# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-25-150680
**Filing Date:** 2025-6
**Character Count:** 27097
**Document Hash:** 3c82be5a4bce8391e799299b7cb2fc1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-150680.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001752724-25-150680

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**PERIOD START**: 20250731

**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:** 251063665

**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** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.4%** |  |
|  | **AEROSPACE & DEFENSE - 0.6%** |  |
| 6135 | Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;$306750 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.3%** |  |
| 38460 | Levi Strauss & Company, Class A | &nbsp;&nbsp;615745 |
|  | **ASSET MANAGEMENT - 1.3%** |  |
| 8465 | Cohen & Steers, Inc. | &nbsp;&nbsp;646049 |
|  | **AUTOMOTIVE - 3.7%** |  |
| 45395 | Gentex Corporation | &nbsp;&nbsp;988702 |
| 9390 | Lear Corporation | &nbsp;&nbsp;805193 |
|  |  | &nbsp;&nbsp;1793895 |
|  | **BANKING - 17.6%** |  |
| 37690 | Columbia Banking System, Inc. | &nbsp;&nbsp;845010 |
| 46170 | First Community Corporation | &nbsp;&nbsp;1084995 |
| 17015 | Hancock Whitney Corporation | &nbsp;&nbsp;886311 |
| 43975 | Old Second Bancorp, Inc. | &nbsp;&nbsp;694365 |
| 13760 | Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;1379302 |
| 23620 | Prosperity Bancshares, Inc. | &nbsp;&nbsp;1603797 |
| 11655 | SouthState Corporation | &nbsp;&nbsp;1011421 |
| 8880 | Wintrust Financial Corporation | &nbsp;&nbsp;987190 |
|  |  | &nbsp;&nbsp;8492391 |
|  | **CHEMICALS - 1.1%** |  |
| 5100 | Quaker Chemical Corporation | &nbsp;&nbsp;540294 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.5%** |  |
| 8965 | TriNet Group, Inc. | &nbsp;&nbsp;702228 |
|  | **CONSTRUCTION MATERIALS - 1.5%** |  |
| 4620 | Simpson Manufacturing Company, Inc. | &nbsp;&nbsp;710048 |
|  | **CONTAINERS & PACKAGING - 3.6%** |  |
| 68790 | Graphic Packaging Holding Company | &nbsp;&nbsp;1741075 |

---

---

| |
|:---|
| **HUNTER SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
|  | **COMMON STOCKS — 90.4% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 1.1%** |  |
| 12610 | Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;$548283 |
|  | **ELECTRIC UTILITIES - 3.5%** |  |
| 27850 | Black Hills Corporation | &nbsp;&nbsp;1696065 |
|  | **ELECTRICAL EQUIPMENT - 2.9%** |  |
| 4205 | Generac Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;480968 |
| 4975 | Littelfuse, Inc. | &nbsp;&nbsp;906992 |
|  |  | &nbsp;&nbsp;1387960 |
|  | **FOOD - 2.5%** |  |
| 18160 | John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;1203463 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 7745 | Ensign Group, Inc. (The) | &nbsp;&nbsp;999028 |
|  | **HOME CONSTRUCTION - 3.6%** |  |
| 4810 | Armstrong World Industries, Inc. | &nbsp;&nbsp;697546 |
| 2095 | Cavco Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1034616 |
|  |  | &nbsp;&nbsp;1732162 |
|  | **HOUSEHOLD PRODUCTS - 1.7%** |  |
| 35945 | Reynolds Consumer Products, Inc. | &nbsp;&nbsp;826735 |
|  | **INDUSTRIAL REIT - 0.4%** |  |
| 4005 | First Industrial Realty Trust, Inc. | &nbsp;&nbsp;190558 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.1%** |  |
| 9945 | Core & Main, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;523903 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1%** |  |
| 26305 | Lazard, Inc. | &nbsp;&nbsp;1023265 |
|  | **INSURANCE - 7.0%** |  |
| 17120 | Axis Capital Holdings LTD. | &nbsp;&nbsp;1648998 |
| 10465 | Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;1738237 |
|  |  | &nbsp;&nbsp;3387235 |

---

---

| |
|:---|
| **HUNTER SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
|  | **COMMON STOCKS — 90.4% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 1.6%** |  |
| 25935 | Match Group, Inc. | &nbsp;&nbsp;$769232 |
|  | **MACHINERY - 4.4%** |  |
| 3725 | Cactus, Inc., Class A | &nbsp;&nbsp;141327 |
| 8290 | Esab Corporation | &nbsp;&nbsp;995795 |
| 7550 | Middleby Corporation (The)<sup>(a)</sup> | &nbsp;&nbsp;1006792 |
|  |  | &nbsp;&nbsp;2143914 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.3%** |  |
| 8420 | Globus Medical, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;604303 |
|  | **MULTI ASSET CLASS REIT - 1.9%** |  |
| 60625 | Elme Communities | &nbsp;&nbsp;943932 |
|  | **OIL & GAS PRODUCERS - 3.5%** |  |
| 45750 | Magnolia Oil & Gas Corporation, Class A | &nbsp;&nbsp;939247 |
| 18605 | Matador Resources Company | &nbsp;&nbsp;735642 |
|  |  | &nbsp;&nbsp;1674889 |
|  | **REAL ESTATE SERVICES - 2.8%** |  |
| 2135 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;485520 |
| 28490 | Marcus & Millichap, Inc. | &nbsp;&nbsp;866096 |
|  |  | &nbsp;&nbsp;1351616 |
|  | **RESIDENTIAL REIT - 4.0%** |  |
| 21875 | Independence Realty Trust, Inc. | &nbsp;&nbsp;425031 |
| 84045 | UMH Properties, Inc. | &nbsp;&nbsp;1485075 |
|  |  | &nbsp;&nbsp;1910106 |
|  | **RETAIL - DISCRETIONARY - 2.5%** |  |
| 20775 | Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;782802 |
| 6365 | BlueLinx Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;414616 |
|  |  | &nbsp;&nbsp;1197418 |
|  | **SEMICONDUCTORS - 3.7%** |  |
| 7835 | Coherent Corporation<sup>(a)</sup> | &nbsp;&nbsp;503947 |
| 23265 | Tower Semiconductor LTD.<sup>(a)</sup> | &nbsp;&nbsp;832422 |
| 36880 | Vishay Intertechnology, Inc. | &nbsp;&nbsp;479071 |
|  |  | &nbsp;&nbsp;1815440 |

---

---

| |
|:---|
| **HUNTER SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.4% (Continued)** |  |
|  | **SOFTWARE - 1.3%** |  |
| 5190 | Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;$162239 |
| 15625 | Ziff Davis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;461407 |
|  |  | &nbsp;&nbsp;623646 |
|  | **TECHNOLOGY SERVICES - 1.0%** |  |
| 7810 | WNS Holdings LTD.<sup>(a)</sup> | &nbsp;&nbsp;472661 |
|  | **TRANSPORTATION & LOGISTICS - 2.3%** |  |
| 12265 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - ADR | &nbsp;&nbsp;1091217 |
|  | **TOTAL COMMON STOCKS (Cost $41,379,330)** | &nbsp;&nbsp;43665506 |
|  | **SHORT-TERM INVESTMENT — 8.9%** |  |
|  | **MONEY MARKET FUND - 8.9%** |  |
| 4297339 | First American Treasury Obligations Fund, Class X, 4.23%<sup>(b)</sup><br> (Cost $4,297,339) | &nbsp;&nbsp;4297339 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $45,676,669)** | &nbsp;&nbsp;$47962845 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | &nbsp;&nbsp;317069 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp;$48279914 |

---

ADR -American Depositary Receipt

LTD -Limited Company

REIT -Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven-day effective yield as of April 30, 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:** 2025-07-31

- **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:** $48606040.85

**Total Liabilities:** $326126.84

**Net Assets:** $48279914.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000240224 | -3.22%               | -4.62%               | -5.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $112267.11               | $-1939745.05                               |
| Month 2  | $104500.95               | $-2647320.98                               |
| Month 3  | $-672609.79              | $-2151307.18                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Academy Sports and Outdoors Inc                     | ACADEMY SPORTS & | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20775 | NS      | $782802.00    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.                    | ARMSTRONG WORLD  | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      4810 | NS      | $697546.20    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corporation                             | BLACK HILLS CORP | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     27850 | NS      | $1696065.00   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc.                              | BLUELINX HOLDING | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      6365 | NS      | $414616.10    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                          | CACTUS INC- A    | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      3725 | NS      | $141326.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                                    | CAVCO INDUSTRIES | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2095 | NS      | $1034615.75   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                                  | COHEN & STEERS   | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |      8465 | NS      | $646048.80    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                       | COHERENT CORP    | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      7835 | NS      | $503947.20    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc.                        | COLUMBIA BANKING | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37690 | NS      | $845009.80    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                                     | CORE & MAIN IN-A | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9945 | NS      | $523902.60    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                                    | ENSIGN GROUP INC | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      7745 | NS      | $999027.55    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB Corp.                                          | ESAB CORP        | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |      8290 | NS      | $995794.80    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                            | ETSY INC         | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     12610 | NS      | $548282.80    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                           | FIRST AM-TR OB-X | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   4297339 | PA      | $4297338.56   | 8.90%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Corporation                         | FIRST COMTY CORP | CUSIP: 319835104<br>LEI: 549300TC167ECI9SMC70 | Long             | EC               | CORP              | US        |     46170 | NS      | $1084995.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust, Inc.                 | FIRST IND REALTY | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4005 | NS      | $190557.90    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                               | GENERAC HOLDINGS | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      4205 | NS      | $480967.90    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                         | GENTEX CORP      | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     45395 | NS      | $988703.10    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                                      | GLOBUS MEDICAL I | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      8420 | NS      | $604303.40    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Company                   | GRAPHIC PACKAGIN | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68790 | NS      | $1741074.90   | 3.61%             |  |  |  | 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        |     12265 | NS      | $1091217.05   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corporation                         | HANCOCK WHITNEY  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     17015 | NS      | $886311.35    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.                   | HANOVER INSURANC | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     10465 | NS      | $1738236.50   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                       | INDEPENDENCE REA | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |     21875 | NS      | $425031.25    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated                     | JONES LANG LASAL | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      2135 | NS      | $485520.35    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                                      | ZIFF DAVIS INC   | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |     15625 | NS      | $461406.25    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                          | LAZARD INC       | CUSIP: 52110M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26305 | NS      | $1023264.50   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                                    | LEAR CORP        | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      9390 | NS      | $805192.50    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co.                                  | LEVI STRAUSS-A   | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     38460 | NS      | $615744.60    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                                     | LITTELFUSE INC   | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      4975 | NS      | $906992.25    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation                      | MAGNOLIA OIL-A   | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45750 | NS      | $939247.50    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                              | MARCUS & MILLICH | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     28490 | NS      | $866096.00    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                           | MATADOR RESOURCE | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     18605 | NS      | $735641.70    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                     | MATCH GROUP INC  | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     25935 | NS      | $769232.10    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                                 | MERCURY SYSTEMS  | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      6135 | NS      | $306750.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                                      | MIDDLEBY CORP    | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |      7550 | NS      | $1006792.50   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc.                             | OLD SECOND BNCRP | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     43975 | NS      | $694365.25    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                        | OMNICELL INC     | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      5190 | NS      | $162239.40    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc.                    | PINNACLE FINL    | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     13760 | NS      | $1379302.40   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                           | PROSPERITY BNCSH | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23620 | NS      | $1603798.00   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Houghton                                     | QUAKER CHEMICAL  | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      5100 | NS      | $540294.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products Inc.                     | REYNOLDS CONSUME | CUSIP: 76171L106<br>LEI: 549300DWNZYMOSR1X343 | Long             | EC               | CORP              | US        |     35945 | NS      | $826735.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanfilippo(John B)                                  | JOHN B SANFILIPP | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |     18160 | NS      | $1203463.20   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc.                       | SIMPSON MFG      | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      4620 | NS      | $710047.80    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp.                                    | SOUTHSTATE CORP  | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     11655 | NS      | $1011420.90   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinet Group Inc                                    | TRINET GROUP INC | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |      8965 | NS      | $702228.45    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                  | UMH PROPERTIES I | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     84045 | NS      | $1485075.15   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.                        | VISHAY INTERTECH | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     36880 | NS      | $479071.20    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                    | ELME COMMUNITIES | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |     60625 | NS      | $943931.25    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corporation                      | WINTRUST FINL    | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |      8880 | NS      | $987189.60    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited                       | AXIS CAPITAL     | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     17120 | NS      | $1648998.40   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd.                                   | WNS HOLDINGS LTD | CUSIP: G98196101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |      7810 | NS      | $472661.20    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Limited                         | TOWER SEMICONDCT | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |     23265 | NS      | $832421.70    | 1.72%             |  |  |  | No            |                  1 | 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