ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 15.0%      
    CLO — 15.0%      
1,500,000   AGL CLO 3 LTD  Series 3A CR(a),(b) 1*TSFR3M + 1.800% 5.4730 04/15/38 $ 1,500,920
1,500,000   AGL CLO 6 LTD  Series 6A D1R2(a),(b) 1*TSFR3M + 3.300% 6.9750 04/20/38   1,424,424
2,000,000   Aimco CLO 14 Ltd.  Series 14A CR(a),(b) 1*TSFR3M + 1.700% 5.3750 10/20/38   1,998,636
2,000,000   AIMCO CLO Series 2017-A  Series AA D1R2(a),(b) 1*TSFR3M + 2.400% 6.0750 01/20/38   1,981,050
1,500,000   Allegro CLO XV Ltd.  Series 1A D1AR(a),(b) 1*TSFR3M + 3.000% 6.6750 04/20/38   1,491,021
1,000,000   Battalion Clo 17 Ltd.  Series 17A CR(a),(b) 1*TSFR3M + 2.250% 5.9250 03/09/34   1,001,142
3,000,000   CBAMR 2021-14 LTD  Series 14A D1R(a),(b) 1*TSFR3M + 2.950% 6.6250 10/20/38   2,985,926
1,500,000   Dryden 109 CLO Ltd.  Series 109A BR(a),(b) 1*TSFR3M + 1.570% 5.2430 04/15/38   1,505,625
1,600,000   Dryden 55 CLO Ltd.  Series 2018-55A D(a),(b) 1*TSFR3M + 3.112% 6.7850 04/15/31   1,607,346
1,000,000   ICG US Clo 2021-3 Ltd.  Series 3A CR(a),(b) 1*TSFR3M + 2.100% 5.7750 10/20/34   1,000,814
2,000,000   KKR CLO 27 LTD  Series 27A D1R2(a),(b) 1*TSFR3M + 2.900% 6.5730 01/15/35   1,985,606
1,500,000   Madison Park Funding XLV Ltd.  Series 45A CRR(a),(b) 1*TSFR3M + 1.900% 5.5730 07/15/34   1,495,934
2,000,000   Oaktree CLO 2020-1 Ltd.  Series 1A CRR(a),(b) 1*TSFR3M + 1.750% 5.4230 01/15/38   2,002,428
2,000,000   Oaktree CLO 2025-29 Ltd.  Series 29A C(a),(b) 1*TSFR3M + 1.850% 5.5230 04/15/38   2,001,206
1,000,000   Octagon Investment Partners 32 Ltd.  Series 1A A2R3(a),(b) 1*TSFR3M + 1.600% 5.2730 10/31/37   999,975
2,150,000   OZLM XXIV Ltd.  Series 24A C2(a),(b) 1*TSFR3M + 4.522% 8.1970 07/20/32   2,159,004
1,750,000   Shackleton 2014-V-R CLO Ltd.  Series 2014-5RA D(a),(b) 1*TSFR3M + 3.412% 7.0720 05/07/31   1,753,848
1,000,000   TCW CLO 2017-1 Ltd.  Series 1A AJR4(a),(b) 1*TSFR3M + 1.500% 5.1670 03/24/38   1,000,741
2,000,000   Trimaran Cavu 2019-1 Ltd.  Series 1A CR(a),(b) 1*TSFR3M + 1.950% 5.6250 01/20/37   2,003,964
2,000,000   Wind River 2021-3 CLO Ltd.  Series 3A D1AR(a),(b) 1*TSFR3M + 3.000% 6.6750 04/20/38   1,999,940
              33,899,550
    COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%(c)      
38,820   Alternative Loan Trust 2007-J1  Series 2007-J1 3A2(d)   4.1370 11/25/36   36,769
1,655,925   BCAP, LLC Trust 2007-AA2  Series 2007-AA2 21IO(b),(e)   0.4210 04/25/37   29,508
              66,277
       
  TOTAL ASSET BACKED SECURITIES (Cost $34,162,120)    

33,965,827

             
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0%      
19,314   Fannie Mae Interest Strip  Series 291 2(e)   8.0000 11/25/27   594
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0% (Continued)      
50,721   Fannie Mae Interest Strip  Series 343 6(e)   5.0000 10/25/33 $ 4,965
61,941   Fannie Mae Interest Strip  Series 346 2(e)   5.5000 12/25/33   8,314
39,802   Fannie Mae Interest Strip  Series 355 12(b),(e)   6.0000 07/25/34   4,394
208,683   Fannie Mae Interest Strip  Series 364 2(e)   4.5000 09/25/35   25,842
347,756   Fannie Mae Interest Strip  Series 365 4(e)   5.0000 04/25/36   48,810
95,560   Fannie Mae Interest Strip  Series 384 28(b),(e)   6.0000 05/25/36   14,801
56,085   Fannie Mae Interest Strip  Series 370 2(e)   6.0000 06/25/36   10,743
502,384   Fannie Mae Interest Strip  Series 378 4(e)   5.0000 07/25/36   81,456
368,143   Fannie Mae Interest Strip  Series 371 2(e)   6.5000 07/25/36   68,384
94,242   Fannie Mae Interest Strip  Series 377 2(e)   5.0000 10/25/36   15,115
1,126,032   Fannie Mae Interest Strip  Series 395 7(e)   5.5000 11/25/36   201,031
58,689   Fannie Mae Interest Strip  Series 383 20(e)   5.5000 07/25/37   8,857
296,061   Fannie Mae Interest Strip  Series 385 3(e)   5.0000 01/25/38   43,846
324,732   Fannie Mae Interest Strip  Series 407 40(e)   6.0000 01/25/38   60,763
608,806   Fannie Mae Interest Strip  Series 398 C9(e)   6.0000 05/25/39   158,358
176,581   Fannie Mae Interest Strip  Series 396 2(e)   4.5000 06/25/39   24,268
252,110   Fannie Mae Interest Strip  Series 399 2(e)   5.5000 11/25/39   49,693
692,175   Fannie Mae Interest Strip  Series 408 C4(e)   5.5000 11/25/40   118,653
274,471   Fannie Mae Interest Strip  Series 409 C18(e)   4.0000 04/25/42   48,217
26,626   Fannie Mae REMICS  Series 2001-32 SA(b),(e) -1*SOFR30A + 7.836% 4.1900 07/25/31   1,348
253,760   Fannie Mae REMICS  Series 2003-7 SN(b),(e) -1*SOFR30A + 7.636% 3.9900 02/25/33   30,935
69,142   Fannie Mae REMICS  Series 2003-43 IY(e)   6.0000 05/25/33   8,454
125,029   Fannie Mae REMICS  Series 2004-62 TP(b),(e) -5.5*SOFR30A + 37.870% 5.5000 07/25/33   13,032
159,965   Fannie Mae REMICS  Series 2004-70 XJ(b),(e)   5.0000 10/25/34   19,967
120,549   Fannie Mae REMICS  Series 2004-91 DS(b),(e) -1*SOFR30A + 6.536% 2.8900 12/25/34   10,996
40,169   Fannie Mae REMICS  Series 2005-87 SE(b),(e) -1*SOFR30A + 5.936% 2.2900 10/25/35   3,131
64,378   Fannie Mae REMICS  Series 2005-89 S(b),(e) -1*SOFR30A + 6.586% 2.9400 10/25/35   5,141
105,867   Fannie Mae REMICS  Series 2007-28 LS(b),(e) -1*SOFR30A + 6.511% 2.8650 01/25/36   10,981
13,481   Fannie Mae REMICS  Series 2006-8 WN(b),(e) -1*SOFR30A + 6.586% 2.9400 03/25/36   1,189
26,886   Fannie Mae REMICS  Series 2006-8 HL(b),(e) -1*SOFR30A + 6.586% 2.9400 03/25/36   2,693
899,228   Fannie Mae REMICS  Series 2007-18 BF(b),(e) 1*SOFR30A + 0.494% 4.1400 04/25/36   77,359
923,210   Fannie Mae REMICS  Series 2007-28 CF(b),(e) 1*SOFR30A + 0.504% 4.1500 07/25/36   95,213
76,119   Fannie Mae REMICS  Series 2006-101 SA(b),(e) -1*SOFR30A + 6.466% 2.8200 10/25/36   8,909
82,526   Fannie Mae REMICS  Series 2006-116 S(b),(e) -1*SOFR30A + 6.486% 2.8400 12/25/36   7,434
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0% (Continued)      
33,620   Fannie Mae REMICS  Series 2006-125 SM(b),(e) -1*SOFR30A + 7.086% 3.4400 01/25/37 $ 3,672
136,313   Fannie Mae REMICS  Series 2007-36 SN(b),(e) -1*SOFR30A + 6.656% 3.0100 04/25/37   12,709
488,777   Fannie Mae REMICS  Series 2007-55 S(b),(e) -1*SOFR30A + 6.646% 3.0000 06/25/37   14,126
62,802   Fannie Mae REMICS  Series 2007-72 EK(b),(e) -1*SOFR30A + 6.286% 2.6400 07/25/37   6,126
58,607   Fannie Mae REMICS  Series 2007-66 AS(b),(e) -1*SOFR30A + 6.486% 2.8400 07/25/37   5,075
408,759   Fannie Mae REMICS  Series 2007-88 MI(b),(e) -1*SOFR30A + 6.406% 2.7600 09/25/37   24,457
62,538   Fannie Mae REMICS  Series 2007-106 SN(b),(e) -1*SOFR30A + 6.296% 2.6500 11/25/37   5,584
133,093   Fannie Mae REMICS  Series 2007-109 DI(b),(e) -1*SOFR30A + 6.286% 2.6400 12/25/37   14,988
194,871   Fannie Mae REMICS  Series 2007-117 SM(b),(e) -1*SOFR30A + 6.186% 2.5400 01/25/38   17,401
3,456,534   Fannie Mae REMICS  Series 2010-89 AI(b),(e) -1*SOFR30A + 6.336% 0.1500 02/25/38   11,164
1,198,320   Fannie Mae REMICS  Series 2008-58 SE(b),(e) -1*SOFR30A + 5.886% 2.2400 07/25/38   110,150
185,104   Fannie Mae REMICS  Series 2009-66 SH(b),(e) -1*SOFR30A + 5.936% 2.2900 09/25/39   9,981
67,031   Fannie Mae REMICS  Series 2009-112 ST(b),(e) -1*SOFR30A + 6.136% 2.4900 01/25/40   6,359
50,809   Fannie Mae REMICS  Series 2010-126 UI(e)   5.5000 10/25/40   4,324
186,489   Fannie Mae REMICS  Series 2010-130 HI(e)   6.0000 11/25/40   33,741
259,608   Fannie Mae REMICS  Series 2010-139 SA(b),(e) -1*SOFR30A + 5.916% 2.2700 12/25/40   26,833
54,227   Fannie Mae REMICS  Series 2011-11 PI(e)   4.0000 03/25/41   5,811
160,419   Fannie Mae REMICS  Series 2017-87 KI(e)   5.0000 06/25/41   19,506
231,972   Fannie Mae REMICS  Series 2011-96 SA(b),(e) -1*SOFR30A + 6.436% 2.7900 10/25/41   16,153
1,298,016   Fannie Mae REMICS  Series 2012-30 CI(e)   5.0000 10/25/41   116,901
1,077,039   Fannie Mae REMICS  Series 2011-122 DS(b),(e) -1*SOFR30A + 6.406% 2.7600 12/25/41   121,540
256,589   Fannie Mae REMICS  Series 2012-68 NS(b),(e) -1*SOFR30A + 6.586% 2.9400 03/25/42   9,280
549,915   Fannie Mae REMICS  Series 2012-89 SA(b),(e) -1*SOFR30A + 5.436% 1.7900 08/25/42   43,668
1,004,669   Fannie Mae REMICS  Series 2012-103 TI(e)   5.0000 09/25/42   156,998
60,256   Fannie Mae REMICS  Series 2014-68 IB(e)   4.5000 02/25/43   6,064
210,511   Fannie Mae REMICS  Series 2013-103 JS(b),(e) -1*SOFR30A + 5.886% 2.2400 10/25/43   18,964
225,725   Fannie Mae REMICS  Series 2014-38 QI(e)   5.5000 12/25/43   31,319
735,109   Fannie Mae REMICS  Series 2014-87 MS(b),(e) -1*SOFR30A + 6.136% 2.4900 01/25/45   72,519
143,299   Fannie Mae REMICS  Series 2015-33 OI(e)   5.0000 06/25/45   15,012
323,778   Fannie Mae REMICS  Series 2016-39 LS(b),(e) -1*SOFR30A + 5.886% 2.2400 07/25/46   35,286
1,086,759   Fannie Mae REMICS  Series 2017-97 SW(b),(e) -1*SOFR30A + 6.086% 2.4400 12/25/47   120,499
774,814   Fannie Mae REMICS  Series 2017-108 SA(b),(e) -1*SOFR30A + 6.036% 2.3900 01/25/48   86,495
2,022,408   Fannie Mae REMICS  Series 2018-54 SA(b),(e) -1*SOFR30A + 6.136% 2.4900 08/25/48   181,514
314,766   Fannie Mae REMICS  Series 2018-58 IO(e)   5.5000 08/25/48   43,078
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0% (Continued)      
89,937   Fannie Mae REMICS  Series 2018-74 MI(e)   4.5000 10/25/48 $ 17,520
325,949   Fannie Mae REMICS  Series 2019-41 SB(b),(e) -1*SOFR30A + 5.936% 2.2900 08/25/49   36,233
904,490   Fannie Mae REMICS  Series 2020-10 S(b),(e) -1*SOFR30A + 5.936% 2.2900 05/25/59   99,436
46,142   Freddie Mac REMICS  Series 2367 SG(b),(e) -1*SOFR30A + 7.766% 4.1260 06/15/31   4,047
483,710   Freddie Mac REMICS  Series 5112 IB(e)   6.5000 05/15/32   48,848
43,921   Freddie Mac REMICS  Series 2444 TI(b),(e)   6.5000 05/15/32   4,744
120,053   Freddie Mac REMICS  Series 2463 SB(b),(e) -1*SOFR30A + 7.886% 4.2460 06/15/32   10,690
17,338   Freddie Mac REMICS  Series 2524 SX(b),(e) -1*SOFR30A + 7.786% 4.1460 11/15/32   1,534
28,706   Freddie Mac REMICS  Series 2616 SC(b),(e) -1*SOFR30A + 7.886% 4.2460 12/15/32   2,338
371,668   Freddie Mac REMICS  Series 2802 SI(b),(e) -1*SOFR30A + 5.886% 2.2460 05/15/34   25,324
170,639   Freddie Mac REMICS  Series 2980 SL(b),(e) -1*SOFR30A + 6.586% 2.9460 11/15/34   15,047
174,457   Freddie Mac REMICS  Series 2950 SN(b),(e) -1*SOFR30A + 5.936% 2.2960 03/15/35   7,870
488,502   Freddie Mac REMICS  Series 3055 MS(b),(e) -1*SOFR30A + 6.486% 2.8460 10/15/35   51,630
35,242   Freddie Mac REMICS  Series 3117 JS(b),(e) -1*SOFR30A + 6.586% 2.9460 02/15/36   3,347
135,681   Freddie Mac REMICS  Series 3149 SM(b),(e) -1*SOFR30A + 6.536% 2.8960 05/15/36   11,644
66,157   Freddie Mac REMICS  Series 3239 SI(b),(e) -1*SOFR30A + 6.536% 2.8960 11/15/36   6,940
152,430   Freddie Mac REMICS  Series 3303 SG(b),(e) -1*SOFR30A + 5.986% 2.3460 04/15/37   11,418
142,787   Freddie Mac REMICS  Series 3355 BI(b),(e) -1*SOFR30A + 5.936% 2.2960 08/15/37   12,222
132,634   Freddie Mac REMICS  Series 3368 AI(b),(e) -1*SOFR30A + 5.916% 2.2760 09/15/37   9,160
52,788   Freddie Mac REMICS  Series 4340 TI(e)   5.5000 07/15/39   1,305
108,498   Freddie Mac REMICS  Series 3572 VS(b),(e) -1*SOFR30A + 6.616% 2.9760 09/15/39   11,499
70,302   Freddie Mac REMICS  Series 4451 DI(e)   3.5000 10/15/39   1,135
1,431,403   Freddie Mac REMICS  Series 3652 CS(b),(e) -1*SOFR30A + 6.436% 2.7960 03/15/40   169,154
114,080   Freddie Mac REMICS  Series 3758 S(b),(e) -1*SOFR30A + 5.916% 2.2760 11/15/40   9,350
105,878   Freddie Mac REMICS  Series 3935 SH(b),(e) -1*SOFR30A + 6.486% 2.8460 12/15/40   771
102,250   Freddie Mac REMICS  Series 4139 PO(f)   2.3500 08/15/42   69,752
105,484   Freddie Mac REMICS  Series 4091 TS(b),(e) -1*SOFR30A + 6.436% 2.7960 08/15/42   14,604
295,771   Freddie Mac REMICS  Series 4471 JI(e)   4.5000 09/15/43   59,809
793,273   Freddie Mac REMICS  Series 4995 KI(e)   5.5000 12/25/43   114,684
150,135   Freddie Mac REMICS  Series 4456 IA(e)   4.0000 03/15/45   23,234
5,414,640   Freddie Mac REMICS  Series 4583 TI(b),(e) -1*SOFR30A + 5.986% 0.1000 05/15/46   10,651
183,329   Freddie Mac REMICS  Series 4583 ST(b),(e) -1*SOFR30A + 5.886% 2.2460 05/15/46   18,401
304,710   Freddie Mac REMICS  Series 4618 SA(b),(e) -1*SOFR30A + 5.886% 2.2460 09/15/46   33,852
589,109   Freddie Mac REMICS  Series 5007 SK(b),(e) -1*SOFR30A + 5.986% 2.3400 08/25/50   73,968
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0% (Continued)      
451,352   Freddie Mac REMICS  Series 5136 IJ(e)   2.5000 02/25/51 $ 51,111
737,470   Freddie Mac REMICS  Series 5086 HI(e)   4.5000 03/25/51   155,923
825,710   Freddie Mac REMICS  Series 5174 NI(e)   3.5000 12/25/51   140,644
187,544   Freddie Mac REMICS  Series 4291 MS(b),(e) -1*SOFR30A + 5.786% 2.1460 01/15/54   18,097
61,771   Freddie Mac Strips  Series 221 IO(e)   7.0000 03/15/32   8,225
2,127,388   Freddie Mac Strips  Series 324 C17(e)   3.5000 12/15/33   166,750
180,947   Freddie Mac Strips  Series 238 8(e)   5.0000 04/15/36   27,675
201,745   Freddie Mac Strips  Series 240 IO(e)   5.5000 07/15/36   35,180
35,726   Freddie Mac Strips  Series 239 IO(e)   6.0000 08/15/36   6,468
285,351   Freddie Mac Strips  Series 247 24(e)   5.0000 09/15/36   42,132
496,582   Freddie Mac Strips  Series 244 IO(e)   5.5000 12/15/36   71,570
248,433   Freddie Mac Strips  Series 303 105(b),(e)   4.0000 01/15/43   32,554
897,170   Freddie Mac Strips  Series 324 C24(e)   5.0000 12/15/43   184,822
506,440   Freddie Mac Strips  Series 365 121(b),(e)   4.0000 10/15/47   69,537
489,926   Freddie Mac Strips  Series 365 C10(e)   3.5000 06/15/49   93,560
806,488   Freddie Mac Strips  Series 367 116(b),(e)   3.5000 06/15/50   116,534
373,599   Government National Mortgage Association  Series 2021-78 QI(e)   5.0000 05/20/34   18,445
246,267   Government National Mortgage Association  Series 2004-46 S(b),(e) -1*TSFR1M + 6.986% 3.3250 06/20/34   2,740
17,178   Government National Mortgage Association  Series 2004-106 HW(b) -5*TSFR1M + 26.928% 8.6060 12/16/34   19,286
84,387   Government National Mortgage Association  Series 2007-40 SW(b),(e) -1*TSFR1M + 4.066% 0.4050 07/20/37   234
98,949   Government National Mortgage Association  Series 2008-2 SM(b),(e) -1*TSFR1M + 6.386% 2.7210 01/16/38   6,211
58,787   Government National Mortgage Association  Series 2008-6 SD(b),(e) -1*TSFR1M + 6.346% 2.6850 02/20/38   356
784,131   Government National Mortgage Association  Series 2008-15 CI(b),(e) -1*TSFR1M + 6.376% 2.7150 02/20/38   4,526
94,297   Government National Mortgage Association  Series 2008-27 SI(b),(e) -1*TSFR1M + 6.356% 2.6950 03/20/38   550
77,482   Government National Mortgage Association  Series 2008-36 SB(b),(e) -1*TSFR1M + 6.156% 2.4950 04/20/38   431
116,289   Government National Mortgage Association  Series 2008-51 SE(b),(e) -1*TSFR1M + 6.136% 2.4710 06/16/38   7,696
93,441   Government National Mortgage Association  Series 2008-51 SC(b),(e) -1*TSFR1M + 6.136% 2.4750 06/20/38   5,988
46,332   Government National Mortgage Association  Series 2008-95 DS(b),(e) -1*TSFR1M + 7.186% 3.5250 12/20/38   359
79,122   Government National Mortgage Association  Series 2009-43 SA(b),(e) -1*TSFR1M + 5.836% 2.1750 06/20/39   3,093
288,453   Government National Mortgage Association  Series 2013-170 ID(b),(e)   3.0060 02/20/40   20,089
55,463   Government National Mortgage Association  Series 2010-113 BS(b),(e) -1*TSFR1M + 5.886% 2.2250 09/20/40   6,416
842,830   Government National Mortgage Association  Series 2010-133 SB(b),(e) -1*TSFR1M + 5.906% 2.2410 10/16/40   99,334
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0% (Continued)      
97,491   Government National Mortgage Association  Series 2010-152 SA(b),(e) -1*TSFR1M + 5.936% 2.2710 11/16/40 $  10,115
131,492   Government National Mortgage Association  Series 2012-77 DI(e)   4.0000 01/20/41   3,379
99,477   Government National Mortgage Association  Series 2012-69 QI(e)   4.0000 03/16/41 9,548
242,468   Government National Mortgage Association  Series 2011-148 SN(b),(e) -1*TSFR1M + 6.576% 2.9110 11/16/41   30,104
841,857   Government National Mortgage Association  Series 2013-4 ID(e)   5.5000 05/16/42   146,168
682,365   Government National Mortgage Association  Series 2012-126 IO(e)   3.5000 10/20/42   93,794
94,099   Government National Mortgage Association  Series 2013-5 BI(e)   3.5000 01/20/43   13,853
104,510   Government National Mortgage Association  Series 2013-53 OI(e)   3.5000 04/20/43   14,081
535,540   Government National Mortgage Association  Series 2015-179 BI(e)   4.0000 08/20/43   26,747
69,269   Government National Mortgage Association  Series 2013-181 SA(b),(e) -1*TSFR1M + 5.986% 2.3250 11/20/43   6,899
146,640   Government National Mortgage Association  Series 2014-58 SA(b),(e) -1*TSFR1M + 5.986% 2.3250 04/20/44   15,292
251,286   Government National Mortgage Association  Series 2014-91 SB(b),(e) -1*TSFR1M + 5.486% 1.8210 06/16/44   17,499
43,247   Government National Mortgage Association  Series 2016-81 IM(e)   4.0000 10/20/44   1,927
1,095,938   Government National Mortgage Association  Series 2014-146 EI(e)   5.0000 10/20/44   224,608
763,874   Government National Mortgage Association  Series 2017-56 IE(e)   4.0000 11/20/44   55,045
428,964   Government National Mortgage Association  Series 2019-22 SA(b),(e) -1*TSFR1M + 5.486% 1.8250 02/20/45   34,289
216,793   Government National Mortgage Association  Series 2015-36 MI(e)   5.5000 03/20/45   32,883
367,547   Government National Mortgage Association  Series 2015-64 SG(b),(e) -1*TSFR1M + 5.486% 1.8250 05/20/45   30,234
57,063   Government National Mortgage Association  Series 2016-27 IA(e)   4.0000 06/20/45   7,504
139,085   Government National Mortgage Association  Series 2017-99 DI(e)   4.0000 07/20/45   4,458
422,684   Government National Mortgage Association  Series 2015-144 SA(b),(e) -1*TSFR1M + 6.086% 2.4250 10/20/45   50,032
244,805   Government National Mortgage Association  Series 2016-84 IG(e)   4.5000 11/16/45   46,726
359,361   Government National Mortgage Association  Series 2016-4 SM(b),(e) -1*TSFR1M + 5.536% 1.8750 01/20/46   27,379
159,024   Government National Mortgage Association  Series 2016-9 SA(b),(e) -1*TSFR1M + 5.986% 2.3250 01/20/46   17,086
766,323   Government National Mortgage Association  Series 2016-121 JS(b),(e) -1*TSFR1M + 5.986% 2.3250 09/20/46   95,814
152,618   Government National Mortgage Association  Series 2016-145 UI(e)   3.5000 10/20/46   26,241
135,233   Government National Mortgage Association  Series 2017-68 CI(e)   5.5000 05/16/47   23,843
252,528   Government National Mortgage Association  Series 2018-8 IO(e)   4.0000 01/20/48   55,627
15,436,707   Government National Mortgage Association  Series 2020-86 TK(b),(e) -1*TSFR1M + 6.086% 0.1500 08/20/48   76,152
139,594   Government National Mortgage Association  Series 2018-120 JI(e)   5.5000 09/20/48   19,971
213,992   Government National Mortgage Association  Series 2018-154 IT(e)   5.5000 10/20/48   38,816
391,523   Government National Mortgage Association  Series 2019-6 SA(b),(e) -1*TSFR1M + 5.936% 2.2750 01/20/49   41,639
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0% (Continued)      
1,129,709   Government National Mortgage Association  Series 2020-47 MI(e)   3.5000 04/20/50 $  219,326
531,844   Government National Mortgage Association  Series 2020-167 NS(b),(e) -1*TSFR1M + 6.186% 2.5250 11/20/50   71,522
1,305,462   Government National Mortgage Association  Series H16 CI(b),(e)   2.0440 10/20/69   50,788
            6,749,269
  TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $9,691,630)    

6,749,269

             
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 65.6%      
    ASSET MANAGEMENT — 5.4%      
2,800,000   Ares Capital Corporation   5.5000 09/01/30   2,763,744
2,847,000   Bain Capital Specialty Finance, Inc.   5.9500 03/15/30   2,792,192
1,475,000   Blackstone Secured Lending Fund   5.3000 06/30/30   1,438,523
1,550,000   Charles Schwab Corporation (The)(b) H15T5Y + 3.168% 4.0000 Perpetual   1,548,393
275,000   FS KKR Capital Corporation   2.6250 01/15/27   268,781
625,000   FS KKR Capital Corporation   3.2500 07/15/27   607,238
722,000   FS KKR Capital Corporation   3.1250 10/12/28   676,626
2,382,000   Icahn Enterprises, L.P. / Icahn Enterprises   4.3750 02/01/29   2,089,523
              12,185,020
    AUTOMOTIVE — 10.3%      
300,000   Ford Motor Credit Company, LLC   4.9500 05/28/27   299,935
812,000   Ford Motor Credit Company, LLC   4.1250 08/17/27   802,566
225,000   Ford Motor Credit Company, LLC   5.8000 03/08/29   228,143
500,000   Ford Motor Credit Company, LLC   4.8500 11/20/29   492,204
1,415,000   Ford Motor Credit Company, LLC   5.5000 02/20/30   1,412,797
500,000   Ford Motor Credit Company, LLC   4.0000 11/13/30   469,794
2,380,000   Ford Motor Credit Company, LLC   6.1250 03/08/34   2,391,534
700,000   Ford Motor Credit Company, LLC   6.2000 06/20/34   700,370
4,197,000   General Motors Financial Company, Inc.(b) H15T5Y + 4.997% 5.7000 Perpetual   4,126,264
2,012,000   Nissan Motor Acceptance Company, LLC(a)   1.8500 09/16/26   1,986,180
837,000   Nissan Motor Acceptance Company, LLC(a)   5.3000 09/13/27   834,908
1,205,000   Nissan Motor Acceptance Company, LLC(a)   2.7500 03/09/28   1,143,376
710,000   Nissan Motor Acceptance Company, LLC(a)   2.4500 09/15/28   658,791
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 65.6% (Continued)      
    AUTOMOTIVE — 10.3% (Continued)      
925,000   Nissan Motor Acceptance Company, LLC(a)   5.5500 09/13/29  $ 906,121
5,800,000   Nissan Motor Acceptance Company, LLC(a)   6.1250 09/30/30   5,715,263
500,000   Volkswagen Group of America Finance, LLC(a)   5.6500 09/12/28 510,313
500,000   Volkswagen Group of America Finance, LLC(a)   4.7500 11/13/28   500,146
              23,178,705
    BANKING — 18.6%      
2,739,000   Bank of America Corporation(b) H15T5Y + 2.760% 4.3750 Perpetual   2,716,559
3,820,000   Bank of Nova Scotia (The)(b) H15T5Y + 2.613% 3.6250 10/27/81   3,770,470
500,000   Barclays plc   4.8360 05/09/28   500,579
1,375,000   BNP Paribas S.A.(a),(b) H15T5Y + 4.899% 7.7500 Perpetual   1,446,254
1,800,000   BNP Paribas S.A.(a),(b) H15T5Y + 2.944% 4.5000 Perpetual   1,675,498
2,000,000   BNP Paribas S.A.(b) H15T5Y + 4.899% 7.7500 Perpetual   2,103,642
3,820,000   BNP Paribas S.A.(a),(b) H15T5Y + 3.196% 4.6250 Perpetual   3,810,044
4,848,000   Citigroup, Inc.  Series Y(b) H15T5Y + 3.000% 4.1500 Perpetual   4,816,653
1,326,000   Citizens Financial Group, Inc.(b) H15T5Y + 3.215% 4.0000 Perpetual   1,311,971
1,975,000   Credit Agricole S.A.(a),(b) H15T5Y + 3.237% 4.7500 Perpetual   1,923,779
1,750,000   Credit Agricole S.A.(b) H15T5Y + 3.237% 4.7500 Perpetual   1,704,614
2,000,000   Deutsche Bank A.G.(b) USISOA05 + 4.358% 8.1300 Perpetual   2,124,496
2,750,000   First Citizens BancShares, Inc.(a),(b) TSFR3M + 4.234% 7.9080 Perpetual   2,783,729
523,000   JPMorgan Chase & Company(b) SOFRRATE + 7.000% 8.5000 02/15/39   452,812
350,000   KeyBank NA   6.9500 02/01/28   363,305
1,270,000   KeyCorporation(b) TSFR3M + 3.606% 5.0000 Perpetual   1,259,785
2,047,000   M&T Bank Corporation(b) H15T5Y + 2.679% 3.5000 Perpetual   2,018,819
1,365,000   PNC Financial Services Group, Inc. (The)(b) H15T5Y + 2.595% 3.4000 Perpetual   1,348,351
478,000   Royal Bank of Canada(b) SOFRRATE + 7.450% 8.5000 02/28/39   483,378
250,000   Societe Generale S.A.(a),(b) H15T1Y + 1.300% 2.7970 01/19/28   246,801
200,000   Societe Generale S.A.(b) H15T5Y + 5.385% 9.3750 Perpetual   211,042
2,500,000   Societe Generale S.A.(b) H15T5Y + 4.514% 5.3750 Perpetual   2,408,928
2,295,000   US Bancorp(b) SOFR + 2.914% 5.3000 Perpetual   2,288,127
600,000   US Bancorp(b) H15T5Y + 2.541% 3.7000 Perpetual   590,888
              42,360,524
    BIOTECH & PHARMA — 1.4%      
250,000   Teva Pharmaceutical Finance Netherlands II BV   5.7500 12/01/30   256,728
647,000   Teva Pharmaceutical Finance Netherlands III BV   3.1500 10/01/26   642,731
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 65.6% (Continued)      
    BIOTECH & PHARMA — 1.4% (Continued)      
1,800,000   Teva Pharmaceutical Finance Netherlands III BV   4.7500 05/09/27 $  1,799,065
500,000   Teva Pharmaceutical Finance Netherlands III BV   6.7500 03/01/28 513,159
              3,211,683
    COMMERCIAL SUPPORT SERVICES — 0.7%      
1,650,000   Aramark Services, Inc.(a)   5.0000 02/01/28   1,647,559
             
    ELECTRIC UTILITIES — 7.1%      
3,400,000   American Electric Power Company, Inc.(b) H15T5Y + 2.675% 3.8750 02/15/62   3,350,887
1,185,000   CenterPoint Energy, Inc.(b) H15T5Y + 3.254% 7.0000 02/15/55   1,226,904
1,000,000   CMS Energy Corporation(b) H15T5Y + 4.116% 4.7500 06/01/50   982,638
2,911,000   Duke Energy Corporation(b) H15T5Y + 2.321% 3.2500 01/15/82   2,850,334
4,000,000   Electricite de France S.A.(a),(b) H15T5Y + 5.411% 9.1250 Perpetual   4,665,764
1,800,000   Sempra(b) H15T5Y + 2.868% 4.1250 04/01/52   1,774,917
1,250,000   Southern Company (The)(b) H15T5Y + 2.915% 3.7500 09/15/51   1,245,586
              16,097,030
    ENTERTAINMENT CONTENT — 0.4%      
925,000   Univision Communications, Inc.(a)   4.5000 05/01/29   882,878
             
    HEALTH CARE FACILITIES & SERVICES — 0.4%      
813,000   Charles River Laboratories International, Inc.(a)   4.2500 05/01/28   800,572
             
    INSTITUTIONAL FINANCIAL SERVICES — 2.1%      
1,453,000   Bank of New York Mellon Corporation (The)  Series H(b) H15T5Y + 3.352% 3.7000 Perpetual   1,463,556
860,000   Bank of New York Mellon Corporation (The)(b) H15T5Y + 2.297% 6.3000 Perpetual   888,927
275,000   Bank of New York Mellon Corporation (The)(b) H15T5Y + 2.630% 3.7500 Perpetual   271,930
2,121,000   Goldman Sachs Group, Inc. (The)(b) H15T5Y + 2.915% 3.6500 Perpetual   2,115,698
              4,740,111
    LEISURE FACILITIES & SERVICES — 6.5%      
577,000   Boyd Gaming Corporation   4.7500 12/01/27   574,697
1,000,000   Carnival Corporation(a)   4.0000 08/01/28   977,418
2,130,000   International Game Technology plc(a)   5.2500 01/15/29   2,121,715
1,550,000   Light & Wonder International Inc(a)   7.5000 09/01/31   1,615,998
650,000   NCL Corporation Ltd.(a)   5.8750 01/15/31   633,019
2,219,000   Penn National Gaming, Inc.(a)   5.6250 01/15/27   2,218,109
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 65.6% (Continued)      
    LEISURE FACILITIES & SERVICES — 6.5% (Continued)      
2,955,000   Penn National Gaming, Inc.(a)   4.1250 07/01/29 $  2,813,532
1,922,000   Scientific Games International, Inc.(a)   7.2500 11/15/29 1,966,410
1,300,000   Station Casinos, LLC(a)   4.5000 02/15/28   1,282,069
675,000   Station Casinos, LLC(a)   4.6250 12/01/31   635,557
              14,838,524
    OIL & GAS PRODUCERS — 3.7%      
1,935,000   Enbridge, Inc.(b) TSFR3M + 3.680% 5.5000 07/15/77   1,937,891
980,000   Enbridge, Inc.(b) US0003M + 3.641% 6.2500 03/01/78   984,893
1,420,000   Energy Transfer, L.P.(b) US0003M + 4.155% 6.6250 Perpetual   1,436,864
4,046,000   Energy Transfer, L.P.(b) H15T5Y + 5.694% 6.5000 Perpetual   4,063,264
              8,422,912
    REAL ESTATE INVESTMENT TRUSTS — 0.6%      
166,000   MGM Growth Properties Operating Partnership, L.P.   5.7500 02/01/27   166,781
500,000   VICI Properties, L.P. / VICI Note Company, Inc.(a)   4.2500 12/01/26   498,898
725,000   VICI Properties, L.P. / VICI Note Company, Inc.(a)   4.1250 08/15/30   696,689
              1,362,368
    SPECIALTY FINANCE — 8.0%      
2,436,000   Air Lease Corporation(b) H15T5Y + 4.076% 4.6500 Perpetual   2,439,520
2,648,000   Air Lease Corporation(b) H15T5Y + 3.149% 4.1250 Perpetual   2,616,169
250,000   Ally Financial, Inc.   6.0000 07/15/29   251,005
3,914,000   Ally Financial, Inc.(b) H15T7Y + 3.481% 4.7000 Perpetual   3,768,854
2,432,000   Ally Financial, Inc.  Series B(b) H15T5Y + 3.868% 4.7000 Perpetual   2,428,840
993,000   American Express Company(b) H15T5Y + 2.854% 3.5500 Perpetual   983,970
848,000   Capital One Financial Corporation(b) H15T5Y + 3.157% 3.9500 Perpetual   841,567
2,788,000   Capital One Financial Corporation(b) TSFR3M + 3.338% 5.5000 Perpetual   2,758,343
2,000,000   ILFC E-Capital Trust I(a),(b) TSFR3M + 1.812% 6.3800 12/21/65   1,717,927
310,000   OneMain Finance Corporation   3.5000 01/15/27   306,050
250,000   OneMain Finance Corporation   5.3750 11/15/29   246,492
              18,358,737
           
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 65.6% (Continued)      
    TRANSPORTATION & LOGISTICS — 0.4%      
173,000   Air Canada(a)   3.8750 08/15/26 $  172,634
750,000   American Airlines 2025-1 Class B Pass Through   5.6500 11/11/34   747,629
              920,263
  TOTAL CORPORATE BONDS (Cost $147,661,804)    

149,006,886

 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    TERM LOANS — 11.7%      
    ADVERTISING & MARKETING — 0.2%      
500,000   Outfront Media Capital, LLC(b) TSFR1M + 2.000% 5.6540 09/24/32 $ 502,970
             
    COMMERCIAL SUPPORT SERVICES — 1.9%      
876,858   Aramark Services, Inc.(b) TSFR1M + 1.750% 5.4180 04/06/28   880,874
1,401,895   Aramark Services, Inc.(b) TSFR1M + 1.750% 5.6140 06/24/30   1,410,222
1,994,962   Garda World Security Corporation(b) TSFR1M + 2.750% 6.4210 02/01/29   1,996,209
              4,287,305
    CONTAINERS & PACKAGING — 0.6%      
1,250,000   Graham Packaging Company, Inc.(b) TSFR1M + 2.250% 5.9020 01/14/33   1,249,219
             
    LEISURE FACILITIES & SERVICES — 4.6%      
1,890,342   Restaurant Brands (b) TSFR1M + 1.750% 5.4180 09/23/30   1,894,473
5,257,705   Caesars Entertainment, Inc.(b) TSFR3M + 2.250% 5.9020 02/06/31   5,104,917
983,189   Light & Wonder International, Inc.(b) TSFR1M + 2.000% 5.6530 04/16/29   985,032
492,327   Penn Entertainment, Inc.(b) TSFR1M + 2.500% 6.1520 05/03/29   494,902
1,987,386   Six Flags Entertainment Corporation(b) TSFR1M + 2.000% 5.6520 05/01/31   1,974,965
              10,454,289
    RETAIL - DISCRETIONARY — 1.3%      
2,922,792   Great Outdoors Group, LLC(b) TSFR1M + 3.250% 6.9020 01/16/32   2,945,078
             
    SEMICONDUCTORS — 0.3%      
600,000   MKS, Inc.(b) TSFR1M + 1.750% 5.4070 01/28/33   602,814
             
 
 

 

ANFIELD UNIVERSAL FIXED INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    TERM LOANS — 11.7% (Continued)      
    TRANSPORTATION & LOGISTICS — 2.8%      
2,385,351   AAdvantage Loyalty IP Ltd.(b) TSFR3M + 2.250% 5.9250 04/20/28 $  2,375,571
2,458,744   Air Canada(b) TSFR1M + 1.750% 5.4130 03/21/31   2,459,666
1,644,824   United Airlines, Inc.(b) TSFR3M + 1.750% 5.4040 02/24/31   1,651,510
              6,486,747
  TOTAL TERM LOANS (Cost $26,663,952)    

26,528,422

             
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 3.1%      
    U.S. TREASURY BILLS — 3.1%      
7,000,000   United States Treasury Bill(f)   3.5600 06/09/26 $ 6,972,795
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $6,972,838)    

6,972,795

             
    TOTAL INVESTMENTS - 98.4% (Cost $225,152,344)     $ 223,223,198
    OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%    

3,705,293

    NET ASSETS - 100.0%        

$ 226,928,491

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts   Broker Expiration Notional Amount(g) Value and Unrealized Depreciation
40   CBOT 10 Year US Treasury Note Interactive Brokers 06/22/2026 $ 4,423,750 $ (91,875)
40   CBOT 5 Year US Treasury Note Interactive Brokers 07/01/2026   4,313,438   (68,437)
40   CBOT US Treasure Bond Futures Interactive Brokers 06/22/2026   4,513,750   (182,500)
    TOTAL FUTURES CONTRACTS  

$ (342,812)

         
A.G. - Aktiengesellschsft
CBOT - Chicago Board of Trades
CLO - Collateralized Loan Obligation
LLC  - Limited Liability Company
LP  - Limited Partnership
LTD  - Limited Company
PLC  - Public Limited Company
REMIC  - Real Estate Mortgage Investment Conduit
S.A.  - Société Anonyme
   
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
H15T7Y US Treasury Yield Curve Rate T Note Constant Maturity 7 Year
 
 

 

SOFR United States SOFR Secured Overnight Financing Index
SOFR30A United States 30 Day Average SOFR Secured Overnight Financing Rate
SOFRRATE United States SOFR Secured Overnight Financing Rate
TSFR1M Term SOFR Secured Overnight Financing Rate 1 Month
TSFR3M Term SOFR Secured Overnight Financing Rate 3 Month
US0003M 3 Month US Dollar London Interbank Offered Rate
USISOA05 5-Year Published USD SOFR Spread-Adjusted ICE Swap Rate
 

 

 

 

(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of April 30, 2026 the total market value of 144A securities is $83,387,502 or 36.7% of net assets.
(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(c) Percentage rounds to less than 0.1%.
(d) Step bond.  Coupon rate is fixed rate that changes on a specified date.  The rate shown is the current rate at April 30, 2026.
(e) Interest only securities.
(f) Zero coupon bond.
(g) The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of and are not necessarily indicative of the future cash flows of the Fund's futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affect the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.