# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-006030
**Filing Date:** 2025-12
**Character Count:** 30000
**Document Hash:** 6c23cc7a0144c4dbd5ca960bbd0131f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006030.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006030

**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**: 20260731

**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:** 251604866

**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

### Hunter Small Cap Value Fund (Series ID: S000079253)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000240224 | Hunter Small Cap Value Fund Class I | HSCVX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **HUNTER SMALL CAP VALUE FUND** | **HUNTER SMALL CAP VALUE FUND** | **HUNTER SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.9%** |  |
|  | **AEROSPACE & DEFENSE - 0.6%** |  |
| 4235 | Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$327831 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.9%** |  |
| 22640 | Levi Strauss & Company, Class A | &nbsp;&nbsp;&nbsp;459139 |
|  | **ASSET MANAGEMENT - 1.0%** |  |
| 7525 | Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;514108 |
|  | **AUTOMOTIVE - 3.9%** |  |
| 45395 | Gentex Corporation | &nbsp;&nbsp;&nbsp;1064513 |
| 9390 | Lear Corporation | &nbsp;&nbsp;&nbsp;982664 |
|  |  | &nbsp;&nbsp;&nbsp;2047177 |
|  | **BANKING - 17.3%** |  |
| 37220 | Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;997496 |
| 46170 | First Community Corporation | &nbsp;&nbsp;&nbsp;1237817 |
| 17015 | Hancock Whitney Corporation | &nbsp;&nbsp;&nbsp;971727 |
| 43975 | Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;789351 |
| 10890 | Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;927937 |
| 21215 | Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;1396370 |
| 35455 | Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;648472 |
| 11655 | SouthState Bank Corporation | &nbsp;&nbsp;&nbsp;1033216 |
| 8880 | Wintrust Financial Corporation | &nbsp;&nbsp;&nbsp;1154578 |
|  |  | &nbsp;&nbsp;&nbsp;9156964 |
|  | **CHEMICALS - 1.6%** |  |
| 6035 | Quaker Chemical Corporation | &nbsp;&nbsp;&nbsp;838201 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.3%** |  |
| 11905 | TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;714300 |
|  | **CONSTRUCTION MATERIALS - 1.5%** |  |
| 4620 | Simpson Manufacturing Company, Inc. | &nbsp;&nbsp;&nbsp;815430 |

---

---

| | | |
|:---|:---|:---|
| **HUNTER SMALL CAP VALUE FUND** | **HUNTER SMALL CAP VALUE FUND** | **HUNTER SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.9% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 1.7%** |  |
| 57195 | Graphic Packaging Holding Company | &nbsp;&nbsp;&nbsp;$914548 |
|  | **E-COMMERCE DISCRETIONARY - 1.0%** |  |
| 8905 | Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;552110 |
|  | **ELECTRIC UTILITIES - 2.6%** |  |
| 22110 | Black Hills Corporation | &nbsp;&nbsp;&nbsp;1402437 |
|  | **ELECTRICAL EQUIPMENT - 3.6%** |  |
| 4205 | Generac Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;706524 |
| 4975 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;1210467 |
|  |  | &nbsp;&nbsp;&nbsp;1916991 |
|  | **FOOD - 3.0%** |  |
| 35420 | Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;422561 |
| 19010 | John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;1193448 |
|  |  | &nbsp;&nbsp;&nbsp;1616009 |
|  | **GAS & WATER UTILITIES - 0.6%** |  |
| 4525 | American States Water Company | &nbsp;&nbsp;&nbsp;322678 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 5895 | Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1061690 |
|  | **HOME CONSTRUCTION - 3.8%** |  |
| 3695 | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;703639 |
| 2380 | Cavco Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1260924 |
|  |  | &nbsp;&nbsp;&nbsp;1964563 |
|  | **HOUSEHOLD PRODUCTS - 2.2%** |  |
| 47610 | Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;1163588 |
|  | **INDUSTRIAL REIT - 1.5%** |  |
| 14430 | First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;797690 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.6%** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.6%** |  |
| 6505 | FCore & Main, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;339431 |

---

---

| | | |
|:---|:---|:---|
| **HUNTER SMALL CAP VALUE FUND** | **HUNTER SMALL CAP VALUE FUND** | **HUNTER SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.9% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.4%** |  |
| 26305 | Lazard, Inc. | &nbsp;&nbsp;&nbsp;$1283684 |
|  | **INSURANCE - 4.8%** |  |
| 13630 | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;1276586 |
| 7580 | Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1295270 |
|  |  | &nbsp;&nbsp;&nbsp;2571856 |
|  | **INTERNET MEDIA & SERVICES - 2.5%** |  |
| 41320 | Match Group, Inc. | &nbsp;&nbsp;&nbsp;1336289 |
|  | **MACHINERY - 5.2%** |  |
| 19095 | Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;843426 |
| 9320 | ESAB Corporation | &nbsp;&nbsp;&nbsp;1088763 |
| 6478 | Middleby Corporation (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;804762 |
|  |  | &nbsp;&nbsp;&nbsp;2736951 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.9%** |  |
| 11350 | Globus Medical, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;685427 |
| 16650 | Haemonetics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;832666 |
| 4324 | Teleflex, Inc. | &nbsp;&nbsp;&nbsp;538208 |
|  |  | &nbsp;&nbsp;&nbsp;2056301 |
|  | **MULTI ASSET CLASS REIT - 2.0%** |  |
| 63865 | Elme Communities | &nbsp;&nbsp;&nbsp;1050580 |
|  | **OIL & GAS PRODUCERS - 3.1%** |  |
| 41120 | Magnolia Oil & Gas Corporation, Class A | &nbsp;&nbsp;&nbsp;923556 |
| 18605 | Matador Resources Company | &nbsp;&nbsp;&nbsp;734153 |
|  |  | &nbsp;&nbsp;&nbsp;1657709 |
|  | **REAL ESTATE SERVICES - 2.8%** |  |
| 2135 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;651367 |
| 28490 | Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;832193 |
|  |  | &nbsp;&nbsp;&nbsp;1483560 |
|  | **RESIDENTIAL REIT - 3.1%** |  |
| 27900 | Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;444447 |
| 84045 | UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;1222014 |
|  |  | &nbsp;&nbsp;&nbsp;1666461 |

---

---

| | | |
|:---|:---|:---|
| **HUNTER SMALL CAP VALUE FUND** | **HUNTER SMALL CAP VALUE FUND** | **HUNTER SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** | | **Fair Value** |
|  | **COMMON STOCKS — 91.9% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 2.3%** |  |
| 16930 | Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;810777 |
| 6365 | BlueLinx Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;416526 |
|  |  | &nbsp;&nbsp;&nbsp;1227303 |
|  | **SEMICONDUCTORS - 5.3%** |  |
| 4785 | Coherent Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;631429 |
| 18740 | Tower Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1596086 |
| 36880 | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;626222 |
|  |  | &nbsp;&nbsp;&nbsp;2853737 |
|  | **SOFTWARE - 1.7%** |  |
| 8500 | Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;285345 |
| 17690 | Ziff Davis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;599691 |
|  |  | &nbsp;&nbsp;&nbsp;885036 |
|  | **TRANSPORTATION & LOGISTICS - 2.1%** |  |
| 11300 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - ADR | &nbsp;&nbsp;&nbsp;1114406 |
|  | **TOTAL COMMON STOCKS (Cost $43,253,883)** | &nbsp;&nbsp;&nbsp;48848758 |
|  | **SHORT-TERM INVESTMENT — 7.4%** |  |
|  | **MONEY MARKET FUND - 7.4%** |  |
| 3945508 | First American Treasury Obligations Fund, Class X, 4.00%<sup>(b)</sup><br> (Cost $3,945,508) | &nbsp;&nbsp;&nbsp;3945508 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $47,199,391)** | &nbsp;&nbsp;&nbsp;$52794266 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | &nbsp;&nbsp;&nbsp;385095 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp;&nbsp;$53179361 |

---

ADR - American Depositary Receipt

Ltd. - Limited Company

REIT - Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate disclosed is seven day effective yield as of October 31, 2025

## 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:** Hunter Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000079253

- **c. LEI of Series:** 549300ZDUYXHPIXWN897

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

- **a. Date of fiscal year-end:** 2026-07-31

- **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:** $53344279.82

**Total Liabilities:** $164918.44

**Net Assets:** $53179361.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000240224 | 5.47%                | -1.89%               | -2.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1671.43                 | $2771521.13                                |
| Month 2  | $321097.92               | $-1455422.01                               |
| Month 3  | $555236.59               | $-1734517.85                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Armstrong World Industries, Inc.                    | ARMSTRONG WORLD  | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      3695 | NS      | $703638.85    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB Corp.                                          | ESAB CORP        | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |      9320 | NS      | $1088762.40   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                                    | HAEMONETICS CORP | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |     16650 | NS      | $832666.50    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                                  | COHEN & STEERS   | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |      7525 | NS      | $514108.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods, Inc.                                 | FLOWERS FOODS    | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     35420 | NS      | $422560.60    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated                     | JONES LANG LASAL | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      2135 | NS      | $651367.15    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Limited                         | TOWER SEMICONDCT | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |     18740 | NS      | $1596085.80   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                                     | CORE & MAIN IN-A | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6505 | NS      | $339430.90    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc.                    | PINNACLE FINL    | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     10890 | NS      | $927936.90    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                               | GENERAC HOLDINGS | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      4205 | NS      | $706524.10    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                           | PROSPERITY BNCSH | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21215 | NS      | $1396371.30   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                  | UMH PROPERTIES I | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     84045 | NS      | $1222014.30   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinet Group Inc                                    | TRINET GROUP INC | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |     11905 | NS      | $714300.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.                        | VISHAY INTERTECH | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     36880 | NS      | $626222.40    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation                      | MAGNOLIA OIL-A   | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41120 | NS      | $923555.20    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                                 | MERCURY SYSTEMS  | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      4235 | NS      | $327831.35    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corporation                             | BLACK HILLS CORP | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     22110 | NS      | $1402437.30   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                                    | ENSIGN GROUP INC | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      5895 | NS      | $1061689.50   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited                       | AXIS CAPITAL     | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     13630 | NS      | $1276585.80   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                                      | MIDDLEBY CORP    | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |      6478 | NS      | $804761.94    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                     | MATCH GROUP INC  | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     41320 | NS      | $1336288.80   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                            | ETSY INC         | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      8905 | NS      | $552110.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                       | COHERENT CORP    | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      4785 | NS      | $631428.60    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanfilippo(John B)                                  | JOHN B SANFILIPP | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |     19010 | NS      | $1193447.80   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                       | INDEPENDENCE REA | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |     27900 | NS      | $444447.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust, Inc.                 | FIRST IND REALTY | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14430 | NS      | $797690.40    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc.                       | SIMPSON MFG      | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      4620 | NS      | $815430.00    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Houghton                                     | QUAKER CHEMICAL  | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      6035 | NS      | $838201.15    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                           | AMER STATES WATE | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      4525 | NS      | $322677.75    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                                      | GLOBUS MEDICAL I | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     11350 | NS      | $685426.50    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                                     | LITTELFUSE INC   | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      4975 | NS      | $1210467.25   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.                   | HANOVER INSURANC | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      7580 | NS      | $1295270.40   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                                      | ZIFF DAVIS INC   | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |     17690 | NS      | $599691.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                                    | CAVCO INDUSTRIES | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2380 | NS      | $1260924.00   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corporation                      | WINTRUST FINL    | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |      8880 | NS      | $1154577.60   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                              | MARCUS & MILLICH | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     28490 | NS      | $832192.90    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Company                   | GRAPHIC PACKAGIN | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57195 | NS      | $914548.05    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                        | OMNICELL INC     | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      8500 | NS      | $285345.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Incorporated                               | TELEFLEX INC     | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      4324 | NS      | $538208.28    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                          | LAZARD INC       | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     26305 | NS      | $1283684.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                          | CACTUS INC- A    | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     19095 | NS      | $843426.15    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Corporation                         | FIRST COMTY CORP | CUSIP: 319835104<br>LEI: 549300TC167ECI9SMC70 | Long             | EC               | CORP              | US        |     46170 | NS      | $1237817.70   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                         | GENTEX CORP      | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     45395 | NS      | $1064512.75   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                           | MATADOR RESOURCE | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     18605 | NS      | $734153.30    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                           | FIRST AM-TR OB-X | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3945508 | PA      | $3945508.36   | 7.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products Inc.                     | REYNOLDS CONSUME | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               | CORP              | US        |     47610 | NS      | $1163588.40   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                    | ELME COMMUNITIES | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |     63865 | NS      | $1050579.25   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc.                              | BLUELINX HOLDING | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      6365 | NS      | $416525.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc.                   | PROVIDENT FINANC | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     35455 | NS      | $648471.95    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | GRUPO AEROPO-ADR | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     11300 | NS      | $1114406.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co.                                  | LEVI STRAUSS-A   | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     22640 | NS      | $459139.20    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc.                             | OLD SECOND BNCRP | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     43975 | NS      | $789351.25    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Southstate Bank Corp.                               | SOUTHSTATE BANK  | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11655 | NS      | $1033215.75   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc.                        | COLUMBIA BANKING | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37220 | NS      | $997496.00    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports and Outdoors Inc                     | ACADEMY SPORTS & | CUSIP: 00402L107<br>LEI: 529900HST589BD301M91 | Long             | EC               | CORP              | US        |     16930 | NS      | $810777.70    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                                    | LEAR CORP        | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      9390 | NS      | $982663.50    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corporation                         | HANCOCK WHITNEY  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     17015 | NS      | $971726.65    | 1.83%             |  |  |  | No            |                  1 | 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