# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-25-161795
**Filing Date:** 2025-6
**Character Count:** 33680
**Document Hash:** e63de58167f480cbdb2fc90d9ee40535
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161795.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161795

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**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:** 251085109

**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)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.1%** | **CORPORATE BONDS — 36.1%** |  |  |  |
|  | **ASSET MANAGEMENT** — **4.0%** | **ASSET MANAGEMENT** — **4.0%** |  |  |  |
| 625000 | Bain Capital Specialty Finance, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;03/10/26 | $613286 |
| 800000 | Charles Schwab Corporation (The)<sup>(a)</sup> | H15T5Y + 3.168% | 4.0000 | &nbsp;&nbsp;&nbsp;Perpetual | 776816 |
| 100000 | UBS Group A.G.<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;09/24/25 | 99740 |
| 500000 | UBS Group A.G.<sup>(a),(b)</sup> | H15T1Y + 1.550% | 4.4880 | &nbsp;&nbsp;&nbsp;05/12/26 | 499907 |
|  |  |  |  |  | 1989749 |
|  | **AUTOMOTIVE** — **7.9%** | **AUTOMOTIVE** — **7.9%** |  |  |  |
| 500000 | Ford Motor Credit Company, LLC |  | 4.6870 | &nbsp;&nbsp;&nbsp;06/09/25 | 499340 |
| 500000 | Ford Motor Credit Company, LLC |  | 4.1340 | &nbsp;&nbsp;&nbsp;08/04/25 | 497768 |
| 500000 | Ford Motor Credit Company, LLC |  | 6.9500 | &nbsp;&nbsp;&nbsp;03/06/26 | 504916 |
| 650000 | Ford Motor Credit Company, LLC |  | 2.7000 | &nbsp;&nbsp;&nbsp;08/10/26 | 624801 |
| 63000 | General Motors Financial Company, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;10/06/26 | 62208 |
| 730000 | General Motors Financial Company, Inc.<sup>(a)</sup> | H15T5Y + 4.997% | 5.7000 | &nbsp;&nbsp;&nbsp;Perpetual | 689567 |
| 325000 | Nissan Motor Acceptance Company, LLC<sup>(b)</sup> |  | 6.9500 | &nbsp;&nbsp;&nbsp;09/15/26 | 328235 |
| 741000 | Nissan Motor Acceptance Corporation<sup>(b)</sup> |  | 2.0000 | &nbsp;&nbsp;&nbsp;03/09/26 | 716937 |
|  |  |  |  |  | 3923772 |
|  | **BANKING** — **8.1%** | **BANKING** — **8.1%** |  |  |  |
| 500000 | Barclays PLC<sup>(a)</sup> | SOFRRATE + 2.714% | 2.8520 | &nbsp;&nbsp;&nbsp;05/07/26 | 499760 |
| 500000 | Barclays PLC<sup>(a)</sup> | H15T1Y + 3.050% | 7.3250 | &nbsp;&nbsp;&nbsp;11/02/26 | 505615 |
| 500000 | BNP Paribas S.A.<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;&nbsp;09/28/25 | 498408 |
| 250000 | BNP Paribas S.A.<sup>(a),(b)</sup> | H15T5Y + 3.196% | 4.6250 | &nbsp;&nbsp;&nbsp;Perpetual | 236861 |
| 500000 | Citigroup, Inc.<sup>(a)</sup> | H15T5Y + 3.417% | 3.8750 | &nbsp;&nbsp;&nbsp;Perpetual | 487529 |
| 320000 | Citizens Financial Group, Inc.<sup>(a)</sup> | H15T5Y + 3.215% | 4.0000 | &nbsp;&nbsp;&nbsp;Perpetual | 301200 |
| 100000 | Deutsche Bank A.G.<sup>(a)</sup> | SOFRRATE + 3.190% | 6.1190 | &nbsp;&nbsp;&nbsp;07/14/26 | 100174 |
| 500000 | KeyBank NA |  | 3.4000 | &nbsp;&nbsp;&nbsp;05/20/26 | 492758 |
| 500000 | Lloyds Banking Group PLC |  | 4.5820 | &nbsp;&nbsp;&nbsp;12/10/25 | 498742 |
| 500000 | Synchrony Bank |  | 5.4000 | &nbsp;&nbsp;&nbsp;08/22/25 | 500186 |
|  |  |  |  |  | 4121233 |
|  | **BIOTECH & PHARMA** — **2.3%** | **BIOTECH & PHARMA** — **2.3%** |  |  |  |
| 658000 | Teva Pharmaceutical Finance Netherlands III BV |  | 3.1500 | &nbsp;&nbsp;&nbsp;10/01/26 | 636880 |
| 500000 | Teva Pharmaceutical Finance Netherlands III BV |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/09/27 | 491303 |
|  |  |  |  |  | 1128183 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.1% (Continued)** | **CORPORATE BONDS — 36.1% (Continued)** |  |  |  |
|  | **ELECTRIC UTILITIES** — **5.3%** | **ELECTRIC UTILITIES** — **5.3%** |  |  |  |
| 400000 | American Electric Power Company, Inc.<sup>(a)</sup> | H15T5Y + 2.675% | 3.8750 | &nbsp;&nbsp;&nbsp;02/15/62 | $376748 |
| 650000 | CenterPoint Energy, Inc.<sup>(a)</sup> | H15T5Y + 3.254% | 7.0000 | &nbsp;&nbsp;&nbsp;02/15/55 | 665480 |
| 350000 | Electricite de France S.A.<sup>(b)</sup> |  | 3.6250 | &nbsp;&nbsp;&nbsp;10/13/25 | 348105 |
| 130000 | Puget Energy, Inc. |  | 3.6500 | &nbsp;&nbsp;&nbsp;05/15/25 | 129899 |
| 1159000 | Southern Company (The)<sup>(a)</sup> | H15T5Y + 2.915% | 3.7500 | &nbsp;&nbsp;&nbsp;09/15/51 | 1123951 |
|  |  |  |  |  | 2644183 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **0.7%** | **INSTITUTIONAL FINANCIAL SERVICES** — **0.7%** |  |  |  |
| 361000 | UBS Group A.G.<sup>(a),(b)</sup> | SOFRRATE + 3.340% | 6.3730 | &nbsp;&nbsp;&nbsp;07/15/26 | 362018 |
|  | **LEISURE FACILITIES & SERVICES** — **1.5%** | **LEISURE FACILITIES & SERVICES** — **1.5%** |  |  |  |
| 500000 | Las Vegas Sands Corporation |  | 2.9000 | &nbsp;&nbsp;&nbsp;06/25/25 | 498055 |
| 250000 | Scientific Games International, Inc.<sup>(b)</sup> |  | 7.0000 | &nbsp;&nbsp;&nbsp;05/15/28 | 250279 |
|  |  |  |  |  | 748334 |
|  | **OIL & GAS PRODUCERS** — **1.0%** | **OIL & GAS PRODUCERS** — **1.0%** |  |  |  |
| 500000 | Energy Transfer, L.P. |  | 2.9000 | &nbsp;&nbsp;&nbsp;05/15/25 | 499609 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **1.0%** | **REAL ESTATE INVESTMENT TRUSTS** — **1.0%** |  |  |  |
| 500000 | American Tower Corporation |  | 4.0000 | &nbsp;&nbsp;&nbsp;06/01/25 | 499493 |
|  | **SPECIALTY FINANCE** — **2.1%** | **SPECIALTY FINANCE** — **2.1%** |  |  |  |
| 550000 | Ally Financial, Inc. |  | 5.7500 | &nbsp;&nbsp;&nbsp;11/20/25 | 550774 |
| 500000 | Aviation Capital Group, LLC<sup>(b)</sup> |  | 1.9500 | &nbsp;&nbsp;&nbsp;01/30/26 | 488678 |
|  |  |  |  |  | 1039452 |
|  | **TELECOMMUNICATIONS** — **0.2%** | **TELECOMMUNICATIONS** — **0.2%** |  |  |  |
| 115000 | Crown Castle Towers, LLC<sup>(b)</sup> |  | 3.6630 | &nbsp;&nbsp;&nbsp;05/15/25 | 114940 |
|  | **TRANSPORTATION & LOGISTICS** — **2.0%** | **TRANSPORTATION & LOGISTICS** — **2.0%** |  |  |  |
| 1000000 | Air Canada<sup>(b)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;08/15/26 | 981659 |
|  | **TOTAL CORPORATE BONDS (Cost $18,042,728)** | **TOTAL CORPORATE BONDS (Cost $18,042,728)** |  |  | 18052625 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Principal Amount ($)** |  |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. TREASURY BILLS** — **50.3%** | **U.S. TREASURY BILLS** — **50.3%** | **U.S. TREASURY BILLS** — **50.3%** |  |  |  |
| 25500000 | United States Treasury Bill<sup>(c)</sup> | United States Treasury Bill<sup>(c)</sup> |  | 4.2000 | &nbsp;&nbsp;&nbsp;09/11/25 | $25112686 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $25,115,263)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $25,115,263)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $25,115,263)** |  |  | 25112686 |
| **Contracts<sup>(d)</sup>** |  |  |  |  |  |  |
|  | **INDEX OPTIONS PURCHASED - 1.8%** | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS PURCHASED - 1.2%** | **CALL OPTIONS PURCHASED - 1.2%** | **CALL OPTIONS PURCHASED - 1.2%** |  |  |  |
| 20 | S&P 500 INDEX SPX US 07/18/25 C5900 | IB | 07/18/2025 | $5900 | &nbsp;&nbsp;&nbsp; $11800000 | &nbsp;&nbsp;&nbsp; $165700 |
| 5 | S&P 500 INDEX SPX US 08/15/25 C5700 | IB | 08/15/2025 | 5700 | &nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp; 110375 |
| 10 | S&P 500 INDEX SPX US 09/19/25 C5600 | IB | 09/19/2025 | 5600 | &nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; 325500 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $514,800) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $514,800) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $514,800) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $514,800) |  | &nbsp;&nbsp; 601575 |
|  | **PUT OPTIONS PURCHASED - 0.6%** | **PUT OPTIONS PURCHASED - 0.6%** | **PUT OPTIONS PURCHASED - 0.6%** |  |  |  |
| 10 | S&P 500 INDEX SPX US 06/20/25 P5500 | IB | 06/20/2025 | $5500 | &nbsp;&nbsp;&nbsp; $5500000 | &nbsp;&nbsp;&nbsp; $131550 |
| 20 | S&P 500 INDEX SPX US 08/15/25 P5000 | IB | 08/15/2025 | 5000 | &nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 172400 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $492,400) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $492,400) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $492,400) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $492,400) |  | &nbsp;&nbsp; 303950 |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $1,007,200) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $1,007,200) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $1,007,200) |  |  | 905525 |
|  | **TOTAL INVESTMENTS - 88.2% (Cost $44,165,191)** | **TOTAL INVESTMENTS - 88.2% (Cost $44,165,191)** | **TOTAL INVESTMENTS - 88.2% (Cost $44,165,191)** |  |  | &nbsp;&nbsp;&nbsp; $44070836 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.8%** |  |  | &nbsp;&nbsp; 5890156 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $49960992 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** |  | **Broker** | **Expiration** | **Notional Amount<sup>(e)</sup>** | **Value and Unrealized Appreciation** |
| 75 | CME E-Mini Standard & Poor's 500 Index | CME E-Mini Standard & Poor's 500 Index | IB | 06/23/2025 | &nbsp;&nbsp;&nbsp; $20951250 | &nbsp;&nbsp;&nbsp; $55280 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |

---

---

| | |
|:---|:---|
| A.G | - Aktiengesellschaft |
| IB | - Interactive Broker |
| LLC | - Limited Liability Company |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | Term SOFR Secured Overnight Financing Rate 3 month |

---

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on April 30, 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 April 30, 2025 the total market value of 144A securities is $4,925,767 or 9.9% 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:** 2025-04-30

**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:** $49965822.28

**Total Liabilities:** $4829.92

**Net Assets:** $49960992.36

**Cash Not Reported:** $5635789.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 181.37843000 | **1-Year:** 707.13699600 | **5-Year:** 304.65101000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 45.98134400 | **1-Year:** 266.68312700 | **5-Year:** 327.05682500 | **10-Year:** 25.83984200 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234954 | -1.45%               | -4.31%               | -0.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-42.50                  | $3193.29                                   |
| Month 2  | $35724.57                | $-72102.77                                 |
| Month 3  | $8088.56                 | $-33803.88                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Air Canada                                       | ACACN 3 7/8 08/15/26    | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $981658.80    | 1.96%             | 2026-08-15      | Fixed         | 3.88%                 | Yes           |                  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      | $550774.03    | 1.10%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | 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      | $376747.60    | 0.75%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                       | AMT 4 06/01/25          | CUSIP: 03027XAG5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499492.52    | 1.00%             | 2025-06-01      | Fixed         | 4.00%                 | 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      | $488678.15    | 0.98%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                   | BNP 4 5/8 PERP          | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $236860.75    | 0.47%             | 2177-01-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                   | BNP 4 3/8 09/28/25      | CUSIP: 05581KAA9<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $498408.05    | 1.00%             | 2025-09-28      | Fixed         | 4.38%                 | 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      | $613285.59    | 1.23%             | 2026-03-10      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                     | BACR 2.852 05/07/26     | CUSIP: 06738EBL8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $499760.13    | 1.00%             | 2026-05-07      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                     | BACR 7.325 11/02/26     | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $505616.10    | 1.01%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                           | CNP 7 02/15/55          | CUSIP: 15189TBH9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    650000 | PA      | $665479.74    | 1.33%             | 2055-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                   | C 3 7/8 PERP            | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $487528.73    | 0.98%             | 2169-05-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                     | CFG 4 PERP              | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    320000 | PA      | $301199.62    | 0.60%             | 2171-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                     | UBS 6.373 07/15/26      | CUSIP: 225401AY4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    361000 | PA      | $362017.92    | 0.72%             | 2026-07-15      | Fixed         | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Crown Castle Towers LLC                          | CROCAS 3.663 05/15/25   | CUSIP: 22822RBD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115000 | PA      | $114940.48    | 0.23%             | 2025-05-15      | Fixed         | 3.66%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                 | DB 6.119 07/14/26       | CUSIP: 25160PAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    100000 | PA      | $100173.83    | 0.20%             | 2026-07-14      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                         | EDF 3 5/8 10/13/25      | CUSIP: 268317AS3<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $348104.67    | 0.70%             | 2025-10-13      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                               | ET 2.9 05/15/25         | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499609.09    | 1.00%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  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      | $624800.59    | 1.25%             | 2026-08-10      | Fixed         | 2.70%                 | 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      | $504915.88    | 1.01%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                    | F 4.134 08/04/25        | CUSIP: 345397XL2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497768.26    | 1.00%             | 2025-08-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                    | F 4.687 06/09/25        | CUSIP: 345397ZJ5<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499340.30    | 1.00%             | 2025-06-09      | Fixed         | 4.69%                 | 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      | $62207.65     | 0.12%             | 2026-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company  Inc            | GM 5.7 PERP             | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    730000 | PA      | $689566.61    | 1.38%             | 2069-03-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| KeyBank National Association                     | KEY 3.4 05/20/26        | CUSIP: 49327V2A1<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492757.88    | 0.99%             | 2026-05-20      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                             | LVS 2.9 06/25/25        | CUSIP: 517834AH0<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498054.50    | 1.00%             | 2025-06-25      | Fixed         | 2.90%                 | 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      | $498742.33    | 1.00%             | 2025-12-10      | Fixed         | 4.58%                 | 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      | $716938.38    | 1.43%             | 2026-03-09      | Fixed         | 2.00%                 | Yes           |                  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      | $328235.25    | 0.66%             | 2026-09-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Puget Energy Inc                                 | PSD 3.65 05/15/25       | CUSIP: 745310AH5<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129898.67    | 0.26%             | 2025-05-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                   | SCHW 4 PERP             | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    800000 | PA      | $776816.61    | 1.55%             | 2169-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                | SGMS 7 05/15/28         | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250279.00    | 0.50%             | 2028-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Southern Co.                                     | SO 3 3/4 09/15/51       | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1159000 | PA      | $1123952.09   | 2.25%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Synchrony Bank                                   | SYF 5.4 08/22/25        | CUSIP: 87166FAD5<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500186.26    | 1.00%             | 2025-08-22      | Fixed         | 5.40%                 | 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      | $636879.06    | 1.27%             | 2026-10-01      | Fixed         | 3.15%                 | 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      | $491303.45    | 0.98%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                     | UBS 4.488 05/12/26      | CUSIP: 902613AM0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $499907.19    | 1.00%             | 2026-05-12      | Fixed         | 4.49%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                     | UBS 4 1/8 09/24/25      | CUSIP: 90351DAB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    100000 | PA      | $99739.57     | 0.20%             | 2025-09-24      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                     | B 09/11/25              | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25500000 | PA      | $25112686.11  | 50.26%            | 2025-09-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                      | S&P500 EMINI FUT  Jun25 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |        75 | NC      | $55280.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                              | SPX US 09/19/25 C5600   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        10 | NC      | $325500.00    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                              | SPX US 08/15/25 C5700   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         5 | NC      | $110375.00    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                              | SPX US 07/18/25 C5900   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        20 | NC      | $165700.00    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                              | SPX US 08/15/25 P5000   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        20 | NC      | $172400.00    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                              | SPX US 06/20/25 P5500   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        10 | NC      | $131550.00    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer