# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-001462
**Filing Date:** 2025-9
**Character Count:** 50416
**Document Hash:** ccfae3376f024abcac08957dd4135e98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001462.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000910472-25-001462

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260430

**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:** 251347232

**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

### Anfield Enhanced Market ETF (Series ID: S000093394)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000261613 | Anfield Enhanced Market ETF |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 18.2%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 4633 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; $832875 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.9%** |  |
| 3474 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 801278 |
|  | **ENTERTAINMENT CONTENT - 0.9%** |  |
| 3459 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 770423 |
|  | **GAS & WATER UTILITIES - 2.0%** |  |
| 10034 | National Fuel Gas Company | &nbsp;&nbsp;&nbsp; 870851 |
| 23696 | UGI Corporation | &nbsp;&nbsp;&nbsp; 857321 |
|  |  | &nbsp;&nbsp; 1728172 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.9%** |  |
| 5041 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 782464 |
| 1148 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 796184 |
|  |  | &nbsp;&nbsp; 1578648 |
|  | **INSURANCE - 1.9%** |  |
| 8500 | Axis Capital Holdings LTD. | &nbsp;&nbsp;&nbsp; 797640 |
| 11835 | W R Berkley Corporation | &nbsp;&nbsp;&nbsp; 814366 |
|  |  | &nbsp;&nbsp; 1612006 |
|  | **INTERNET MEDIA & SERVICES - 1.8%** |  |
| 651 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 754770 |
| 2930 | VeriSign, Inc. | &nbsp;&nbsp;&nbsp; 787789 |
|  |  | &nbsp;&nbsp; 1542559 |
|  | **LEISURE FACILITIES & SERVICES - 0.9%** |  |
| 3832 | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp; 772799 |
|  | **OIL & GAS PRODUCERS - 3.0%** |  |
| 46934 | Antero Midstream Corporation | &nbsp;&nbsp;&nbsp; 861239 |
| 3513 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp; 828646 |
| 7775 | Expand Energy Corporation | &nbsp;&nbsp;&nbsp; 814665 |
|  |  | &nbsp;&nbsp; 2504550 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 18.2% (Continued)** | **COMMON STOCKS — 18.2% (Continued)** |  |  |  |
|  | **RETAIL - DISCRETIONARY - 1.0%** | **RETAIL - DISCRETIONARY - 1.0%** |  |  |  |
| 223 | AutoZone, Inc.<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $840349 |
|  | **SOFTWARE - 1.1%** | **SOFTWARE - 1.1%** |  |  |  |
| 5987 | Palantir Technologies, Inc., Class A<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 948041 |
|  | **SPECIALTY FINANCE - 0.9%** | **SPECIALTY FINANCE - 0.9%** |  |  |  |
| 24387 | SLM Corporation |  |  |  | &nbsp;&nbsp;&nbsp; 775507 |
|  | **TOBACCO & CANNABIS - 0.9%** | **TOBACCO & CANNABIS - 0.9%** |  |  |  |
| 4667 | Philip Morris International, Inc. |  |  |  | &nbsp;&nbsp;&nbsp; 765621 |
|  | **TOTAL COMMON STOCKS (Cost $15,806,679)** | **TOTAL COMMON STOCKS (Cost $15,806,679)** |  |  | &nbsp;&nbsp; 15472828 |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
| **CORPORATE BONDS — 24.2%** | **CORPORATE BONDS — 24.2%** | **CORPORATE BONDS — 24.2%** | **CORPORATE BONDS — 24.2%** | **CORPORATE BONDS — 24.2%** | **CORPORATE BONDS — 24.2%** |
|  | **ASSET MANAGEMENT** — **3.5%** | **ASSET MANAGEMENT** — **3.5%** |  |  |  |
| 750000 | Ares Capital Corporation |  | 5.5000 | &nbsp;&nbsp;&nbsp;09/01/30 | $749000 |
| 750000 | Bain Capital Specialty Finance, Inc. |  | 5.9500 | &nbsp;&nbsp;&nbsp;03/15/30 | 746123 |
| 500000 | Blackstone Secured Lending Fund |  | 5.3000 | &nbsp;&nbsp;&nbsp;06/30/30 | 497615 |
| 697000 | FS KKR Capital Corporation |  | 3.1250 | &nbsp;&nbsp;&nbsp;10/12/28 | 642685 |
| 350000 | Icahn Enterprises, L.P. / Icahn Enterprises |  | 6.2500 | &nbsp;&nbsp;&nbsp;05/15/26 | 348017 |
|  |  |  |  |  | 2983440 |
|  | **AUTOMOTIVE** — **3.9%** | **AUTOMOTIVE** — **3.9%** |  |  |  |
| 500000 | Ford Motor Credit Company, LLC |  | 4.9500 | &nbsp;&nbsp;&nbsp;05/28/27 | 495966 |
| 500000 | Ford Motor Credit Company, LLC |  | 2.9000 | &nbsp;&nbsp;&nbsp;02/10/29 | 455212 |
| 700000 | Ford Motor Credit Company, LLC |  | 4.0000 | &nbsp;&nbsp;&nbsp;11/13/30 | 643225 |
| 400000 | General Motors Financial Company, Inc.<sup>(b)</sup> | H15T5Y + 4.997% | 5.7000 | &nbsp;&nbsp;&nbsp;Perpetual | 391778 |
| 100000 | Nissan Motor Acceptance Company, LLC<sup>(b)</sup> |  | 1.8500 | &nbsp;&nbsp;&nbsp;09/16/26 | 96014 |
| 150000 | Nissan Motor Acceptance Company, LLC<sup>(b)</sup> |  | 5.3000 | &nbsp;&nbsp;&nbsp;09/13/27 | 148988 |
| 450000 | Nissan Motor Acceptance Company, LLC<sup>(b)</sup> |  | 2.4500 | &nbsp;&nbsp;&nbsp;09/15/28 | 406951 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** | | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 24.2% (Continued)**<br> **AUTOMOTIVE --- 3.9% (Continued)** | **CORPORATE BONDS — 24.2% (Continued)**<br> **AUTOMOTIVE --- 3.9% (Continued)** |  |  |  |
| 700000 | Stellantis Finance US, Inc.<sup>(b)</sup> |  | 5.3500 | &nbsp;&nbsp;&nbsp;03/17/28 | $704063 |
|  |  |  |  |  | 3342197 |
|  | **BANKING** — **7.0%** | **BANKING** — **7.0%** |  |  |  |
| 600000 | Bank of America Corporation<sup>(b)</sup> | H15T5Y + 2.760% | 4.3750 | &nbsp;&nbsp;&nbsp;Perpetual | 587034 |
| 500000 | Bank of Nova Scotia (The)<sup>(b)</sup> | H15T5Y + 2.613% | 3.6250 | &nbsp;&nbsp;&nbsp;10/27/81 | 468248 |
| 450000 | BNP Paribas S.A.<sup>(b)</sup> | H15T5Y + 3.196% | 4.6250 | &nbsp;&nbsp;&nbsp;Perpetual | 441999 |
| 500000 | BPCE S.A.<sup>(b)</sup> | SOFRRATE + 1.520% | 1.6520 | &nbsp;&nbsp;&nbsp;10/06/26 | 496990 |
| 1300000 | Citigroup, Inc. Series Y<sup>(b)</sup> | H15T5Y + 3.000% | 4.1500 | &nbsp;&nbsp;&nbsp;Perpetual | 1270813 |
| 150000 | Citizens Financial Group, Inc.<sup>(b)</sup> | H15T5Y + 3.215% | 4.0000 | &nbsp;&nbsp;&nbsp;Perpetual | 146173 |
| 500000 | Credit Agricole S.A.<sup>(b)</sup> |  | 3.2500 | &nbsp;&nbsp;&nbsp;01/14/30 | 464595 |
| 420000 | M&T Bank Corporation<sup>(b)</sup> | H15T5Y + 2.679% | 3.5000 | &nbsp;&nbsp;&nbsp;Perpetual | 404768 |
| 400000 | National Bank of Canada |  | 5.0000 | &nbsp;&nbsp;&nbsp;07/24/30 | 399558 |
| 425000 | PNC Financial Services Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 2.595% | 3.4000 | &nbsp;&nbsp;&nbsp;Perpetual | 409992 |
| 400000 | Royal Bank of Canada |  | 5.0000 | &nbsp;&nbsp;&nbsp;12/30/30 | 399987 |
| 450000 | US Bancorp<sup>(b)</sup> | SOFR + 2.914% | 5.3000 | &nbsp;&nbsp;&nbsp;Perpetual | 449302 |
|  |  |  |  |  | 5939459 |
|  | **BIOTECH & PHARMA** — **0.1%** | **BIOTECH & PHARMA** — **0.1%** |  |  |  |
| 100000 | Teva Pharmaceutical Finance Netherlands III BV |  | 3.1500 | &nbsp;&nbsp;&nbsp;10/01/26 | 97870 |
|  | **COMMERCIAL SUPPORT SERVICES** — **0.8%** | **COMMERCIAL SUPPORT SERVICES** — **0.8%** |  |  |  |
| 700000 | Aramark Services, Inc.<sup>(b)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | 694004 |
|  | **ELECTRIC UTILITIES** — **1.2%** | **ELECTRIC UTILITIES** — **1.2%** |  |  |  |
| 128000 | CenterPoint Energy, Inc.<sup>(b)</sup> | H15T5Y + 3.254% | 7.0000 | &nbsp;&nbsp;&nbsp;02/15/55 | 133884 |
| 500000 | Duke Energy Corporation<sup>(b)</sup> | H15T5Y + 2.321% | 3.2500 | &nbsp;&nbsp;&nbsp;01/15/82 | 480877 |
| 425000 | Sempra<sup>(b)</sup> | H15T5Y + 2.868% | 4.1250 | &nbsp;&nbsp;&nbsp;04/01/52 | 411572 |
|  |  |  |  |  | 1026333 |
|  | **LEISURE FACILITIES & SERVICES** — **2.1%** | **LEISURE FACILITIES & SERVICES** — **2.1%** |  |  |  |
| 275000 | Boyd Gaming Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;12/01/27 | 272996 |
| 375000 | International Game Technology plc<sup>(b)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;01/15/29 | 371553 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **ANFIELD ENHANCED MARKET ETF** | <br> **ANFIELD ENHANCED MARKET ETF** | <br> **ANFIELD ENHANCED MARKET ETF** | <br> **ANFIELD ENHANCED MARKET ETF** | <br> **ANFIELD ENHANCED MARKET ETF** | <br> **ANFIELD ENHANCED MARKET 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** | | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 24.2% (Continued)** | **CORPORATE BONDS — 24.2% (Continued)** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES** — **2.1%(Continued)** |  |  |  |  |
| 405000 | Penn National Gaming, Inc.<sup>(b)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;01/15/27 | $403140 |
| 525000 | Scientific Games International, Inc.<sup>(b)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;11/15/29 | 540213 |
| 175000 | Station Casinos, LLC<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;02/15/28 | 171428 |
|  |  |  |  |  | 1759330 |
|  | **OIL & GAS PRODUCERS** — **1.5%** | **OIL & GAS PRODUCERS** — **1.5%** |  |  |  |
| 1000000 | EQT Corporation<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;&nbsp;06/01/27 | 1017992 |
| 270000 | Occidental Petroleum Corporation |  | 7.0000 | &nbsp;&nbsp;&nbsp;11/15/27 | 280166 |
|  |  |  |  |  | 1298158 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **1.6%** | **REAL ESTATE INVESTMENT TRUSTS** — **1.6%** |  |  |  |
| 197000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.3750 | &nbsp;&nbsp;&nbsp;04/15/26 | 197180 |
| 500000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.3000 | &nbsp;&nbsp;&nbsp;01/15/29 | 505017 |
| 175000 | VICI Properties, L.P. / VICI Note Company, Inc.<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;12/01/29 | 171597 |
| 500000 | VICI Properties, L.P. / VICI Note Company, Inc.<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;08/15/30 | 477856 |
|  |  |  |  |  | 1351650 |
|  | **SPECIALTY FINANCE** — **1.9%** | **SPECIALTY FINANCE** — **1.9%** |  |  |  |
| 294000 | Ally Financial, Inc. Series B<sup>(b)</sup> | H15T5Y + 3.868% | 4.7000 | &nbsp;&nbsp;&nbsp;Perpetual | 286330 |
| 250000 | Aviation Capital Group, LLC<sup>(b)</sup> |  | 5.1250 | &nbsp;&nbsp;&nbsp;04/10/30 | 251818 |
| 210000 | Capital One Financial Corporation<sup>(b)</sup> | H15T5Y + 3.157% | 3.9500 | &nbsp;&nbsp;&nbsp;Perpetual | 205408 |
| 150000 | OneMain Finance Corporation |  | 3.8750 | &nbsp;&nbsp;&nbsp;09/15/28 | 143096 |
| 700000 | Synchrony Financial |  | 5.1500 | &nbsp;&nbsp;&nbsp;03/19/29 | 703809 |
|  |  |  |  |  | 1590461 |
|  | **TRANSPORTATION & LOGISTICS** — **0.6%** | **TRANSPORTATION & LOGISTICS** — **0.6%** |  |  |  |
| 500000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488570 |
|  | **TOTAL CORPORATE BONDS (Cost $20,585,401)** | **TOTAL CORPORATE BONDS (Cost $20,585,401)** |  |  | 20571472 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET ETF** | **ANFIELD ENHANCED MARKET 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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCK — 3.3%** | **PREFERRED STOCK — 3.3%** | |  | |
|  | **ASSET MANAGEMENT** — **0.3%** | **ASSET MANAGEMENT** — **0.3%** | |  | |
| 250000 | Charles Schwab Corporation (The)<sup>(b)</sup> | H15T5Y + 3.168% | 4.0000 | &nbsp;&nbsp;&nbsp;Perpetual | $246731 |
|  | **BANKING** — **1.6%** | **BANKING** — **1.6%** |  |  |  |
| 729000 | First Citizens BancShares, Inc.<sup>(b)</sup> | TSFR3M + 4.234% | 8.5520 | &nbsp;&nbsp;&nbsp;Perpetual | 757942 |
| 602000 | Wells Fargo & Company<sup>(b)</sup> | H15T5Y + 3.453% | 3.9000 | &nbsp;&nbsp;&nbsp;Perpetual | 596792 |
|  |  |  |  |  | 1354734 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **1.1%** | **INSTITUTIONAL FINANCIAL SERVICES** — **1.1%** |  |  |  |
| 550000 | Bank of New York Mellon Corporation (The) Series H<sup>(b)</sup> | H15T5Y + 3.352% | 3.7000 | &nbsp;&nbsp;&nbsp;Perpetual | 544927 |
| 400000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 2.915% | 3.6500 | &nbsp;&nbsp;&nbsp;Perpetual | 392349 |
|  |  |  |  |  | 937276 |
|  | **OIL & GAS PRODUCERS** — **0.3%** | **OIL & GAS PRODUCERS** — **0.3%** |  |  |  |
| 275000 | Energy Transfer, L.P.<sup>(b)</sup> | H15T5Y + 5.694% | 6.5000 | &nbsp;&nbsp;&nbsp;Perpetual | 276199 |
|  | **TOTAL PREFERRED STOCK (Cost $2,817,141)** | **TOTAL PREFERRED STOCK (Cost $2,817,141)** |  |  | 2814940 |
|  | **U.S. GOVERNMENT & AGENCIES — 38.1%** | **U.S. GOVERNMENT & AGENCIES — 38.1%** | **U.S. GOVERNMENT & AGENCIES — 38.1%** |  |  |
|  | **U.S. TREASURY BILLS** — **38.1%** | **U.S. TREASURY BILLS** — **38.1%** | **U.S. TREASURY BILLS** — **38.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill<sup>(d)</sup> |  | 4.2000 | &nbsp;&nbsp;&nbsp; 09/11/25 | $32341484 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $32,343,149)** |  |  |  | 32341484 |
|  | **TOTAL INVESTMENTS – 83.8% (Cost $71,552,370)** | **TOTAL INVESTMENTS – 83.8% (Cost $71,552,370)** |  |  | &nbsp;&nbsp;&nbsp; $71200724 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 16.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 16.2%** |  |  | &nbsp;&nbsp; 13776365 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $84977089 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Appreciation** |
| 265 | CME E-Mini Standard & Poor's 500 Index Future | Interactive Broker | 09/19/2025 | &nbsp;&nbsp;&nbsp; $84458813 | &nbsp;&nbsp;&nbsp; $363313 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |

---

---

| | | |
|:---|:---|:---|
| H15T5Y | H15T5Y | - US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFR | SOFR | - United States Secured SOFR Overnight Financing Index |
| SOFRRATE | SOFRRATE | - United States SOFR Secured Overnight Financing Rate |
| <br>(a) | <br>Non-income producing security. | <br>Non-income producing security. |
| (b) | Variable rate security. The rate shown represents the rate on July 31, 2025. | Variable rate security. The rate shown represents the rate on July 31, 2025. |
| (c) | 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 July 31, 2025 the total market value of 144A securities is $8,105,713 or 9.5% of net assets. | 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 July 31, 2025 the total market value of 144A securities is $8,105,713 or 9.5% of net assets. |
| (d) | Zero coupon bond. Rate disclosed is the current yield as of July 31, 2025 | Zero coupon bond. Rate disclosed is the current yield as of July 31, 2025 |
| (e) | 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. | 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:** Anfield Enhanced Market ETF

- **b. EDGAR series identifier (if any):** S000093394

- **c. LEI of Series:** 529900F8LZJRYZEKVY13

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

- **a. Date of fiscal year-end:** 2026-04-30

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $85030145.67

**Total Liabilities:** $53056.19

**Net Assets:** $84977089.48

**Cash Not Reported:** $12887900.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 68.72946500 | **1-Year:** 1401.86576200 | **5-Year:** 2467.65163300 | **10-Year:** 29.07603800 | **30-Year:** 0.00000000

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

- **3-Month:** 126.48432700 | **1-Year:** 402.27896400 | **5-Year:** 350.11607700 | **10-Year:** 5.64511600 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261613 | 0.00%                | 0.00%                | 1.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $908838.97               | $-351646.85                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OneMain Financial Corporation                                   | OMF 3 7/8 09/15/28      | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143095.74    | 0.17%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                | DUK 3 1/4 01/15/2082    | CUSIP: 26441CBP9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $480877.15    | 0.57%             | 2082-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                  | BNP 4 5/8 PERP          | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    450000 | PA      | $441999.32    | 0.52%             | 2177-01-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                                 | BXSL 5.3 06/30/30       | CUSIP: 09261XAK8<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497614.89    | 0.59%             | 2030-06-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                         | REPUBLIC SVCS           | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      3474 | NS      | $801278.10    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                                                  | MCKESSON CORP           | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1148 | NS      | $796183.92    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Capital Corp.                                              | ARCC 5 1/2 09/01/30     | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    750000 | PA      | $748999.73    | 0.88%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vici Properties Inc                                             | VICI 4 1/8 08/15/30     | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $477856.29    | 0.56%             | 2030-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| National Fuel Gas Company                                       | NATL FUEL GAS CO        | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     10034 | NS      | $870850.86    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                            | RY 5 12/30/30           | CUSIP: 78014RD49<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $399986.97    | 0.47%             | 2030-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                   | F 4 11/13/30            | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    700000 | PA      | $643224.73    | 0.76%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                            | ACAFP 3 1/4 01/14/30    | CUSIP: 225313AM7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $464594.96    | 0.55%             | 2030-01-14      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                  | NSANY 2.45 09/15/28     | CUSIP: 65480CAD7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    450000 | PA      | $406950.56    | 0.48%             | 2028-09-15      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Corporation                                    | ANTERO MIDSTREAM        | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46934 | NS      | $861238.90    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation | IEP 6 1/4 05/15/26      | CUSIP: 451102BT3<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348017.39    | 0.41%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                  | NSANY 1.85 09/16/26     | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96013.88     | 0.11%             | 2026-09-16      | Fixed         | 1.85%                 | Yes           |                  2 | On Loan: No      |
| PENN Entertainment Inc                                          | PENN 5 5/8 01/15/27     | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $403140.24    | 0.47%             | 2027-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance Us Inc                                       | STLA 5.35 03/17/28      | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    700000 | PA      | $704063.04    | 0.83%             | 2028-03-17      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia                                             | BNS 3 5/8 10/27/2081    | CUSIP: 0641598N9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $468248.45    | 0.55%             | 2081-10-27      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AXIS Capital Holdings Limited                                   | AXIS CAPITAL            | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      8500 | NS      | $797640.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corp.                               | BK 3.7 PERP             | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    550000 | PA      | $544926.91    | 0.64%             | 2170-03-20      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                               | PNC 3.4 PERP            | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    425000 | PA      | $409992.44    | 0.48%             | 2172-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                      | OXY 7 11/15/27          | CUSIP: 674599DP7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    270000 | PA      | $280166.04    | 0.33%             | 2027-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                    | CFG 4 PERP              | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146173.29    | 0.17%             | 2171-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                                         | NACN 5 07/24/30         | CUSIP: 63305MNW7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $399557.60    | 0.47%             | 2030-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                               | WFC 3.9 PERP            | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    602000 | PA      | $596791.62    | 0.70%             | 2169-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SLM Corp.                                                       | SLM CORP                | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24387 | NS      | $775506.60    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                  | NSANY 5.3 09/13/27      | CUSIP: 65480CAG0<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148988.25    | 0.18%             | 2027-09-13      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Brightstar Lottery PLC                                          | IGT 5 1/4 01/15/29      | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $371552.51    | 0.44%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Light & Wonder International Inc.                               | SGMS 7 1/4 11/15/29     | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    525000 | PA      | $540213.45    | 0.64%             | 2029-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                   | F 2.9 02/10/29          | CUSIP: 345397B93<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $455212.28    | 0.54%             | 2029-02-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                           | BAC 4 3/8 PERP          | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    600000 | PA      | $587033.66    | 0.69%             | 2174-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                                            | MTB 3 1/2 PERP          | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    420000 | PA      | $404768.49    | 0.48%             | 2173-03-01      | Fixed         | 3.50%                 | No            |                  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        |    100000 | PA      | $97870.07     | 0.12%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                     | GLPI 5.3 01/15/29       | CUSIP: 361841AL3<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505017.00    | 0.59%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                              | ET 6 1/2 PERP           | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    275000 | PA      | $276199.18    | 0.33%             | 2169-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Verisign, Inc.                                                  | VERISIGN INC            | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      2930 | NS      | $787789.10    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR Capital Corp                                             | FSK 3 1/8 10/12/28      | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    697000 | PA      | $642685.19    | 0.76%             | 2028-10-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                         | BPCEGP 1.652 10/06/26   | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $496989.77    | 0.58%             | 2026-10-06      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                           | CARDINAL HEALTH         | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      5041 | NS      | $782464.02    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)                        | FCNCA FLOAT PERP        | CUSIP: 31959XAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    729000 | PA      | $757942.03    | 0.89%             | 2170-06-15      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                             | ALLY 4.7 PERP           | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    294000 | PA      | $286330.41    | 0.34%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                                        | DARDEN RESTAURAN        | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      3832 | NS      | $772799.44    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bain Capital Specialty Finance Inc                              | BCSF 5.95 03/15/30      | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |    750000 | PA      | $746122.92    | 0.88%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                             | RRR 4 1/2 02/15/28      | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171428.18    | 0.20%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                             | EXPAND ENERGY CO        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      7775 | NS      | $814664.50    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                                             | CHENIERE ENERGY         | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      3513 | NS      | $828646.44    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Credit Company LLC                                   | F 4.95 05/28/27         | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495965.80    | 0.58%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                      | ACGCAP 5 1/8 04/10/30   | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251817.68    | 0.30%             | 2030-04-10      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Autozone, Inc.                                                  | AUTOZONE INC            | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       223 | NS      | $840348.74    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. Berkley Corporation                                        | WR BERKLEY CORP         | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     11835 | NS      | $814366.35    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                                         | BYD 4 3/4 12/01/27      | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    275000 | PA      | $272996.05    | 0.32%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                 | EQT 7 1/2 06/01/27      | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017991.86   | 1.20%             | 2027-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Vici Properties Inc                                             | VICI 4 5/8 12/01/29     | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $171597.03    | 0.20%             | 2029-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International Inc.                                | PHILIP MORRIS IN        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4667 | NS      | $765621.35    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation                                  | SCHW 4 PERP             | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246730.85    | 0.29%             | 2169-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                          | UAL 4 5/8 04/15/29      | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488570.01    | 0.57%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                            | HOWMET AEROSPACE        | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      4633 | NS      | $832874.41    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                       | PALANTIR TECHN-A        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      5987 | NS      | $948041.45    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                     | COF 3.95 PERP           | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    210000 | PA      | $205408.43    | 0.24%             | 2169-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                   | USB 5.3 PERP            | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    450000 | PA      | $449301.56    | 0.53%             | 2049-12-29      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                     | S&P500 EMINI FUT  SEP25 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |       265 | NC      | $363312.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark Services, Inc.                                          | ARMK 5 02/01/28         | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    700000 | PA      | $694003.59    | 0.82%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                     | GLPI 5 3/8 04/15/26     | CUSIP: 361841AH2<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    197000 | PA      | $197179.86    | 0.23%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software Inc.                              | TAKE-TWO INTERAC        | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      3459 | NS      | $770423.07    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                                        | UGI CORP                | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     23696 | NS      | $857321.28    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Financial Company  Inc                           | GM 5.7 PERP             | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    400000 | PA      | $391777.84    | 0.46%             | 2069-03-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                             | SYF 5.15 03/19/29       | CUSIP: 87165BAP8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    700000 | PA      | $703808.71    | 0.83%             | 2029-03-19      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                       | GS 3.65 PERP            | CUSIP: 38144GAG6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    400000 | PA      | $392348.96    | 0.46%             | 2170-08-10      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                    | B 09/11/25              | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32500000 | PA      | $32341483.53  | 38.06%            | 2025-09-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sempra                                                          | SRE 4 1/8 04/01/52      | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    425000 | PA      | $411571.96    | 0.48%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                   | NETFLIX INC             | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       651 | NS      | $754769.40    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                  | C 4.15 PERP             | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1270812.66   | 1.50%             | 2170-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                                          | CNP 7 02/15/55          | CUSIP: 15189TBH9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    128000 | PA      | $133884.16    | 0.16%             | 2055-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer