# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-23-067689
**Filing Date:** 2023-3
**Character Count:** 41509
**Document Hash:** c48a61f7a553cd167042ed1675bff0ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067689.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067689

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**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:** 23763822

**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

### Conductor Global Equity Value ETF (Series ID: S000074951)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000233407 | Conductor Global Equity Value ETF |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE 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 — 93.4%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 1.1%** |  |
| 40525 | Fila Holdings Corporation | &nbsp;&nbsp;&nbsp; $1278715 |
|  | **ASSET MANAGEMENT - 4.0%** |  |
| 17990 | Amundi S/A | &nbsp;&nbsp;&nbsp; 1177724 |
| 370973 | Ashmore Group PLC | &nbsp;&nbsp;&nbsp; 1221848 |
| 33387 | DWS Group GmbH & Company KGaA | &nbsp;&nbsp;&nbsp; 1200815 |
| 500272 | Jupiter Fund Management PLC | &nbsp;&nbsp;&nbsp; 866221 |
|  |  | &nbsp;&nbsp; 4466608 |
|  | **AUTOMOTIVE - 3.7%** |  |
| 2942000 | BAIC Motor Corporation Ltd., Class H | &nbsp;&nbsp;&nbsp; 903157 |
| 158239 | Schaeffler A.G., Preferred Shares | &nbsp;&nbsp;&nbsp; 1135682 |
| 52100 | Stanley Electric Company Ltd. | &nbsp;&nbsp;&nbsp; 1121490 |
| 78700 | TS Tech Company Ltd. | &nbsp;&nbsp;&nbsp; 980546 |
|  |  | &nbsp;&nbsp; 4140875 |
|  | **BEVERAGES - 1.6%** |  |
| 234482 | Coca-Cola Femsa S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; 1784128 |
|  | **BIOTECHNOLOGY & PHARMACEUTICALS - 1.2%** |  |
| 4640 | Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1349776 |
|  | **CHEMICALS - 4.0%** |  |
| 24052 | Covestro A.G. | &nbsp;&nbsp;&nbsp; 1107386 |
| 290100 | Morgan Advanced Materials PLC | &nbsp;&nbsp;&nbsp; 1125850 |
| 111800 | Nippon Kayaku Company Ltd. | &nbsp;&nbsp;&nbsp; 1038408 |
| 129700 | Toagosei Company Ltd. | &nbsp;&nbsp;&nbsp; 1177264 |
|  |  | &nbsp;&nbsp; 4448908 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.0%** |  |
| 47700 | Aeon Delight Company Ltd. | &nbsp;&nbsp;&nbsp; 1132592 |
| 730433 | Hays PLC | &nbsp;&nbsp;&nbsp; 1114415 |
| 12173 | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp; 1060999 |
|  |  | &nbsp;&nbsp; 3308006 |
|  | **CONSUMER SERVICES - 1.2%** |  |
| 90621 | Perdoceo Education Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1356596 |

---

---

| | | |
|:---|:---|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE 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 — 93.4% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 1.8%** |  |
| 76100 | Fuji Seal International, Inc. | &nbsp;&nbsp;&nbsp; $989247 |
| 2392000 | Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp;&nbsp; 1048216 |
|  |  | &nbsp;&nbsp; 2037463 |
|  | **ELECTRIC UTILITIES - 0.9%** |  |
| 68624 | Fortum OYJ | &nbsp;&nbsp;&nbsp; 1031501 |
|  | **ELECTRICAL EQUIPMENT - 1.0%** |  |
| 65600 | Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp;&nbsp; 1127226 |
|  | **ENGINEERING & CONSTRUCTION - 2.7%** |  |
| 9386100 | DMCI Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1892145 |
| 168300 | Kandenko Company Ltd. | &nbsp;&nbsp;&nbsp; 1131404 |
|  |  | &nbsp;&nbsp; 3023549 |
|  | **ENTERTAINMENT CONTENT - 1.9%** |  |
| 28223 | DoubleUGames Company Ltd. | &nbsp;&nbsp;&nbsp; 1130966 |
| 50700 | Mixi, Inc. | &nbsp;&nbsp;&nbsp; 972921 |
|  |  | &nbsp;&nbsp; 2103887 |
|  | **FOOD - 2.3%** |  |
| 12117 | Orion Corporation | &nbsp;&nbsp;&nbsp; 1225281 |
| 107569 | Tiger Brands Ltd. | &nbsp;&nbsp;&nbsp; 1287247 |
|  |  | &nbsp;&nbsp; 2512528 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.2%** |  |
| 374480 | Navigator Company S/A (The) | &nbsp;&nbsp;&nbsp; 1310994 |
|  | **GAS & WATER UTILITIES - 1.0%** |  |
| 400600 | Cia de Saneamento de Minas Gerais-COPASA | &nbsp;&nbsp;&nbsp; 1158643 |
|  | **HOME & OFFICE PRODUCTS - 1.9%** |  |
| 72348 | Electrolux A.B. | &nbsp;&nbsp;&nbsp; 1024605 |
| 103400 | Okamura Corporation | &nbsp;&nbsp;&nbsp; 1134375 |
|  |  | &nbsp;&nbsp; 2158980 |
|  | **HOME CONSTRUCTION - 0.9%** |  |
| 45300 | Nichiha Corporation | &nbsp;&nbsp;&nbsp; 972487 |

---

---

| | | |
|:---|:---|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE 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 — 93.4% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 2.9%** |  |
| 47700 | Duskin Company Ltd. | &nbsp;&nbsp;&nbsp; $1115052 |
| 215000 | Hengan International Group Company Ltd. | &nbsp;&nbsp;&nbsp; 1057757 |
| 15022 | Henkel A.G. & Company KGaA | &nbsp;&nbsp;&nbsp; 1070999 |
|  |  | &nbsp;&nbsp; 3243808 |
|  | **LEISURE FACILITIES & SERVICES - 2.5%** |  |
| 1791600 | Genting Singapore Ltd. | &nbsp;&nbsp;&nbsp; 1356958 |
| 35800 | Sankyo Company Ltd. | &nbsp;&nbsp;&nbsp; 1446320 |
|  |  | &nbsp;&nbsp; 2803278 |
|  | **MACHINERY - 2.0%** |  |
| 51800 | Optorun Company Ltd. | &nbsp;&nbsp;&nbsp; 1022409 |
| 143500 | Yamazen Corporation | &nbsp;&nbsp;&nbsp; 1175666 |
|  |  | &nbsp;&nbsp; 2198075 |
|  | **METALS & MINING - 19.0%** |  |
| 148402 | Alliance Resource Partners, L.P. | &nbsp;&nbsp;&nbsp; 3402858 |
| 991258 | Centamin PLC | &nbsp;&nbsp;&nbsp; 1358830 |
| 527500 | China Shenhua Energy Company Ltd., Class H | &nbsp;&nbsp;&nbsp; 1642053 |
| 1373894 | Coronado Global Resources, Inc. | &nbsp;&nbsp;&nbsp; 1990674 |
| 1398400 | CSN Mineracao S/A | &nbsp;&nbsp;&nbsp; 1482267 |
| 512882 | Ferrexpo PLC | &nbsp;&nbsp;&nbsp; 1003383 |
| 98445 | Gold Fields Ltd. | &nbsp;&nbsp;&nbsp; 1122388 |
| 2746100 | Golden Energy & Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1647932 |
| 89862 | Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1042324 |
| 1000760 | Indo Tambangraya Megah Tbk P.T. | &nbsp;&nbsp;&nbsp; 2417049 |
| 93247 | Koza Altin Isletmeleri A/S | &nbsp;&nbsp;&nbsp; 2760004 |
| 290200 | Sandfire Resources Ltd. | &nbsp;&nbsp;&nbsp; 1293330 |
|  |  | &nbsp;&nbsp; 21163092 |
|  | **OIL & GAS PRODUCERS - 1.3%** |  |
| 720588 | Viva Energy Group Ltd. | &nbsp;&nbsp;&nbsp; 1489798 |
|  | **PUBLISHING & BROADCASTING - 2.1%** |  |
| 311070 | Atresmedia Corporacion de Medios de Comunicacion S.A. | &nbsp;&nbsp;&nbsp; 1159593 |
| 1164772 | ITV PLC | &nbsp;&nbsp;&nbsp; 1166396 |
|  |  | &nbsp;&nbsp; 2325989 |

---

---

| | | |
|:---|:---|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE 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 — 93.4% (Continued)** |  |
|  | **REAL ESTATE SERVICES - 1.1%** |  |
| 37706 | RMR Group, Inc. (The), Class A | &nbsp;&nbsp;&nbsp; $1169640 |
|  | **RETAIL - CONSUMER STAPLES - 3.2%** |  |
| 67600 | Arcs Company Ltd. | &nbsp;&nbsp;&nbsp; 1142626 |
| 7138 | BGF Retail Company Ltd. | &nbsp;&nbsp;&nbsp; 1080838 |
| 18200 | Tsuruha Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1340300 |
|  |  | &nbsp;&nbsp; 3563764 |
|  | **RETAIL - DISCRETIONARY - 4.9%** |  |
| 43630 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1263525 |
| 82200 | Autobacs Seven Company Ltd. | &nbsp;&nbsp;&nbsp; 915311 |
| 112300 | EDION Corporation | &nbsp;&nbsp;&nbsp; 1109404 |
| 75400 | Joyful Honda Company Ltd. | &nbsp;&nbsp;&nbsp; 1083468 |
| 94800 | Ryohin Keikaku Company Ltd. | &nbsp;&nbsp;&nbsp; 1051374 |
|  |  | &nbsp;&nbsp; 5423082 |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 56748 | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp; 1298962 |
|  | **STEEL - 10.8%** |  |
| 101630 | Acerinox S/A | &nbsp;&nbsp;&nbsp; 1100571 |
| 324000 | Cia Siderurgica Nacional S/A | &nbsp;&nbsp;&nbsp; 1184136 |
| 195000 | Gerdau S/A | &nbsp;&nbsp;&nbsp; 1263988 |
| 461400 | Metalurgica Gerdau S/A | &nbsp;&nbsp;&nbsp; 1319948 |
| 20805 | Nucor Corporation | &nbsp;&nbsp;&nbsp; 3516461 |
| 207066 | Outokumpu OYJ | &nbsp;&nbsp;&nbsp; 1185694 |
| 190041 | SSAB A.B. | &nbsp;&nbsp;&nbsp; 1358183 |
| 40525 | United States Steel Corporation | &nbsp;&nbsp;&nbsp; 1154557 |
|  |  | &nbsp;&nbsp; 12083538 |
|  | **TECHNOLOGY SERVICES - 1.1%** |  |
| 30900 | Zenkoku Hosho Company Ltd. | &nbsp;&nbsp;&nbsp; 1203735 |
|  | **TOBACCO & CANNABIS - 2.0%** |  |
| 48000 | Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp; 979015 |
| 16250 | KT&G Corporation | &nbsp;&nbsp;&nbsp; 1217731 |
|  |  | &nbsp;&nbsp; 2196746 |

---

---

| | | |
|:---|:---|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE ETF** | **CONDUCTOR GLOBAL EQUITY VALUE 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 — 93.4% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.9%** |  |
| 69127 | Heartland Express, Inc. | &nbsp;&nbsp;&nbsp; $1162717 |
| 45600 | Kamigumi Company Ltd. | &nbsp;&nbsp;&nbsp; 933010 |
|  |  | &nbsp;&nbsp; 2095727 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.0%** |  |
| 38900 | Kato Sangyo Company Ltd. | &nbsp;&nbsp;&nbsp; 1081247 |
|  | **WHOLESALE - DISCRETIONARY - 1.0%** |  |
| 2139900 | Sime Darby Bhd | &nbsp;&nbsp;&nbsp; 1163126 |
|  | **TOTAL COMMON STOCKS (Cost $90,010,200)** | &nbsp;&nbsp; 104074477 |
|  | **SHORT-TERM INVESTMENT — 0.0%<sup>(b)</sup>** |  |
|  | **MONEY MARKET FUND - 0.0% <sup>(b)</sup>** |  |
| 42593 | Dreyfus Cash Management, Institutional Class, 4.26% (Cost $42,593)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 42631 |
|  | **TOTAL INVESTMENTS - 93.4% (Cost $90,052,793)** | &nbsp;&nbsp;&nbsp; $104117108 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 6.6%** | &nbsp;&nbsp; 7325308 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $111442416 |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| P.T. | - Perseroan Terbatas |
| S/A | - Société Anonyme |

---

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

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

## 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:** Conductor Global Equity Value ETF

- **b. EDGAR series identifier (if any):** S000074951

- **c. LEI of Series:** 549300SM234SHZO4HN34

**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:** $113140084.30

**Total Liabilities:** $1697668.80

**Net Assets:** $111442415.50

**Cash Not Reported:** $515710.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233407 | 6.97%                | -0.19%               | 4.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-739297.35              | $5605801.34                                |
| Month 2  | $-205769.62              | $-188917.47                                |
| Month 3  | $105501.48               | $4736650.94                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Coronado Global Resources Inc                         | CORONADO GLOBAL           | CUSIP: U2024H107<br>LEI: 549300IGUM6F25CYHK79 | Long             | EC               | CORP              | US        |   1373894 | NS      | $1990674.17   | 1.79%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Vishay Intertechnology, Inc.                          | VISHAY INTERTECH          | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     56748 | NS      | $1298961.72   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corporation                       | US STEEL CORP             | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     40525 | NS      | $1154557.25   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuji Seal International Inc                           | FUJI SEAL INTER           | CUSIP: J15183106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     76100 | NS      | $989247.14    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| CSN Mineracao SA                                      | CSN MINERACAO SA          | CUSIP: P3338S108<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1398400 | NS      | $1482266.53   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalurgica Gerdau                                    | METALURGICA GERDAU SA-PRE | CUSIP: P4834C118<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    461400 | NS      | $1319947.99   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortum Oyj                                            | Fortum OYJ                | CUSIP: X2978Z118<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |     68624 | NS      | $1031500.92   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Alliance Resource Partners, L.P.                      | ALLIANCE RESOURC          | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |    148402 | NS      | $3402857.86   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fila Holdings Corp.                                   | FILA KOREA LTD            | CUSIP: Y2484W103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     40525 | NS      | $1278715.01   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Atresmedia Corporacion De Medios De Comunicacion, S.A | Atresmedia Corp de Medios | CUSIP: E0728T102<br>LEI: 95980020140005491929 | Long             | EC               | CORP              | ES        |    311070 | NS      | $1159593.14   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Corp                                            | ORION CORP/REPUBLIC OF KO | CUSIP: Y6S90M128<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     12117 | NS      | $1225281.39   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeon Delight Co                                       | AEON DELIGHT CO           | CUSIP: J0036F104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47700 | NS      | $1132592.44   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hengan International Group Company Limited            | Hengan International Grou | CUSIP: G4402L151<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    215000 | NS      | $1057757.00   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| SSAB Swedish Steel AB                                 | SSAB-A                    | CUSIP: W8615U124<br>LEI: 529900329VS14ZIML164 | Long             | EC               | CORP              | SE        |    190041 | NS      | $1358182.81   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Mixi Inc                                              | Mixi Inc                  | CUSIP: J45993110<br>LEI: 529900IL3THMH0SFYQ49 | Long             | EC               | CORP              | JP        |     50700 | NS      | $972920.67    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Genting Singapore Ltd                                 | GENTING SINGAPORE LTD     | CUSIP: Y2692C139<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |   1791600 | NS      | $1356957.70   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Jupiter Fund Management PLC                           | JUPITER FUND MANAGEMENT   | CUSIP: G5207P107<br>LEI: 5493003DJ1G01IMQ7S28 | Long             | EC               | CORP              | GB        |    500272 | NS      | $866220.63    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Duskin CoLtd                                          | Duskin Co Ltd             | CUSIP: J12506101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47700 | NS      | $1115051.87   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryohin Keikaku Co Ltd.                                | Ryohin Keikaku Co Ltd     | CUSIP: J6571N105<br>LEI: 549300PMNF56J66BY371 | Long             | EC               | CORP              | JP        |     94800 | NS      | $1051374.16   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Companhia Siderurgica Nacional                        | SID NACIONAL              | CUSIP: P8661X103<br>LEI: 529900K40TEND42S0T46 | Long             | EC               | CORP              | BR        |    324000 | NS      | $1184135.87   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zenkoku Hosho Co Ltd                                  | Zenkoku Hosho Co Ltd      | CUSIP: J98829104<br>LEI: 353800VOQEKTSCSL9O03 | Long             | EC               | CORP              | JP        |     30900 | NS      | $1203735.29   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nichiha Corp                                          | NICHIHA CORP              | CUSIP: J53892105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     45300 | NS      | $972487.24    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| ITV PLC                                               | ITV PLC                   | CUSIP: G4984A110<br>LEI: ZLECI7ED2QMWFGYCXZ59 | Long             | EC               | CORP              | GB        |   1164772 | NS      | $1166396.04   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Autobacs Seven Co Ltd                                 | AUTOBACS SEVEN            | CUSIP: J03507100<br>LEI: 5299006NCUSCPURTQB07 | Long             | EC               | CORP              | JP        |     82200 | NS      | $915310.59    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| DWS Group SE                                          | DWS GROUP GMBH & CO KGAA  | CUSIP: D23390103<br>LEI: 529900VM3464806ERS69 | Long             | EC               | CORP              | DE        |     33387 | NS      | $1200815.37   | 1.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| China Shenhua Energy Co Ltd.                          | CHINA SHENHUA-H           | CUSIP: Y1504C113<br>LEI: 529900N9JOX4C108MA40 | Long             | EC               | CORP              | CN        |    527500 | NS      | $1642053.35   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandfire Resources Ltd.                               | SANDFIRE RESOURC          | CUSIP: Q82191109<br>LEI: 213800ZW52P23FVH1V47 | Long             | EC               | CORP              | AU        |    290200 | NS      | $1293329.65   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                     | JAPAN TOBACCO             | CUSIP: J27869106<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |     48000 | NS      | $979015.31    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Kamigumi Co Ltd                                       | KAMIGUMI CO LTD           | CUSIP: J29438165<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     45600 | NS      | $933010.44    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| ManpowerGroup Inc.                                    | MANPOWERGROUP IN          | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     12173 | NS      | $1060998.68   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Centamin PLC                                          | Centamin PLC              | CUSIP: G2055Q105<br>LEI: 213800PDI9G7OUKLPV84 | Long             | EC               | CORP              | JE        |    991258 | NS      | $1358829.75   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamazen Corp                                          | YAMAZEN CORP              | CUSIP: J96744115<br>LEI: 353800VADDW91MPELT42 | Long             | EC               | CORP              | JP        |    143500 | NS      | $1175665.69   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                                  | Henkel AG & Co KGaA       | CUSIP: D3207M110<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |     15022 | NS      | $1070999.16   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Kato Sangyo Co                                        | KATO SANGYO CO            | CUSIP: J3104N108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     38900 | NS      | $1081246.58   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                             | AMUNDI SA                 | CUSIP: F0300Q103<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |     17990 | NS      | $1177723.73   | 1.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Stanley Electric Co Ltd                               | Stanley Electric Co Ltd   | CUSIP: J76637115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     52100 | NS      | $1121490.32   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Biogen Inc                                            | BIOGEN INC                | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      4640 | NS      | $1349776.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Toagosei Co Ltd                                       | Toagosei Co Ltd           | CUSIP: J8381L105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    129700 | NS      | $1177264.54   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BBH SWEEP VEHICLE                                     | BBH SWEEP VEHICLE         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   7846195 | PA      | $7846195.28   | 7.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Aviation Electronics Ind                        | Japan Aviation Electronic | CUSIP: J26273102<br>LEI: 353800OSHAMOO6TCTF61 | Long             | EC               | CORP              | JP        |     65600 | NS      | $1127225.83   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Okamura Corp                                          | OKAMURA CORP              | CUSIP: J60514114<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    103400 | NS      | $1134374.93   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                                       | Gold Fields Ltd           | CUSIP: S31755101<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     98445 | NS      | $1122388.36   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Navigator Company SA                              | NAVIGATOR CO SA/          | CUSIP: X67182109<br>LEI: 549300UNIB7M2AXUXS35 | Long             | EC               | CORP              | PT        |    374480 | NS      | $1310994.27   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Acerinox SA                                           | ACERINOX SA               | CUSIP: E00460233<br>LEI: 95980020140005582721 | Long             | EC               | CORP              | ES        |    101630 | NS      | $1100570.92   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Abercrombie & Fitch Co                                | ABERCROMBIE & FI          | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     43630 | NS      | $1263524.80   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Viva Energy Group Ltd.                                | VIVA ENERGY GROU          | CUSIP: Q9478L109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    720588 | NS      | $1489797.76   | 1.34%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BGF Retail Co Ltd                                     | BGF RETAIL CO LT          | CUSIP: Y0R8SQ109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      7138 | NS      | $1080837.77   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Edion Corp                                            | EDION CORP                | CUSIP: J1266Z109<br>LEI: 353800697NBCW7EAHZ97 | Long             | EC               | CORP              | JP        |    112300 | NS      | $1109404.00   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Outokumpu Oyj                                         | OUTOKUMPU OYJ             | CUSIP: X61161273<br>LEI: 5493009YRUJJDCFF0R80 | Long             | EC               | CORP              | FI        |    207066 | NS      | $1185694.49   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Doubleugames Co Ltd                                   | DOUBLEUGAMES CO           | CUSIP: Y2106F108<br>LEI: 549300YX1GSB0NJDFU35 | Long             | EC               | CORP              | KR        |     28223 | NS      | $1130965.79   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TS Tech Co Ltd.                                       | TS Tech Co Ltd            | CUSIP: J9299N100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     78700 | NS      | $980546.26    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Heartland Express Inc.                                | HEARTLAND EXPRES          | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |     69127 | NS      | $1162716.14   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hays PLC                                              | HAYS PLC                  | CUSIP: G4361D109<br>LEI: 213800QC8AWD4BO8TH08 | Long             | EC               | CORP              | GB        |    730433 | NS      | $1114414.59   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrexpo PLC                                          | FERREXPO PLC              | CUSIP: G3435Y107<br>LEI: 213800CEDKSNUTPAQZ41 | Long             | EC               | CORP              | GB        |    512882 | NS      | $1003383.11   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Joyful Honda Co Ltd                                   | JOYFUL HONDA CO           | CUSIP: J29248101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     75400 | NS      | $1083467.73   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Lee & Man Paper Manufacturing Ltd                     | Lee & Man Paper Manufactu | CUSIP: G5427W130<br>LEI: 30030066PNKQVCCC5G24 | Long             | EC               | CORP              | KY        |   2392000 | NS      | $1048216.44   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| The RMR Group Inc.                                    | RMR GROUP-A               | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |     37706 | NS      | $1169640.12   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sime Darby Berhad                                     | Sime Darby Bhd            | CUSIP: Y7962G108<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   2139900 | NS      | $1163125.52   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nucor Corporation                                     | NUCOR CORP                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     20805 | NS      | $3516461.10   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Indo Tambangray                                       | INDO TAMBANGRAYA          | CUSIP: Y71244100<br>LEI: 52990056ZNHB217ZKL92 | Long             | EC               | CORP              | ID        |   1000760 | NS      | $2417049.46   | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsuruha Holdings Inc.                                 | TSURUHA HOLDINGS          | CUSIP: J9348C105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18200 | NS      | $1340300.04   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Cash Mgmt                                     | DREYFUS-CS MG-IN          | CUSIP: 26188J206<br>LEI: 549300GPN878IQZQIV31 | Long             | STIV             | RF                | US        |     42593 | PA      | $42631.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KT&G Corp.                                            | KT&G CORP                 | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |     16250 | NS      | $1217731.05   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Schaeffler AG                                         | SCHAEFFLER-PREF           | CUSIP: D6T0B6130<br>LEI: 549300Q7E782X7GC1P43 | Long             | EP               | CORP              | DE        |    158239 | NS      | $1135681.94   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Covestro AG                                           | COVESTRO AG               | CUSIP: D15349109<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |     24052 | NS      | $1107386.11   | 0.99%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kandenko Co Ltd                                       | KANDENKO CO LTD           | CUSIP: J29653102<br>LEI: 35380080NSN7GCYZ3X14 | Long             | EC               | CORP              | JP        |    168300 | NS      | $1131403.91   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Koza Altin Isletmeleri AS                             | Koza Altin Isletmeleri AS | CUSIP: M6372R103<br>LEI: N/A                  | Long             | EC               | CORP              | TR        |     93247 | NS      | $2760003.60   | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashmore Group                                         | ASHMORE GROUP PL          | CUSIP: G0609C101<br>LEI: 549300U3L59WB4YI2X12 | Long             | EC               | CORP              | GB        |    370973 | NS      | $1221847.85   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Electrolux AB                                         | ELECTROLUX AB-B           | CUSIP: W0R34B150<br>LEI: 549300Y3HHZB1ZGFPJ93 | Long             | EC               | CORP              | SE        |     72348 | NS      | $1024605.40   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Gerdau SA                                             | GERDAU SA-PREF            | CUSIP: P2867P113<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EP               | CORP              | BR        |    195000 | NS      | $1263988.49   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Kayaku Co Ltd                                  | NIPPON KAYAKU             | CUSIP: J54236112<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    111800 | NS      | $1038407.76   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola FEMSA SAB de CV                             | COCA-COLA FEMSA           | CUSIP: P2861Y177<br>LEI: 5493008KEVFYPMGTXO33 | Long             | EC               | CORP              | MX        |    234482 | NS      | $1784127.89   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dmci Hldgs Inc                                        | DMCI HLDGS INC            | CUSIP: Y2088F100<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |   9386100 | NS      | $1892145.29   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcs Company Limited                                  | ARCS CO LTD               | CUSIP: J0195H107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     67600 | NS      | $1142626.27   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tiger Brands Ltd                                      | TIGER BRANDS LTD          | CUSIP: S84594142<br>LEI: 529900C57HAFZAHHBC90 | Long             | EC               | CORP              | ZA        |    107569 | NS      | $1287246.85   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Saneamento Minas Gerais                           | COPASA MG - ORD           | CUSIP: P28269101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    400600 | NS      | $1158642.92   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp.                              | PERDOCEO EDUCATI          | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     90621 | NS      | $1356596.37   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd                          | Impala Platinum Holdings  | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |     89862 | NS      | $1042324.49   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Sankyo Co Ltd                                         | Sankyo Co Ltd             | CUSIP: J67844100<br>LEI: 3538009H2R9ZBZAOAK48 | Long             | EC               | CORP              | JP        |     35800 | NS      | $1446320.22   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Optorun Co Ltd                                        | OPTORUN CO LTD            | CUSIP: J61658100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     51800 | NS      | $1022408.75   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Advanced Materials PLC                         | MORGAN ADVANCED           | CUSIP: G62496131<br>LEI: I4K14LL95N2PHDL7EG85 | Long             | EC               | CORP              | GB        |    290100 | NS      | $1125849.86   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Baic Motor Corp Ltd.                                  | BAIC MOTOR-H              | CUSIP: Y0506H104<br>LEI: 5299003EYHISIDNLZQ19 | Long             | EC               | CORP              | CN        |   2942000 | NS      | $903156.42    | 0.81%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Golden Energy & Resources Ltd.                        | GOLDEN ENERGY &           | CUSIP: Y2749E104<br>LEI: 213800WUJ9Y7IBYU8D72 | Long             | EC               | CORP              | SG        |   2746100 | NS      | $1647931.74   | 1.48%             |  |  |  | No            |                  2 | 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