# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-26-004266
**Filing Date:** 2026-3
**Character Count:** 128169
**Document Hash:** 1b6b656115b5d599960cded9fbdde579
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-004266.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000910472-26-004266

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260326

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 26799964

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

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

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

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

## Nport-Ex

sa

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6%** |  |
|  | **AUTOMOTIVE - 3.2%** |  |
| 93528 | Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp; $1851854 |
|  | **BIOTECH & PHARMA - 3.4%** |  |
| 28364 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2033983 |
|  | **CHEMICALS - 3.9%** |  |
| 24922 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 2323478 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.0%** |  |
| 44360 | H&R Block, Inc. | &nbsp;&nbsp;&nbsp; 1750002 |
|  | **CONSTRUCTION MATERIALS - 3.5%** |  |
| 5976 | Carlisle Companies, Inc. | &nbsp;&nbsp;&nbsp; 2037159 |
|  | **ELECTRICAL EQUIPMENT - 3.1%** |  |
| 34458 | Fortive Corporation | &nbsp;&nbsp;&nbsp; 1819727 |
|  | **FOOD - 3.4%** |  |
| 19317 | Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1976322 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.2%** |  |
| 16909 | DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1848830 |
|  | **HOME CONSTRUCTION - 6.8%** |  |
| 13228 | DR Horton, Inc. | &nbsp;&nbsp;&nbsp; 1968856 |
| 14119 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp; 2040054 |
|  |  | &nbsp;&nbsp; 4008910 |
|  | **INDUSTRIAL SUPPORT SERVICES - 3.5%** |  |
| 49946 | API Group Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2076255 |
|  | **INSURANCE - 9.2%** |  |
| 22272 | American International Group, Inc. | &nbsp;&nbsp;&nbsp; 1667727 |
| 40017 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1856789 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **INSURANCE - 9.2% (Continued)** |  |
| 47178 | Kemper Corporation | &nbsp;&nbsp;&nbsp; $1859285 |
|  |  | &nbsp;&nbsp; 5383801 |
|  | **INTERNET MEDIA & SERVICES - 5.8%** |  |
| 15367 | GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1544691 |
| 59791 | Match Group, Inc. | &nbsp;&nbsp;&nbsp; 1862489 |
|  |  | &nbsp;&nbsp; 3407180 |
|  | **LEISURE FACILITIES & SERVICES - 6.0%** |  |
| 22421 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp; 1895471 |
| 16724 | Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp; 1644973 |
|  |  | &nbsp;&nbsp; 3540444 |
|  | **OIL & GAS PRODUCERS - 3.5%** |  |
| 105341 | SM Energy Company | &nbsp;&nbsp;&nbsp; 2050990 |
|  | **RESIDENTIAL REIT - 3.4%** |  |
| 15485 | Sun Communities, Inc. | &nbsp;&nbsp;&nbsp; 1973254 |
|  | **RETAIL - DISCRETIONARY - 3.7%** |  |
| 8581 | Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 2166359 |
|  | **SOFTWARE - 3.3%** |  |
| 24066 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1955603 |
|  | **SPECIALTY FINANCE - 5.8%** |  |
| 65234 | MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 1756100 |
| 22753 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 1652550 |
|  |  | &nbsp;&nbsp; 3408650 |
|  | **TECHNOLOGY SERVICES - 9.7%** |  |
| 8806 | Morningstar, Inc. | &nbsp;&nbsp;&nbsp; 1779605 |
| 18908 | Science Applications International Corporation | &nbsp;&nbsp;&nbsp; 1924078 |
| 206434 | Western Union Company (The) | &nbsp;&nbsp;&nbsp; 1934286 |
|  |  | &nbsp;&nbsp; 5637969 |
|  | **TELECOMMUNICATIONS - 3.8%** |  |
| 110892 | Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp; 2208969 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  |  | | | | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** | **COMMON STOCKS — 98.6% (Continued)** | **COMMON STOCKS — 98.6% (Continued)** | | | |
|  | **TRANSPORTATION & LOGISTICS - 3.8%** | **TRANSPORTATION & LOGISTICS - 3.8%** | **TRANSPORTATION & LOGISTICS - 3.8%** | | | |
| 46004 | Southwest Airlines Company | Southwest Airlines Company |  |  |  | &nbsp;&nbsp;&nbsp; $2186110 |
|  | **TRANSPORTATION EQUIPMENT - 3.6%** | **TRANSPORTATION EQUIPMENT - 3.6%** | **TRANSPORTATION EQUIPMENT - 3.6%** |  |  |  |
| 19477 | Allison Transmission Holdings, Inc. | Allison Transmission Holdings, Inc. |  |  |  | &nbsp;&nbsp;&nbsp; 2117150 |
|  | **TOTAL COMMON STOCKS (Cost $58,126,079)** | **TOTAL COMMON STOCKS (Cost $58,126,079)** | **TOTAL COMMON STOCKS (Cost $58,126,079)** |  |  | &nbsp;&nbsp; 57762999 |
|  | **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |  |  |  |
|  | **MONEY MARKET FUND - 0.2%** | **MONEY MARKET FUND - 0.2%** | **MONEY MARKET FUND - 0.2%** |  |  |  |
| 131572 | Goldman Sachs Financial Square Government Fund, Administration Class, 3.35%<sup>(b)(c)</sup> (Cost $131,572) | Goldman Sachs Financial Square Government Fund, Administration Class, 3.35%<sup>(b)(c)</sup> (Cost $131,572) | Goldman Sachs Financial Square Government Fund, Administration Class, 3.35%<sup>(b)(c)</sup> (Cost $131,572) |  |  | 131572 |
| **Contracts<sup>(d)</sup>** |  |  |  |  |  |  |
|  | **EQUITY OPTIONS PURCHASED - 0.1%** | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |
| 65 | SPDR S&P 500 ETF Trust<sup>(a)</sup> | BTIG | 03/31/2026 | $500 | &nbsp;&nbsp;&nbsp; $3250000 | &nbsp;&nbsp;&nbsp; 4615 |
| 950 | SPDR S&P 500 ETF Trust<sup>(a)</sup> | BTIG | 03/31/2026 | 515 | &nbsp;&nbsp;&nbsp; 48925000 | &nbsp;&nbsp;&nbsp; 76950 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,872,331) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,872,331) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,872,331) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,872,331) |  | &nbsp;&nbsp; 81565 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,872,331) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,872,331) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $2,872,331) |  |  | 81565 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $61,129,982)** | **TOTAL INVESTMENTS - 98.9% (Cost $61,129,982)** | **TOTAL INVESTMENTS - 98.9% (Cost $61,129,982)** |  |  | &nbsp;&nbsp;&nbsp; $57976136 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** |  |  | &nbsp;&nbsp; 629621 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $58605757 |

---

---

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

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

<sup>(c)</sup> All or portion of the security is held in a separate collateral account at January 31, 2026 for option contracts. The total fair value of the collateral as of January 31, 2026, is $131,572 and represents 0.2% of net assets.

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

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **AEROSPACE & DEFENSE - 3.1%** |  |
| 9005 | ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1083302 |
| 1877 | Curtiss-Wright Corporation | &nbsp;&nbsp;&nbsp; 1232607 |
| 11917 | Textron, Inc. | &nbsp;&nbsp;&nbsp; 1049411 |
|  |  | &nbsp;&nbsp; 3365320 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.0%** |  |
| 12210 | Crocs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1024663 |
|  | **ASSET MANAGEMENT - 2.0%** |  |
| 2109 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; 1111843 |
| 6445 | Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp; 1068968 |
|  |  | &nbsp;&nbsp; 2180811 |
|  | **AUTOMOTIVE - 2.0%** |  |
| 23018 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp; 1091283 |
| 9089 | Lear Corporation | &nbsp;&nbsp;&nbsp; 1064231 |
|  |  | &nbsp;&nbsp; 2155514 |
|  | **BANKING - 1.0%** |  |
| 8918 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 1031902 |
|  | **BEVERAGES - 1.0%** |  |
| 6718 | Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp; 1021539 |
|  | **BIOTECH & PHARMA - 2.8%** |  |
| 23765 | Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 982920 |
| 1352 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp; 1002441 |
| 2120 | United Therapeutics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 995319 |
|  |  | &nbsp;&nbsp; 2980680 |
|  | **CONSUMER SERVICES - 1.0%** |  |
| 6266 | Grand Canyon Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1089281 |
|  | **DIVERSIFIED INDUSTRIALS - 1.0%** |  |
| 5985 | ITT, Inc. | &nbsp;&nbsp;&nbsp; 1091066 |
|  | **E-COMMERCE DISCRETIONARY - 1.9%** |  |
| 11971 | eBay, Inc. | &nbsp;&nbsp;&nbsp; 1091995 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 1.9% (Continued)** |  |
| 18873 | Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $999514 |
|  |  | &nbsp;&nbsp; 2091509 |
|  | **ELECTRIC UTILITIES - 0.9%** |  |
| 6512 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 993927 |
|  | **ELECTRICAL EQUIPMENT - 1.0%** |  |
| 27817 | Vontier Corporation | &nbsp;&nbsp;&nbsp; 1043138 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.7%** |  |
| 5197 | Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1093864 |
| 2229 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; 1088353 |
| 13706 | Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1034529 |
| 1850 | Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1077588 |
| 5217 | Tenet Healthcare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 987474 |
| 4712 | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp; 948337 |
|  |  | &nbsp;&nbsp; 6230145 |
|  | **HOME CONSTRUCTION - 2.1%** |  |
| 145 | NVR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1107181 |
| 8878 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 1110549 |
|  |  | &nbsp;&nbsp; 2217730 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.1%** |  |
| 2586 | Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp; 1152218 |
|  | **INDUSTRIAL REIT - 1.0%** |  |
| 26932 | Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp; 1091554 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1%** |  |
| 1186 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1109396 |
| 12630 | SEI Investments Company | &nbsp;&nbsp;&nbsp; 1109546 |
|  |  | &nbsp;&nbsp; 2218942 |
|  | **INSURANCE - 7.7%** |  |
| 9417 | Aflac, Inc. | &nbsp;&nbsp;&nbsp; 1044816 |
| 34401 | Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp; 1060583 |
| 7429 | Globe Life, Inc. | &nbsp;&nbsp;&nbsp; 1041694 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **INSURANCE - 7.7% (Continued)** |  |
| 7546 | Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp; $1019163 |
| 4017 | Primerica, Inc. | &nbsp;&nbsp;&nbsp; 1056632 |
| 11753 | Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1113243 |
| 3588 | Travelers Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 1020822 |
| 13412 | Unum Group | &nbsp;&nbsp;&nbsp; 1018910 |
|  |  | &nbsp;&nbsp; 8375863 |
|  | **INTERNET MEDIA & SERVICES - 2.7%** |  |
| 7672 | Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 992527 |
| 3672 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; 972492 |
| 53840 | Lyft, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 908281 |
|  |  | &nbsp;&nbsp; 2873300 |
|  | **LEISURE FACILITIES & SERVICES - 4.8%** |  |
| 3618 | Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1080010 |
| 15977 | Las Vegas Sands Corporation | &nbsp;&nbsp;&nbsp; 842467 |
| 3349 | Marriott International Inc, Class A | &nbsp;&nbsp;&nbsp; 1055940 |
| 4918 | TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp; 996288 |
| 14714 | Travel + Leisure Company | &nbsp;&nbsp;&nbsp; 1023212 |
|  |  | &nbsp;&nbsp; 4997917 |
|  | **LEISURE PRODUCTS - 2.0%** |  |
| 52310 | Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1092756 |
| 23719 | YETI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1084195 |
|  |  | &nbsp;&nbsp; 2176951 |
|  | **MACHINERY - 2.0%** |  |
| 14897 | Flowserve Corporation | &nbsp;&nbsp;&nbsp; 1164200 |
| 7004 | Middleby Corporation (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1030779 |
|  |  | &nbsp;&nbsp; 2194979 |
|  | **MEDICAL EQUIPMENT & DEVICES - 5.2%** |  |
| 47686 | Envista Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1119190 |
| 7922 | Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1147185 |
| 8000 | Masimo Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1098640 |
| 746 | Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1024437 |
| 10733 | Revvity, Inc. | &nbsp;&nbsp;&nbsp; 1167751 |
|  |  | &nbsp;&nbsp; 5557203 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **METALS & MINING - 1.1%** |  |
| 10390 | Newmont Corporation | &nbsp;&nbsp;&nbsp; $1167316 |
|  | **OIL & GAS PRODUCERS - 8.7%** |  |
| 42598 | APA Corporation | &nbsp;&nbsp;&nbsp; 1125013 |
| 5396 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp; 1141362 |
| 28572 | Devon Energy Corporation | &nbsp;&nbsp;&nbsp; 1148880 |
| 8689 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 1228625 |
| 22687 | HF Sinclair Corporation | &nbsp;&nbsp;&nbsp; 1179497 |
| 6429 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 1132726 |
| 26698 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 1160562 |
| 6439 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 1168228 |
|  |  | &nbsp;&nbsp; 9284893 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.1%** |  |
| 66701 | NOV, Inc. | &nbsp;&nbsp;&nbsp; 1223963 |
|  | **RETAIL - CONSUMER STAPLES - 1.8%** |  |
| 8448 | Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 993400 |
| 16674 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 1047961 |
|  |  | &nbsp;&nbsp; 2041361 |
|  | **RETAIL - DISCRETIONARY - 3.9%** |  |
| 5041 | AutoNation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1033304 |
| 3139 | Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp; 1015278 |
| 47613 | Macy's, Inc. | &nbsp;&nbsp;&nbsp; 953212 |
| 5818 | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp; 1190655 |
|  |  | &nbsp;&nbsp; 4192449 |
|  | **SEMICONDUCTORS - 5.3%** |  |
| 8721 | Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1136695 |
| 6044 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 1411031 |
| 12193 | Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp; 962272 |
| 6062 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 918939 |
| 5331 | Teradyne, Inc. | &nbsp;&nbsp;&nbsp; 1285038 |
|  |  | &nbsp;&nbsp; 5713975 |
|  | **SOFTWARE - 4.4%** |  |
| 37642 | Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 959118 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **SOFTWARE - 4.4% (Continued)** |  |
| 36041 | RingCentral, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $932741 |
| 4841 | Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 850225 |
| 12054 | Zoom Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1110173 |
| 103854 | ZoomInfo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 836025 |
|  |  | &nbsp;&nbsp; 4688282 |
|  | **SPECIALTY FINANCE - 3.0%** |  |
| 2802 | American Express Company | &nbsp;&nbsp;&nbsp; 986780 |
| 2338 | Credit Acceptance Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1164886 |
| 38616 | SLM Corporation | &nbsp;&nbsp;&nbsp; 1048424 |
|  |  | &nbsp;&nbsp; 3200090 |
|  | **STEEL - 1.0%** |  |
| 6192 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 1111897 |
|  | **TECHNOLOGY HARDWARE - 3.0%** |  |
| 21572 | Avnet, Inc. | &nbsp;&nbsp;&nbsp; 1345877 |
| 8193 | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp; 937607 |
| 9691 | NetApp, Inc. | &nbsp;&nbsp;&nbsp; 933728 |
|  |  | &nbsp;&nbsp; 3217212 |
|  | **TECHNOLOGY SERVICES - 4.5%** |  |
| 12478 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 1023945 |
| 24444 | ExlService Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 956983 |
| 608 | Fair Isaac Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 889607 |
| 39516 | Kyndryl Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 908868 |
| 1802 | MSCI, Inc. | &nbsp;&nbsp;&nbsp; 1097814 |
|  |  | &nbsp;&nbsp; 4877217 |
|  | **TRANSPORTATION & LOGISTICS - 5.1%** |  |
| 20855 | Alaska Air Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1060060 |
| 6957 | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp; 1116876 |
| 5326 | JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp; 1079687 |
| 9422 | Kirby Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1108592 |
| 5446 | Ryder System, Inc. | &nbsp;&nbsp;&nbsp; 1041711 |
|  |  | &nbsp;&nbsp; 5406926 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** | **LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **WHOLESALE - CONSUMER STAPLES - 1.1%** |  |
| 13830 | US Foods Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1156465 |
|  | **TOTAL COMMON STOCKS (Cost $98,151,146)** | &nbsp;&nbsp; 106438198 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $98,151,146)** | &nbsp;&nbsp;&nbsp; $106438198 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | &nbsp;&nbsp; 973254 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $107411452 |

---

---

| | |
|:---|:---|
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 45.3%** | **CORPORATE BONDS — 45.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **2.2%** | **AEROSPACE & DEFENSE** — **2.2%** |  |  |  |
| 102000 | Boeing Company (The) |  | 2.1960 | &nbsp;&nbsp;&nbsp;02/04/26 | $101983 |
| 91000 | Boeing Company (The) |  | 5.1500 | &nbsp;&nbsp;&nbsp;05/01/30 | 93562 |
| 92000 | Boeing Company (The) |  | 5.7050 | &nbsp;&nbsp;&nbsp;05/01/40 | 94220 |
| 93000 | Boeing Company (The) |  | 5.8050 | &nbsp;&nbsp;&nbsp;05/01/50 | 92103 |
| 95000 | Boeing Company (The) |  | 5.9300 | &nbsp;&nbsp;&nbsp;05/01/60 | 93847 |
| 98000 | RTX Corporation |  | 4.1250 | &nbsp;&nbsp;&nbsp;11/16/28 | 98495 |
| 111000 | RTX Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/42 | 100800 |
| 104000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;&nbsp;08/15/28 | 105874 |
| 104000 | TransDigm, Inc.<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;&nbsp;12/15/30 | 108374 |
|  |  |  |  |  | 889258 |
|  | **AUTOMOTIVE** — **0.3%** | **AUTOMOTIVE** — **0.3%** |  |  |  |
| 130000 | Tenneco, Inc.<sup>(a)</sup> |  | 8.0000 | &nbsp;&nbsp;&nbsp;11/17/28 | 130844 |
|  | **BANKING** — **6.1%** | **BANKING** — **6.1%** |  |  |  |
| 108000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 0.960% | 1.7340 | &nbsp;&nbsp;&nbsp;07/22/27 | 106883 |
| 105000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.302% | 3.4190 | &nbsp;&nbsp;&nbsp;12/20/28 | 103890 |
| 100000 | Bank of America Corporation Series N<sup>(b)</sup> | TSFR3M + 1.572% | 4.2710 | &nbsp;&nbsp;&nbsp;07/23/29 | 100501 |
| 104000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.472% | 3.9740 | &nbsp;&nbsp;&nbsp;02/07/30 | 103522 |
| 118000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.252% | 2.4960 | &nbsp;&nbsp;&nbsp;02/13/31 | 110039 |
| 115000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | &nbsp;&nbsp;&nbsp;04/22/32 | 105532 |
| 139000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.930% | 2.6760 | &nbsp;&nbsp;&nbsp;06/19/41 | 102166 |
| 137000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3110 | &nbsp;&nbsp;&nbsp;04/22/42 | 107483 |
| 122000 | Bank of America Corporation Series B<sup>(b)</sup> | TSFR3M + 3.412% | 4.0830 | &nbsp;&nbsp;&nbsp;03/20/51 | 97782 |
| 97000 | Citigroup, Inc. |  | 4.4500 | &nbsp;&nbsp;&nbsp;09/29/27 | 97662 |
| 100000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 3.914% | 4.4120 | &nbsp;&nbsp;&nbsp;03/31/31 | 100017 |
| 118000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.107% | 2.5720 | &nbsp;&nbsp;&nbsp;06/03/31 | 109481 |
| 107000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 0.885% | 1.5780 | &nbsp;&nbsp;&nbsp;04/22/27 | 106438 |
| 115000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.510% | 2.7390 | &nbsp;&nbsp;&nbsp;10/15/30 | 109323 |
| 99000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 3.790% | 4.4930 | &nbsp;&nbsp;&nbsp;03/24/31 | 99795 |
| 114000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.250% | 2.5800 | &nbsp;&nbsp;&nbsp;04/22/32 | 104118 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | |
| **January 31, 2026** | **January 31, 2026** |  |  |  | |
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate (%)** | &nbsp;&nbsp;&nbsp;**Maturity** | <br>**Fair Value** |
|  | **CORPORATE BONDS — 45.3% (Continued)** |  |  |  |  |
|  | **BANKING** — **6.1% (Continued)** |  |  |  |  |
| 92000 | JPMorgan Chase & Company |  | 6.4000 | &nbsp;&nbsp;&nbsp;05/15/38 | $103433 |
| 121000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.642% | 3.9640 | &nbsp;&nbsp;&nbsp;11/15/48 | 97757 |
| 132000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3280 | &nbsp;&nbsp;&nbsp;04/22/52 | 93444 |
| 100000 | Wells Fargo & Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;04/22/26 | 99821 |
| 101000 | Wells Fargo & Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;10/23/26 | 100418 |
| 109000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.100% | 2.3930 | &nbsp;&nbsp;&nbsp;06/02/28 | 106765 |
| 116000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.432% | 2.8790 | &nbsp;&nbsp;&nbsp;10/30/30 | 110544 |
| 144000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.530% | 3.0680 | &nbsp;&nbsp;&nbsp;04/30/41 | 111393 |
| 111000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 4.502% | 5.0130 | &nbsp;&nbsp;&nbsp;04/04/51 | 101722 |
|  |  |  |  |  | 2589929 |
|  | **BEVERAGES** — **0.5%** | **BEVERAGES** — **0.5%** |  |  |  |
| 98000 | Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc. |  | 4.7000 | &nbsp;&nbsp;&nbsp;02/01/36 | 96708 |
| 104000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | &nbsp;&nbsp;&nbsp;01/23/49 | 103898 |
|  |  |  |  |  | 200606 |
|  | **BIOTECH & PHARMA** — **2.2%** | **BIOTECH & PHARMA** — **2.2%** |  |  |  |
| 99000 | AbbVie, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;11/21/26 | 98386 |
| 107000 | AbbVie, Inc. |  | 3.2000 | &nbsp;&nbsp;&nbsp;11/21/29 | 103842 |
| 116000 | AbbVie, Inc. |  | 4.0500 | &nbsp;&nbsp;&nbsp;11/21/39 | 103416 |
| 118000 | AbbVie, Inc. |  | 4.2500 | &nbsp;&nbsp;&nbsp;11/21/49 | 97456 |
| 117000 | Amgen, Inc. |  | 4.6630 | &nbsp;&nbsp;&nbsp;06/15/51 | 100619 |
| 90000 | AstraZeneca plc |  | 6.4500 | &nbsp;&nbsp;&nbsp;09/15/37 | 102091 |
| 119000 | Bristol-Myers Squibb Company |  | 4.2500 | &nbsp;&nbsp;&nbsp;10/26/49 | 97448 |
| 90000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | &nbsp;&nbsp;&nbsp;05/15/38 | 100942 |
| 80000 | Pfizer, Inc. |  | 7.2000 | &nbsp;&nbsp;&nbsp;03/15/39 | 95321 |
|  |  |  |  |  | 899521 |
|  | **CABLE & SATELLITE** — **5.6%** | **CABLE & SATELLITE** — **5.6%** |  |  |  |
| 113000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;&nbsp;05/01/27 | 113099 |
| 114000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | 113419 |
| 118000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 5.3750 | &nbsp;&nbsp;&nbsp;06/01/29 | 116728 |
| 111000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;&nbsp;09/01/29 | 112144 |
| 116000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;03/01/30 | 110886 |
| 120000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;08/15/30 | 112867 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | | |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | | |
| **January 31, 2026** | **January 31, 2026** |  |  | | |
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate (%)** | <br>&nbsp;&nbsp;&nbsp;**Maturity** | <br>**Fair Value** |
|  | **CORPORATE BONDS — 45.3% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE** — **5.6% (Continued)** |  |  |  |  |
| 126000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;&nbsp;02/01/31 | $115471 |
| 130000 | CCO Holdings, LLC / CCO Holdings Capital Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;05/01/32 | 116860 |
| 136000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/33 | 118694 |
| 143000 | CCO Holdings, LLC / CCO Holdings Capital Corporation <sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;&nbsp;01/15/34 | 121062 |
| 104000 | Comcast Corporation<sup>(a)</sup> |  | 5.1680 | &nbsp;&nbsp;&nbsp;01/15/37 | 102437 |
| 106000 | Comcast Corporation |  | 4.6000 | &nbsp;&nbsp;&nbsp;10/15/38 | 98231 |
| 111000 | Comcast Corporation |  | 4.7000 | &nbsp;&nbsp;&nbsp;10/15/48 | 92998 |
| 155000 | Comcast Corporation |  | 2.8870 | &nbsp;&nbsp;&nbsp;11/01/51 | 91266 |
| 152000 | Comcast Corporation |  | 2.9370 | &nbsp;&nbsp;&nbsp;11/01/56 | 85982 |
| 120000 | DIRECTV Holdings, LLC / DIRECTV Financing, Inc.<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;&nbsp;08/15/27 | 120644 |
| 141000 | DISH DBS Corporation<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;12/01/26 | 137099 |
| 144000 | DISH DBS Corporation<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;12/01/28 | 139508 |
| 111000 | DISH Network Corporation<sup>(a)</sup> |  | 11.7500 | &nbsp;&nbsp;&nbsp;11/15/27 | 114935 |
| 113000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/27 | 112874 |
| 112000 | Sirius XM Radio, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;07/15/28 | 109618 |
|  |  |  |  |  | 2356822 |
|  | **CONSTRUCTION MATERIALS** — **0.3%** | **CONSTRUCTION MATERIALS** — **0.3%** |  |  |  |
| 116000 | Standard Industries, Inc.<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;07/15/30 | 111950 |
|  | **DIVERSIFIED INDUSTRIALS** — **0.2%** | **DIVERSIFIED INDUSTRIALS** — **0.2%** |  |  |  |
| 91000 | General Electric Company |  | 6.7500 | &nbsp;&nbsp;&nbsp;03/15/32 | 102943 |
|  | **E-COMMERCE DISCRETIONARY** — **0.5%** | **E-COMMERCE DISCRETIONARY** — **0.5%** |  |  |  |
| 99000 | Amazon.com, Inc. |  | 3.1500 | &nbsp;&nbsp;&nbsp;08/22/27 | 98354 |
| 118000 | Amazon.com, Inc. |  | 4.0500 | &nbsp;&nbsp;&nbsp;08/22/47 | 96773 |
|  |  |  |  |  | 195127 |
|  | **ELECTRIC UTILITIES** — **0.3%** | **ELECTRIC UTILITIES** — **0.3%** |  |  |  |
| 112000 | FirstEnergy Corporation |  | 3.9000 | &nbsp;&nbsp;&nbsp;07/15/27 | 111784 |
|  | **ELECTRICAL EQUIPMENT** — **0.5%** | **ELECTRICAL EQUIPMENT** — **0.5%** |  |  |  |
| 105000 | Emerald Debt Merger Sub, LLC<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;&nbsp;12/15/30 | 108809 |
| 101000 | WESCO Distribution, Inc.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;06/15/28 | 102264 |
|  |  |  |  |  | 211073 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | | | |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | | | |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | | | |
| **Principal Amount ($)** | **Spread** | **Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** | <br>**Fair Value** |
|  | **CORPORATE BONDS — 45.3% (Continued)**<br> **ENGINEERING & CONSTRUCTION — 0.2%** | **CORPORATE BONDS — 45.3% (Continued)**<br> **ENGINEERING & CONSTRUCTION — 0.2%** |  |  |  |
| 98000 | Brand Industrial Services, Inc.<sup>(a)</sup> |  | 10.3750 | &nbsp;&nbsp;&nbsp;08/01/30 | $94048 |
|  | **FOOD** — **1.9%** | **FOOD** — **1.9%** |  |  |  |
| 99000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/01/26 | 98687 |
| 97000 | Kraft Heinz Foods Company |  | 3.8750 | &nbsp;&nbsp;&nbsp;05/15/27 | 96736 |
| 102000 | Kraft Heinz Foods Company |  | 4.2500 | &nbsp;&nbsp;&nbsp;03/01/31 | 101211 |
| 91000 | Kraft Heinz Foods Company<sup>(a)</sup> |  | 7.1250 | &nbsp;&nbsp;&nbsp;08/01/39 | 102564 |
| 108000 | Kraft Heinz Foods Company |  | 5.0000 | &nbsp;&nbsp;&nbsp;06/04/42 | 98789 |
| 106000 | Kraft Heinz Foods Company |  | 5.2000 | &nbsp;&nbsp;&nbsp;07/15/45 | 96633 |
| 114000 | Kraft Heinz Foods Company |  | 4.3750 | &nbsp;&nbsp;&nbsp;06/01/46 | 93859 |
| 113000 | Kraft Heinz Foods Company |  | 4.8750 | &nbsp;&nbsp;&nbsp;10/01/49 | 97034 |
|  |  |  |  |  | 785513 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **2.9%** | **HEALTH CARE FACILITIES & SERVICES** — **2.9%** |  |  |  |
| 96000 | Cigna Group (The) |  | 4.3750 | &nbsp;&nbsp;&nbsp;10/15/28 | 96831 |
| 112000 | Cigna Group (The) |  | 4.9000 | &nbsp;&nbsp;&nbsp;12/15/48 | 99628 |
| 95000 | CVS Health Corporation |  | 4.3000 | &nbsp;&nbsp;&nbsp;03/25/28 | 95347 |
| 109000 | CVS Health Corporation |  | 4.7800 | &nbsp;&nbsp;&nbsp;03/25/38 | 102492 |
| 111000 | CVS Health Corporation |  | 5.1250 | &nbsp;&nbsp;&nbsp;07/20/45 | 99992 |
| 112000 | CVS Health Corporation |  | 5.0500 | &nbsp;&nbsp;&nbsp;03/25/48 | 98712 |
| 124000 | DaVita, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;06/01/30 | 119370 |
| 107000 | HCA, Inc. |  | 5.6250 | &nbsp;&nbsp;&nbsp;09/01/28 | 110296 |
| 113000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/01/30 | 108701 |
| 112000 | Tenet Healthcare Corporation |  | 5.1250 | &nbsp;&nbsp;&nbsp;11/01/27 | 112086 |
| 80000 | Tenet Healthcare Corporation |  | 6.1250 | &nbsp;&nbsp;&nbsp;10/01/28 | 80126 |
| 109000 | Tenet Healthcare Corporation |  | 6.1250 | &nbsp;&nbsp;&nbsp;06/15/30 | 111369 |
|  |  |  |  |  | 1234950 |
|  | **INDUSTRIAL INTERMEDIATE PROD** — **0.3%** | **INDUSTRIAL INTERMEDIATE PROD** — **0.3%** |  |  |  |
| 101000 | Chart Industries, Inc.<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;&nbsp;01/01/30 | 105212 |
|  | **INDUSTRIAL SUPPORT SERVICES** — **0.3%** | **INDUSTRIAL SUPPORT SERVICES** — **0.3%** |  |  |  |
| 112000 | United Rentals North America, Inc. |  | 4.8750 | &nbsp;&nbsp;&nbsp;01/15/28 | 112077 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **1.8%** | **INSTITUTIONAL FINANCIAL SERVICES** — **1.8%** |  |  |  |
| 98000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | TSFR3M + 1.563% | 4.2230 | &nbsp;&nbsp;&nbsp;05/01/29 | 98263 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | | | |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | | | |
| **January 31, 2026** | **January 31, 2026** |  | | | |
| **Principal <br> Amount ($)** |  | **Spread** | <br>**Coupon Rate (%)** | <br>&nbsp;&nbsp;&nbsp;**Maturity** | <br>**Fair Value** |
|  | <br> **CORPORATE BONDS — 45.3% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **1.8% (Continued)** |  |  |  |  |
| 112000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 1.281% | 2.6150 | &nbsp;&nbsp;&nbsp;04/22/32 | $102033 |
| 97000 | Goldman Sachs Group, Inc. (The) |  | 6.7500 | &nbsp;&nbsp;&nbsp;10/01/37 | 107859 |
| 98000 | Goldman Sachs Group, Inc. (The) |  | 6.2500 | &nbsp;&nbsp;&nbsp;02/01/41 | 106738 |
| 108000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;&nbsp;05/04/27 | 107330 |
| 99000 | Morgan Stanley<sup>(b)</sup> | TSFR3M + 1.890% | 4.4310 | &nbsp;&nbsp;&nbsp;01/23/30 | 99674 |
| 118000 | Morgan Stanley Series GMTN<sup>(b)</sup> | SOFRRATE + 1.143% | 2.6990 | &nbsp;&nbsp;&nbsp;01/22/31 | 110777 |
|  |  |  |  |  | 732674 |
|  | **INSURANCE** — **0.3%** | **INSURANCE** — **0.3%** |  |  |  |
| 100000 | HUB International Ltd.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;06/15/30 | 104383 |
|  | **INTERNET MEDIA & SERVICES** — **0.3%** | **INTERNET MEDIA & SERVICES** — **0.3%** |  |  |  |
| 118000 | Uber Technologies, Inc.<sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;08/15/29 | 117703 |
|  | **LEISURE FACILITIES & SERVICES** — **1.4%** | **LEISURE FACILITIES & SERVICES** — **1.4%** |  |  |  |
| 112000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;01/15/28 | 110391 |
| 120000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114375 |
| 104000 | Caesars Entertainment, Inc.<sup>(a)</sup> |  | 7.0000 | &nbsp;&nbsp;&nbsp;02/15/30 | 107438 |
| 112000 | Carnival Corporation<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;08/01/28 | 110879 |
| 113000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;04/01/28 | 115359 |
|  |  |  |  |  | 558442 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **1.3%** | **MEDICAL EQUIPMENT & DEVICES** — **1.3%** |  |  |  |
| 96000 | Abbott Laboratories |  | 4.9000 | &nbsp;&nbsp;&nbsp;11/30/46 | 89801 |
| 115000 | Avantor Funding, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;07/15/28 | 114168 |
| 100000 | Bausch & Lomb Escrow Corporation<sup>(a)</sup> |  | 8.3750 | &nbsp;&nbsp;&nbsp;10/01/28 | 104375 |
| 113000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;04/01/29 | 110673 |
| 112000 | Medline Borrower, L.P.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;10/01/29 | 112267 |
|  |  |  |  |  | 531284 |
|  | **METALS & MINING** — **0.5%** | **METALS & MINING** — **0.5%** |  |  |  |
| 109000 | Freeport-McMoRan, Inc. |  | 5.4500 | &nbsp;&nbsp;&nbsp;03/15/43 | 106468 |
| 119000 | Novelis Corporation<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;01/30/30 | 115406 |
|  |  |  |  |  | 221874 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | | | |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | | | |
| **January 31, 2026** | **January 31, 2026** | | | |
| **Principal Amount ($)** | **Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** | <br>**Fair Value** |
|  | <br> **CORPORATE BONDS — 45.3% (Continued)**<br> **OIL & GAS PRODUCERS** — **3.0%** |  |  |  |
| 114000 | Cheniere Energy Partners, L.P. | 4.0000 | &nbsp;&nbsp;&nbsp;03/01/31 | $111061 |
| 99000 | Civitas Resources, Inc.<sup>(a)</sup> | 8.3750 | &nbsp;&nbsp;&nbsp;07/01/28 | 101990 |
| 98000 | Civitas Resources, Inc.<sup>(a)</sup> | 8.7500 | &nbsp;&nbsp;&nbsp;07/01/31 | 103053 |
| 90000 | ConocoPhillips | 6.5000 | &nbsp;&nbsp;&nbsp;02/01/39 | 101255 |
| 130000 | ConocoPhillips Company | 4.0250 | &nbsp;&nbsp;&nbsp;03/15/62 | 94981 |
| 95000 | Continental Resources, Inc.<sup>(a)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;01/15/31 | 98116 |
| 112000 | New Fortress Energy, Inc.<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;09/30/26 | 9915 |
| 93000 | Shell Finance US, Inc.<sup>(a)</sup> | 6.3750 | &nbsp;&nbsp;&nbsp;12/15/38 | 103799 |
| 126000 | Shell Finance US, Inc. | 4.3750 | &nbsp;&nbsp;&nbsp;05/11/45 | 108923 |
| 105000 | Venture Global LNG, Inc.<sup>(a)</sup> | 8.1250 | &nbsp;&nbsp;&nbsp;06/01/28 | 107627 |
| 98000 | Venture Global LNG, Inc.<sup>(a)</sup> | 9.5000 | &nbsp;&nbsp;&nbsp;02/01/29 | 104420 |
| 107000 | Venture Global LNG, Inc.<sup>(a)</sup> | 8.3750 | &nbsp;&nbsp;&nbsp;06/01/31 | 109504 |
| 100000 | Venture Global LNG, Inc.<sup>(a)</sup> | 9.8750 | &nbsp;&nbsp;&nbsp;02/01/32 | 105796 |
|  |  |  |  | 1260440 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.1%** |  |  |  |
| 34000 | Weatherford International Ltd.<sup>(a)</sup> | 8.6250 | &nbsp;&nbsp;&nbsp;04/30/30 | 34824 |
|  | **PUBLISHING & BROADCASTING** — **0.3%** |  |  |  |
| 113000 | Nexstar Media, Inc.<sup>(a)</sup> | 5.6250 | &nbsp;&nbsp;&nbsp;07/15/27 | 113087 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.5%** |  |  |  |
| 114000 | SBA Communications Corporation | 3.8750 | &nbsp;&nbsp;&nbsp;02/15/27 | 113211 |
| 117000 | SBA Communications Corporation | 3.1250 | &nbsp;&nbsp;&nbsp;02/01/29 | 111771 |
|  |  |  |  | 224982 |
|  | **RETAIL - DISCRETIONARY** — **0.2%** |  |  |  |
| 96000 | Home Depot, Inc. (The) | 5.8750 | &nbsp;&nbsp;&nbsp;12/16/36 | 103760 |
|  | **SEMICONDUCTORS** — **0.5%** |  |  |  |
| 124000 | Broadcom, Inc.<sup>(a)</sup> | 3.1370 | &nbsp;&nbsp;&nbsp;11/15/35 | 106824 |
| 128000 | Broadcom, Inc.<sup>(a)</sup> | 3.1870 | &nbsp;&nbsp;&nbsp;11/15/36 | 108623 |
|  |  |  |  | 215447 |
|  | **SOFTWARE** — **2.8%** |  |  |  |
| 118000 | AthenaHealth Group, Inc.<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;02/15/30 | 114561 |
| 118000 | Cloud Software Group, Inc.<sup>(a)</sup> | 9.0000 | &nbsp;&nbsp;&nbsp;09/30/29 | 119247 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | | | | |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | | | | |
| **January 31, 2026** | **January 31, 2026** | | | | |
| **Principal <br> Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>&nbsp;&nbsp;&nbsp;**Maturity** | <br>**Fair Value** |
|  | **CORPORATE BONDS — 45.3% (Continued)** |  |  |  |  |
|  | **SOFTWARE** — **2.8% (Continued)** |  |  |  |  |
| 118000 | McAfee Corporation<sup>(a)</sup> |  | 7.3750 | &nbsp;&nbsp;&nbsp;02/15/30 | $93560 |
| 100000 | Microsoft Corporation |  | 2.4000 | &nbsp;&nbsp;&nbsp;08/08/26 | 99325 |
| 96000 | Microsoft Corporation |  | 3.3000 | &nbsp;&nbsp;&nbsp;02/06/27 | 95710 |
| 151000 | Microsoft Corporation |  | 2.5250 | &nbsp;&nbsp;&nbsp;06/01/50 | 91863 |
| 134000 | Microsoft Corporation |  | 2.9210 | &nbsp;&nbsp;&nbsp;03/17/52 | 87572 |
| 155000 | Microsoft Corporation |  | 2.6750 | &nbsp;&nbsp;&nbsp;06/01/60 | 88534 |
| 132000 | Oracle Corporation |  | 3.6000 | &nbsp;&nbsp;&nbsp;04/01/50 | 82494 |
| 136000 | Oracle Corporation |  | 3.8500 | &nbsp;&nbsp;&nbsp;04/01/60 | 82814 |
| 118000 | Picard Midco, Inc.<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;&nbsp;03/31/29 | 117485 |
| 110000 | SS&C Technologies, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;09/30/27 | 109969 |
|  |  |  |  |  | 1183134 |
|  | **TECHNOLOGY HARDWARE** — **1.3%** | **TECHNOLOGY HARDWARE** — **1.3%** |  |  |  |
| 95000 | Apple, Inc. |  | 3.2500 | &nbsp;&nbsp;&nbsp;02/23/26 | 94968 |
| 117000 | Apple, Inc. |  | 3.8500 | &nbsp;&nbsp;&nbsp;05/04/43 | 98752 |
| 99000 | Apple, Inc. |  | 4.6500 | &nbsp;&nbsp;&nbsp;02/23/46 | 90509 |
| 15000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;&nbsp;06/15/26 | 15044 |
| 119000 | Imola Merger Corporation<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/15/29 | 117122 |
| 98000 | NCR Atleos Escrow Corporation<sup>(a)</sup> |  | 9.5000 | &nbsp;&nbsp;&nbsp;04/01/29 | 105084 |
| 9000 | Western Digital Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;02/15/26 | 9001 |
|  |  |  |  |  | 530480 |
|  | **TECHNOLOGY SERVICES** — **0.5%** | **TECHNOLOGY SERVICES** — **0.5%** |  |  |  |
| 116000 | Neptune Bidco US, Inc.<sup>(a)</sup> |  | 9.2900 | &nbsp;&nbsp;&nbsp;04/15/29 | 119206 |
| 111000 | Visa, Inc. |  | 4.3000 | &nbsp;&nbsp;&nbsp;12/14/45 | 96643 |
|  |  |  |  |  | 215849 |
|  | **TELECOMMUNICATIONS** — **5.2%** | **TELECOMMUNICATIONS** — **5.2%** |  |  |  |
| 97000 | AT&T, Inc. |  | 4.3500 | &nbsp;&nbsp;&nbsp;03/01/29 | 97713 |
| 99000 | AT&T, Inc. |  | 4.3000 | &nbsp;&nbsp;&nbsp;02/15/30 | 99131 |
| 124000 | AT&T, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;12/01/33 | 105596 |
| 144000 | AT&T, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/15/53 | 96536 |
| 145000 | AT&T, Inc. |  | 3.5500 | &nbsp;&nbsp;&nbsp;09/15/55 | 96513 |
| 137000 | AT&T, Inc. |  | 3.8000 | &nbsp;&nbsp;&nbsp;12/01/57 | 94600 |
| 146000 | AT&T, Inc. |  | 3.6500 | &nbsp;&nbsp;&nbsp;09/15/59 | 96688 |
| 77000 | British Telecommunications plc |  | 9.6250 | &nbsp;&nbsp;&nbsp;12/15/30 | 93710 |
| 81000 | Deutsche Telekom International Finance BV |  | 8.7500 | &nbsp;&nbsp;&nbsp;06/15/30 | 94506 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |  |  | | |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | | |
| **January 31, 2026** | **January 31, 2026** |  |  | | |
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate (%)** | <br>&nbsp;&nbsp;&nbsp;**Maturity** | <br>**Fair Value** |
|  | **CORPORATE BONDS — 45.3% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS** — **5.2% (Continued)** |  |  |  |  |
| 119000 | Frontier Communications Corporation<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/28 | $119075 |
| 77000 | Orange S.A. |  | 9.0000 | &nbsp;&nbsp;&nbsp;03/01/31 | 92417 |
| 83000 | Verizon Communications, Inc. |  | 4.1250 | &nbsp;&nbsp;&nbsp;03/16/27 | 83280 |
| 108000 | Verizon Communications, Inc. |  | 4.3290 | &nbsp;&nbsp;&nbsp;09/21/28 | 108962 |
| 113000 | Verizon Communications, Inc. |  | 4.0160 | &nbsp;&nbsp;&nbsp;12/03/29 | 112377 |
| 112000 | Verizon Communications, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;03/21/31 | 102372 |
| 102000 | Verizon Communications, Inc. |  | 4.5000 | &nbsp;&nbsp;&nbsp;08/10/33 | 100308 |
| 131000 | Verizon Communications, Inc. |  | 3.4000 | &nbsp;&nbsp;&nbsp;03/22/41 | 102200 |
| 110000 | Verizon Communications, Inc. |  | 4.8620 | &nbsp;&nbsp;&nbsp;08/21/46 | 97619 |
| 143000 | Verizon Communications, Inc. |  | 3.5500 | &nbsp;&nbsp;&nbsp;03/22/51 | 101631 |
| 128000 | Verizon Communications, Inc. |  | 3.7000 | &nbsp;&nbsp;&nbsp;03/22/61 | 86501 |
| 107000 | Vodafone Group plc |  | 5.2500 | &nbsp;&nbsp;&nbsp;05/30/48 | 100215 |
| 102000 | Vodafone Group plc<sup>(b)</sup> | USSW5 + 4.873% | 7.0000 | &nbsp;&nbsp;&nbsp;04/04/79 | 107616 |
|  |  |  |  |  | 2189566 |
|  | **TOBACCO & CANNABIS** — **0.2%** | **TOBACCO & CANNABIS** — **0.2%** |  |  |  |
| 101000 | BAT Capital Corporation |  | 3.5570 | &nbsp;&nbsp;&nbsp;08/15/27 | 100399 |
|  | **TRANSPORTATION & LOGISTICS** — **0.8%** | **TRANSPORTATION & LOGISTICS** — **0.8%** |  |  |  |
| 12667 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;04/20/26 | 12683 |
| 113000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;04/20/29 | 114234 |
| 112000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;04/15/26 | 111981 |
| 112000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;04/15/29 | 111950 |
|  |  |  |  |  | 350848 |
|  |  |  |  |  | 18920833 |
|  | **TOTAL CORPORATE BONDS (Cost $20,193,297)** | **TOTAL CORPORATE BONDS (Cost $20,193,297)** |  |  | 18920833 |
|  | **U.S. GOVERNMENT & AGENCIES — 50.3%** | **U.S. GOVERNMENT & AGENCIES — 50.3%** |  |  |  |
|  | **U.S. TREASURY BILLS & NOTES** — **50.3%** | **U.S. TREASURY BILLS & NOTES** — **50.3%** |  |  |  |
| 21000000 | United States Treasury Bill<sup>(c)</sup> |  | 3.5500 | &nbsp;&nbsp;&nbsp;04/09/26 | 20862064 |
| 63000 | United States Treasury Note |  | 1.6250 | &nbsp;&nbsp;&nbsp;05/15/31 | 56381 |
| 56000 | United States Treasury Note |  | 2.2500 | &nbsp;&nbsp;&nbsp;05/15/41 | 41171 |
| 66000 | United States Treasury Note |  | 2.3750 | &nbsp;&nbsp;&nbsp;05/15/51 | 41597 |

---

---

| | |
|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | |
| **January 31, 2026** | <br>**Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 50.3% (Continued)** |  |
| **U.S. TREASURY BILLS & NOTES** — **50.3% (Continued)** | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$21001213 |
| **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $21,045,647)** | 21001213 |
| **TOTAL INVESTMENTS - 95.6% (Cost $41,238,944)** | &nbsp;&nbsp;&nbsp; $39922046 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.4%** | &nbsp;&nbsp; 1825555 |
| **NET ASSETS - 100.0%** | &nbsp;&nbsp; $41747601 |

---

---

| | |
|:---|:---|
| BV | - Besloten Vennooschap |
| GMTN | - Global Medium Term Note |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| plc | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| SOFRRATE | Secured Overnight Financing Rate |
| TSFR3M | Treasury Secured Overnight Financing Rate 3 month |
| USSW5 | USD 5 Year Interest Rate Swap |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026, the total market value of Rule 144A securities is $6,871,946 or 16.5% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on January 31, 2026.

<sup>(c)</sup> Zero coupon bond. Rate disclosed is the current yield as of January 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $41968983.16

**Total Liabilities:** $221382.03

**Net Assets:** $41747601.13

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 32.07875300 | **1-Year:** 460.16092300 | **5-Year:** 1051.37664600 | **10-Year:** 3445.53483200 | **30-Year:** 4061.48938800

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

- **3-Month:** 36.05012000 | **1-Year:** 461.74394300 | **5-Year:** 661.00450200 | **10-Year:** 94.68240700 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228396 | 0.46%                | 0.07%                | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2149.56                | $61283.86                                  |
| Month 2  | $-17527.12               | $-99902.13                                 |
| Month 3  | $171.65                  | $-60085.50                                 |

### Schedule of Portfolio Investments

| Name                                                              | Title                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                                                          | T 4.3 02/15/30         | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     99000 | PA      | $99131.30     | 0.24%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                          | T 4.35 03/01/29        | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97713.06     | 0.23%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                          | T 3 1/2 09/15/53       | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    144000 | PA      | $96535.51     | 0.23%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                          | T 3.55 09/15/55        | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    145000 | PA      | $96512.54     | 0.23%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                          | T 3.65 09/15/59        | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    146000 | PA      | $96688.42     | 0.23%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                          | T 2.55 12/01/33        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    124000 | PA      | $105596.14    | 0.25%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                          | T 3.8 12/01/57         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    137000 | PA      | $94600.21     | 0.23%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                  | AAL 5 1/2 04/20/26     | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     12667 | PA      | $12682.91     | 0.03%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                  | AAL 5 3/4 04/20/29     | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    113000 | PA      | $114233.96    | 0.27%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Abbott Laboratories                                               | ABT 4.9 11/30/46       | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     96000 | PA      | $89801.19     | 0.22%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                       | ABBV 2.95 11/21/26     | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     99000 | PA      | $98386.24     | 0.24%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                       | ABBV 3.2 11/21/29      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    107000 | PA      | $103841.24    | 0.25%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                       | ABBV 4.05 11/21/39     | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    116000 | PA      | $103415.79    | 0.25%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                       | ABBV 4 1/4 11/21/49    | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    118000 | PA      | $97455.93     | 0.23%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                  | AMZN 3.15 08/22/27     | CUSIP: 023135BC9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     99000 | PA      | $98353.82     | 0.24%             | 2027-08-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                  | AMZN 4.05 08/22/47     | CUSIP: 023135BJ4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    118000 | PA      | $96773.30     | 0.23%             | 2047-08-22      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                        | AMGN 4.663 06/15/51    | CUSIP: 031162CF5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    117000 | PA      | $100618.93    | 0.24%             | 2051-06-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc | ABIBB 4.7 02/01/36     | CUSIP: 03522AAH3<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | US        |     98000 | PA      | $96707.69     | 0.23%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                               | ABIBB 5.55 01/23/49    | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    104000 | PA      | $103898.11    | 0.25%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                        | AAPL 3.85 05/04/43     | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    117000 | PA      | $98752.42     | 0.24%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                        | AAPL 4.65 02/23/46     | CUSIP: 037833BX7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     99000 | PA      | $90509.16     | 0.22%             | 2046-02-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                        | AAPL 3 1/4 02/23/26    | CUSIP: 037833BY5<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94968.40     | 0.23%             | 2026-02-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                                   | AZN 6.45 09/15/37      | CUSIP: 046353AD0<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     90000 | PA      | $102090.91    | 0.24%             | 2037-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Avantor Funding Inc                                               | AVTR 4 5/8 07/15/28    | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114167.76    | 0.27%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                        | BATSLN 3.557 08/15/27  | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    101000 | PA      | $100399.06    | 0.24%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 3.419 12/20/28     | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103890.03    | 0.25%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 4.271 07/23/29     | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100500.94    | 0.24%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 3.974 02/07/30     | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    104000 | PA      | $103522.14    | 0.25%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 2.496 02/13/31     | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    118000 | PA      | $110039.28    | 0.26%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 4.083 03/20/51     | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    122000 | PA      | $97782.48     | 0.23%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 2.676 06/19/41     | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    139000 | PA      | $102166.08    | 0.24%             | 2041-06-19      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 1.734 07/22/27     | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    108000 | PA      | $106882.60    | 0.26%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 2.687 04/22/32     | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    115000 | PA      | $105532.31    | 0.25%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                             | BAC 3.311 04/22/42     | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    137000 | PA      | $107482.78    | 0.26%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Bausch Plus Lomb Corp.                                            | BLCOCN 8 3/8 10/01/28  | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $104375.00    | 0.25%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co.                                                        | BA 5.705 05/01/40      | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     92000 | PA      | $94219.94     | 0.23%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                        | BA 5.805 05/01/50      | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     93000 | PA      | $92102.81     | 0.22%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                        | BA 5.93 05/01/60       | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93846.51     | 0.22%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                        | BA 5.15 05/01/30       | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     91000 | PA      | $93562.19     | 0.22%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                        | BA 2.196 02/04/26      | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    102000 | PA      | $101982.68    | 0.24%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Brand Industrial Services Inc.                                    | BRANDI 10 3/8 08/01/30 | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |     98000 | PA      | $94047.63     | 0.23%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                      | BMY 4 1/4 10/26/49     | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    119000 | PA      | $97447.79     | 0.23%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| British Telecommunications PLC                                    | BRITEL 9 5/8 12/15/30  | CUSIP: 111021AE1<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     77000 | PA      | $93710.23     | 0.22%             | 2030-12-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                      | AVGO 3.137 11/15/35    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    124000 | PA      | $106824.27    | 0.26%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Broadcom Inc                                                      | AVGO 3.187 11/15/36    | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    128000 | PA      | $108622.67    | 0.26%             | 2036-11-15      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 5 1/8 05/01/27    | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $113099.37    | 0.27%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 5 02/01/28        | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    114000 | PA      | $113419.35    | 0.27%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 5 3/8 06/01/29    | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $116727.70    | 0.28%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 4 3/4 03/01/30    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    116000 | PA      | $110885.75    | 0.27%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 4 1/2 08/15/30    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $112867.32    | 0.27%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 4 1/4 02/01/31    | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126000 | PA      | $115471.25    | 0.28%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 4 1/2 06/01/33    | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $118693.88    | 0.28%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 4 1/2 05/01/32    | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $116860.17    | 0.28%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 4 1/4 01/15/34    | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143000 | PA      | $121061.71    | 0.29%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                     | CHTR 6 3/8 09/01/29    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    111000 | PA      | $112143.97    | 0.27%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| The Cigna Group                                                   | CI 4 3/8 10/15/28      | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     96000 | PA      | $96831.40     | 0.23%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                   | CI 4.9 12/15/48        | CUSIP: 125523AK6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    112000 | PA      | $99628.23     | 0.24%             | 2048-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                   | CVS 5 1/8 07/20/45     | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    111000 | PA      | $99992.46     | 0.24%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                   | CVS 4.3 03/25/28       | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95347.38     | 0.23%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                   | CVS 4.78 03/25/38      | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    109000 | PA      | $102492.12    | 0.25%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                   | CVS 5.05 03/25/48      | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    112000 | PA      | $98711.59     | 0.24%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                                        | CZR 7 02/15/30         | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    104000 | PA      | $107437.51    | 0.26%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corporation                                              | CCL 4 08/01/28         | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    112000 | PA      | $110878.61    | 0.27%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries Inc                                              | GTLS 7 1/2 01/01/30    | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    101000 | PA      | $105212.04    | 0.25%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                       | CQP 4 03/01/31         | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    114000 | PA      | $111060.41    | 0.27%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                    | C 4.45 09/29/27        | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97661.73     | 0.23%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                    | C 4.412 03/31/31       | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100016.53    | 0.24%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                    | C 2.572 06/03/31       | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    118000 | PA      | $109481.12    | 0.26%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                                             | CIVI 8 3/8 07/01/28    | CUSIP: 17888HAA1<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     99000 | PA      | $101990.00    | 0.24%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources Inc                                             | CIVI 8 3/4 07/01/31    | CUSIP: 17888HAB9<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     98000 | PA      | $103053.27    | 0.25%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                         | TIBX 9 09/30/29        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    118000 | PA      | $119246.87    | 0.29%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corporation                                               | CMCSA 4.6 10/15/38     | CUSIP: 20030NCL3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    106000 | PA      | $98230.96     | 0.24%             | 2038-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                               | CMCSA 4.7 10/15/48     | CUSIP: 20030NCM1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    111000 | PA      | $92997.54     | 0.22%             | 2048-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                               | CMCSA 2.887 11/01/51   | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    155000 | PA      | $91265.95     | 0.22%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                               | CMCSA 2.937 11/01/56   | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    152000 | PA      | $85982.30     | 0.21%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                               | CMCSA 5.168 01/15/37   | CUSIP: 20030NES6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    104000 | PA      | $102437.05    | 0.25%             | 2037-01-15      | Fixed         | 5.17%                 | Yes           |                  2 | On Loan: No      |
| ConocoPhillips                                                    | COP 6 1/2 02/01/39     | CUSIP: 20825CAQ7<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | DBT              | CORP              | US        |     90000 | PA      | $101254.80    | 0.24%             | 2039-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                | COP 4.025 03/15/62     | CUSIP: 20826FBD7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    130000 | PA      | $94980.72     | 0.23%             | 2062-03-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                       | CLR 5 3/4 01/15/31     | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     95000 | PA      | $98115.65     | 0.24%             | 2031-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Davita Inc                                                        | DVA 4 5/8 06/01/30     | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    124000 | PA      | $119368.70    | 0.29%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                | DELL 6.02 06/15/26     | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15043.94     | 0.04%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Deutsche Telekom International Finance B.V.                       | DT 8 1/4 06/15/30      | CUSIP: 25156PAC7<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |     81000 | PA      | $94506.37     | 0.23%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.           | DTV 5 7/8 08/15/27     | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $120644.04    | 0.29%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| DISH Network Corporation                                          | DISH 11 3/4 11/15/27   | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    111000 | PA      | $114934.84    | 0.28%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| DISH DBS Corporation                                              | DISH 5 1/4 12/01/26    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    141000 | PA      | $137097.94    | 0.33%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corporation                                              | DISH 5 3/4 12/01/28    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $139507.43    | 0.33%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP / Emerald Co-Issuer Inc.                        | EMECLI 6 5/8 12/15/30  | CUSIP: 29103CAA6<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |    105000 | PA      | $108809.93    | 0.26%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                 | FE 3.9 07/15/27        | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111783.64    | 0.27%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                         | ORAFP 8 1/2 03/01/31   | CUSIP: 35177PAL1<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |     77000 | PA      | $92416.55     | 0.22%             | 2031-03-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                             | FCX 5.45 03/15/43      | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    109000 | PA      | $106467.70    | 0.26%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings Llc                              | FYBR 5 05/01/28        | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    119000 | PA      | $119075.07    | 0.29%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GE Aerospace                                                      | GE 6 3/4 03/15/32      | CUSIP: 36962GXZ2<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |     91000 | PA      | $102942.72    | 0.25%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital Inc.                                      | GSK 6 3/8 05/15/38     | CUSIP: 377372AE7<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |     90000 | PA      | $100942.33    | 0.24%             | 2038-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                         | GS 6 3/4 10/01/37      | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     97000 | PA      | $107858.50    | 0.26%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                         | GS 6 1/4 02/01/41      | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     98000 | PA      | $106737.97    | 0.26%             | 2041-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                         | GS 4.223 05/01/29      | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     98000 | PA      | $98262.56     | 0.24%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                         | GS 2.615 04/22/32      | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    112000 | PA      | $102033.19    | 0.24%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                          | HCA 3 1/2 09/01/30     | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    113000 | PA      | $108701.02    | 0.26%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                          | HCA 5 5/8 09/01/28     | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    107000 | PA      | $110296.18    | 0.26%             | 2028-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                         | KHC 7 1/8 08/01/39     | CUSIP: 42307TAH1<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     91000 | PA      | $102563.92    | 0.25%             | 2039-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Home Depot Inc.                                                   | HD 5 7/8 12/16/36      | CUSIP: 437076AS1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     96000 | PA      | $103759.66    | 0.25%             | 2036-12-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                            | HBGCN 7 1/4 06/15/30   | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104382.70    | 0.25%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Ingram Micro Inc.                                                 | IM 4 3/4 05/15/29      | CUSIP: 45258LAA5<br>LEI: 549300KJMEWPKRQZHX63 | Long             | DBT              | CORP              | US        |    119000 | PA      | $117121.81    | 0.28%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                              | JPM 6.4 05/15/38       | CUSIP: 46625HHF0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     92000 | PA      | $103432.61    | 0.25%             | 2038-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                              | JPM 3.964 11/15/48     | CUSIP: 46647PAL0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    121000 | PA      | $97757.40     | 0.23%             | 2048-11-15      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                              | JPM 2.739 10/15/30     | CUSIP: 46647PBE5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    115000 | PA      | $109322.94    | 0.26%             | 2030-10-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                              | JPM 4.493 03/24/31     | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     99000 | PA      | $99794.53     | 0.24%             | 2031-03-24      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                              | JPM 1.578 04/22/27     | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    107000 | PA      | $106437.79    | 0.25%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                              | JPM 2.58 04/22/32      | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    114000 | PA      | $104117.76    | 0.25%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                              | JPM 3.328 04/22/52     | CUSIP: 46647PCE4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    132000 | PA      | $93443.56     | 0.22%             | 2052-04-22      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                         | KHC 5 06/04/42         | CUSIP: 50076QAE6<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    108000 | PA      | $98789.33     | 0.24%             | 2042-06-04      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                         | KHC 4 3/8 06/01/46     | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    114000 | PA      | $93858.94     | 0.22%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                         | KHC 3 06/01/26         | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     99000 | PA      | $98686.93     | 0.24%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                         | KHC 5.2 07/15/45       | CUSIP: 50077LAM8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    106000 | PA      | $96633.42     | 0.23%             | 2045-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                         | KHC 4 7/8 10/01/49     | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    113000 | PA      | $97034.22     | 0.23%             | 2049-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                         | KHC 3 7/8 05/15/27     | CUSIP: 50077LBC9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     97000 | PA      | $96735.87     | 0.23%             | 2027-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                         | KHC 4 1/4 03/01/31     | CUSIP: 50077LBF2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    102000 | PA      | $101210.90    | 0.24%             | 2031-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| McAfee Corp                                                       | MCFE 7 3/8 02/15/30    | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    118000 | PA      | $93559.78     | 0.22%             | 2030-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Microsoft Corp.                                                   | MSFT 2.4 08/08/26      | CUSIP: 594918BR4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99324.55     | 0.24%             | 2026-08-08      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                   | MSFT 3.3 02/06/27      | CUSIP: 594918BY9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     96000 | PA      | $95710.32     | 0.23%             | 2027-02-06      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                   | MSFT 2.525 06/01/50    | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    151000 | PA      | $91863.48     | 0.22%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                   | MSFT 2.675 06/01/60    | CUSIP: 594918CD4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    155000 | PA      | $88534.41     | 0.21%             | 2060-06-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                   | MSFT 2.921 03/17/52    | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    134000 | PA      | $87571.79     | 0.21%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Athenahealth Group Inc.                                           | ATHENA 6 1/2 02/15/30  | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    118000 | PA      | $114560.83    | 0.27%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                    | MS 4.431 01/23/30      | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     99000 | PA      | $99673.75     | 0.24%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                    | MS 2.699 01/22/31      | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    118000 | PA      | $110778.38    | 0.27%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                    | MS 1.593 05/04/27      | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    108000 | PA      | $107329.81    | 0.26%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                               | MEDIND 3 7/8 04/01/29  | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    113000 | PA      | $110673.29    | 0.27%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                               | MEDIND 5 1/4 10/01/29  | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    112000 | PA      | $112267.12    | 0.27%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                  | NCRATL 9 1/2 04/01/29  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     98000 | PA      | $105083.93    | 0.25%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                             | NLSN 9.29 04/15/29     | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    116000 | PA      | $119205.54    | 0.29%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| New Fortress Energy Inc.                                          | NFE 6 1/2 09/30/26     | CUSIP: 644393AB6<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |    112000 | PA      | $9914.96      | 0.02%             | 2026-09-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                | NXST 5 5/8 07/15/27    | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    113000 | PA      | $113087.01    | 0.27%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corporation                                               | HNDLIN 4 3/4 01/30/30  | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    119000 | PA      | $115405.65    | 0.28%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.  | BCULC 3 7/8 01/15/28   | CUSIP: 68245XAH2<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |    112000 | PA      | $110390.56    | 0.26%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.  | BCULC 4 10/15/30       | CUSIP: 68245XAM1<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |    120000 | PA      | $114375.04    | 0.27%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                      | ORCL 3.6 04/01/50      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    132000 | PA      | $82494.02     | 0.20%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                      | ORCL 3.85 04/01/60     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    136000 | PA      | $82813.98     | 0.20%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                       | PFE 7.2 03/15/39       | CUSIP: 717081CY7<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $95321.38     | 0.23%             | 2039-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                             | RCL 5 1/2 04/01/28     | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    113000 | PA      | $115360.29    | 0.28%             | 2028-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SBA Communications Corp.                                          | SBAC 3 7/8 02/15/27    | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    114000 | PA      | $113211.65    | 0.27%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                                          | SBAC 3 1/8 02/01/29    | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    117000 | PA      | $111770.64    | 0.27%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                           | SSNC 5 1/2 09/30/27    | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109968.94    | 0.26%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Shell Finance US Inc.                                             | RDSALN 4 3/8 05/11/45  | CUSIP: 822905AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126000 | PA      | $108923.45    | 0.26%             | 2045-05-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Shell Finance US Inc.                                             | RDSALN 6 3/8 12/15/38  | CUSIP: 822905AT2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     93000 | PA      | $103798.80    | 0.25%             | 2038-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Sirius Xm Radio Inc                                               | SIRI 5 08/01/27        | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    113000 | PA      | $112874.28    | 0.27%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sirius Xm Radio Inc                                               | SIRI 4 07/15/28        | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    112000 | PA      | $109618.15    | 0.26%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                  | BMCAUS 4 3/8 07/15/30  | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    116000 | PA      | $111950.43    | 0.27%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                      | THC 5 1/8 11/01/27     | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    112000 | PA      | $112085.90    | 0.27%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                      | THC 6 1/8 10/01/28     | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80126.32     | 0.19%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                      | THC 6 1/8 06/15/30     | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    109000 | PA      | $111368.90    | 0.27%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Tenneco LLC                                                       | TEN 8 11/17/28         | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130844.22    | 0.31%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Tibco Software Inc                                                | TIBX 6 1/2 03/31/29    | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $117485.30    | 0.28%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                   | TDG 6 3/4 08/15/28     | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    104000 | PA      | $105875.02    | 0.25%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                   | TDG 6 7/8 12/15/30     | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    104000 | PA      | $108375.07    | 0.26%             | 2030-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies Inc                                             | UBER 4 1/2 08/15/29    | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    118000 | PA      | $117703.15    | 0.28%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| United Air Lines, Inc.                                            | UAL 4 3/8 04/15/26     | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111981.37    | 0.27%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| United Air Lines, Inc.                                            | UAL 4 5/8 04/15/29     | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111949.93    | 0.27%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                              | URI 4 7/8 01/15/28     | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    112000 | PA      | $112076.72    | 0.27%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                      | B 04/09/26             | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21000000 | PA      | $20862064.02  | 49.97%            | 2026-04-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                      | T 2 3/8 05/15/51       | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     66000 | PA      | $41596.76     | 0.10%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                      | T 2 1/4 05/15/41       | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     56000 | PA      | $41170.94     | 0.10%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                      | T 1 5/8 05/15/31       | CUSIP: 91282CCB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     63000 | PA      | $56381.31     | 0.14%             | 2031-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                         | RTX 4 1/2 06/01/42     | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    111000 | PA      | $100799.71    | 0.24%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                         | RTX 4 1/8 11/16/28     | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     98000 | PA      | $98494.69     | 0.24%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                           | VENLNG 8 1/8 06/01/28  | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107627.10    | 0.26%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                           | VENLNG 8 3/8 06/01/31  | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    107000 | PA      | $109503.91    | 0.26%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                           | VENLNG 9 1/2 02/01/29  | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     98000 | PA      | $104420.27    | 0.25%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                           | VENLNG 9 7/8 02/01/32  | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105796.40    | 0.25%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 4.862 08/21/46      | CUSIP: 92343VCK8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    110000 | PA      | $97618.98     | 0.23%             | 2046-08-21      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 4 1/8 03/16/27      | CUSIP: 92343VDY7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     83000 | PA      | $83279.72     | 0.20%             | 2027-03-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 4 1/2 08/10/33      | CUSIP: 92343VEA8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    102000 | PA      | $100307.91    | 0.24%             | 2033-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 4.329 09/21/28      | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    108000 | PA      | $108962.41    | 0.26%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 4.016 12/03/29      | CUSIP: 92343VEU4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    113000 | PA      | $112377.09    | 0.27%             | 2029-12-03      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 3.55 03/22/51       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    143000 | PA      | $101631.43    | 0.24%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 3.7 03/22/61        | CUSIP: 92343VGC2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    128000 | PA      | $86500.81     | 0.21%             | 2061-03-22      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 2.55 03/21/31       | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    112000 | PA      | $102371.54    | 0.25%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                       | VZ 3.4 03/22/41        | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    131000 | PA      | $102199.53    | 0.24%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                          | V 4.3 12/14/45         | CUSIP: 92826CAF9<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    111000 | PA      | $96643.04     | 0.23%             | 2045-12-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                | VOD 5 1/4 05/30/48     | CUSIP: 92857WBM1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    107000 | PA      | $100215.23    | 0.24%             | 2048-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                | VOD 7 04/04/2079       | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    102000 | PA      | $107616.22    | 0.26%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd Bermuda                             | WFRD 8 5/8 04/30/30    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     34000 | PA      | $34824.23     | 0.08%             | 2030-04-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                 | WFC 3 04/22/26         | CUSIP: 949746RW3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99820.80     | 0.24%             | 2026-04-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                 | WFC 3 10/23/26         | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    101000 | PA      | $100418.28    | 0.24%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                 | WFC 2.879 10/30/30     | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    116000 | PA      | $110543.84    | 0.26%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                 | WFC 5.013 04/04/51     | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    111000 | PA      | $101722.13    | 0.24%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                 | WFC 3.068 04/30/41     | CUSIP: 95000U2Q5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    144000 | PA      | $111394.21    | 0.27%             | 2041-04-30      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                 | WFC 2.393 06/02/28     | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    109000 | PA      | $106765.04    | 0.26%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                          | WCC 7 1/4 06/15/28     | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    101000 | PA      | $102263.51    | 0.24%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Western Digital Corp.                                             | WDC 4 3/4 02/15/26     | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9000.61      | 0.02%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BBH SWEEP VEHICLE                                                 | BBH SWEEP VEHICLE      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1764932 | PA      | $1764931.59   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer