# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-25-166052
**Filing Date:** 2025-7
**Character Count:** 33983
**Document Hash:** e6e59e1dd3fb345acc2f2458d3c03d10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-166052.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001752724-25-166052

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250711

**DATE AS OF CHANGE**: 20250711

**EFFECTIVENESS DATE**: 20250711

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251119175

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

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

## Series and Classes Contracts Data

### Holbrook Income Fund (Series ID: S000054226)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000170313 | Class I                      | HOBIX           |
| C000170314 | Investor Class               | HOBEX           |
| C000228717 | Holbrook Income Fund Class A |  |

### Holbrook Structured Income Fund (Series ID: S000075330)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000234270 | Holbrook Structured Income Fund Investor Class |  |
| C000234271 | Holbrook Structured Income Fund Class A        |  |
| C000234272 | Holbrook Structured Income Fund Class I        |  |

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
Two Roads Shared Trust

In planning and performing our audit of the
financial statements of Holbrook Income Fund
and Holbrook Structured Income Fund (the
Funds), each a series of Two Roads Shared
Trust, as of and for the year ended April 30,
2025, in accordance with the standards of the
Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the
Funds internal control over financial reporting,
including controls over safeguarding securities,
as a basis for designing our auditing procedures
for the purpose of expressing our opinion on
the financial statements and to comply with the
requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the
effectiveness of the Funds internal control over
financial reporting. Accordingly, we express no
such opinion.

The management of the Funds is responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling this
responsibility, estimates and judgments by
management are required to assess the
expected benefits and related costs of controls.
A funds internal control over financial reporting
is a process designed to provide reasonable
assurance regarding the reliability of financial
reporting and the preparation of financial
statements for external purposes in accordance
with generally accepted accounting principles
(GAAP). A funds internal control over financial
reporting includes those policies and
procedures that
(1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets
of the fund; (2) provide reasonable assurance
that transactions are recorded as necessary to
permit preparation of financial statements in
accordance with GAAP, and that receipts and
expenditures of the fund are being made only in
accordance with authorizations of management
and trustees of the fund; and (3) provide
reasonable assurance regarding prevention or
timely detection of unauthorized acquisition,
use or disposition of a funds assets that could
have a material effect on the financial
statements.
Because of its inherent limitations, internal
control over financial reporting may not prevent
or detect misstatements. Also, projections of
any evaluation of effectiveness to future
periods are subject to the risk that controls may
become inadequate because of changes in
conditions, or that the degree of compliance
with the policies or procedures may
deteriorate.

A deficiency in internal control over financial
reporting exists when the design or operation of
a control does not allow management or
employees, in the normal course of performing
their assigned functions, to prevent or detect
misstatements on a timely basis. A material
weakness is a deficiency, or combination of
deficiencies, in internal control over financial
reporting, such that there is a reasonable
possibility that a material misstatement of the
Funds annual or interim financial statements
will not be prevented or detected on a timely
basis.

Our consideration of the Funds internal control
over financial reporting was for the limited
purpose described in the first paragraph and
would not necessarily disclose all deficiencies in
internal control that might be material
weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in
the Funds internal control over financial
reporting and its operation, including controls
over safeguarding securities, that we consider
to be a material weakness as defined above as
of April 30, 2025.

This report is intended solely for the
information and use of management and the
Board of Trustees of the Funds and the
Securities and Exchange Commission and is not
intended to be and should not be used by
anyone other than these specified parties.
/s/ COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
June 27, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001552947

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000075330

**Series ID Record:2**
- **Series ID:** S000054226

**Class ID Record:1**
- **Class ID:** C000234271

**Class ID Record:2**
- **Class ID:** C000234270

**Class ID Record:3**
- **Class ID:** C000234272

**Class ID Record:4**
- **Class ID:** C000228717

**Class ID Record:5**
- **Class ID:** C000170314

**Class ID Record:6**
- **Class ID:** C000170313

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-04-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** TWO ROADS SHARED TRUST

- **Item B.1.b - Investment Company Act file number:** 811-22718

- **Item B.1.c - CIK:** 0001552947

- **Item B.1.d - LEI:** 549300REHU8QC2CK4V30

- **Item B.2.a - Street 1:** 225 Pictoria Drive, Suite 450

- **Item B.2.b - City:** Cincinnati

- **Item B.2.c - State:** OH

- **Item B.2.e - Zip Code:** 45246

- **Item B.2.f - Telephone:** 631-470-2600

- **Item B.2.g - Public Website:** www.ultimusfundsolutions.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Ultimus Fund Solutions, LLC

- **b. Street 1:** 4221 North 203rd Street, Suite 100

- **c. City:** Elkhorn

- **d. State, if applicable:** NE

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 68022

- **g. Telephone number:** 631-470-2600

- **h. Briefly describe the books and records kept at this location:** Fund Accounting and Transfer Agent Records

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 26

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name            | Is Interested Person?   | Other Investment Company File Numbers      |
|:---|:---|:---|
| Neil M. Kaufman | No                      | 811-22963                                  |
| Anita K. Krug   | No                      | 811-22963                                  |
| Mark Garbin     | No                      | 811-21720, 811-23319, 811-22865, 811-21853 |
| Mark D. Gersten | No                      | 811-22963, 811-21853, 811-21720            |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** William B. Kimme

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 4221 North 203 St

- **   Street Address 2:** Suite 100

- **d. City:** Elkhorn

- **e. State, if applicable:** NE

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 68022

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Northern Lights Distributors

- **ii. SEC file number:** 8-65857

- **iii. CRD number:** N/A

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NE

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Cohen & Co.

- **b. PCAOB Number:** 925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Holbrook Structured Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Holbrook Structured Income Fund

- **b. Series identification number, if any:** S000075330

- **c. LEI:** 549300VN9LSTDZVMEG10

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Holbrook Structured Income Fund Class A        | C000234271                                | HOSAX                        |
|                           2 | Holbrook Structured Income Fund Investor Class | C000234270                                | HOSTX                        |
|                           3 | Holbrook Structured Income Fund Class I        | C000234272                                | HOSIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Holbrook Holdings, Inc.

- **ii. SEC file number:** 801-107682

- **iii. CRD number:** 000283258

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 84-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** NE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Refinitiv US Holdings

- **ii. LEI, if any, or provide and describe other identifying number:** 549300NF240HXJO7N016

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NE

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                              | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| WELLS FARGO BANK                  | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $9,524,552.05             |
| PERFORMANCE TRUST CAPITAL PARTERS | 8-47035           |    000036155 | 549300F8NR5Q23JRIY74 | IL      | US        | $208,014,872.13           |
| BNP PARIBAS                       | 8-32682           |    000015794 | R0MUWSFPU8MPRO8K5P83 | NY      | US        | $25,041,357.17            |
| GOLDMAN SACHS                     | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $13,715,749.16            |
| FALCON SQUARE CAPITAL             | 8-69147           |    000165225 | 2549008E9N7P2N3WFE24 | NC      | US        | $16,918,238.02            |
| MORGAN STANLEY SMITH BARNEY       | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $24,992,022.43            |
| JPMORGAN CHASE                    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $26,805,572.78            |
| JANNEY MONTGOMERY SCOTT           | 8-00462           |    000000463 | 549300QQRY1JCFQHYS08 | PA      | US        | $768,196,924.63           |
| BAIRD PATRICK & CO                | 8-00497           |    000008158 | 549300772UJAHRD6LO53 | WI      | US        | $79,921,622.35            |
| BANK OF AMERICA MERRILL LYNCH     | 8-7221            |    000007691 | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $6,990,115.33             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,204,845,608.85

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $440,505,584.97

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Holbrook Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Holbrook Income Fund

- **b. Series identification number, if any:** S000054226

- **c. LEI:** 549300I4FYPC6WMGV713

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Holbrook Income Fund Class A        | C000228717                                | HOBAX                        |
|                           2 | Holbrook Income Fund Investor Class | C000170314                                | HOBEX                        |
|                           3 | Holbrook Income Fund Class I        | C000170313                                | HOBIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Holbrook Holdings, Inc.

- **ii. SEC file number:** 801-107682

- **iii. CRD number:** 000283258

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 84-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** NE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Valuation Research Company

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Refinitiv US Holdings

- **ii. LEI, if any, or provide and describe other identifying number:** 549300NF240HXJO7N016

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** NE

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** LUCID Capital Markets LLC

- **ii. SEC file number:** 8-67305

- **iii. CRD number:** 000140345

- **iv. LEI, if any:** 254900UGQ42WC2993X52

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $20.00

**Brokers Record: 2**

- **i. Full name of broker:** B RILEY & CO

- **ii. SEC file number:** 8-41426

- **iii. CRD number:** 000025027

- **iv. LEI, if any:** 2549005CLOSQO0MJEA57

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,469.26

**Brokers Record: 3**

- **i. Full name of broker:** IMPERIAL CAPITAL

- **ii. SEC file number:** 8-50397

- **iii. CRD number:** 000043744

- **iv. LEI, if any:** 549300I8X15KSI64Y307

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $159,534.25

**Brokers Record: 4**

- **i. Full name of broker:** LADENBURG THALMANN

- **ii. SEC file number:** 8-17230

- **iii. CRD number:** 000000505

- **iv. LEI, if any:** 2549000V3L2KK4L76W91

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $241,505.06

**Brokers Record: 5**

- **i. Full name of broker:** SEAPORT GROUP

- **ii. SEC file number:** 8-24971

- **iii. CRD number:** 000008330

- **iv. LEI, if any:** 54930028D6D0G5RZJ888

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,033.82

**Aggregate Commission:** $417,562.39

**Item C.17.a. Principal transaction counterparties.**

| Name                              | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| JANNEY MONTGOMERY SCOTT           | 8-00462           |    000000463 | 549300QQRY1JCFQHYS08 | PA      | US        | $591,628,737.13           |
| FALCON SQUARE CAPITAL, LLC        | 8-69147           |    000165225 | 2549008E9N7P2N3WFE24 | NC      | US        | $86,235,161.68            |
| US BANCORP                        | 8-35359           |    000017868 | H85Z6XZP8B10ES0M2G89 | DE      | US        | $176,551,699.01           |
| SANTANDER                         | 8-49571           |    000041791 | 549300CKTOSVCXZTTR71 | DE      | US        | $283,591,199.62           |
| RAYMOND JAMES AND ASSOCIATES  INC | 8-10999           |    000000705 | U4ONQX15J3RO8XCKE979 | FL      | US        | $116,751,719.33           |
| PIPER SANDLER                     | 8-15204           |    000000665 | 549300GRQCWQ3XGH0H10 | MN      | US        | $183,200,745.56           |
| PERFORMANCE TRUST CAPITAL PARTERS | 8-47035           |    000036155 | 549300F8NR5Q23JRIY74 | IL      | US        | $135,670,627.51           |
| SEAPORT GROUP                     | 8-24971           |    000008330 | 54930028D6D0G5RZJ888 | NY      | US        | $401,572,826.24           |
| BNP PARIBAS                       | 8-32682           |    000015794 | R0MUWSFPU8MPRO8K5P83 | NY      | US        | $166,615,664.19           |
| BANK OF MONTREAL (BMO)            | 8-67064           |    000137115 | 3Y4U8VZURTYWI1W2K376 | IL      | US        | $120,608,487.95           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,766,143,157.79

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $1,767,783,267.59

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** TWO ROADS SHARED TRUST

**Date:** 2025-04-30

**Signature:** Laura Szalyga

**Title:** Treasurer