# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-006241
**Filing Date:** 2025-12
**Character Count:** 27081
**Document Hash:** 81af52d4e87fd2f4df318e94ca110736
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006241.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006241

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260131

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251607004

**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

### Regents Park Hedged Market Strategy ETF (Series ID: S000075684)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000234954 | Regents Park Hedged Market Strategy ETF |  |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 23.4%** | **CORPORATE BONDS — 23.4%** |  |  |  |
|  | **ASSET MANAGEMENT** — **2.6%** | **ASSET MANAGEMENT** — **2.6%** |  |  |  |
| 625000 | Bain Capital Specialty Finance, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;03/10/26 | $621045 |
| 800000 | Charles Schwab Corporation (The)<sup>(a)</sup> | H15T5Y + 3.168% | 4.0000 | &nbsp;&nbsp;&nbsp;Perpetual | 793686 |
|  |  |  |  |  | 1414731 |
|  | **AUTOMOTIVE** — **5.4%** | **AUTOMOTIVE** — **5.4%** |  |  |  |
| 500000 | Ford Motor Credit Company, LLC |  | 6.9500 | &nbsp;&nbsp;&nbsp;03/06/26 | 502970 |
| 650000 | Ford Motor Credit Company, LLC |  | 2.7000 | &nbsp;&nbsp;&nbsp;08/10/26 | 640810 |
| 63000 | General Motors Financial Company, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;10/06/26 | 62898 |
| 730000 | General Motors Financial Company, Inc.<sup>(a)</sup> | H15T5Y + 4.997% | 5.7000 | &nbsp;&nbsp;&nbsp;Perpetual | 733382 |
| 325000 | Nissan Motor Acceptance Company, LLC<sup>(b)</sup> |  | 6.9500 | &nbsp;&nbsp;&nbsp;09/15/26 | 329477 |
| 741000 | Nissan Motor Acceptance Corporation<sup>(b)</sup> |  | 2.0000 | &nbsp;&nbsp;&nbsp;03/09/26 | 732264 |
|  |  |  |  |  | 3001801 |
|  | **BANKING** — **4.2%** | **BANKING** — **4.2%** |  |  |  |
| 250000 | BNP Paribas S.A.<sup>(a),(b)</sup> | H15T5Y + 3.196% | 4.6250 | &nbsp;&nbsp;&nbsp;Perpetual | 245668 |
| 500000 | Citigroup, Inc.<sup>(a)</sup> | H15T5Y + 3.417% | 3.8750 | &nbsp;&nbsp;&nbsp;Perpetual | 497453 |
| 320000 | Citizens Financial Group, Inc.<sup>(a)</sup> | H15T5Y + 3.215% | 4.0000 | &nbsp;&nbsp;&nbsp;Perpetual | 315886 |
| 500000 | KeyBank NA |  | 3.4000 | &nbsp;&nbsp;&nbsp;05/20/26 | 497506 |
| 500000 | Lloyds Banking Group plc |  | 4.5820 | &nbsp;&nbsp;&nbsp;12/10/25 | 500100 |
| 300000 | M&T Bank Corporation<sup>(a)</sup> | H15T5Y + 2.679% | 3.5000 | &nbsp;&nbsp;&nbsp;Perpetual | 289964 |
|  |  |  |  |  | 2346577 |
|  | **BIOTECH & PHARMA** — **2.1%** | **BIOTECH & PHARMA** — **2.1%** |  |  |  |
| 658000 | Teva Pharmaceutical Finance Netherlands III BV |  | 3.1500 | &nbsp;&nbsp;&nbsp;10/01/26 | 648286 |
| 500000 | Teva Pharmaceutical Finance Netherlands III BV |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/09/27 | 500538 |
|  |  |  |  |  | 1148824 |
|  | **ELECTRIC UTILITIES** — **4.1%** | **ELECTRIC UTILITIES** — **4.1%** |  |  |  |
| 400000 | American Electric Power Company, Inc.<sup>(a)</sup> | H15T5Y + 2.675% | 3.8750 | &nbsp;&nbsp;&nbsp;02/15/62 | 389535 |
| 650000 | CenterPoint Energy, Inc.<sup>(a)</sup> | H15T5Y + 3.254% | 7.0000 | &nbsp;&nbsp;&nbsp;02/15/55 | 682871 |
| 1159000 | Southern Company (The)<sup>(a)</sup> | H15T5Y + 2.915% | 3.7500 | &nbsp;&nbsp;&nbsp;09/15/51 | 1147341 |
|  |  |  |  |  | 2219747 |
|  | **ENTERTAINMENT CONTENT** — **0.3%** | **ENTERTAINMENT CONTENT** — **0.3%** |  |  |  |
| 150000 | Univision Communications, Inc.<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;05/01/29 | 141055 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 23.4% (Continued)** | **CORPORATE BONDS — 23.4% (Continued)** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES** — **0.7%** | **LEISURE FACILITIES & SERVICES** — **0.7%** |  |  |  |
| 200000 | Caesars Entertainment, Inc.<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;10/15/29 | $188270 |
| 200000 | Penn National Gaming, Inc.<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;07/01/29 | 186429 |
|  |  |  |  |  | 374699 |
|  | **OIL & GAS PRODUCERS** — **0.3%** | **OIL & GAS PRODUCERS** — **0.3%** |  |  |  |
| 150000 | Enbridge, Inc.<sup>(a)</sup> | TSFR3M + 3.680% | 5.5000 | &nbsp;&nbsp;&nbsp;07/15/77 | 149701 |
|  | **SPECIALTY FINANCE** — **1.9%** | **SPECIALTY FINANCE** — **1.9%** |  |  |  |
| 550000 | Ally Financial, Inc. |  | 5.7500 | &nbsp;&nbsp;&nbsp;11/20/25 | 549898 |
| 500000 | Aviation Capital Group, LLC<sup>(b)</sup> |  | 1.9500 | &nbsp;&nbsp;&nbsp;01/30/26 | 496843 |
|  |  |  |  |  | 1046741 |
|  | **TRANSPORTATION & LOGISTICS** — **1.8%** | **TRANSPORTATION & LOGISTICS** — **1.8%** |  |  |  |
| 1000000 | Air Canada<sup>(b)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;08/15/26 | 992980 |
|  | **TOTAL CORPORATE BONDS (Cost $12,681,054)** | **TOTAL CORPORATE BONDS (Cost $12,681,054)** |  |  | 12836856 |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 50.5%** | **U.S. GOVERNMENT & AGENCIES — 50.5%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **50.5%** | **U.S. TREASURY BILLS** — **50.5%** |  |  |  |
| 28000000 | United States Treasury Bill<sup>(c)</sup> |  | 3.7400 | &nbsp;&nbsp;&nbsp;03/05/26 | 27645732 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $27,641,227)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $27,641,227)** |  |  | 27645732 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** | **REGENTS PARK HEDGED MARKET STRATEGY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Contracts<sup>(d)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **INDEX OPTIONS PURCHASED - 1.3%** |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 1.0%** | **CALL OPTIONS PURCHASED - 1.0%** |  |  |  |
| 10 | S&P 500 INDEX SPX US 01/16/26 C6900 IB | 01/16/2026 | $6900 | &nbsp;&nbsp;&nbsp; $6900000 | &nbsp;&nbsp;&nbsp; $189800 |
| 10 | S&P 500 INDEX SPX US 02/20/26 C7000 IB | 02/20/2026 | 7000 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 191300 |
| 5 | S&P 500 INDEX SPX US 12/19/25 C6600 IB | 12/19/2025 | 6600 | &nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 172525 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $362,450) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $362,450) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $362,450) |  | &nbsp;&nbsp; 553625 |
|  | **PUT OPTIONS PURCHASED - 0.3%** | **PUT OPTIONS PURCHASED - 0.3%** |  |  |  |
| 20 | S&P 500 INDEX SPX US 01/16/26 P6400 IB | 01/16/2026 | $6400 | &nbsp;&nbsp;&nbsp; $12800000 | &nbsp;&nbsp;&nbsp; $150100 |
| 5 | S&P 500 INDEX SPX US 12/19/25 P6200 IB | 12/19/2025 | 6200 | &nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 15200 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $304,150) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $304,150) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $304,150) |  | &nbsp;&nbsp; 165300 |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $666,600) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $666,600) |  |  | 718925 |
|  | **TOTAL INVESTMENTS - 75.2% (Cost $40,988,881)** | **TOTAL INVESTMENTS - 75.2% (Cost $40,988,881)** |  |  | &nbsp;&nbsp;&nbsp; $41201513 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 24.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 24.8%** |  |  | &nbsp;&nbsp; 13599713 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $54801226 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** |  | **Expiration** | **Notional Amount<sup>(e)</sup>** | **Value and Unrealized Appreciation** |
| 130 | CME E-Mini Standard & Poor's 500 Index Future |  | 12/22/2025 | &nbsp;&nbsp;&nbsp; $44681000 | &nbsp;&nbsp;&nbsp; $1297062 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |

---

B.V - Besloten Vennootschap

IB - Interactive Brokers

LLC - Limited Liability Company

PLC - Public Liability Company

S.A. - Société Anonyme

H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

TSFR3M Term SOFR Secured Overnight Financing Rate 3 month

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $3,312,986 or 6.0% of net assets.

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

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(e)</sup> 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 affects 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.

## 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:** Regents Park Hedged Market Strategy ETF

- **b. EDGAR series identifier (if any):** S000075684

- **c. LEI of Series:** 549300P4QTJDWCFW4G06

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

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $54815141.92

**Total Liabilities:** $13915.94

**Net Assets:** $54801225.98

**Cash Not Reported:** $12197876.84

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 164.56423300 | **1-Year:** 361.52028600 | **5-Year:** 215.40839100 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 35.39253500 | **1-Year:** 220.84367900 | **5-Year:** 429.54416600 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234954 | 1.31%                | 3.15%                | 2.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $20513.82                                  |
| Month 2  | $0.00                    | $9436.21                                   |
| Month 3  | $-46.69                  | $14956.05                                  |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Citigroup Inc.                                   | C 3 7/8 PERP            | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497453.10    | 0.91%             | 2169-05-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)              | S&P500 EMINI FUT  Dec25 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |       130 | NC      | $1297062.50   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co, Inc.                 | AEP 3 7/8 02/15/62      | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    400000 | PA      | $389535.32    | 0.71%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                                              | SPX US 12/19/25 C6600   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         5 | NC      | $172525.00    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Financial Company  Inc            | GM 4 10/06/26           | CUSIP: 37045XBQ8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     63000 | PA      | $62898.17     | 0.11%             | 2026-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                              | SPX US 12/19/25 P6200   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         5 | NC      | $15200.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                              | SPX US 01/16/26 C6900   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        10 | NC      | $189800.00    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                     | CFG 4 PERP              | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    320000 | PA      | $315886.37    | 0.58%             | 2171-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                    | ENBCN 5 1/2 07/15/2077  | CUSIP: 29250NAS4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $149701.02    | 0.27%             | 2077-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                         | LLOYDS 4.582 12/10/25   | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $500099.33    | 0.91%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                    | F 6.95 03/06/26         | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502970.28    | 0.92%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                              | SPX US 01/16/26 P6400   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        20 | NC      | $150100.00    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| PENN Entertainment Inc                           | PENN 4 1/8 07/01/29     | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $186428.76    | 0.34%             | 2029-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| The Charles Schwab Corporation                   | SCHW 4 PERP             | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    800000 | PA      | $793686.48    | 1.45%             | 2169-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                     | B 03/05/26              | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28000000 | PA      | $27645732.24  | 50.45%            | 2026-03-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                   | NSANY 6.95 09/15/26     | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    325000 | PA      | $329477.11    | 0.60%             | 2026-09-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V. | TEVA 3.15 10/01/26      | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    658000 | PA      | $648286.41    | 1.18%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Air Canada                                       | ACACN 3 7/8 08/15/26    | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $992980.40    | 1.81%             | 2026-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Specialty Finance Inc               | BCSF 2.95 03/10/26      | CUSIP: 05684BAB3<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |    625000 | PA      | $621044.86    | 1.13%             | 2026-03-10      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V. | TEVA 4 3/4 05/09/27     | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $500537.91    | 0.91%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                              | ALLY 5 3/4 11/20/25     | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    550000 | PA      | $549897.75    | 1.00%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                       | CZR 4 5/8 10/15/29      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188270.72    | 0.34%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                              | SPX US 02/20/26 C7000   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        10 | NC      | $191300.00    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | BNP 4 5/8 PERP          | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $245667.58    | 0.45%             | 2177-01-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| KeyBank National Association                     | KEY 3.4 05/20/26        | CUSIP: 49327V2A1<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497506.00    | 0.91%             | 2026-05-20      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                    | UVN 4 1/2 05/01/29      | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141054.93    | 0.26%             | 2029-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                    | F 2.7 08/10/26          | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    650000 | PA      | $640810.01    | 1.17%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                             | MTB 3 1/2 PERP          | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289964.43    | 0.53%             | 2173-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                       | ACGCAP 1.95 01/30/26    | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496843.00    | 0.91%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company  Inc            | GM 5.7 PERP             | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    730000 | PA      | $733381.36    | 1.34%             | 2069-03-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                     | SO 3 3/4 09/15/51       | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1159000 | PA      | $1147340.11   | 2.09%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                           | CNP 7 02/15/55          | CUSIP: 15189TBH9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    650000 | PA      | $682871.15    | 1.25%             | 2055-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                   | NSANY 2 03/09/26        | CUSIP: 654740BS7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    741000 | PA      | $732263.24    | 1.34%             | 2026-03-09      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer