there is a risk that an adverse economic, business or political development or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that sector may affect the value of the Fund's investments more than if the Fund's investments were not so focused. While the Fund may not concentrate in any one industry, the Fund may invest without limitation in a particular sector. The banking sector can be adversely affected by legislation, regulation, competition and by declines in general economic conditions, increased borrower defaults and changes in interest rates.

*Consumer Discretionary Sector Risk* – The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy and, in turn, negatively affect companies in the consumer discretionary sector.

*Financials 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, credit rating downgrades, decreased liquidity in credit markets, 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

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| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

sector. In addition, in recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector.

**Volatility Risk** – The Fund may have investments that 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 events or factors that affect industries, sectors or markets generally or that affect a particular investment, 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 NAV 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.

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

The Statement of Assets and Liabilities represents cost for financial reporting purposes. For the year ended July 31, 2025, aggregate cost for federal tax purposes is $140,268,972 for the Fund, and differs from market value by net unrealized appreciation (depreciation) which consisted of:

---

| | |
|:---|:---|
| Gross unrealized appreciation: | $2523863 |
| Gross unrealized depreciation: | (5152974) |
| Net unrealized depreciation: | $(2629111) |

---

The tax character of Fund distributions paid for the fiscal years ended July 31, 2025, and July 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>July 31, 2025 | Fiscal Year Ended<br>July 31, 2024 |
| Ordinary Income | $4816573 | $6656392 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  |  |
|  | $4816573 | $6656392 |

---

As of July 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $847116 | $— | $— | $(5710080) | $— | $(2629111) | $(7492075) |

---

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 tax deferral of losses on wash sales, mark-to-market on open futures contracts and adjustments for perpetual bonds.

At July 31, 2025, the Funds 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 |
| $2162815 | $3547265 | $5710080 | $— |

---

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| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **July 31, 2025** |

---

**8.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**9.** **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.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Two Roads Shared Trust and the Shareholders of Anfield Universal Fixed Income ETF

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Anfield Universal Fixed Income ETF (the "Fund"), one of the funds constituting the Two Roads Shared Trust (the "Trust"), including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the period from August 17, 2020 (commencement of operations) through July 31, 2021 were audited by other auditors whose report, dated September 29, 2021, expressed an unqualified opinion on those statements.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![(SIGNATURE)](an002_v1.jpg)

Costa Mesa, California

September 29, 2025

We have served as the auditor of one or more Regents Park Funds, LLC investment companies since 2022.

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| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **ADDITONAL INFORMATION (Unaudited)** |
| **July 31, 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>**

**Regents Park Funds, LLC and Anfield Capital Management, LLC for the Anfield Universal Fixed Income ETF**

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 (i) the investment advisory agreement (the "Advisory Agreement") between Regents Park Funds, LLC ("Regents Park" or the "Adviser") and the Trust, on behalf of Anfield Universal Fixed Income ETF (the "Fund" or the "Anfield ETF") and (ii) the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among Regents Park, Anfield Capital Management, LLC ("Anfield" or the "Sub-Adviser") and the Trust, on behalf of the Anfield ETF.

In connection with the Board's consideration of the Advisory Agreement and the Sub-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 Anfield ETF by the Adviser and the Sub-Adviser; (ii) a description of the Adviser's and the Sub-Adviser's investment management personnel; (iii) an overview of the Adviser's and the Sub-Adviser's respective operations and financial condition; (iv) a description of the Adviser's and the Sub-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 and the Sub-Adviser's fund-related operations; (vii) the Adviser's and the Sub-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 Regents Park and Anfield. 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 and the Sub-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 and the Sub-Adviser, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Adviser and the Sub-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 and Sub-Advisory Agreement with respect to the Fund included, among others, the following:

*Nature, Extent and Quality of Services*. The Board reviewed materials provided by Regents Park related to the Advisory Agreement with respect to the Fund, including: the Advisory Agreement; a description of the manner in

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| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **ADDITONAL INFORMATION (Unaudited) (Continued)** |
| **July 31, 2025** |

---

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 Regents Park; information regarding risk management processes, liquidity management, and derivative risk management processes and procedures, as applicable; the compliance policies and procedures of Regents Park, including its business continuity and cybersecurity policies and a code of ethics that contained provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); Regents Park's compliance resources and practices; information regarding Regents Park'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 took into account that Regents Park and Anfield are affiliates under common control and share many, but not all, key personnel with each other and considered the expansion in staffing of each of the Adviser and the Sub-Adviser in different areas. The Board considered the differing functions of each firm with respect to managing either the operations and/or the portfolio management of the Fund, any potential conflicts of interest relating to the Fund arising from the affiliation between Regents Park and Anfield, and the mitigation of such conflicts by each of the Adviser and the Sub-Adviser.

The Board also 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.

The Board considered Regents Park's role as the investment adviser to the Anfield ETF and Regents Park's retention of a sub-adviser to manage day-to–day investment decisions for the Fund. The Board considered the oversight and supervisory role performed by Regents Park for the Fund and noted that Regents Park provided overall management and oversight of the Fund's operations and expenses, competitor analysis, and compliance and operational support and operated a Sub-Adviser Oversight Committee to monitor the Sub-Adviser of the Fund, among other services provided to the Fund. The Board considered that Regents Park received daily reports from the Sub-Adviser in connection with Regents Park's oversight of the Sub-Adviser. In addition, the Board considered its familiarity with Regents Park's personnel obtained from the Board's oversight of the Fund and of other funds in the Trust advised by Regents Park.

In considering the nature, extent, and quality of the services provided by Regents Park, the Board also took into account its knowledge, acquired through discussions and reports during the preceding year and in past years, of Regents Park's management and the quality of the performance of its duties. The Board concluded that the management of Regents Park had the skills, experience, and sophistication necessary to effectively oversee the Sub-Adviser and concluded that Regents Park had sufficient quality and depth of personnel, resources, and compliance policies and procedures to perform its duties under the Advisory Agreement and that the nature, overall quality, and extent of the services provided by Regents Park were satisfactory and reliable.

The Board reviewed materials provided by Anfield related to the Sub-Advisory Agreement with respect to the Anfield ETF, including: the Sub-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 Anfield ETF and their background and experience; a summary of the financial condition of the Sub-Adviser; a written report containing the Sub-Adviser's performance commentaries for the prior quarterly period; the Sub-Adviser's compliance policies and

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| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **ADDITONAL INFORMATION (Unaudited) (Continued)** |
| **July 31, 2025** |

---

procedures, including its business continuity and cybersecurity policies, and a code of ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); information regarding risk management processes and liquidity management; an annual review of the operation of the Sub-Adviser's compliance program; information regarding the Sub-Adviser's compliance and regulatory history; and an independent report prepared by Broadridge, an independent third party data provider, analyzing the performance record of the Anfield ETF and the fees and expenses of the Anfield ETF as compared to other mutual funds with similar investment strategies, as applicable.

The Board noted that the information received from the Trust's CCO regarding the Fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act included evaluations of the regulatory compliance systems of the Sub-Adviser. The Board noted the analysis by the Trust's CCO that the Sub-Adviser's compliance, risk management, and associated policies appeared to be operating effectively and that its policies and procedures were reasonably designed to prevent violations of federal securities laws.

In considering the nature, extent, and quality of the services provided by Anfield in its capacity as a sub-adviser, the Board took into account its knowledge of Anfield's management and the quality of the performance of its duties as adviser and as a sub-adviser, acquired through discussions and reports during the preceding year and in past years. The Board reviewed the background information on Anfield's key personnel, taking into consideration their education, financial industry experience, and fixed income experience. The Board concluded that Anfield had sufficient quality and depth of personnel, resources, investment methodologies, and compliance policies and procedures to perform its duties under the Sub-Advisory Agreement with respect to the Anfield ETF 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 also received discount/premium information with respect to the Fund.

The Board also took into account management's discussion of the performance of the Anfield ETF, including the quarterly written reports containing the Adviser's and Sub-Adviser's respective performance commentaries. The Board also noted that each of the Adviser and Sub-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 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 Peer Group for the one- and three-year periods, the median of its Morningstar category for the one-, three-, and five-year periods, and the benchmark index of the one-year period. The Board also considered that the Fund underperformed the median of its Peer Group for the five-year and since inception periods, its Morningstar category for the since inception period, and the benchmark index for the three-year, five-year, and since inception periods. The Board took into account Regents Park's discussion of the Fund's performance, including the factors that had contributed to the Fund's performance and noted the outperformance of the Fund relative to the performance of its Peer Group and Morningstar category over multiple periods. The Board concluded that the Fund's performance was satisfactory.

*Fees and Expenses*. Regarding the costs of the services provided by the Adviser and Sub-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

---

| |
|:---|
| ***Anfield Universal Fixed Income ETF*** |
| **ADDITONAL INFORMATION (Unaudited) (Continued)** |
| **July 31, 2025** |

---

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 and Sub-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 and net total expenses were above the median of its Peer Group and Morningstar category but were not the highest among the funds in its Morningstar category. The Board took into account that the Adviser had agreed to reimburse expenses to limit net annual operating expenses to 1.50% of the Fund's average net assets (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) and that at present the Fund's gross expenses were below its expense limitation. The Board also noted the size of the Fund and the impact of Anfield Universal Fixed Income ETF's current asset levels on relative expenses.

Based on the factors above, the Board concluded that the advisory fee and sub-advisory fee of the Fund were not unreasonable.

*Profitability*. The Board considered the profitability of each of Regents Park, Anfield, and their respective 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 profitability analyses prepared by Regents Park and Anfield and considered the total profits of each of the Adviser and the Sub-Adviser, respectively, from its relationship with the Fund. The Board concluded that each of Regents Park's and Anfield's and their affiliates' profitability from its respective relationship with the Fund, after taking into account a reasonable allocation of costs, was not excessive.

*Economies of Scale*. The Board considered whether any of Regents Park or Anfield would realize economies of scale with respect to the advisory or sub-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 analyses provided by the Adviser and Sub-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 each of Regents Park and Anfield from its respective relationship with the Fund. The Board considered that neither of Regents Park or Anfield believed 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 these relationships. The Board concluded that any such benefits are reasonable.

*Conclusion*. The Board, having requested and received such information from each of Regents Park and Anfield as it believed reasonably necessary to evaluate the terms of the Advisory Agreement and Sub-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 and Sub-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 and Sub-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 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 30th 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>.

(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

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

Included under Item 7

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation 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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

**Item 19. Exhibits.** 

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

(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.](ex_99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](ex_99-906cert.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 | /s/ James Colantino |

---

James Colantino <br> Principal Executive Officer/President <br> Date: 9/29/2025

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 | /s/ James Colantino |

---

James Colantino <br> Principal Executive Officer/President <br> Date: 9/29/2025

---

| | |
|:---|:---|
| By | /s/ Laura Szalyga |

---

Laura Szalyga <br> Principal Financial Officer/Treasurer <br> Date: 9/29/2025

## 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 ETF, 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: 9/29/2025 | /s/ James Colantino |
|  | 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 ETF, 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: 9/29/2025 | /s/ Laura Szalyga |
|  | 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 July 31, 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: | 9/29/2025 | Date: | 9/29/2025 |

---

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.

## Ex-99.Code

**Attachment 8.G(3)**

**TWO ROADS SHARED TRUST**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

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

<u>Statement of Policy</u>

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

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

<u>Covered Persons</u>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<u>Sanctions</u>

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

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

<u>No Rights Created</u>

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

<u>Recordkeeping</u>

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

<u>Amendments</u>

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

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

**I HEREBY CERTIFY THAT:**

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

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

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

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

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

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

Signature: ____________________________________

Name (please print): _____________________________

Date: ________________________________________