Anfield U.S. Equity Sector Rotation ETF
Schedule of Investments
July 31, 2026 (Unaudited)

EXCHANGE TRADED FUNDS - 84.6%

Shares  

Value  
ARK Next Generation Internet ETF

            300,022

    $        41,055,010
Invesco KBW Bank ETF

            151,895

             14,592,553
iShares Semiconductor ETF

            78,003

             39,382,935
iShares U.S. Financial Services ETF

            179,315

             17,128,169
iShares U.S. Pharmaceuticals ETF

            249,382

             25,342,199
iShares U.S. Transportation ETF

            32,463

             2,755,784
State Street Consumer Staples Select Sector SPDR ETF

            54,399

             4,626,635
State Street Industrial Select Sector SPDR ETF

            73,927

             13,295,032
State Street SPDR S&P 500 ETF Trust

            50,942

             38,055,202
State Street SPDR S&P Homebuilders ETF

            34,296

             3,556,152
State Street SPDR S&P Insurance ETF

            108,877

             6,994,258
TOTAL EXCHANGE TRADED FUNDS (Cost $192,016,859)

             206,783,929






COMMON STOCKS - 15.0%

Shares  

Value  
Aerospace & Defense - 0.7%

Carpenter Technology Corp.

            3,187

             1,656,156






Chemicals - 0.7%

Element Solutions, Inc.

            47,343

             1,738,908






Construction & Engineering - 2.8%

Comfort Systems USA, Inc.

            1,072

             1,854,228
Everus Construction Group, Inc. (a)

            13,678

             1,715,631
MasTec, Inc. (a)

            4,879

             1,283,665
Quanta Services, Inc.

            2,842

             1,896,637




             6,750,161






Consumer Staples Distribution & Retail - 0.8%

Casey's General Stores, Inc.

            2,323

             2,023,333






Electrical Equipment - 0.7%

nVent Electric PLC

            11,958

             1,839,499






Electronic Equipment, Instruments & Components - 2.9%

Flex Ltd. (a)

            13,359

             1,519,586
Jabil, Inc.

            5,674

             1,787,594
Keysight Technologies, Inc. (a)

            5,864

             1,871,085
Littelfuse, Inc.

            4,555

             2,013,902




             7,192,167






Entertainment - 0.8%

Madison Square Garden Sports Corp. (a)

            4,923

             1,938,087






Food Products - 0.8%

Darling Ingredients, Inc. (a)

            31,557

             1,913,617






Ground Transportation - 0.8%

CSX Corp.

            38,767

             1,953,857






Machinery - 0.7%

Caterpillar, Inc.

            2,017

             1,643,472








Oil, Gas & Consumable Fuels - 0.8%

Targa Resources Corp.

            6,952

             1,879,612






Pharmaceuticals - 0.8%

Royalty Pharma PLC - Class A

            32,972

             1,926,554






Specialty Retail - 0.9%

Ross Stores, Inc.

            8,649

             2,171,505






Wireless Telecommunication Services - 0.8%

Millicom International Cellular SA

            20,037

             1,913,133
TOTAL COMMON STOCKS (Cost $37,274,300)

             36,540,061






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.5%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.58% (b)

            1,286,862

             1,286,862
TOTAL MONEY MARKET FUNDS (Cost $1,286,862)

             1,286,862






TOTAL INVESTMENTS - 100.1% (Cost $230,578,021)

             244,610,852
Liabilities in Excess of Other Assets - (0.1)%
(0.00098)
            (240,549)
TOTAL NET ASSETS - 100.0%




    $        244,370,303


Percentages are stated as a percent of net assets.




The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.




(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized yield as of July 31, 2026.




Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)

Anfield U.S. Equity Sector Rotation ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Exchange Traded Funds
    $        206,783,929

    $        –

    $        –

    $        206,783,929
  Common Stocks
            36,540,061

            –

            –

            36,540,061
  Money Market Funds
            1,286,862

            –

            –

            1,286,862
Total Investments
    $        244,610,852

    $        –

    $        –

    $        244,610,852




 

Refer to the Schedule of Investments for further disaggregation of investment categories.