# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-001216
**Filing Date:** 2025-9
**Character Count:** 41614
**Document Hash:** 267b4e8b28439e88b391ea768405aa7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001216.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000910472-25-001216

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** 251346099

**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

### 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **ADVERTISING & MARKETING - 1.4%** |  |
| 162100 | CyberAgent, Inc. | &nbsp;&nbsp;&nbsp; $1623552 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.2%** |  |
| 1175958 | Grendene S.A. | &nbsp;&nbsp;&nbsp; 1056300 |
| 33397 | Youngone Corporation | &nbsp;&nbsp;&nbsp; 1443547 |
|  |  | &nbsp;&nbsp; 2499847 |
|  | **ASSET MANAGEMENT - 1.8%** |  |
| 34932 | DWS Group GmbH & Company KGaA | &nbsp;&nbsp;&nbsp; 2092994 |
|  | **AUTOMOTIVE - 7.1%** |  |
| 52500 | Exedy Corporation | &nbsp;&nbsp;&nbsp; 1648150 |
| 77800 | FCC Company Ltd. | &nbsp;&nbsp;&nbsp; 1561669 |
| 2070000 | Nexteer Automotive Group Ltd. | &nbsp;&nbsp;&nbsp; 1544738 |
| 57500 | Stanley Electric Company Ltd. | &nbsp;&nbsp;&nbsp; 1084465 |
| 74200 | Tokai Rika Company Ltd. | &nbsp;&nbsp;&nbsp; 1188054 |
| 77700 | Toyota Boshoku Corporation | &nbsp;&nbsp;&nbsp; 1104201 |
|  |  | &nbsp;&nbsp; 8131277 |
|  | **BEVERAGES - 0.9%** |  |
| 923000 | Budweiser Brewing Company APAC Ltd. | &nbsp;&nbsp;&nbsp; 968916 |
|  | **BIOTECH & PHARMA - 2.5%** |  |
| 935000 | Beijing Tong Ren Tang Chinese Medicine Company Ltd. | &nbsp;&nbsp;&nbsp; 1086656 |
| 1062000 | China Medical System Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1803180 |
|  |  | &nbsp;&nbsp; 2889836 |
|  | **CHEMICALS - 3.0%** |  |
| 17040 | Brenntag S.E. | &nbsp;&nbsp;&nbsp; 1057716 |
| 221571 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp; 1380205 |
| 2125 | Schweiter Technologies A.G. | &nbsp;&nbsp;&nbsp; 980841 |
|  |  | &nbsp;&nbsp; 3418762 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.1%** |  |
| 23810 | S-1 Corporation | &nbsp;&nbsp;&nbsp; 1261816 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **CONSTRUCTION MATERIALS - 1.0%** |  |
| 240202 | Breedon Group PLC | &nbsp;&nbsp;&nbsp; $1145063 |
|  | **CONTAINERS & PACKAGING - 1.3%** |  |
| 107890 | Transcontinental, Inc., Class A | &nbsp;&nbsp;&nbsp; 1500462 |
|  | **ELECTRIC UTILITIES - 1.0%** |  |
| 163655 | CPFL Energia S.A. | &nbsp;&nbsp;&nbsp; 1102080 |
|  | **ELECTRICAL EQUIPMENT - 3.3%** |  |
| 123800 | Anritsu Corporation | &nbsp;&nbsp;&nbsp; 1334457 |
| 2475 | Dormakaba Holding A.G. | &nbsp;&nbsp;&nbsp; 2389149 |
|  |  | &nbsp;&nbsp; 3723606 |
|  | **ENGINEERING & CONSTRUCTION - 7.2%** |  |
| 122976 | Bravida Holding A.B. | &nbsp;&nbsp;&nbsp; 1154189 |
| 175800 | Kandenko Company Ltd. | &nbsp;&nbsp;&nbsp; 4164697 |
| 75200 | MIRAIT ONE Corporation | &nbsp;&nbsp;&nbsp; 1345595 |
| 66396 | Skanska A.B., Class B | &nbsp;&nbsp;&nbsp; 1549039 |
|  |  | &nbsp;&nbsp; 8213520 |
|  | **ENTERTAINMENT CONTENT - 2.3%** |  |
| 30800 | DoubleUGames Company Ltd. | &nbsp;&nbsp;&nbsp; 1232204 |
| 58680 | Mixi, Inc. | &nbsp;&nbsp;&nbsp; 1342930 |
|  |  | &nbsp;&nbsp; 2575134 |
|  | **FOOD - 4.3%** |  |
| 990611 | First Resources Ltd. | &nbsp;&nbsp;&nbsp; 1155775 |
| 135469 | JBS N.V. - GDR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1850669 |
| 1884000 | WH Group Ltd. | &nbsp;&nbsp;&nbsp; 1886150 |
|  |  | &nbsp;&nbsp; 4892594 |
|  | **GAS & WATER UTILITIES - 1.1%** |  |
| 588196 | Centrica PLC | &nbsp;&nbsp;&nbsp; 1278599 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 16244 | CVS Health Corporation | &nbsp;&nbsp;&nbsp; 1008752 |
| 574900 | Odontoprev S.A. | &nbsp;&nbsp;&nbsp; 1224786 |
|  |  | &nbsp;&nbsp; 2233538 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 4.1%** |  |
| 28875 | Coway Company Ltd. | &nbsp;&nbsp;&nbsp; $2239562 |
| 4659500 | JS Global Lifestyle Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1044233 |
| 242800 | Kokuyo Company Ltd. | &nbsp;&nbsp;&nbsp; 1430576 |
|  |  | &nbsp;&nbsp; 4714371 |
|  | **HOUSEHOLD PRODUCTS - 0.9%** |  |
| 4649 | LG H&H Company Ltd. | &nbsp;&nbsp;&nbsp; 1047939 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.1%** |  |
| 564622 | Bolsa Mexicana de Valores SAB de C.V. | &nbsp;&nbsp;&nbsp; 1208335 |
|  | **LEISURE FACILITIES & SERVICES - 3.1%** |  |
| 186800 | Sankyo Company Ltd. | &nbsp;&nbsp;&nbsp; 3485882 |
|  | **MACHINERY - 2.8%** |  |
| 31228 | Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp; 1231069 |
| 5809000 | Lonking Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1960542 |
|  |  | &nbsp;&nbsp; 3191611 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.5%** |  |
| 1298500 | Kangji Medical Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1405960 |
| 1612200 | Shandong Weigao Group Medical Polymer Company Ltd., H Shares | &nbsp;&nbsp;&nbsp; 1417787 |
|  |  | &nbsp;&nbsp; 2823747 |
|  | **METALS & MINING - 8.1%** |  |
| 11350800 | Aneka Tambang Tbk | &nbsp;&nbsp;&nbsp; 1963610 |
| 142209 | Dundee Precious Metals, Inc. | &nbsp;&nbsp;&nbsp; 2298991 |
| 716725 | Perseus Mining Ltd. | &nbsp;&nbsp;&nbsp; 1496271 |
| 74132 | Torex Gold Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2088173 |
| 31579 | Valterra Platinum Limited | &nbsp;&nbsp;&nbsp; 1418315 |
|  |  | &nbsp;&nbsp; 9265360 |
|  | **OIL & GAS PRODUCERS - 3.0%** |  |
| 5297363 | Dana Gas PJSC | &nbsp;&nbsp;&nbsp; 1104390 |
| 690932 | Ithaca Energy PLC | &nbsp;&nbsp;&nbsp; 1586827 |
| 47260 | Paramount Resources Ltd. | &nbsp;&nbsp;&nbsp; 726841 |
|  |  | &nbsp;&nbsp; 3418058 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **PUBLISHING & BROADCASTING - 2.0%** |  |
| 1096453 | ITV PLC | &nbsp;&nbsp;&nbsp; $1189318 |
| 71736 | Metropole Television S.A. | &nbsp;&nbsp;&nbsp; 1048445 |
|  |  | &nbsp;&nbsp; 2237763 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.0%** |  |
| 115900 | Japan Wool Textile Company Ltd. (The) | &nbsp;&nbsp;&nbsp; 1070484 |
| 1090000 | Sino Land Company Ltd. | &nbsp;&nbsp;&nbsp; 1256445 |
|  |  | &nbsp;&nbsp; 2326929 |
|  | **REAL ESTATE SERVICES - 1.1%** |  |
| 274400 | Poly Property Services Company Ltd. | &nbsp;&nbsp;&nbsp; 1217914 |
|  | **RETAIL - CONSUMER STAPLES - 4.8%** |  |
| 40052 | Empire Company Ltd., Class A | &nbsp;&nbsp;&nbsp; 1595026 |
| 84300 | Life Corporation | &nbsp;&nbsp;&nbsp; 1347369 |
| 1897000 | Puregold Price Club, Inc. | &nbsp;&nbsp;&nbsp; 1303492 |
| 71200 | Welcia Holdings Company Ltd. | &nbsp;&nbsp;&nbsp; 1194760 |
|  |  | &nbsp;&nbsp; 5440647 |
|  | **RETAIL - DISCRETIONARY - 2.3%** |  |
| 21676 | F&F Company Ltd. | &nbsp;&nbsp;&nbsp; 1080186 |
| 20900 | Shimamura Company Ltd. | &nbsp;&nbsp;&nbsp; 1513357 |
|  |  | &nbsp;&nbsp; 2593543 |
|  | **SEMICONDUCTORS - 0.8%** |  |
| 24200 | LX Semicon Company Ltd. | &nbsp;&nbsp;&nbsp; 948555 |
|  | **SOFTWARE - 1.1%** |  |
| 52000 | Justsystems Corporation | &nbsp;&nbsp;&nbsp; 1309573 |
|  | **STEEL - 2.9%** |  |
| 34618 | Aperam S.A. | &nbsp;&nbsp;&nbsp; 1018802 |
| 76881 | BlueScope Steel Ltd. | &nbsp;&nbsp;&nbsp; 1165507 |
| 44900 | Maruichi Steel Tube Ltd. | &nbsp;&nbsp;&nbsp; 1085518 |
|  |  | &nbsp;&nbsp; 3269827 |
|  | **TECHNOLOGY HARDWARE - 3.1%** |  |
| 68200 | Mabuchi Motor Company Ltd. | &nbsp;&nbsp;&nbsp; 986101 |
| 177200 | Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp; 1287318 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 3.1% (Continued)** |  |
| 166300 | VTech Holdings Ltd. | &nbsp;&nbsp;&nbsp; $1232280 |
|  |  | &nbsp;&nbsp; 3505699 |
|  | **TECHNOLOGY SERVICES - 2.0%** |  |
| 473612 | Serco Group PLC | &nbsp;&nbsp;&nbsp; 1305026 |
| 53374 | TietoEVRY OYJ | &nbsp;&nbsp;&nbsp; 919270 |
|  |  | &nbsp;&nbsp; 2224296 |
|  | **TELECOMMUNICATIONS - 1.2%** |  |
| 185116 | Vodacom Group Ltd. | &nbsp;&nbsp;&nbsp; 1409428 |
|  | **TRANSPORTATION & LOGISTICS - 5.2%** |  |
| 101400 | DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1124526 |
| 74863 | HMM Company Ltd. | &nbsp;&nbsp;&nbsp; 1251634 |
| 1168000 | Kerry Logistics Network Ltd. | &nbsp;&nbsp;&nbsp; 1228273 |
| 105717 | Promotora y Operadora de Infraestructura S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; 1249686 |
| 101500 | SG Holdings Company Ltd. | &nbsp;&nbsp;&nbsp; 1126128 |
|  |  | &nbsp;&nbsp; 5980247 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.1%** |  |
| 33100 | Kato Sangyo Company Ltd. | &nbsp;&nbsp;&nbsp; 1256436 |
|  | **TOTAL COMMON STOCKS (Cost $88,913,624)** | &nbsp;&nbsp; 112427756 |
|  | **TOTAL INVESTMENTS - 98.7% (Cost $88,913,624)** | &nbsp;&nbsp;&nbsp; $112427756 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%** | &nbsp;&nbsp; 1534544 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $113962300 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| Ltd. | - Limited Company |
| NV | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |

---

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

## 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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $114920666.35

**Total Liabilities:** $958366.46

**Net Assets:** $113962299.89

**Cash Not Reported:** $166031.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233407 | 3.74%                | 4.41%                | -1.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-989658.98              | $4469853.35                                |
| Month 2  | $-369449.26              | $5000532.90                                |
| Month 3  | $-281724.98              | $-1201566.72                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kokuyo Co Ltd                                                     | KOKUYO                   | CUSIP: J35544105<br>LEI: 3538001EN1YX65H42410 | Long             | EC               | CORP              | JP        |    242800 | NS      | $1430576.16   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Boshoku Corp.                                              | TOYOTA BOSHOKU           | CUSIP: J91214106<br>LEI: 529900KS87U6EY7PWG26 | Long             | EC               | CORP              | JP        |     77700 | NS      | $1104200.74   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Tietoevry Oyj                                                     | TIETO OYJ                | CUSIP: Y8T39G104<br>LEI: 549300EW2KM4KROKQV31 | Long             | EC               | CORP              | FI        |     53374 | NS      | $919269.89    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Life Corporation                                                  | LIFE CORP                | CUSIP: J38828109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     84300 | NS      | $1347368.50   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodacom Group Limited                                             | Vodacom Group Ltd        | CUSIP: S9453B108<br>LEI: 37890012A8DC24B8D663 | Long             | EC               | CORP              | ZA        |    185116 | NS      | $1409428.33   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonking Holdings Limited                                          | LONKING                  | CUSIP: G5636C107<br>LEI: 5299004M92ACMGS3QI84 | Long             | EC               | CORP              | KY        |   5809000 | NS      | $1960541.76   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Exedy Corp                                                        | Exedy Corp               | CUSIP: J1326T101<br>LEI: 35380047PHY08BBD5M18 | Long             | EC               | CORP              | JP        |     52500 | NS      | $1648150.20   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Mabuchi Motor Co., Ltd.                                           | MABUCHI MOTOR CO LTD     | CUSIP: J39186101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     68200 | NS      | $986100.65    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Sino Land Co Ltd.                                                 | SINO LAND                | CUSIP: Y80267126<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |   1090000 | NS      | $1256445.65   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Weigao Group Medical Polymer Co Ltd.                     | SHANDONG WEIG-H          | CUSIP: Y76810103<br>LEI: 5299005WQUU15JQU8S60 | Long             | EC               | CORP              | CN        |   1612200 | NS      | $1417787.08   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Bolsa Mexicana De Valores Sab De Cv                               | BOLSA MEXICANA           | CUSIP: P17330104<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |    564622 | NS      | $1208335.02   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Promotora y Operadora de Infraestructura SA                       | PROMOTORA Y OPER         | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |    105717 | NS      | $1249686.37   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SG Holdings Co Ltd.                                               | SG HOLDINGS CO L         | CUSIP: J7134P108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    101500 | NS      | $1126127.64   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Dana Gas PJSC                                                     | DANA GAS                 | CUSIP: M27014105<br>LEI: 254900RDMPHWDEJBUW56 | Long             | EC               | CORP              | AE        |   5297363 | NS      | $1104390.29   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Paramount Resources Limited                                       | PARAMOUNT RES -A         | CUSIP: 699320206<br>LEI: 549300JSO4G6XV6Y5V84 | Long             | EC               | CORP              | CA        |     47260 | NS      | $726840.79    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bravida Holding AB                                                | BRAVIDA HOLDING AB       | CUSIP: W2R16Z106<br>LEI: 549300H88IJGPNNL3T61 | Long             | EC               | CORP              | SE        |    122976 | NS      | $1154189.41   | 1.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson (publ)                            | ERICSSON LM-B            | CUSIP: W26049119<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    177200 | NS      | $1287317.91   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| LG H&H Co Ltd.                                                    | LG H&H                   | CUSIP: Y5275R100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4649 | NS      | $1047939.32   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruichi Steel Tube Ltd.                                          | MARUICHI STL TUB         | CUSIP: J40046104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     44900 | NS      | $1085518.49   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Coway Co Ltd.                                                     | COWAY CO LTD             | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     28875 | NS      | $2239562.45   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Dundee Prec Metals                                                | DUNDEE PRECIOUS          | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |    142209 | NS      | $2298990.76   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                                   | CVS HEALTH CORP          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     16244 | NS      | $1008752.40   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| China Medical System Holdings Limited                             | CHINA MEDICAL SYSTEM     | CUSIP: G21108124<br>LEI: 529900Z57DVJXUBLHX66 | Long             | EC               | CORP              | KY        |   1062000 | NS      | $1803179.67   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| JBS NV                                                            | JBS NV                   | CUSIP: N4731Y108<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |    135469 | NS      | $1850669.40   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirait One Corporation                                            | MIRAIT ONE CORP          | CUSIP: J4307G106<br>LEI: 353800RI3EZVEIDAEL62 | Long             | EC               | CORP              | JP        |     75200 | NS      | $1345594.80   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Mixi Inc                                                          | Mixi Inc                 | CUSIP: J45993110<br>LEI: 529900IL3THMH0SFYQ49 | Long             | EC               | CORP              | JP        |     58680 | NS      | $1342929.95   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Skanska AB                                                        | SKANSKA AB-B             | CUSIP: W83567110<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |     66396 | NS      | $1549038.91   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| DormaKaba Holding AG                                              | DORMAKABA HOLDIN         | CUSIP: H1956E103<br>LEI: 529900QMU5ZH99KMQK13 | Long             | EC               | CORP              | CH        |      2475 | NS      | $2389149.11   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| DHT Holdings Inc.                                                 | DHT HOLDINGS INC         | CUSIP: Y2065G121<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | MH        |    101400 | NS      | $1124526.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Torex Gold Resources Inc                                          | TOREX GOLD RESOU         | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |     74132 | NS      | $2088172.60   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ITV PLC                                                           | ITV PLC                  | CUSIP: G4984A110<br>LEI: ZLECI7ED2QMWFGYCXZ59 | Long             | EC               | CORP              | GB        |   1096453 | NS      | $1189318.46   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Puregold Price Club Inc.                                          | PUREGOLD PRICE C         | CUSIP: Y71617107<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |   1897000 | NS      | $1303491.78   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| DWS Group Gmbh & Co KgaA                                          | DWS GROUP GMBH &         | CUSIP: D23390103<br>LEI: 529900VM3464806ERS69 | Long             | EC               | CORP              | DE        |     34932 | NS      | $2092993.97   | 1.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CPFL Energia SA                                                   | CPFL ENERGIA SA          | CUSIP: P3179C105<br>LEI: 529900GBWSBDXN8GGM28 | Long             | EC               | CORP              | BR        |    163655 | NS      | $1102080.44   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Perseus Mining Ltd.                                               | PERSEUS MINING           | CUSIP: Q74174105<br>LEI: 54930054ZDGKBCW3SM26 | Long             | EC               | CORP              | AU        |    716725 | NS      | $1496271.33   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Odontoprev Sa                                                     | ODONTOPREV               | CUSIP: P7344M104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    574900 | NS      | $1224786.06   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Youngone Corp.                                                    | YOUNGONE CORP            | CUSIP: Y9857Q100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     33397 | NS      | $1443546.58   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Kato Sangyo Co                                                    | KATO SANGYO CO           | CUSIP: J3104N108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     33100 | NS      | $1256435.81   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd.                                                     | WH GROUP LTD             | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |   1884000 | NS      | $1886149.44   | 1.66%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Brenntag SE                                                       | BRENNTAG SE              | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |     17040 | NS      | $1057715.59   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimamura Corp                                                    | SHIMAMURA CO             | CUSIP: J72208101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20900 | NS      | $1513356.98   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Transcontinental Inc.                                             | Transcontinental Inc     | CUSIP: 893578104<br>LEI: 549300C86G4JLR01YF53 | Long             | EC               | CORP              | CA        |    107890 | NS      | $1500462.11   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd                                                     | ICL GROUP LTD            | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |    221571 | NS      | $1380204.94   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Stanley Electric Co Ltd                                           | Stanley Electric Co Ltd  | CUSIP: J76637115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57500 | NS      | $1084464.97   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| BBH SWEEP VEHICLE                                                 | BBH SWEEP VEHICLE        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1165444 | PA      | $1165444.39   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Breedon Group PLC                                                 | BREEDON GROUP PL         | CUSIP: G131AN104<br>LEI: 213800DQGNQE3X76WS92 | Long             | EC               | CORP              | GB        |    240202 | NS      | $1145063.43   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropole Television-(M6)                                         | Metropole Television SA  | CUSIP: F62379114<br>LEI: 96950018NOMJX5XRH047 | Long             | EC               | CORP              | FR        |     71736 | NS      | $1048444.66   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| VTech Holdings Ltd.                                               | VTECH HLDGS LTD          | CUSIP: G9400S132<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    166300 | NS      | $1232280.42   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| First Resources Ltd.                                              | FIRST RESOURCES          | CUSIP: Y2560F107<br>LEI: 5493007RRD817HUP4O49 | Long             | EC               | CORP              | SG        |    990611 | NS      | $1155774.89   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Bobcat Inc                                                 | DOOSAN BOBCAT INC        | CUSIP: Y2103B100<br>LEI: 9884007K6X0Q0112FX44 | Long             | EC               | CORP              | KR        |     31228 | NS      | $1231068.95   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Budweiser Brewing Co APAC Ltd.                                    | BUDWEISER BREWIN         | CUSIP: G1674K101<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | KY        |    923000 | NS      | $968915.55    | 0.85%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Valterra Platinum Ltd.                                            | VALTERRA PLATINUM (JSE)  | CUSIP: S9122P108<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     31579 | NS      | $1418315.31   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrica PLC                                                      | CENTRICA PLC             | CUSIP: G2018Z143<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |    588196 | NS      | $1278598.43   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kln Logistics Group Ltd.                                          | KERRY LOGISTICS          | CUSIP: G52418103<br>LEI: 254900G739TFTQCVKO70 | Long             | EC               | CORP              | BM        |   1168000 | NS      | $1228273.27   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Doubleugames Co Ltd                                               | DOUBLEUGAMES CO          | CUSIP: Y2106F108<br>LEI: 549300YX1GSB0NJDFU35 | Long             | EC               | CORP              | KR        |     30800 | NS      | $1232204.48   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| JustSystems Corp.                                                 | JUSTSYSTEMS CORP         | CUSIP: J28783108<br>LEI: 5299006DS4ZV570NR192 | Long             | EC               | CORP              | JP        |     52000 | NS      | $1309573.35   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Wool Textile co ltd                                         | JAPAN WOOL TEXT          | CUSIP: J27953108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    115900 | NS      | $1070483.97   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Aperam SA                                                         | APERAM                   | CUSIP: L0187K107<br>LEI: 5493001136GE6L4R7M63 | Long             | EC               | CORP              | LU        |     34618 | NS      | $1018801.77   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Poly Property Services Co Ltd.                                    | POLY PROPERTY-H          | CUSIP: Y6S9JU104<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    274400 | NS      | $1217913.73   | 1.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FCC Co Ltd                                                        | FCC CO LTD               | CUSIP: J1346G105<br>LEI: 529900JG0O5C2NAEHF11 | Long             | EC               | CORP              | JP        |     77800 | NS      | $1561668.95   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Welcia Holdings Co Ltd.                                           | WELCIA HOLDINGS CO LTD   | CUSIP: J9505A108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     71200 | NS      | $1194760.22   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kandenko Co Ltd                                                   | KANDENKO CO LTD          | CUSIP: J29653102<br>LEI: 35380080NSN7GCYZ3X14 | Long             | EC               | CORP              | JP        |    175800 | NS      | $4164696.19   | 3.65%             |  |  |  | No            |                  2 | On Loan: No      |
| F&F Co Ltd.                                                       | F&F CO LTD / NEW         | CUSIP: Y2R81L105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     21676 | NS      | $1080185.85   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Aneka Tambang Tbk                                                 | ANEKA TAMBANG TB         | CUSIP: Y7116R158<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |  11350800 | NS      | $1963610.03   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| S-1 Corporation                                                   | S-1 CORPORATION          | CUSIP: Y75435100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     23810 | NS      | $1261816.40   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| JS Global Lifestyle Co Ltd.                                       | JS GLOBAL LIFEST         | CUSIP: G2S85A104<br>LEI: 254900YP54EOBADL7333 | Long             | EC               | CORP              | KY        |   4659500 | NS      | $1044233.41   | 0.92%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Beijing Tong Ren Tang Chinese Medic                               | TONGRENTANGCM            | CUSIP: Y0774V108<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    935000 | NS      | $1086655.84   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Schweiter Technologies AG                                         | SCHWEITER TEC            | CUSIP: H73431175<br>LEI: 894500D6OYCP8P8P7317 | Long             | EC               | CORP              | CH        |      2125 | NS      | $980841.29    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Anritsu Corp.                                                     | ANRITSU CORP             | CUSIP: J01554104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    123800 | NS      | $1334457.19   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyber Agent                                                       | CYBERAGENT INC           | CUSIP: J1046G108<br>LEI: 3538006T5KZABPGS8Q08 | Long             | EC               | CORP              | JP        |    162100 | NS      | $1623551.59   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sankyo Co Ltd                                                     | SANKYO CO/               | CUSIP: J67844100<br>LEI: 3538009H2R9ZBZAOAK48 | Long             | EC               | CORP              | JP        |    186800 | NS      | $3485882.30   | 3.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kangji Medical Holdings Ltd.                                      | KANGJI MEDICAL H         | CUSIP: G5215A100<br>LEI: 300300HPVQ4VPUI5AB79 | Long             | EC               | CORP              | KY        |   1298500 | NS      | $1405959.83   | 1.23%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tokai Rika Co Ltd                                                 | TOKAI RIKA               | CUSIP: J85968105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74200 | NS      | $1188053.87   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Empire Co Ltd.                                                    | EMPIRE CO LTD A          | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |     40052 | NS      | $1595026.96   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Grendene Sa                                                       | GRENDENE SA              | CUSIP: P49516100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1175958 | NS      | $1056300.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ithaca Energy PLC                                                 | ITHACA ENERGY PL         | CUSIP: G49776100<br>LEI: 21380057TNFLXPXBIP34 | Long             | EC               | CORP              | GB        |    690932 | NS      | $1586826.81   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| HMM Company Limited                                               | HMM CO LTD               | CUSIP: Y3843P102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     74863 | NS      | $1251633.12   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                                                   | SERCO GROUP              | CUSIP: G80400107<br>LEI: 549300PT2CIHYN5GWJ21 | Long             | EC               | CORP              | GB        |    473612 | NS      | $1305025.61   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexteer Automotive Group Ltd.                                     | Nexteer Automotive Group | CUSIP: G6501M105<br>LEI: 529900O9GGNBKMJ9UO48 | Long             | EC               | CORP              | KY        |   2070000 | NS      | $1544738.14   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| LX Semicon Co Ltd.                                                | LX SEMICON CO LT         | CUSIP: Y7935F104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     24200 | NS      | $948554.68    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| BlueScope Steel (Finance) Ltd / BlueScope Steel Finance (USA) LLC | BLUESCOPE STEEL          | CUSIP: Q1415L177<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |     76881 | NS      | $1165506.97   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer