# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-006425
**Filing Date:** 2025-12
**Character Count:** 15130
**Document Hash:** 623aed16221a626663bf6bcae0286345
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006425.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006425

**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:** 251609004

**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

### Liberty One Defensive Dividend Growth ETF (Series ID: S000095368)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000264087 | Liberty One Defensive Dividend Growth ETF |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **LIBERTY ONE DEFENSIVE DIVIDEND GROWTH ETF** | **LIBERTY ONE DEFENSIVE DIVIDEND GROWTH ETF** | **LIBERTY ONE DEFENSIVE DIVIDEND GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **AEROSPACE & DEFENSE - 3.9%** |  |
| 391 | Northrop Grumman Corporation | &nbsp;&nbsp;&nbsp; $228129 |
|  | **BEVERAGES - 4.2%** |  |
| 3515 | Coca-Cola Company (The) | &nbsp;&nbsp;&nbsp; 242184 |
|  | **BIOTECH & PHARMA - 8.9%** |  |
| 320 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 276116 |
| 1290 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 243642 |
|  |  | &nbsp;&nbsp; 519758 |
|  | **COMMERCIAL SUPPORT SERVICES - 12.7%** |  |
| 9411 | Rentokil Initial PLC - ADR | &nbsp;&nbsp;&nbsp; 261814 |
| 1012 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 210739 |
| 1334 | Waste Management, Inc. | &nbsp;&nbsp;&nbsp; 266493 |
|  |  | &nbsp;&nbsp; 739046 |
|  | **ELECTRIC UTILITIES - 12.1%** |  |
| 3483 | Alliant Energy Corporation | &nbsp;&nbsp;&nbsp; 232734 |
| 1886 | Duke Energy Corporation | &nbsp;&nbsp;&nbsp; 234430 |
| 2484 | Southern Company | &nbsp;&nbsp;&nbsp; 233595 |
|  |  | &nbsp;&nbsp; 700759 |
|  | **FOOD - 8.1%** |  |
| 4163 | Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp; 256982 |
| 3695 | Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp; 212315 |
|  |  | &nbsp;&nbsp; 469297 |
|  | **HEALTH CARE FACILITIES & SERVICES - 14.5%** |  |
| 1520 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 289970 |
| 322 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 261251 |
| 851 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 290668 |
|  |  | &nbsp;&nbsp; 841889 |
|  | **HOUSEHOLD PRODUCTS - 3.9%** |  |
| 1516 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 227961 |
|  | **INSURANCE - 4.1%** |  |
| 851 | Chubb Ltd. | &nbsp;&nbsp;&nbsp; 235676 |

---

---

| | | |
|:---|:---|:---|
| **LIBERTY ONE DEFENSIVE DIVIDEND GROWTH ETF** | **LIBERTY ONE DEFENSIVE DIVIDEND GROWTH ETF** | **LIBERTY ONE DEFENSIVE DIVIDEND GROWTH ETF** |
| **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 — 99.3% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 3.9%** |  |
| 759 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; $226508 |
|  | **RETAIL - CONSUMER STAPLES - 7.5%** |  |
| 414 | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp; 212461 |
| 3500 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 222705 |
|  |  | &nbsp;&nbsp; 435166 |
|  | **SOFTWARE - 4.9%** |  |
| 552 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 285831 |
|  | **TECHNOLOGY HARDWARE - 3.5%** |  |
| 504 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 204982 |
|  | **TELECOMMUNICATIONS - 3.5%** |  |
| 8231 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 203717 |
|  | **WHOLESALE - CONSUMER STAPLES - 3.6%** |  |
| 2829 | Sysco Corporation | &nbsp;&nbsp;&nbsp; 210138 |
|  | **TOTAL COMMON STOCKS (Cost $5,876,401)** | &nbsp;&nbsp; 5771041 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 35169 | First American Treasury Obligations Fund, Class X, 4.00% (Cost $35,169)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35169 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $5,911,570)** | &nbsp;&nbsp;&nbsp; $5806210 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | &nbsp;&nbsp; 4727 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $5810937 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-American Depositary Receipt |
| Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Limited Company |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Public Limited Company |

---

<sup>(a)</sup> Rate disclosed is the 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:** Liberty One Defensive Dividend Growth ETF

- **b. EDGAR series identifier (if any):** S000095368

- **c. LEI of Series:** 529900FSPGTDD0B9KB95

**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:** $5835246.99

**Total Liabilities:** $24310.42

**Net Assets:** $5810936.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000264087 | 0.00%                | 0.00%                | -0.94%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $5902.64                                   |
| Month 3  | $0.00                    | $-111262.41                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mckesson Corp.               | MCKESSON CORP    | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       322 | NS      | $261251.48    | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC         | RENTOKIL-SP ADR  | CUSIP: 760125104<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |      9411 | NS      | $261814.02    | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.        | CARDINAL HEALTH  | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1520 | NS      | $289970.40    | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                 | SOUTHERN CO      | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      2484 | NS      | $233595.36    | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)           | COCA-COLA CO/THE | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      3515 | NS      | $242183.50    | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.    | FIRST AM-TR OB-X | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |     35169 | PA      | $35169.15     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.              | MICROSOFT CORP   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       552 | NS      | $285831.12    | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.       | WASTE MANAGEMENT | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      1334 | NS      | $266493.18    | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.               | KROGER CO        | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      3500 | NS      | $222705.00    | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp             | DUKE ENERGY CORP | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1886 | NS      | $234429.80    | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.     | PROCTER & GAMBLE | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      1516 | NS      | $227960.92    | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc. | MONDELEZ INTER-A | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      3695 | NS      | $212314.70    | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                     | AT&T INC         | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      8231 | NS      | $203717.25    | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc       | MOTOROLA SOLUTIO | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       504 | NS      | $204981.84    | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                   | CHUBB LTD        | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       851 | NS      | $235675.94    | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson            | JOHNSON&JOHNSON  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1290 | NS      | $243642.30    | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation | NORTHROP GRUMMAN | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       391 | NS      | $228128.95    | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corporation   | ALLIANT ENERGY   | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      3483 | NS      | $232734.06    | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.             | MCDONALDS CORP   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       759 | NS      | $226508.37    | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.      | REPUBLIC SVCS    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      1012 | NS      | $210738.88    | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.  | CASEY'S GENERAL  | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       414 | NS      | $212460.66    | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation            | SYSCO CORP       | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      2829 | NS      | $210138.12    | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.      | UNITEDHEALTH GRP | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       851 | NS      | $290667.56    | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc     | LAMB WESTON      | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      4163 | NS      | $256981.99    | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.              | ELI LILLY & CO   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       320 | NS      | $276115.20    | 4.75%             |  |  |  | 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