# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-23-075620
**Filing Date:** 2023-3
**Character Count:** 78257
**Document Hash:** 832345100d6ee36380caf65e0b319b59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075620.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075620

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 23784845

**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:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### LeaderShares(R) AlphaFactor(R) Tactical Focused ETF (Series ID: S000068214)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000218404 | LeaderShares(R) AlphaFactor(R) Tactical Focused ETF |  |

## Nport-Ex

sae

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **AEROSPACE & DEFENSE - 3.6%** |  |
| 67011 | Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $3349545 |
|  | **ASSET MANAGEMENT - 7.1%** |  |
| 180105 | Invesco Ltd. | &nbsp;&nbsp;&nbsp; 3333743 |
| 128490 | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp; 3330461 |
|  |  | &nbsp;&nbsp; 6664204 |
|  | **AUTOMOTIVE - 3.6%** |  |
| 184966 | Dana, Inc. | &nbsp;&nbsp;&nbsp; 3355283 |
|  | **BIOTECH & PHARMA - 10.5%** |  |
| 419977 | Bausch Health Companies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3233823 |
| 260755 | Innoviva, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3298551 |
| 287837 | Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3315882 |
|  |  | &nbsp;&nbsp; 9848256 |
|  | **CONSTRUCTION MATERIALS - 3.6%** |  |
| 108086 | MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp; 3340938 |
|  | **CONSUMER SERVICES - 3.6%** |  |
| 123932 | Rent-A-Center, Inc. | &nbsp;&nbsp;&nbsp; 3332531 |
|  | **CONTAINERS & PACKAGING - 3.5%** |  |
| 37721 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp; 3325483 |
|  | **ELECTRICAL EQUIPMENT - 3.5%** |  |
| 232840 | Vertiv Holdings Company | &nbsp;&nbsp;&nbsp; 3310985 |
|  | **ENGINEERING & CONSTRUCTION - 3.5%** |  |
| 37915 | AECOM | &nbsp;&nbsp;&nbsp; 3308842 |
|  | **FOOD - 3.5%** |  |
| 68528 | TreeHouse Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3318811 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 3.6%** |  |
| 49730 | Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp; $3328429 |
|  | **HOME & OFFICE PRODUCTS - 3.6%** |  |
| 208257 | Newell Brands, Inc. | &nbsp;&nbsp;&nbsp; 3323782 |
|  | **INTERNET MEDIA & SERVICES - 3.5%** |  |
| 40105 | GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3293824 |
|  | **LEISURE FACILITIES & SERVICES - 7.1%** |  |
| 36705 | Papa John's International, Inc. | &nbsp;&nbsp;&nbsp; 3292071 |
| 49730 | Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp; 3328429 |
|  |  | &nbsp;&nbsp; 6620500 |
|  | **PUBLISHING & BROADCASTING - 3.5%** |  |
| 94673 | New York Times Company (The), Class A | &nbsp;&nbsp;&nbsp; 3298407 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 3.5%** |  |
| 38199 | Howard Hughes Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3265633 |
|  | **RETAIL - DISCRETIONARY - 7.1%** |  |
| 73554 | Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp; 3384220 |
| 51883 | Freshpet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3285750 |
|  |  | &nbsp;&nbsp; 6669970 |
|  | **SOFTWARE - 3.6%** |  |
| 260652 | LivePerson, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3357198 |
|  | **TECHNOLOGY HARDWARE - 7.1%** |  |
| 49821 | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp; 3376867 |
| 202729 | Xerox Holdings Corporation | &nbsp;&nbsp;&nbsp; 3320701 |
|  |  | &nbsp;&nbsp; 6697568 |
|  | **TECHNOLOGY SERVICES - 10.5%** |  |
| 684926 | Conduent, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3267097 |
| 181548 | Green Dot Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3282388 |
| 29337 | Insight Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3306867 |
|  |  | &nbsp;&nbsp; 9856352 |

---

---

| | |
|:---|:---|
| **LEADERSHARES ACTIVIST LEADERS ETF** | **LEADERSHARES ACTIVIST LEADERS ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** |
| **TOTAL COMMON STOCKS (Cost $90,317,341)** | &nbsp;&nbsp; $92866541 |
| **TOTAL INVESTMENTS – 99.1% (Cost $90,317,341)** | &nbsp;&nbsp;&nbsp; $92866541 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9%** | &nbsp;&nbsp; 868328 |
| **NET ASSETS - 100.0%** | &nbsp;&nbsp; $93734869 |

---

---

| | |
|:---|:---|
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| <sup>(a)</sup> | Non-income producing security. |

---

---

| | |
|:---|:---|
| Diversification of Assets | Diversification of Assets |
| Country | % of Net Assets |
| United States | 92.0% |
| United Kingdom | 3.6% |
| Canada | 3.5% |
| Total | 99.1% |
| Other Assets Less Liabilities - Net | 0.9% |
| Grand Total | 100.0% |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **BANKING - 3.1%** |  |
| 83341 | Popular, Inc. | &nbsp;&nbsp;&nbsp; $5720526 |
|  | **CHEMICALS - 3.2%** |  |
| 187825 | Huntsman Corporation | &nbsp;&nbsp;&nbsp; 5952174 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.1%** |  |
| 64890 | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp; 5655812 |
|  | **CONSTRUCTION MATERIALS - 3.3%** |  |
| 62898 | Owens Corning | &nbsp;&nbsp;&nbsp; 6079092 |
|  | **CONSUMER SERVICES - 3.2%** |  |
| 50683 | Grand Canyon Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5907610 |
|  | **FOOD - 3.0%** |  |
| 226308 | Pilgrim's Pride Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5494758 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.1%** |  |
| 71913 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 5555279 |
| 18076 | Cigna Corporation | &nbsp;&nbsp;&nbsp; 5724127 |
|  |  | &nbsp;&nbsp; 11279406 |
|  | **LEISURE FACILITIES & SERVICES - 16.9%** |  |
| 99148 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp; 6177912 |
| 49167 | Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp; 6042133 |
| 40774 | Marriott Vacations Worldwide Corporation | &nbsp;&nbsp;&nbsp; 6525471 |
| 150766 | Travel + Leisure Company | &nbsp;&nbsp;&nbsp; 6387955 |
| 78428 | Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp; 6078954 |
|  |  | &nbsp;&nbsp; 31212425 |
|  | **OIL & GAS PRODUCERS - 16.7%** |  |
| 131363 | APA Corporation | &nbsp;&nbsp;&nbsp; 5823322 |
| 109079 | HF Sinclair Corporation | &nbsp;&nbsp;&nbsp; 6206595 |
| 48522 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 6236047 |
| 92771 | PDC Energy, Inc. | &nbsp;&nbsp;&nbsp; 6283380 |

---

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 16.7% (Continued)** |  |
| 44688 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; $6257661 |
|  |  | &nbsp;&nbsp; 30807005 |
|  | **RETAIL - DISCRETIONARY - 3.1%** |  |
| 27605 | Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp; 5748741 |
|  | **SPECIALTY FINANCE - 10.6%** |  |
| 221888 | Ally Financial, Inc. | &nbsp;&nbsp;&nbsp; 7209142 |
| 426635 | MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 6024086 |
| 169955 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 6242447 |
|  |  | &nbsp;&nbsp; 19475675 |
|  | **STEEL - 3.3%** |  |
| 27044 | Reliance Steel & Aluminum Company | &nbsp;&nbsp;&nbsp; 6151158 |
|  | **TECHNOLOGY HARDWARE - 6.5%** |  |
| 76928 | Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp; 6120392 |
| 202023 | HP, Inc. | &nbsp;&nbsp;&nbsp; 5886950 |
|  |  | &nbsp;&nbsp; 12007342 |
|  | **TECHNOLOGY SERVICES - 3.3%** |  |
| 16347 | S&P Global, Inc. | &nbsp;&nbsp;&nbsp; 6129144 |
|  | **TRANSPORTATION & LOGISTICS - 6.5%** |  |
| 62064 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp; 6216952 |
| 52340 | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp; 5660571 |
|  |  | &nbsp;&nbsp; 11877523 |
|  | **TRANSPORTATION EQUIPMENT - 3.2%** |  |
| 132042 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp; 5952453 |
|  | **WHOLESALE - DISCRETIONARY - 3.3%** |  |
| 102510 | LKQ Corporation | &nbsp;&nbsp;&nbsp; 6043990 |
|  | **TOTAL COMMON STOCKS (Cost $167,424,161)** | &nbsp;&nbsp; 181494834 |

---

---

| | |
|:---|:---|
| **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** | **LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** |
| <br> **TOTAL INVESTMENTS – 98.4% (Cost $167,424,161)** | &nbsp;&nbsp;&nbsp; $181494834 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** | &nbsp;&nbsp; 2953193 |
| **NET ASSETS - 100.0%** | &nbsp;&nbsp; $184448027 |

---

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

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **AEROSPACE & DEFENSE - 1.8%** |  |
| 3044 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp; $1410163 |
| 20836 | Textron, Inc. | &nbsp;&nbsp;&nbsp; 1517903 |
|  |  | &nbsp;&nbsp; 2928066 |
|  | **ASSET MANAGEMENT - 2.1%** |  |
| 9313 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp; 1608728 |
| 4743 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; 1660619 |
| 5099 | Vitesse Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81377 |
|  |  | &nbsp;&nbsp; 3350724 |
|  | **BANKING - 3.0%** |  |
| 36707 | Bank OZK | &nbsp;&nbsp;&nbsp; 1676409 |
| 1965 | First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp; 1528141 |
| 22555 | Popular, Inc. | &nbsp;&nbsp;&nbsp; 1548175 |
|  |  | &nbsp;&nbsp; 4752725 |
|  | **BIOTECH & PHARMA - 1.9%** |  |
| 5407 | Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1572896 |
| 8397 | Moderna, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1478376 |
|  |  | &nbsp;&nbsp; 3051272 |
|  | **CHEMICALS - 5.2%** |  |
| 17366 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1470900 |
| 48411 | Chemours Company (The) | &nbsp;&nbsp;&nbsp; 1761676 |
| 33892 | Mosaic Company (The) | &nbsp;&nbsp;&nbsp; 1679010 |
| 28073 | Olin Corporation | &nbsp;&nbsp;&nbsp; 1813236 |
| 46821 | Univar Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1614387 |
|  |  | &nbsp;&nbsp; 8339209 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 163004 | ADT, Inc. | &nbsp;&nbsp;&nbsp; 1432805 |
| 40769 | H&R Block, Inc. | &nbsp;&nbsp;&nbsp; 1589176 |
|  |  | &nbsp;&nbsp; 3021981 |
|  | **CONSTRUCTION MATERIALS - 2.1%** |  |
| 11123 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp; 1624848 |
| 17334 | Owens Corning | &nbsp;&nbsp;&nbsp; 1675331 |
|  |  | &nbsp;&nbsp; 3300179 |
|  | **CONSUMER SERVICES - 2.0%** |  |
| 13996 | Grand Canyon Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1631374 |

---

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **CONSUMER SERVICES - 2.0% (Continued)** |  |
| 21416 | Service Corp International | &nbsp;&nbsp;&nbsp; $1587996 |
|  |  | &nbsp;&nbsp; 3219370 |
|  | **ELECTRIC UTILITIES - 1.9%** |  |
| 46006 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 1574325 |
| 62640 | Vistra Corporation | &nbsp;&nbsp;&nbsp; 1444478 |
|  |  | &nbsp;&nbsp; 3018803 |
|  | **ELECTRICAL EQUIPMENT - 1.0%** |  |
| 8861 | Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp; 1670476 |
|  | **ENGINEERING & CONSTRUCTION - 1.0%** |  |
| 32802 | WillScot Mobile Mini Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1589585 |
|  | **FOOD - 3.0%** |  |
| 16723 | Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1670460 |
| 63029 | Pilgrim's Pride Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1530344 |
| 16447 | Post Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1561643 |
|  |  | &nbsp;&nbsp; 4762447 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.1%** |  |
| 24910 | Louisiana-Pacific Corporation | &nbsp;&nbsp;&nbsp; 1696122 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.5%** |  |
| 19400 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 1498650 |
| 18139 | Centene Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1382917 |
| 4487 | Cigna Corporation | &nbsp;&nbsp;&nbsp; 1420898 |
| 6180 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; 1576333 |
| 3966 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 1501845 |
| 9487 | Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp; 1408630 |
| 10555 | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp; 1564357 |
|  |  | &nbsp;&nbsp; 10353630 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.1%** |  |
| 4164 | United Rentals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1836116 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1%** |  |
| 43323 | Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1701727 |

---

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1% (Continued)** |  |
| 17399 | Morgan Stanley | &nbsp;&nbsp;&nbsp; $1693445 |
|  |  | &nbsp;&nbsp; 3395172 |
|  | **INSURANCE - 9.7%** |  |
| 20579 | Aflac, Inc. | &nbsp;&nbsp;&nbsp; 1512557 |
| 10898 | Allstate Corporation (The) | &nbsp;&nbsp;&nbsp; 1400066 |
| 23354 | American International Group, Inc. | &nbsp;&nbsp;&nbsp; 1476440 |
| 28753 | Brighthouse Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1617931 |
| 51161 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1640733 |
| 19476 | Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1511532 |
| 25260 | Loews Corporation | &nbsp;&nbsp;&nbsp; 1552985 |
| 20388 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 1488732 |
| 17462 | Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1616108 |
| 23919 | Voya Financial, Inc. | &nbsp;&nbsp;&nbsp; 1668829 |
|  |  | &nbsp;&nbsp; 15485913 |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 19841 | GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1629541 |
|  | **LEISURE FACILITIES & SERVICES - 4.3%** |  |
| 27266 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp; 1698944 |
| 11725 | Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1701180 |
| 16396 | Hyatt Hotels Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1789132 |
| 9945 | Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp; 1732220 |
|  |  | &nbsp;&nbsp; 6921476 |
|  | **LEISURE PRODUCTS - 1.1%** |  |
| 14706 | Polaris, Inc. | &nbsp;&nbsp;&nbsp; 1688837 |
|  | **MACHINERY - 1.0%** |  |
| 6186 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp; 1560666 |
|  | **METALS & MINING - 1.0%** |  |
| 32213 | Alcoa Corporation | &nbsp;&nbsp;&nbsp; 1682807 |
|  | **OIL & GAS PRODUCERS - 14.3%** |  |
| 48419 | Antero Resources Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1396404 |

---

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 14.3% (Continued)** |  |
| 32119 | APA Corporation | &nbsp;&nbsp;&nbsp; $1423835 |
| 8304 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 1445062 |
| 12647 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 1541290 |
| 60608 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; 1517018 |
| 13532 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 1569847 |
| 28813 | HF Sinclair Corporation | &nbsp;&nbsp;&nbsp; 1639461 |
| 55266 | Marathon Oil Corporation | &nbsp;&nbsp;&nbsp; 1518157 |
| 12755 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 1639273 |
| 23708 | Occidental Petroleum Corporation | &nbsp;&nbsp;&nbsp; 1536041 |
| 29363 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 1445540 |
| 23577 | PDC Energy, Inc. | &nbsp;&nbsp;&nbsp; 1596870 |
| 14247 | Phillips 66 | &nbsp;&nbsp;&nbsp; 1428547 |
| 59773 | Range Resources Corporation | &nbsp;&nbsp;&nbsp; 1495520 |
| 11700 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 1638350 |
|  |  | &nbsp;&nbsp; 22831215 |
|  | **PUBLISHING & BROADCASTING - 1.1%** |  |
| 8450 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 1730307 |
|  | **RETAIL - DISCRETIONARY - 7.2%** |  |
| 13806 | AutoNation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1749496 |
| 601 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1465749 |
| 9045 | Avis Budget Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1809362 |
| 22845 | Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1820747 |
| 7472 | Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp; 1556044 |
| 1759 | O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1393744 |
| 12859 | Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp; 1643637 |
|  |  | &nbsp;&nbsp; 11438779 |
|  | **SEMICONDUCTORS - 1.0%** |  |
| 3946 | KLA Corporation | &nbsp;&nbsp;&nbsp; 1548726 |
|  | **SOFTWARE - 1.0%** |  |
| 30343 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1588153 |

---

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **SPECIALTY FINANCE - 3.0%** |  |
| 3143 | Credit Acceptance Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1454078 |
| 15169 | Discover Financial Services | &nbsp;&nbsp;&nbsp; 1770677 |
| 89105 | SLM Corporation | &nbsp;&nbsp;&nbsp; 1565575 |
|  |  | &nbsp;&nbsp; 4790330 |
|  | **STEEL - 4.4%** |  |
| 11173 | Nucor Corporation | &nbsp;&nbsp;&nbsp; 1888459 |
| 7337 | Reliance Steel & Aluminum Company | &nbsp;&nbsp;&nbsp; 1668801 |
| 15109 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 1822751 |
| 58695 | United States Steel Corporation | &nbsp;&nbsp;&nbsp; 1672221 |
|  |  | &nbsp;&nbsp; 7052232 |
|  | **TECHNOLOGY HARDWARE - 3.0%** |  |
| 35783 | Avnet, Inc. | &nbsp;&nbsp;&nbsp; 1641724 |
| 55335 | HP, Inc. | &nbsp;&nbsp;&nbsp; 1612462 |
| 55214 | Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1597893 |
|  |  | &nbsp;&nbsp; 4852079 |
|  | **TECHNOLOGY SERVICES - 2.0%** |  |
| 2482 | Fair Isaac Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1652888 |
| 4401 | Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1488154 |
|  |  | &nbsp;&nbsp; 3141042 |
|  | **TRANSPORTATION & LOGISTICS - 4.0%** |  |
| 16124 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp; 1615141 |
| 14154 | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp; 1530755 |
| 9044 | Landstar System, Inc. | &nbsp;&nbsp;&nbsp; 1563075 |
| 5172 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp; 1723517 |
|  |  | &nbsp;&nbsp; 6432488 |
|  | **TRANSPORTATION EQUIPMENT - 1.0%** |  |
| 35743 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1611294 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.8%** |  |
| 16018 | Archer-Daniels-Midland Company | &nbsp;&nbsp;&nbsp; 1327091 |
|  | **WHOLESALE - DISCRETIONARY - 1.0%** |  |
| 27696 | LKQ Corporation | &nbsp;&nbsp;&nbsp; 1632956 |

---

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **TOTAL COMMON STOCKS (Cost $139,957,241)** | &nbsp;&nbsp; $159231809 |
|  | **TOTAL INVESTMENTS – 99.6% (Cost $139,957,241)** | &nbsp;&nbsp;&nbsp; $159231809 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** | &nbsp;&nbsp; 702845 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $159934654 |

---

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

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.3%** |  |
|  | **AEROSPACE & DEFENSE - 0.2%** |  |
| 161 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; $37523 |
| 128 | L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp; 27497 |
| 226 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp; 104696 |
| 139 | Northrop Grumman Corporation | &nbsp;&nbsp;&nbsp; 62279 |
|  |  | &nbsp;&nbsp; 231995 |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 141 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; 49367 |
| 1224 | Charles Schwab Corporation | &nbsp;&nbsp;&nbsp; 94762 |
| 262 | Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp; 29546 |
|  |  | &nbsp;&nbsp; 173675 |
|  | **AUTOMOTIVE - 0.5%** |  |
| 3284 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 568854 |
|  | **BEVERAGES - 0.5%** |  |
| 3502 | Coca-Cola Company | &nbsp;&nbsp;&nbsp; 214743 |
| 122 | Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp; 28245 |
| 522 | Monster Beverage Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54330 |
| 1910 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 326648 |
|  |  | &nbsp;&nbsp; 623966 |
|  | **BIOTECH & PHARMA - 2.1%** |  |
| 2462 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 363761 |
| 738 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 186271 |
| 91 | Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26472 |
| 2969 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp; 215698 |
| 1081 | Eli Lilly and Company | &nbsp;&nbsp;&nbsp; 372027 |
| 1713 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 143789 |
| 2235 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 365248 |
| 3528 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 378941 |
| 460 | Moderna, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 80988 |
| 7722 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 341004 |
| 143 | Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 108461 |
| 351 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 113408 |
|  |  | &nbsp;&nbsp; 2696068 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.3% (Continued)** |  |
|  | **CHEMICALS - 0.3%** |  |
| 306 | Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp; $98076 |
| 155 | Albemarle Corporation | &nbsp;&nbsp;&nbsp; 43625 |
| 684 | Corteva, Inc. | &nbsp;&nbsp;&nbsp; 44084 |
| 417 | Linde plc | &nbsp;&nbsp;&nbsp; 138002 |
|  |  | &nbsp;&nbsp; 323787 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.1%** |  |
| 69 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 30618 |
| 299 | Waste Management, Inc. | &nbsp;&nbsp;&nbsp; 46264 |
|  |  | &nbsp;&nbsp; 76882 |
|  | **DIVERSIFIED INDUSTRIALS - 0.0%<sup>(b)</sup>** |  |
| 198 | Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp; 46736 |
|  | **E-COMMERCE DISCRETIONARY - 0.4%** |  |
| 5588 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 576290 |
|  | **ELECTRIC UTILITIES - 0.1%** |  |
| 2233 | PG&E Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35506 |
| 263 | Sempra Energy | &nbsp;&nbsp;&nbsp; 42166 |
|  |  | &nbsp;&nbsp; 77672 |
|  | **ELECTRICAL EQUIPMENT - 0.1%** |  |
| 820 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 65411 |
|  | **ENGINEERING & CONSTRUCTION - 0.0%<sup>(b)</sup>** |  |
| 199 | Quanta Services, Inc. | &nbsp;&nbsp;&nbsp; 30286 |
|  | **ENTERTAINMENT CONTENT - 0.1%** |  |
| 570 | Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp; 43645 |
| 241 | Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp; 31012 |
|  |  | &nbsp;&nbsp; 74657 |
|  | **FOOD - 0.1%** |  |
| 566 | General Mills, Inc. | &nbsp;&nbsp;&nbsp; 44352 |
| 205 | Hershey Company (The) | &nbsp;&nbsp;&nbsp; 46044 |
| 1024 | Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp; 67010 |
|  |  | &nbsp;&nbsp; 157406 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.3% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8%** |  |
| 207 | Cigna Corporation | &nbsp;&nbsp;&nbsp; $65551 |
| 327 | Elevance Health, Inc. | &nbsp;&nbsp;&nbsp; 163497 |
| 155 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; 39536 |
| 110 | Humana, Inc. | &nbsp;&nbsp;&nbsp; 56287 |
| 119 | IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27300 |
| 89 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 33703 |
| 80 | Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24946 |
| 1293 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 645453 |
|  |  | &nbsp;&nbsp; 1056273 |
|  | **HOUSEHOLD PRODUCTS - 0.3%** |  |
| 638 | Colgate-Palmolive Company | &nbsp;&nbsp;&nbsp; 47550 |
| 225 | Kimberly-Clark Corporation | &nbsp;&nbsp;&nbsp; 29252 |
| 1816 | Procter & Gamble Company | &nbsp;&nbsp;&nbsp; 258562 |
|  |  | &nbsp;&nbsp; 335364 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.0%<sup>(b)</sup>** |  |
| 61 | WW Grainger, Inc. | &nbsp;&nbsp;&nbsp; 35958 |
|  | **INSURANCE - 0.2%** |  |
| 185 | Arthur J Gallagher & Company | &nbsp;&nbsp;&nbsp; 36208 |
| 437 | Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp; 76436 |
| 802 | Progressive Corporation (The) | &nbsp;&nbsp;&nbsp; 109353 |
| 173 | Travelers Companies, Inc. | &nbsp;&nbsp;&nbsp; 33064 |
|  |  | &nbsp;&nbsp; 255061 |
|  | **INTERNET MEDIA & SERVICES - 1.2%** |  |
| 8174 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 807918 |
| 7250 | Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 724058 |
|  |  | &nbsp;&nbsp; 1531976 |
|  | **LEISURE FACILITIES & SERVICES - 0.3%** |  |
| 37 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60916 |
| 187 | Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp; 32572 |
| 628 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 167928 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.3% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.3% (Continued)** |  |
| 802 | Starbucks Corporation | &nbsp;&nbsp;&nbsp; $87530 |
| 248 | Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp; 32366 |
|  |  | &nbsp;&nbsp; 381312 |
|  | **MACHINERY - 0.2%** |  |
| 433 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp; 109242 |
| 384 | Deere & Company | &nbsp;&nbsp;&nbsp; 162371 |
|  |  | &nbsp;&nbsp; 271613 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.7%** |  |
| 1234 | Abbott Laboratories | &nbsp;&nbsp;&nbsp; 136419 |
| 243 | Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp; 36955 |
| 1042 | Boston Scientific Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48193 |
| 884 | Danaher Corporation | &nbsp;&nbsp;&nbsp; 233712 |
| 520 | DexCom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 55687 |
| 344 | Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27991 |
| 236 | Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 57983 |
| 19 | Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29125 |
| 531 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 302845 |
| 81 | Waters Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26615 |
|  |  | &nbsp;&nbsp; 955525 |
|  | **METALS & MINING - 0.1%** |  |
| 2011 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 89731 |
|  | **OIL & GAS PRODUCERS - 1.5%** |  |
| 2454 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 427045 |
| 1724 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 210104 |
| 1129 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; 28259 |
| 926 | Devon Energy Corporation | &nbsp;&nbsp;&nbsp; 58560 |
| 241 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 35215 |
| 824 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 108974 |
| 5675 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 658356 |
| 386 | Hess Corporation | &nbsp;&nbsp;&nbsp; 57962 |
| 895 | Marathon Oil Corporation | &nbsp;&nbsp;&nbsp; 24586 |
| 307 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 39456 |
| 1020 | Occidental Petroleum Corporation | &nbsp;&nbsp;&nbsp; 66086 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 1.5% (Continued)** |  |
| 615 | ONEOK, Inc. | &nbsp;&nbsp;&nbsp; $42115 |
| 329 | Pioneer Natural Resources Company | &nbsp;&nbsp;&nbsp; 75785 |
| 1693 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 54583 |
|  |  | &nbsp;&nbsp; 1887086 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.0%<sup>(b)</sup>** |  |
| 1039 | Schlumberger Ltd | &nbsp;&nbsp;&nbsp; 59202 |
|  | **RENEWABLE ENERGY - 0.0%<sup>(b)</sup>** |  |
| 194 | Enphase Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 42948 |
|  | **RETAIL - CONSUMER STAPLES - 0.2%** |  |
| 403 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 205989 |
| 305 | Dollar General Corporation | &nbsp;&nbsp;&nbsp; 71248 |
| 287 | Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43102 |
|  |  | &nbsp;&nbsp; 320339 |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 25 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60971 |
| 139 | Genuine Parts Company | &nbsp;&nbsp;&nbsp; 23327 |
| 753 | Home Depot, Inc. | &nbsp;&nbsp;&nbsp; 244101 |
| 596 | Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp; 124117 |
| 84 | O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66557 |
| 1011 | TJX Companies, Inc. | &nbsp;&nbsp;&nbsp; 82760 |
| 147 | Tractor Supply Company | &nbsp;&nbsp;&nbsp; 33515 |
| 68 | Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34949 |
|  |  | &nbsp;&nbsp; 670297 |
|  | **SEMICONDUCTORS - 1.3%** |  |
| 1173 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 88151 |
| 327 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; 56071 |
| 1164 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; 129774 |
| 330 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 193053 |
| 192 | KLA Corporation | &nbsp;&nbsp;&nbsp; 75356 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.4% (Continued)** |  |
|  | **SEMICONDUCTORS - 1.3% (Continued)** |  |
| 181 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; $90518 |
| 365 | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp; 28331 |
| 3342 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 652927 |
| 586 | ON Semiconductor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43042 |
| 1543 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 205543 |
| 781 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; 138401 |
|  |  | &nbsp;&nbsp; 1701167 |
|  | **SOFTWARE - 1.6%** |  |
| 298 | Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110361 |
| 161 | Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34641 |
| 376 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68744 |
| 886 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 46373 |
| 202 | Intuit, Inc. | &nbsp;&nbsp;&nbsp; 85379 |
| 5890 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 1459601 |
| 1240 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 109690 |
| 269 | ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 122430 |
| 208 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 73580 |
|  |  | &nbsp;&nbsp; 2110799 |
|  | **SPECIALTY FINANCE - 0.1%** |  |
| 398 | American Express Company | &nbsp;&nbsp;&nbsp; 69622 |
|  | **STEEL - 0.0%<sup>(b)</sup>** |  |
| 363 | Nucor Corporation | &nbsp;&nbsp;&nbsp; 61354 |
|  | **TECHNOLOGY HARDWARE - 2.4%** |  |
| 20668 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 2982187 |
| 332 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41838 |
| 123 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 31612 |
|  |  | &nbsp;&nbsp; 3055637 |
|  | **TECHNOLOGY SERVICES - 1.0%** |  |
| 572 | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp; 129163 |
| 555 | CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43235 |
| 600 | Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 64008 |
| 106 | Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35843 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.4% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.0% (Continued)** |  |
| 1162 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; $430637 |
| 99 | Moody's Corporation | &nbsp;&nbsp;&nbsp; 31952 |
| 61 | MSCI, Inc. | &nbsp;&nbsp;&nbsp; 32425 |
| 249 | Paychex, Inc. | &nbsp;&nbsp;&nbsp; 28849 |
| 2232 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 513829 |
|  |  | &nbsp;&nbsp; 1309941 |
|  | **TELECOMMUNICATIONS - 0.1%** |  |
| 564 | T-Mobile US, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 84211 |
|  | **TOBACCO & CANNABIS - 0.1%** |  |
| 1299 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 58507 |
| 1169 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp; 121857 |
|  |  | &nbsp;&nbsp; 180364 |
|  | **TRANSPORTATION & LOGISTICS - 0.1%** |  |
| 1392 | CSX Corporation | &nbsp;&nbsp;&nbsp; 43041 |
| 122 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp; 40655 |
| 426 | Union Pacific Corporation | &nbsp;&nbsp;&nbsp; 86985 |
|  |  | &nbsp;&nbsp; 170681 |
|  | **TRANSPORTATION EQUIPMENT - 0.0%<sup>(b)</sup>** |  |
| 98 | Cummins, Inc. | &nbsp;&nbsp;&nbsp; 24455 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.0%<sup>(b)</sup>** |  |
| 382 | Archer-Daniels-Midland Company | &nbsp;&nbsp;&nbsp; 31649 |
|  | **WHOLESALE - DISCRETIONARY - 0.0%<sup>(b)</sup>** |  |
| 577 | Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38434 |
|  | **TOTAL COMMON STOCKS (Cost $20,717,100)** | &nbsp;&nbsp; 22454674 |
|  | **EXCHANGE-TRADED FUNDS — 81.3%** |  |
|  | **EQUITY - 81.3%** |  |
| 709951 | iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 36115207 |

---

---

| | | |
|:---|:---|:---|
| **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** | **LEADERSHARES EQUITY SKEW ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 81.3% (Continued)** |  |
|  | **EQUITY - 81.3% (Continued)** |  |
| 359426 | SPDR Portfolio Emerging Markets ETF | &nbsp;&nbsp;&nbsp; $12781189 |
| 122604 | SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 5100326 |
| 49241 | SPDR S&P 600 Small Cap Growth ETF | &nbsp;&nbsp;&nbsp; 3820117 |
| 128215 | SPDR S&P 600 Small CapValue ETF, N | &nbsp;&nbsp;&nbsp; 10659795 |
| 881909 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 37243018 |
|  |  | &nbsp;&nbsp; 105719652 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $97,225,538)** | &nbsp;&nbsp; 105719652 |
|  | **REITS — 0.1%** |  |
|  | **REITS - 0.0%<sup>(b)</sup>** |  |
| 763 | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp; 26079 |
|  | **INFRASTRUCTURE REIT - 0.1%** |  |
| 331 | American Tower Corporation | &nbsp;&nbsp;&nbsp; 73942 |
|  | **SELF-STORAGE REIT – 0.0%<sup>(b)</sup>** |  |
| 133 | Public Storage | &nbsp;&nbsp;&nbsp; 40477 |
|  | **TOTAL REITS (Cost $133,823)** | &nbsp;&nbsp; 140498 |
|  | **TOTAL INVESTMENTS – 98.7% (Cost $118,076,461)** | &nbsp;&nbsp;&nbsp; $128314824 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%** | &nbsp;&nbsp; 1685031 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $129999855 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| 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> Percentage rounds to less than 0.1%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 51.8%** | **CORPORATE BONDS — 51.8%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **2.9%** | **AEROSPACE & DEFENSE** — **2.9%** |  |  |  |
| 378000 | Boeing Company (The) |  | 4.8750 | &nbsp;&nbsp;&nbsp;05/01/25 | $378005 |
| 516000 | Boeing Company (The) |  | 2.1960 | &nbsp;&nbsp;&nbsp;02/04/26 | 476246 |
| 388000 | Boeing Company (The) |  | 5.1500 | &nbsp;&nbsp;&nbsp;05/01/30 | 390494 |
| 336000 | Boeing Company (The) |  | 5.7050 | &nbsp;&nbsp;&nbsp;05/01/40 | 343137 |
| 336000 | Boeing Company (The) |  | 5.8050 | &nbsp;&nbsp;&nbsp;05/01/50 | 340851 |
| 336000 | Boeing Company (The) |  | 5.9300 | &nbsp;&nbsp;&nbsp;05/01/60 | 340919 |
| 378000 | Raytheon Technologies Corporation |  | 4.1250 | &nbsp;&nbsp;&nbsp;11/16/28 | 370423 |
| 336000 | Raytheon Technologies Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/42 | 321682 |
|  |  |  |  |  | 2961757 |
|  | **BANKING** — **11.1%** | **BANKING** — **11.1%** |  |  |  |
| 516000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 0.960% | 1.7340 | &nbsp;&nbsp;&nbsp;07/22/27 | 461967 |
| 506000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 1.040% | 3.4190 | &nbsp;&nbsp;&nbsp;12/20/28 | 472697 |
| 388000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 1.310% | 4.2710 | &nbsp;&nbsp;&nbsp;07/23/29 | 374592 |
| 388000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 1.210% | 3.9740 | &nbsp;&nbsp;&nbsp;02/07/30 | 366171 |
| 526000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 0.990% | 2.4960 | &nbsp;&nbsp;&nbsp;02/13/31 | 446889 |
| 526000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.320% | 2.6870 | &nbsp;&nbsp;&nbsp;04/22/32 | 443313 |
| 556000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.930% | 2.6760 | &nbsp;&nbsp;&nbsp;06/19/41 | 408932 |
| 536000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.580% | 3.3110 | &nbsp;&nbsp;&nbsp;04/22/42 | 430294 |
| 419000 | Bank of America Corporation B<sup>(a)</sup> | US0003M + 3.150% | 4.0830 | &nbsp;&nbsp;&nbsp;03/20/51 | 359063 |
| 506000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 2.842% | 3.1060 | &nbsp;&nbsp;&nbsp;04/08/26 | 485143 |
| 388000 | Citigroup, Inc. |  | 4.4500 | &nbsp;&nbsp;&nbsp;09/29/27 | 380321 |
| 388000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 3.914% | 4.4120 | &nbsp;&nbsp;&nbsp;03/31/31 | 371608 |
| 526000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 2.107% | 2.5720 | &nbsp;&nbsp;&nbsp;06/03/31 | 445663 |
| 506000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.850% | 2.0830 | &nbsp;&nbsp;&nbsp;04/22/26 | 475134 |
| 516000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 0.885% | 1.5780 | &nbsp;&nbsp;&nbsp;04/22/27 | 463390 |
| 526000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.510% | 2.7390 | &nbsp;&nbsp;&nbsp;10/15/30 | 459002 |
| 388000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 3.790% | 4.4930 | &nbsp;&nbsp;&nbsp;03/24/31 | 378346 |
| 526000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.250% | 2.5800 | &nbsp;&nbsp;&nbsp;04/22/32 | 441923 |
| 281000 | JPMorgan Chase & Company |  | 6.4000 | &nbsp;&nbsp;&nbsp;05/15/38 | 322170 |
| 419000 | JPMorgan Chase & Company<sup>(a)</sup> | US0003M + 1.380% | 3.9640 | &nbsp;&nbsp;&nbsp;11/15/48 | 360941 |
| 439000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.580% | 3.3280 | &nbsp;&nbsp;&nbsp;04/22/52 | 333249 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 51.8% (Continued)** | **CORPORATE BONDS — 51.8% (Continued)** |  |  |  |
|  | **BANKING** — **11.1% (Continued)** | **BANKING** — **11.1% (Continued)** |  |  |  |
| 506000 | Wells Fargo & Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;04/22/26 | $480110 |
| 506000 | Wells Fargo & Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;10/23/26 | 477192 |
| 516000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.100% | 2.3930 | &nbsp;&nbsp;&nbsp;06/02/28 | 467170 |
| 516000 | Wells Fargo & Company<sup>(a)</sup> | US0003M + 1.170% | 2.8790 | &nbsp;&nbsp;&nbsp;10/30/30 | 455894 |
| 536000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.530% | 3.0680 | &nbsp;&nbsp;&nbsp;04/30/41 | 415184 |
| 316000 | Wells Fargo & Company<sup>(a)</sup> | US0003M + 4.240% | 5.0130 | &nbsp;&nbsp;&nbsp;04/04/51 | 310086 |
|  |  |  |  |  | 11286444 |
|  | **BEVERAGES** — **1.6%** | **BEVERAGES** — **1.6%** |  |  |  |
| 384000 | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 3.6500 | &nbsp;&nbsp;&nbsp;02/01/26 | 374914 |
| 332000 | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 4.7000 | &nbsp;&nbsp;&nbsp;02/01/36 | 328452 |
| 322000 | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 4.9000 | &nbsp;&nbsp;&nbsp;02/01/46 | 313461 |
| 312000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.7500 | &nbsp;&nbsp;&nbsp;01/23/29 | 316338 |
| 312000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | &nbsp;&nbsp;&nbsp;01/23/49 | 333346 |
|  |  |  |  |  | 1666511 |
|  | **BIOTECH & PHARMA** — **4.4%** | **BIOTECH & PHARMA** — **4.4%** |  |  |  |
| 506000 | AbbVie, Inc. |  | 2.6000 | &nbsp;&nbsp;&nbsp;11/21/24 | 487445 |
| 506000 | AbbVie, Inc. |  | 3.6000 | &nbsp;&nbsp;&nbsp;05/14/25 | 493156 |
| 506000 | AbbVie, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;11/21/26 | 478320 |
| 516000 | AbbVie, Inc. |  | 3.2000 | &nbsp;&nbsp;&nbsp;11/21/29 | 478437 |
| 399000 | AbbVie, Inc. |  | 4.0500 | &nbsp;&nbsp;&nbsp;11/21/39 | 358618 |
| 346000 | AbbVie, Inc. |  | 4.2500 | &nbsp;&nbsp;&nbsp;11/21/49 | 308101 |
| 336000 | Amgen, Inc. |  | 4.6630 | &nbsp;&nbsp;&nbsp;06/15/51 | 307703 |
| 281000 | AstraZeneca PLC |  | 6.4500 | &nbsp;&nbsp;&nbsp;09/15/37 | 335534 |
| 267000 | Bristol-Myers Squibb Company |  | 3.4000 | &nbsp;&nbsp;&nbsp;07/26/29 | 254123 |
| 336000 | Bristol-Myers Squibb Company |  | 4.2500 | &nbsp;&nbsp;&nbsp;10/26/49 | 308421 |
| 281000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | &nbsp;&nbsp;&nbsp;05/15/38 | 334752 |
| 271000 | Pfizer, Inc. |  | 7.2000 | &nbsp;&nbsp;&nbsp;03/15/39 | 346281 |
|  |  |  |  |  | 4490891 |
|  | **CABLE & SATELLITE** — **1.4%** | **CABLE & SATELLITE** — **1.4%** |  |  |  |
| 378000 | Comcast Corporation |  | 4.1500 | &nbsp;&nbsp;&nbsp;10/15/28 | 374234 |
| 219000 | Comcast Corporation |  | 4.6000 | &nbsp;&nbsp;&nbsp;10/15/38 | 214452 |
| 223000 | Comcast Corporation |  | 4.7000 | &nbsp;&nbsp;&nbsp;10/15/48 | 213950 |
| 415000 | Comcast Corporation |  | 2.8870 | &nbsp;&nbsp;&nbsp;11/01/51 | 288254 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 51.8% (Continued)** | **CORPORATE BONDS — 51.8% (Continued)** |  |  |  |
|  | **CABLE & SATELLITE** — **1.4% (Continued)** | **CABLE & SATELLITE** — **1.4% (Continued)** |  |  |  |
| 431000 | Comcast Corporation |  | 2.9370 | &nbsp;&nbsp;&nbsp;11/01/56 | $292542 |
|  |  |  |  |  | 1383432 |
|  | **DIVERSIFIED INDUSTRIALS** — **0.3%** | **DIVERSIFIED INDUSTRIALS** — **0.3%** |  |  |  |
| 238000 | General Electric Company |  | 6.7500 | &nbsp;&nbsp;&nbsp;03/15/32 | 273502 |
|  | **E-COMMERCE DISCRETIONARY** — **0.7%** | **E-COMMERCE DISCRETIONARY** — **0.7%** |  |  |  |
| 388000 | Amazon.com, Inc. |  | 3.1500 | &nbsp;&nbsp;&nbsp;08/22/27 | 370589 |
| 336000 | Amazon.com, Inc. |  | 4.0500 | &nbsp;&nbsp;&nbsp;08/22/47 | 303499 |
|  |  |  |  |  | 674088 |
|  | **FOOD** — **3.5%** | **FOOD** — **3.5%** |  |  |  |
| 621000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/01/26 | 590447 |
| 621000 | Kraft Heinz Foods Company |  | 3.8750 | &nbsp;&nbsp;&nbsp;05/15/27 | 604336 |
| 257000 | Kraft Heinz Foods Company |  | 4.2500 | &nbsp;&nbsp;&nbsp;03/01/31 | 247827 |
| 344000 | Kraft Heinz Foods Company<sup>(b)</sup> |  | 7.1250 | &nbsp;&nbsp;&nbsp;08/01/39 | 395928 |
| 461000 | Kraft Heinz Foods Company |  | 5.0000 | &nbsp;&nbsp;&nbsp;06/04/42 | 440877 |
| 451000 | Kraft Heinz Foods Company |  | 5.2000 | &nbsp;&nbsp;&nbsp;07/15/45 | 440069 |
| 471000 | Kraft Heinz Foods Company |  | 4.3750 | &nbsp;&nbsp;&nbsp;06/01/46 | 410322 |
| 461000 | Kraft Heinz Foods Company |  | 4.8750 | &nbsp;&nbsp;&nbsp;10/01/49 | 429498 |
|  |  |  |  |  | 3559304 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **3.8%** | **HEALTH CARE FACILITIES & SERVICES** — **3.8%** |  |  |  |
| 378000 | Cigna Corporation |  | 4.3750 | &nbsp;&nbsp;&nbsp;10/15/28 | 374335 |
| 336000 | Cigna Corporation |  | 4.9000 | &nbsp;&nbsp;&nbsp;12/15/48 | 320381 |
| 336000 | CVS Health Corp 5.050000 03/25/2048 |  | 5.0500 | &nbsp;&nbsp;&nbsp;03/25/48 | 317799 |
| 293000 | CVS Health Corporation |  | 4.3000 | &nbsp;&nbsp;&nbsp;03/25/28 | 287450 |
| 336000 | CVS Health Corporation |  | 4.7800 | &nbsp;&nbsp;&nbsp;03/25/38 | 320665 |
| 336000 | CVS Health Corporation |  | 5.1250 | &nbsp;&nbsp;&nbsp;07/20/45 | 322495 |
| 441000 | HCA, Inc. |  | 5.3750 | &nbsp;&nbsp;&nbsp;02/01/25 | 442674 |
| 441000 | HCA, Inc. |  | 5.8750 | &nbsp;&nbsp;&nbsp;02/15/26 | 448179 |
| 441000 | HCA, Inc. |  | 5.6250 | &nbsp;&nbsp;&nbsp;09/01/28 | 448003 |
| 631000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/01/30 | 564644 |
|  |  |  |  |  | 3846625 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **3.6%** | **INSTITUTIONAL FINANCIAL SERVICES** — **3.6%** |  |  |  |
| 506000 | Goldman Sachs Group, Inc. (The) |  | 3.5000 | &nbsp;&nbsp;&nbsp;04/01/25 | 491092 |
| 388000 | Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | US0003M + 1.301% | 4.2230 | &nbsp;&nbsp;&nbsp;05/01/29 | 373760 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 51.8% (Continued)** | **CORPORATE BONDS — 51.8% (Continued)** |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **3.6% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES** — **3.6% (Continued)** |  |  |  |
| 526000 | Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | SOFRRATE + 1.281% | 2.6150 | &nbsp;&nbsp;&nbsp;04/22/32 | $439096 |
| 291000 | Goldman Sachs Group, Inc. (The) |  | 6.7500 | &nbsp;&nbsp;&nbsp;10/01/37 | 325267 |
| 281000 | Goldman Sachs Group, Inc. (The) |  | 6.2500 | &nbsp;&nbsp;&nbsp;02/01/41 | 317995 |
| 388000 | Morgan Stanley |  | 3.8750 | &nbsp;&nbsp;&nbsp;01/27/26 | 378604 |
| 516000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;&nbsp;05/04/27 | 463293 |
| 388000 | Morgan Stanley<sup>(a)</sup> | US0003M + 1.628% | 4.4310 | &nbsp;&nbsp;&nbsp;01/23/30 | 377257 |
| 526000 | Morgan Stanley Series GMTN<sup>(a)</sup> | SOFRRATE + 1.143% | 2.6990 | &nbsp;&nbsp;&nbsp;01/22/31 | 455774 |
|  |  |  |  |  | 3622138 |
|  | **LEISURE FACILITIES & SERVICES** — **0.2%** | **LEISURE FACILITIES & SERVICES** — **0.2%** |  |  |  |
| 222000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;04/01/28 | 191213 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.3%** | **MEDICAL EQUIPMENT & DEVICES** — **0.3%** |  |  |  |
| 316000 | Abbott Laboratories |  | 4.9000 | &nbsp;&nbsp;&nbsp;11/30/46 | 328869 |
|  | **METALS & MINING** — **0.4%** | **METALS & MINING** — **0.4%** |  |  |  |
| 451000 | Freeport-McMoRan, Inc. |  | 5.4500 | &nbsp;&nbsp;&nbsp;03/15/43 | 438824 |
|  | **OIL & GAS PRODUCERS** — **1.7%** | **OIL & GAS PRODUCERS** — **1.7%** |  |  |  |
| 211000 | Cheniere Energy Partners, L.P. |  | 4.0000 | &nbsp;&nbsp;&nbsp;03/01/31 | 189514 |
| 153000 | ConocoPhillips |  | 6.5000 | &nbsp;&nbsp;&nbsp;02/01/39 | 181252 |
| 310000 | ConocoPhillips Company |  | 4.0250 | &nbsp;&nbsp;&nbsp;03/15/62 | 265591 |
| 441000 | Continental Resources Inc/OK<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;01/15/31 | 432428 |
| 281000 | Shell International Finance BV |  | 6.3750 | &nbsp;&nbsp;&nbsp;12/15/38 | 326745 |
| 336000 | Shell International Finance BV |  | 4.3750 | &nbsp;&nbsp;&nbsp;05/11/45 | 315945 |
|  |  |  |  |  | 1711475 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.2%** | **REAL ESTATE INVESTMENT TRUSTS** — **0.2%** |  |  |  |
| 207000 | SBA Communications Corporation |  | 3.1250 | &nbsp;&nbsp;&nbsp;02/01/29 | 175627 |
|  | **RETAIL - DISCRETIONARY** — **0.3%** | **RETAIL - DISCRETIONARY** — **0.3%** |  |  |  |
| 281000 | Home Depot, Inc. (The) |  | 5.8750 | &nbsp;&nbsp;&nbsp;12/16/36 | 314778 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 51.8% (Continued)** | **CORPORATE BONDS — 51.8% (Continued)** |  |  |  |
|  | **SEMICONDUCTORS** — **0.7%** | **SEMICONDUCTORS** — **0.7%** |  |  |  |
| 439000 | Broadcom, Inc.<sup>(b)</sup> |  | 3.1370 | &nbsp;&nbsp;&nbsp;11/15/35 | $339723 |
| 439000 | Broadcom, Inc.<sup>(b)</sup> |  | 3.1870 | &nbsp;&nbsp;&nbsp;11/15/36 | 334747 |
|  |  |  |  |  | 674470 |
|  | **SOFTWARE** — **3.3%** | **SOFTWARE** — **3.3%** |  |  |  |
| 506000 | Microsoft Corporation |  | 2.4000 | &nbsp;&nbsp;&nbsp;08/08/26 | 476806 |
| 378000 | Microsoft Corporation |  | 3.3000 | &nbsp;&nbsp;&nbsp;02/06/27 | 367413 |
| 556000 | Microsoft Corporation |  | 2.5250 | &nbsp;&nbsp;&nbsp;06/01/50 | 393946 |
| 536000 | Microsoft Corporation |  | 2.9210 | &nbsp;&nbsp;&nbsp;03/17/52 | 407231 |
| 591000 | Microsoft Corporation |  | 2.6750 | &nbsp;&nbsp;&nbsp;06/01/60 | 407796 |
| 506000 | Oracle Corporation |  | 2.5000 | &nbsp;&nbsp;&nbsp;04/01/25 | 482455 |
| 591000 | Oracle Corporation |  | 3.6000 | &nbsp;&nbsp;&nbsp;04/01/50 | 432943 |
| 601000 | Oracle Corporation |  | 3.8500 | &nbsp;&nbsp;&nbsp;04/01/60 | 432225 |
|  |  |  |  |  | 3400815 |
|  | **TECHNOLOGY HARDWARE** — **2.4%** | **TECHNOLOGY HARDWARE** — **2.4%** |  |  |  |
| 486000 | Apple, Inc. |  | 2.4000 | &nbsp;&nbsp;&nbsp;05/03/23 | 483298 |
| 506000 | Apple, Inc. |  | 3.2500 | &nbsp;&nbsp;&nbsp;02/23/26 | 491593 |
| 399000 | Apple, Inc. |  | 3.8500 | &nbsp;&nbsp;&nbsp;05/04/43 | 361909 |
| 316000 | Apple, Inc. |  | 4.6500 | &nbsp;&nbsp;&nbsp;02/23/46 | 317432 |
| 316000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;&nbsp;06/15/26 | 324765 |
| 451000 | Western Digital Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;02/15/26 | 436131 |
|  |  |  |  |  | 2415128 |
|  | **TECHNOLOGY SERVICES** — **0.8%** | **TECHNOLOGY SERVICES** — **0.8%** |  |  |  |
| 506000 | Visa, Inc. |  | 3.1500 | &nbsp;&nbsp;&nbsp;12/14/25 | 491338 |
| 336000 | Visa, Inc. |  | 4.3000 | &nbsp;&nbsp;&nbsp;12/14/45 | 324799 |
|  |  |  |  |  | 816137 |
|  | **TELECOMMUNICATIONS** — **6.9%** | **TELECOMMUNICATIONS** — **6.9%** |  |  |  |
| 204000 | AT&T, Inc. |  | 4.3500 | &nbsp;&nbsp;&nbsp;03/01/29 | 200213 |
| 204000 | AT&T, Inc. |  | 4.3000 | &nbsp;&nbsp;&nbsp;02/15/30 | 198672 |
| 417000 | AT&T, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;12/01/33 | 335969 |
| 427000 | AT&T, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/15/53 | 314639 |
| 437000 | AT&T, Inc. |  | 3.5500 | &nbsp;&nbsp;&nbsp;09/15/55 | 318668 |
| 534000 | AT&T, Inc. |  | 3.8000 | &nbsp;&nbsp;&nbsp;12/01/57 | 403406 |
| 437000 | AT&T, Inc. |  | 3.6500 | &nbsp;&nbsp;&nbsp;09/15/59 | 318618 |
| 271000 | British Telecommunications PLC |  | 9.6250 | &nbsp;&nbsp;&nbsp;12/15/30 | 341333 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** | **LEADERSHARES DYNAMIC YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 51.8% (Continued)** | **CORPORATE BONDS — 51.8% (Continued)** |  |  |  |
|  | **TELECOMMUNICATIONS** — **6.9% (Continued)** | **TELECOMMUNICATIONS** — **6.9% (Continued)** |  |  |  |
| 271000 | Deutsche Telekom International Finance BV |  | 8.7500 | &nbsp;&nbsp;&nbsp;06/15/30 | $330663 |
| 271000 | Orange S.A. |  | 9.0000 | &nbsp;&nbsp;&nbsp;03/01/31 | 342324 |
| 378000 | Verizon Communications, Inc. |  | 4.1250 | &nbsp;&nbsp;&nbsp;03/16/27 | 372957 |
| 378000 | Verizon Communications, Inc. |  | 4.3290 | &nbsp;&nbsp;&nbsp;09/21/28 | 372348 |
| 388000 | Verizon Communications, Inc. |  | 4.0160 | &nbsp;&nbsp;&nbsp;12/03/29 | 371429 |
| 526000 | Verizon Communications, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;03/21/31 | 447163 |
| 334000 | Verizon Communications, Inc. |  | 4.5000 | &nbsp;&nbsp;&nbsp;08/10/33 | 325811 |
| 536000 | Verizon Communications, Inc. |  | 3.4000 | &nbsp;&nbsp;&nbsp;03/22/41 | 430125 |
| 334000 | Verizon Communications, Inc. |  | 4.8620 | &nbsp;&nbsp;&nbsp;08/21/46 | 321863 |
| 429000 | Verizon Communications, Inc. |  | 3.5500 | &nbsp;&nbsp;&nbsp;03/22/51 | 330973 |
| 439000 | Verizon Communications, Inc. |  | 3.7000 | &nbsp;&nbsp;&nbsp;03/22/61 | 331861 |
| 362000 | Vodafone Group PLC |  | 4.3750 | &nbsp;&nbsp;&nbsp;05/30/28 | 362980 |
| 336000 | Vodafone Group PLC |  | 5.2500 | &nbsp;&nbsp;&nbsp;05/30/48 | 317989 |
|  |  |  |  |  | 7090004 |
|  | **TOBACCO & CANNABIS** — **0.5%** | **TOBACCO & CANNABIS** — **0.5%** |  |  |  |
| 516000 | BAT Capital Corporation |  | 3.5570 | &nbsp;&nbsp;&nbsp;08/15/27 | 480734 |
|  | **TRANSPORTATION & LOGISTICS** — **0.8%** | **TRANSPORTATION & LOGISTICS** — **0.8%** |  |  |  |
| 191000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;04/20/26 | 187396 |
| 201000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;04/20/29 | 194803 |
| 441000 | Delta Air Lines, Inc. |  | 7.3750 | &nbsp;&nbsp;&nbsp;01/15/26 | 459311 |
|  |  |  |  |  | 841510 |
|  | **TOTAL CORPORATE BONDS (Cost $57,705,890)** | **TOTAL CORPORATE BONDS (Cost $57,705,890)** |  |  | 52644276 |
|  | **U.S. GOVERNMENT & AGENCIES — 10.5%** | **U.S. GOVERNMENT & AGENCIES — 10.5%** |  |  |  |
|  | **U.S. TREASURY NOTES** — **10.5%** | **U.S. TREASURY NOTES** — **10.5%** |  |  |  |
| 5413000 | United States Treasury Note |  | 1.5000 | &nbsp;&nbsp;&nbsp;02/29/24 | 5229950 |
| 5487000 | United States Treasury Note |  | 1.5000 | &nbsp;&nbsp;&nbsp;02/15/25 | 5198504 |
| 120000 | United States Treasury Note |  | 1.6250 | &nbsp;&nbsp;&nbsp;05/15/31 | 104184 |
| 100000 | United States Treasury Note |  | 2.2500 | &nbsp;&nbsp;&nbsp;05/15/41 | 79463 |
| 69000 | United States Treasury Note |  | 2.3750 | &nbsp;&nbsp;&nbsp;05/15/51 | 53025 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $11,138,159)** |  |  |  | &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;10665126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 34.0%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **34.0%** |  |  |  |
| 15150000 | United States Treasury Bill <sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;02/09/23 | $15135965 |
| 5457000 | United States Treasury Bill <sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;02/23/23 | 5442196 |
| 7072000 | United States Treasury Bill <sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;03/16/23 | &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;7034242 |
| 7078000 | United States Treasury Bill <sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;04/27/23 | 7002671 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $34,628,450)** |  |  | 34615074 |
|  | **TOTAL INVESTMENTS - 96.3% (Cost $103,472,499)** |  |  | &nbsp;&nbsp;&nbsp; $97924476 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.7%** |  |  | &nbsp;&nbsp; 3719822 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $101644298 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |

---

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on January 31, 2023.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is 2,076,238 or 2.0% of net assets.

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

## 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 Alphafactor Tactical Focused ETF

- **b. EDGAR series identifier (if any):** S000068214

- **c. LEI of Series:** 549300QKZB2GZ6B2G123

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $184575625.79

**Total Liabilities:** $127599.00

**Net Assets:** $184448026.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218404 | -2.61%               | -3.55%               | 9.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-817675.27              | $-3576592.36                               |
| Month 2  | $-16921.46               | $-6427587.77                               |
| Month 3  | $-5086526.64             | $20523781.69                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| S&P Global Inc                              | S&P GLOBAL INC    | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     16347 | NS      | $6129144.18   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy, Inc.                            | PDC ENERGY INC    | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |     92771 | NS      | $6283379.83   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                   | APA CORP          | CUSIP: 03743Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131363 | NS      | $5823321.79   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                      | HP INC            | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    202023 | NS      | $5886950.22   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Company                  | MARATHON PETROLE  | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     48522 | NS      | $6236047.44   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                     | BOYD GAMING CORP  | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     99148 | NS      | $6177911.88   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc           | ALLISON TRANSMIS  | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |    132042 | NS      | $5952453.36   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrims Pride Corporation                  | PILGRIM'S PRIDE   | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |    226308 | NS      | $5494758.24   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corporation                           | CIGNA CORP        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     18076 | NS      | $5724126.92   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                         | ALLY FINANCIAL I  | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |    221888 | NS      | $7209141.12   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                       | MGIC INVT CORP    | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    426635 | NS      | $6024086.20   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc.                          | MANPOWERGROUP IN  | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     64890 | NS      | $5655812.40   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                               | POPULAR INC       | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     83341 | NS      | $5720526.24   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                  | GRAND CANYON EDU  | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     50683 | NS      | $5907610.48   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                   | VALERO ENERGY     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     44688 | NS      | $6257660.64   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                      | TRAVEL + LEISURE  | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |    150766 | NS      | $6387955.42   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International, Inc.           | CHOICE HOTELS     | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |     49167 | NS      | $6042132.63   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corporation                        | HUNTSMAN CORP     | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    187825 | NS      | $5952174.25   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                       | LOWE'S COS INC    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     27605 | NS      | $5748741.25   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp.                           | HF SINCLAIR CORP  | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109079 | NS      | $6206595.10   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                         | SYNCHRONY FINANC  | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    169955 | NS      | $6242447.15   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                       | CARDINAL HEALTH   | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     71913 | NS      | $5555279.25   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                               | OWENS CORNING     | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     62898 | NS      | $6079091.70   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc.                     | DOLBY LABORATO-A  | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |     76928 | NS      | $6120391.68   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| C.H. Robinson Worldwide Inc                 | CH ROBINSON       | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     62064 | NS      | $6216950.88   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co.               | RELIANCE STEEL    | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     27044 | NS      | $6151157.80   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BBH SWEEP VEHICLE                           | BBH SWEEP VEHICLE | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2936333 | PA      | $2936333.41   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp           | MARRIOTT VACATIO  | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     40774 | NS      | $6525470.96   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                | WYNDHAM HOTELS &  | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     78428 | NS      | $6078954.28   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                             | LKQ CORP          | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    102510 | NS      | $6043989.60   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc. | EXPEDITORS INTL   | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     52340 | NS      | $5660571.00   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer