# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-001577
**Filing Date:** 2025-9
**Character Count:** 57206
**Document Hash:** 443a6f9e5cae0bab4b03d357b4716608
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001577.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000910472-25-001577

**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**: 20251031

**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:** 251348425

**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

### Redwood AlphaFactor Tactical International Fund (Series ID: S000059550)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000195030 | Redwood AlphaFactor Tactical International Fund Class I | RWILX           |
| C000195031 | Redwood AlphaFactor Tactical International Fund Class N | RWINX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** | **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 14.0%** |  |
|  | **REAL ESTATE - 14.0%** |  |
| 560040 | Redwood Real Estate Income Fund, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $14045800 |
|  | **TOTAL CLOSED END FUND (Cost $14,001,000)** | &nbsp;&nbsp; 14045800 |
|  | **OPEN END FUNDS — 84.4%** |  |
|  | **FIXED INCOME - 84.4%** |  |
| 1894226 | American High-Income Trust, Class F-3 | &nbsp;&nbsp;&nbsp; 18639186 |
| 2604159 | Blackrock Series Fund V-BlackRock High Yield Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 18723902 |
| 1796367 | Goldman Sachs High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 10203366 |
| 2852224 | JPMorgan High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 18625024 |
| 2930790 | Lord Abbett High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 18698439 |
| 31 | MainStay MacKay High Yield Corporate Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 161 |
| 2141 | Principal High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 14409 |
| 7444 | Vanguard High-Yield Corporate Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 41015 |
|  |  | &nbsp;&nbsp; 84945502 |
|  | **TOTAL OPEN END FUNDS (Cost $83,081,593)** | &nbsp;&nbsp; 84945502 |
|  | **SHORT-TERM INVESTMENT — 1.2%** |  |
|  | **MONEY MARKET FUND - 1.2%** |  |
| 1174709 | Goldman Sachs Financial Square Government Fund, Administration Class, 3.92%<sup>(b)</sup> (Cost $1,174,709) | &nbsp;&nbsp;&nbsp; 1174709 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $98,257,302)** | &nbsp;&nbsp;&nbsp; $100166011 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | &nbsp;&nbsp; 451413 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $100617424 |

---

<sup>(a)</sup> Investment in affiliated issuer. Illiquid security. The total fair value of the security at July 31, 2025, was $14,045,800 representing 14.0% of net assets.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| |
|:---|
| **REDWOOD MANAGED VOLATILITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS<sup>(c)</sup>** | **TOTAL RETURN SWAPS<sup>(c)</sup>** | **TOTAL RETURN SWAPS<sup>(c)</sup>** | | | |
| **Security** | **Counterparty** | **Number of Shares** | **Notional Value Interest Rate Payable** | **Termination Date** | **Value/Unrealized Depreciation** |
| Invesco High Yield Municipal Fund | Barclays | &nbsp;&nbsp;&nbsp; 13289 | &nbsp;&nbsp;&nbsp;$108,705 SOFR + 175 bps | &nbsp;&nbsp;&nbsp;4/20/2026 | &nbsp;&nbsp;&nbsp; $(2126) |
| Nuveen High Yield Municipal Bond Fund | Barclays | &nbsp;&nbsp;&nbsp; 7691 | &nbsp;&nbsp;&nbsp; 107,830 SOFR + 175 bps | &nbsp;&nbsp;&nbsp;4/20/2026 | &nbsp;&nbsp;&nbsp; (2769) |
| **TOTAL** | **TOTAL** | **TOTAL** |  |  | &nbsp;&nbsp;&nbsp; **$(4895)** |

---

SOFR - Secured Overnight Financing Rate <br>

<sup>(c)</sup> The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Adviser has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly.

---

| | | |
|:---|:---|:---|
| **REDWOOD MANAGED MUNICIPAL INCOME FUND** | **REDWOOD MANAGED MUNICIPAL INCOME FUND** | **REDWOOD MANAGED MUNICIPAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 13.9%** |  |
|  | **REAL ESTATE - 13.9%** |  |
| 585634 | Redwood Real Estate Income Fund, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $14687700 |
|  | **TOTAL CLOSED END FUND (Cost $14,640,852)** | &nbsp;&nbsp; 14687700 |
|  | **EXCHANGE-TRADED FUND — 0.0%<sup>(b)</sup>** |  |
|  | **FIXED INCOME - 0.0%<sup>(b)</sup>** |  |
| 23 | iShares High Yield Muni Active ETF | &nbsp;&nbsp;&nbsp; 1092 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $1,098)** | &nbsp;&nbsp; 1092 |
|  | **OPEN END FUNDS — 0.1%** |  |
|  | **FIXED INCOME - 0.1%** |  |
| 129 | American Century High-Yield Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; 1088 |
| 108 | Delaware National High-Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1025 |
| 4526 | First Eagle Funds - First Eagle High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 35712 |
| 3294 | Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 28826 |
| 2842 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 22795 |
| 4646 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 29546 |
| 91 | Lord Abbett High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 939 |
| 91 | MainStay MacKay High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 1020 |
| 141 | MFS Municipal High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 1007 |
| 1602 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 21885 |
| 112 | Nuveen Short Duration High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 1039 |
| 126 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1025 |
| 175 | Victory Pioneer High Income Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 1007 |
| 87 | Western Asset Municipal High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 1068 |
|  |  | &nbsp;&nbsp; 147982 |
|  | **TOTAL OPEN END FUNDS (Cost $154,064)** | &nbsp;&nbsp; 147982 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD MANAGED MUNICIPAL INCOME FUND** | **REDWOOD MANAGED MUNICIPAL INCOME FUND** | **REDWOOD MANAGED MUNICIPAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 85.4%** |  |
|  | **MONEY MARKET FUNDS - 85.4%** |  |
| 30259732 | BlackRock Liquidity Funds MuniCash, Institutional Class, 2.39%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $30262758 |
| 30289459 | JPMorgan Municipal Money Market Fund, Agency Class, 2.59%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 30289459 |
| 30273386 | JPMorgan Tax Free Money Market Fund, Agency Class, 2.57%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 30273386 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $90,825,603)** | &nbsp;&nbsp; 90825603 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $90,825,603)** | 90825603 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $105,621,617)** | &nbsp;&nbsp;&nbsp; $105662377 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | &nbsp;&nbsp; 655440 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $106317817 |

---

ETF - Exchange-Traded Fund

---

| | |
|:---|:---|
| <sup>(a)</sup> | Investment in affiliated issuer. Illiquid security. The total fair value of the security at July 31, 2025, was $14,687,700 representing 13.9% of net assets. |
| <sup>(b)</sup><br> <sup>(C)</sup> | Percentage rounds to less than 0.1%.<br> Rate disclosed is the seven day effective yield as of July 31, 2025. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS<sup>(d)</sup>** | **TOTAL RETURN SWAPS<sup>(d)</sup>** | **TOTAL RETURN SWAPS<sup>(d)</sup>** | **TOTAL RETURN SWAPS<sup>(d)</sup>** | **TOTAL RETURN SWAPS<sup>(d)</sup>** | **TOTAL RETURN SWAPS<sup>(d)</sup>** | **TOTAL RETURN SWAPS<sup>(d)</sup>** |
| **Security** | **Counterparty** | **Number of Shares** | **Notional Value** | **Interest Rate Payable** | **Termination Date** | **Value/Unrealized Depreciation** |
| Invesco High Yield Municipal Fund | Barclays | &nbsp;&nbsp;&nbsp;16070 | &nbsp;&nbsp;&nbsp;$131454 | &nbsp;&nbsp;&nbsp;SOFR + 175 bps | &nbsp;&nbsp;&nbsp;7/31/2026 | &nbsp;&nbsp;&nbsp; $(2571) |
| Nuveen High Yield Municipal Bond Fund | Barclays | &nbsp;&nbsp;&nbsp;10611 | &nbsp;&nbsp;&nbsp;148773 | &nbsp;&nbsp;&nbsp;SOFR + 175 bps | &nbsp;&nbsp;&nbsp;4/20/2026 | &nbsp;&nbsp;&nbsp; (3820) |
| **TOTAL** | **TOTAL** | **TOTAL** |  |  |  | &nbsp;&nbsp;&nbsp; **$(6391)** |

---

SOFR - Secured Overnight Financing Rate

<sup>(d)</sup> The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Adviser has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly.

---

| | | |
|:---|:---|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 12.6%** |  |
|  | **United States - 12.6%** |  |
| 720083 | Redwood Real Estate Income Fund, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $18059687 |
|  | **TOTAL CLOSED END FUND (Cost $18,002,083)** | &nbsp;&nbsp; 18059687 |
|  | **COMMON STOCKS — 78.5%** |  |
|  | **Brazil - 2.5%** |  |
| 772624 | B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp; 1732947 |
| 314911 | BB Seguridade Participacoes S.A. | &nbsp;&nbsp;&nbsp; 1892345 |
|  |  | &nbsp;&nbsp; 3625292 |
|  | **Canada - 11.9%** |  |
| 43773 | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp; 1385597 |
| 14770 | Canadian Tire Corp. Ltd. | &nbsp;&nbsp;&nbsp; 1978216 |
| 86964 | Cenovus Energy, Inc. | &nbsp;&nbsp;&nbsp; 1323665 |
| 14823 | CGI, Inc. | &nbsp;&nbsp;&nbsp; 1429024 |
| 10515 | George Weston Ltd. | &nbsp;&nbsp;&nbsp; 1998047 |
| 30050 | Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp; 1517898 |
| 53134 | Manulife Financial Corporation | &nbsp;&nbsp;&nbsp; 1643948 |
| 87109 | MEG Energy Corporation | &nbsp;&nbsp;&nbsp; 1716908 |
| 28648 | Metro, Inc. | &nbsp;&nbsp;&nbsp; 2190572 |
| 43156 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 1702133 |
|  |  | &nbsp;&nbsp; 16886008 |
|  | **Cayman Islands - 1.0%** |  |
| 91400 | JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp; 1430967 |
|  | **China - 9.0%** |  |
| 716398 | 37 Interactive Entertainment Network Technology Group<br> Company Ltd., Class A | &nbsp;&nbsp;&nbsp; 1652644 |
| 2588000 | Aluminum Corp of China Ltd., H Shares | &nbsp;&nbsp;&nbsp; 2053921 |
| 1368900 | CNPC Capital Company Ltd., Class A | &nbsp;&nbsp;&nbsp; 1646437 |
| 4784000 | Guangzhou Automobile Group Company Ltd., H Shares | &nbsp;&nbsp;&nbsp; 1937982 |
| 257500 | Ping An Insurance Group Company of China Ltd., H Shares | &nbsp;&nbsp;&nbsp; 1769702 |
| 111900 | Seres Group Company Ltd., Class A | &nbsp;&nbsp;&nbsp; 1972338 |
| 539800 | Yunnan Yuntianhua Company Ltd., Class A | &nbsp;&nbsp;&nbsp; 1848764 |
|  |  | &nbsp;&nbsp; 12881788 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 78.5% (Continued)** |  |
|  | **Germany - 3.0%** |  |
| 6465 | adidas A.G. | &nbsp;&nbsp;&nbsp; $1240515 |
| 36878 | Porsche Automobil Holding S.E. | &nbsp;&nbsp;&nbsp; 1487668 |
| 54129 | Zalando S.E. 144A<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 1589630 |
|  |  | &nbsp;&nbsp; 4317813 |
|  | **Greece - 2.7%** |  |
| 92161 | Hellenic Telecommunications Organization S.A. | &nbsp;&nbsp;&nbsp; 1673167 |
| 94462 | OPAP S.A. | &nbsp;&nbsp;&nbsp; 2120488 |
|  |  | &nbsp;&nbsp; 3793655 |
|  | **Indonesia - 2.6%** |  |
| 6914400 | Alamtri Resources Indonesia Tbk P.T. | &nbsp;&nbsp;&nbsp; 777182 |
| 5115300 | Astra International Tbk P.T. | &nbsp;&nbsp;&nbsp; 1585032 |
| 949900 | United Tractors Tbk P.T. | &nbsp;&nbsp;&nbsp; 1393771 |
|  |  | &nbsp;&nbsp; 3755985 |
|  | **Italy - 3.1%** |  |
| 108209 | Eni SpA | &nbsp;&nbsp;&nbsp; 1842197 |
| 5619122 | Telecom Italia SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2590134 |
|  |  | &nbsp;&nbsp; 4432331 |
|  | **Japan - 7.5%** |  |
| 115700 | Denso Corporation | &nbsp;&nbsp;&nbsp; 1577511 |
| 99800 | Japan Airlines Company Ltd. | &nbsp;&nbsp;&nbsp; 1991447 |
| 106100 | KDDI Corporation | &nbsp;&nbsp;&nbsp; 1748820 |
| 93000 | Marubeni Corporation | &nbsp;&nbsp;&nbsp; 1919897 |
| 148100 | Ricoh Company Ltd. | &nbsp;&nbsp;&nbsp; 1306730 |
| 131500 | Shionogi & Company Ltd. | &nbsp;&nbsp;&nbsp; 2220241 |
|  |  | &nbsp;&nbsp; 10764646 |
|  | **Korea (Republic Of) – 9.4%** |  |
| 19223 | DB Insurance Company Ltd. | &nbsp;&nbsp;&nbsp; 1764362 |
| 19720 | Hyundai Glovis Company Ltd. | &nbsp;&nbsp;&nbsp; 2085718 |
| &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;8965 | Hyundai Mobis Company Ltd. | &nbsp;&nbsp;&nbsp; 1893181 |
| 19829 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1576845 |
| 23839 | Kia Corporation | &nbsp;&nbsp;&nbsp; 1748720 |
| 9252 | Korea Shipbuilding & Offshore Engineering Company Ltd. | &nbsp;&nbsp;&nbsp; 2381697 |
| 36000 | LG Electronics, Inc. | &nbsp;&nbsp;&nbsp; 1998021 |
|  |  | &nbsp;&nbsp; 13448544 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 78.5% (Continued)** |  |
|  | **Mexico - 2.3%** |  |
| 1870300 | America Movil S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; $1691458 |
| 54193 | Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | &nbsp;&nbsp;&nbsp; 1643303 |
|  |  | &nbsp;&nbsp; 3334761 |
|  | **Netherlands - 1.4%** |  |
| 50363 | Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp; 1989678 |
|  | **Norway - 2.7%** |  |
| 132426 | Telenor ASA | &nbsp;&nbsp;&nbsp; 2032756 |
| 51095 | Yara International ASA | &nbsp;&nbsp;&nbsp; 1898268 |
|  |  | &nbsp;&nbsp; 3931024 |
|  | **Singapore - 1.5%** |  |
| 172300 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp; 2123261 |
|  | **Spain - 2.6%** |  |
| 23669 | Amadeus IT Group S.A. 144A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1903141 |
| 359680 | Telefonica S.A. | &nbsp;&nbsp;&nbsp; 1857950 |
|  |  | &nbsp;&nbsp; 3761091 |
|  | **Sweden - 3.8%** |  |
| 21263 | Evolution A.B. 144A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1895229 |
| 143688 | Securitas A.B., Class B | &nbsp;&nbsp;&nbsp; 2136019 |
| 183202 | Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp; 1335319 |
|  |  | &nbsp;&nbsp; 5366567 |
|  | **Switzerland - 4.2%** |  |
| 18164 | Logitech International S.A. | &nbsp;&nbsp;&nbsp; 1702665 |
| 16197 | Novartis A.G. | &nbsp;&nbsp;&nbsp; 1878211 |
| 26892 | Temenos A.G. | &nbsp;&nbsp;&nbsp; 2421823 |
|  |  | &nbsp;&nbsp; 6002699 |
|  | **Taiwan - 2.6%** |  |
| 40000 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp; 1831428 |
| 100000 | Realtek Semiconductor Corporation | &nbsp;&nbsp;&nbsp; 1921663 |
|  |  | &nbsp;&nbsp; 3753091 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** | **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 78.5% (Continued)** |  |
|  | **Taiwan Province Of China - 2.1%** |  |
| 714000 | Yang Ming Marine Transport Corporation | &nbsp;&nbsp;&nbsp; $1450812 |
| 1239000 | Eva Airways Corporation | &nbsp;&nbsp;&nbsp; 1567280 |
|  |  | &nbsp;&nbsp;&nbsp; 3018092 |
|  | **United Kingdom - 2.6%** |  |
| 346306 | BP plc | &nbsp;&nbsp;&nbsp; 1851127 |
| 53683 | Shell plc | &nbsp;&nbsp;&nbsp; 1922010 |
|  |  | &nbsp;&nbsp; 3773137 |
|  | **TOTAL COMMON STOCKS (Cost $107,375,942)** | &nbsp;&nbsp; 112390430 |
|  | **SHORT-TERM INVESTMENT — 1.1%** |  |
|  | **MONEY MARKET FUND - 1.1%** |  |
| 1533691 | Goldman Sachs Financial Square Government Fund, Administration Shares, 3.92%<sup>(d)</sup> (Cost $1,533,691) | &nbsp;&nbsp;&nbsp; 1533691 |
|  | **TOTAL INVESTMENTS - 92.2% (Cost $126,911,716)** | &nbsp;&nbsp;&nbsp; $131983808 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.8%** | &nbsp;&nbsp; 11105829 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $143089637 |
| A.B. | - Aktiebolag |  |
| A.G. | - Aktiengesellschaft |  |
| ASA | - Aksjeselskap |  |
| LTD | - Limited Company |  |
| N.V. | - Naamioze Vennootschap |  |
| PLC | - Public Limited Company |  |
| P.T. | - Perseroan Terbatas |  |
| S.A. | - Société Anonyme |  |
| S.E. | - Societas Europa |  |
| SpA | - Società per azioni |  |
| Tbk | - Terbuka |  |

---

<sup>(a)</sup> Investment in affiliated issuer. Illiquid security. The total fair value of the security at July 31, 2025, was $18,059,687 representing 12.6% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</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 July 31, 2025, the total market value of 144A securities is 5,388,000 or 3.8% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| |
|:---|
| **REDWOOD ALPHAFACTOR TACTICAL INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**<br> **July 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS<sup>(e)</sup>** | **TOTAL RETURN SWAPS<sup>(e)</sup>** | **TOTAL RETURN SWAPS<sup>(e)</sup>** | **TOTAL RETURN SWAPS<sup>(e)</sup>** | **TOTAL RETURN SWAPS<sup>(e)</sup>** | **TOTAL RETURN SWAPS<sup>(e)</sup>** | **TOTAL RETURN SWAPS<sup>(e)</sup>** | **TOTAL RETURN SWAPS<sup>(e)</sup>** |
| **Security** | **Counterparty** | **Number of Shares** | **Currency** | **Notional Value** | **Interest Rate Payable** | **Termination Date** | **Value/Unrealized Depreciation** |
| iShares MSCI EAFE ETF | JP Morgan | &nbsp;&nbsp;&nbsp;521700 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;$46634763 | &nbsp;&nbsp;&nbsp;OBFR + 40 bps | &nbsp;&nbsp;&nbsp;7/1/2026 | &nbsp;&nbsp;&nbsp; $(975579) |

---

---

| | |
|:---|:---|
| OBFR | - Overnight Bank Funding Rate |
| <sup>(e)</sup> | The swaps provide exposure to the total returns on the securities that are calculated on a daily basis. Under the terms of the swaps, the Adviser has the ability to periodically adjust the notional level of the swaps. In addition, the Fund will receive the total return on the securities, including dividends and provide a fee to the counterparty. Each total return swap pays monthly. |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 13.1%** |  |
|  | **REAL ESTATE - 13.1%** |  |
| 919897 | Redwood Real Estate Income Fund, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $23071010 |
|  | **TOTAL CLOSED END FUND (Cost $22,997,422)** | &nbsp;&nbsp; 23071010 |
|  | **COMMON STOCKS — 40.7%** |  |
|  | **ADVERTISING & MARKETING - 1.5%** |  |
| 56358 | Interpublic Group of Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 1386407 |
| 18498 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; 1332781 |
|  |  | &nbsp;&nbsp; 2719188 |
|  | **AEROSPACE & DEFENSE - 0.7%** |  |
| 2856 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp; 1202319 |
|  | **ASSET MANAGEMENT - 0.9%** |  |
| 67914 | Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp; 1629936 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 141805 | Ford Motor Company | &nbsp;&nbsp;&nbsp; 1569781 |
|  | **BIOTECH & PHARMA - 3.2%** |  |
| 30555 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp; 1323337 |
| 17644 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 1378349 |
| 62497 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 1455555 |
| 166950 | Viatris, Inc. | &nbsp;&nbsp;&nbsp; 1459143 |
|  |  | &nbsp;&nbsp; 5616384 |
|  | **CABLE & SATELLITE - 0.8%** |  |
| 42590 | Comcast Corporation, Class A | &nbsp;&nbsp;&nbsp; 1415266 |
|  | **CHEMICALS - 3.2%** |  |
| 4915 | Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp; 1414930 |
| 26502 | Albemarle Corporation | &nbsp;&nbsp;&nbsp; 1798161 |
| 49584 | Dow, Inc. | &nbsp;&nbsp;&nbsp; 1154811 |
| 18787 | Eastman Chemical Company | &nbsp;&nbsp;&nbsp; 1364124 |
|  |  | &nbsp;&nbsp; 5732026 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 40.7% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 0.8%** |  |
| 28444 | International Paper Company | &nbsp;&nbsp;&nbsp; $1329473 |
|  | **ELECTRIC UTILITIES - 4.3%** |  |
| 145175 | AES Corporation (The) | &nbsp;&nbsp;&nbsp; 1909051 |
| 25942 | Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp; 1516310 |
| 24564 | Edison International | &nbsp;&nbsp;&nbsp; 1280276 |
| 22754 | Eversource Energy | &nbsp;&nbsp;&nbsp; 1504039 |
| 32549 | FirstEnergy Corporation | &nbsp;&nbsp;&nbsp; 1390168 |
|  |  | &nbsp;&nbsp; 7599844 |
|  | **FOOD - 2.1%** |  |
| 59587 | Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp; 1088059 |
| 50976 | Kraft Heinz Company (The) | &nbsp;&nbsp;&nbsp; 1399800 |
| 39849 | The Campbell's Company | &nbsp;&nbsp;&nbsp; 1271980 |
|  |  | &nbsp;&nbsp; 3759839 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.7%** |  |
| 21240 | CVS Health Corporation | &nbsp;&nbsp;&nbsp; 1319004 |
|  | **HEALTH CARE REIT - 0.8%** |  |
| 78437 | Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp; 1328723 |
|  | **LEISURE PRODUCTS - 0.9%** |  |
| 21971 | Hasbro, Inc. | &nbsp;&nbsp;&nbsp; 1651340 |
|  | **MACHINERY - 1.6%** |  |
| 4277 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp; 1373730 |
| 22583 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp; 1527740 |
|  |  | &nbsp;&nbsp; 2901470 |
|  | **OFFICE REIT - 1.6%** |  |
| 21007 | Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp; 1605564 |
| 21841 | BXP, Inc. | &nbsp;&nbsp;&nbsp; 1429057 |
|  |  | &nbsp;&nbsp; 3034621 |
|  | **OIL & GAS PRODUCERS - 4.3%** |  |
| 85856 | APA Corporation | &nbsp;&nbsp;&nbsp; 1656163 |
| 10027 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 1520494 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 40.7% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 4.3% (Continued)** |  |
| 52585 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; $1475535 |
| 17072 | ONEOK, Inc. | &nbsp;&nbsp;&nbsp; 1401782 |
| 12021 | Phillips 66 | &nbsp;&nbsp;&nbsp; 1485555 |
|  |  | &nbsp;&nbsp; 7539529 |
|  | **RETAIL - CONSUMER STAPLES - 0.9%** |  |
| 15630 | Target Corporation | &nbsp;&nbsp;&nbsp; 1570815 |
|  | **RETAIL - DISCRETIONARY - 1.7%** |  |
| 22025 | Best Buy Company, Inc. | &nbsp;&nbsp;&nbsp; 1432947 |
| 11633 | Genuine Parts Company | &nbsp;&nbsp;&nbsp; 1499262 |
|  |  | &nbsp;&nbsp; 2932209 |
|  | **RETAIL REIT - 0.8%** |  |
| 24192 | Realty Income Corporation | &nbsp;&nbsp;&nbsp; 1357897 |
|  | **SEMICONDUCTORS - 2.5%** |  |
| 25696 | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp; 1736792 |
| 21408 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1467304 |
| 8117 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; 1469664 |
|  |  | &nbsp;&nbsp; 4673760 |
|  | **TECHNOLOGY HARDWARE - 1.8%** |  |
| 85493 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 1768850 |
| 55132 | HP, Inc. | &nbsp;&nbsp;&nbsp; 1367274 |
|  |  | &nbsp;&nbsp; 3136124 |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 9317 | Paychex, Inc. | &nbsp;&nbsp;&nbsp; 1344723 |
|  | **TELECOMMUNICATIONS - 1.7%** |  |
| 53141 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 1456595 |
| 33361 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 1426516 |
|  |  | &nbsp;&nbsp; 2883111 |
|  | **TOBACCO & CANNABIS - 0.9%** |  |
| 24355 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 1508549 |

---

---

| | | |
|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 40.7% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 0.7%** |  |
| 14045 | United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp; $1210117 |
|  | **WHOLESALE - DISCRETIONARY - 0.6%** |  |
| 36184 | LKQ Corporation | &nbsp;&nbsp;&nbsp; 1066342 |
|  | **TOTAL COMMON STOCKS (Cost $69,843,161)** | &nbsp;&nbsp; 72032390 |
|  | **EXCHANGE-TRADED FUNDS — 45.2%** |  |
|  | **EQUITY - 45.2%** |  |
| 437844 | iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp; 38320107 |
| 490749 | Schwab International Small-Cap Equity ETF | &nbsp;&nbsp;&nbsp; 20822480 |
| 154881 | Vanguard FTSE All World ex-US Small-Cap ETF | &nbsp;&nbsp;&nbsp; 20704492 |
|  |  | &nbsp;&nbsp; 79847079 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $73,521,489)** | &nbsp;&nbsp; 79847079 |
|  | **OPEN END FUNDS — 0.1%** |  |
|  | **FIXED INCOME - 0.1%** |  |
| 11364 | Nuveen California High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 84437 |
| 6671 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 91123 |
|  |  | &nbsp;&nbsp; 175560 |
|  | **TOTAL OPEN END FUNDS (Cost $232,691)** | &nbsp;&nbsp; 175560 |
|  | **SHORT-TERM INVESTMENT — 0.1%** |  |
|  | **MONEY MARKET FUND - 0.1%** |  |
| 226024 | Goldman Sachs Financial Square Government Fund, Administration Shares, 3.92%<sup>(b)</sup> (Cost $226,024) | &nbsp;&nbsp;&nbsp; 226024 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** | **REDWOOD SYSTEMATIC MACRO TREND FUND** |
| **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)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Contracts<sup>(c)</sup>** |  |  |  |  |  |  |
|  | **EQUITY OPTIONS PURCHASED — 0.7%** | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **PUT OPTIONS PURCHASED - 0.7%** | **PUT OPTIONS PURCHASED - 0.7%** | **PUT OPTIONS PURCHASED - 0.7%** |  |  |  |
| 2000 | SPDR S&P 500 ETF Trust<sup>(d)</sup> | BTIG | 03/31/2026 | $500 | &nbsp;&nbsp;&nbsp; $100000000 | &nbsp;&nbsp;&nbsp; $1164000 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $4,572,020) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $4,572,020) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $4,572,020) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $4,572,020) |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $4,572,020) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $4,572,020) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $4,572,020) |  |  | 1164000 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $171,392,807)** | **TOTAL INVESTMENTS - 99.9% (Cost $171,392,807)** | **TOTAL INVESTMENTS - 99.9% (Cost $171,392,807)** |  |  | &nbsp;&nbsp;&nbsp; $176516063 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** |  |  | &nbsp;&nbsp; 228308 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $176744371 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| S&P | - Standard & Poor's |
| SPDR | - Standard & Poor's Depositary Receipt |
| BTIG | BTIG, LLC |

---

---

| | |
|:---|:---|
| <sup>(a)</sup><br> <sup>(b)</sup> | Investment in affiliated issuer. Illiquid security. The total fair value of the security at July 31, 2025, was $23,071,010 representing 13.1% of net assets.<br> Rate disclosed is the seven day effective yield as of July 31, 2025. |
| <sup>(c)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| <sup>(d)</sup> | Non-income producing security. |

---

## 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:** Redwood AlphaFactor Tactical International Fund

- **b. EDGAR series identifier (if any):** S000059550

- **c. LEI of Series:** 549300KZNRX88K80NH13

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

- **a. Date of fiscal year-end:** 2025-10-31

- **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:** $190436958.75

**Total Liabilities:** $47347321.52

**Net Assets:** $143089637.23

**Cash Not Reported:** $8545952.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195030 | 1.95%                | 3.75%                | -0.77%               |
| Class ID C000195031 | 1.95%                | 3.75%                | -0.77%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27756.01                | $998283.70                                 |
| Month 2  | $0.00                    | $4282499.48                                |
| Month 3  | $0.00                    | $-275277.89                                |

**Designated Index Information**

- **Index Name:** MSCI/AC WORLD INDEX ex USA (Net)

- **Index Identifier:** 899901N

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                                           | ISHARES MSCI EAFE         | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    521700 | NS      | $-975579.00   | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| Japan Airlines Co Ltd.                                        | Japan Airlines Co Ltd     | CUSIP: J25979121<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |     99800 | NS      | $1991446.61   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc.                                        | GILDAN ACTIVEWEA          | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     30050 | NS      | $1517898.02   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                       | ENI SPA                   | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    108209 | NS      | $1842197.07   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Private Real Estate Debt Fund                         | RDWD-R/E INC-I            | CUSIP: 758067102<br>LEI: 549300XIZ6J0ZXQMTV96 | Long             | EC               | RF                | US        |    720083 | NS      | $18059686.98  | 12.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Amadeus IT Group SA                                           | AMADEUS IT GROUP          | CUSIP: E04648114<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |     23669 | NS      | $1903141.11   | 1.33%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Shionogi & Co Ltd.                                            | SHIONOGI & CO             | CUSIP: J74229105<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |    131500 | NS      | $2220240.86   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Denso Corp.                                                   | Denso Corp                | CUSIP: J12075107<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |    115700 | NS      | $1577511.04   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd.          | KOREA SHIPBUILDI          | CUSIP: Y3838M106<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |      9252 | NS      | $2381697.72   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| George Weston Limited                                         | WESTON (GEORGE)           | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |     10515 | NS      | $1998047.31   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                                                     | KDDI CORP                 | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    106100 | NS      | $1748819.91   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp.                                   | REALTEK SEMI              | CUSIP: Y7220N101<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |    100000 | NS      | $1921662.99   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                            | CAN NATURAL RES           | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     43773 | NS      | $1385597.42   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangzhou Automobile Group Co Ltd.                            | GUANGZHOU AUTO-H          | CUSIP: Y2R318121<br>LEI: 5299005KY9BJO3ZE6A37 | Long             | EC               | CORP              | CN        |   4784000 | NS      | $1937982.01   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA                                                  | US BANK MMDA - USBGFS 9   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   3421521 | PA      | $3421520.90   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Aluminum Corporation of China Limited                         | Aluminum Corp of China Lt | CUSIP: Y0094N109<br>LEI: 529900TKZUWQLIQN6T48 | Long             | EC               | CORP              | CN        |   2588000 | NS      | $2053921.16   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech International SA                                     | LOGITECH INTER-R          | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |     18164 | NS      | $1702665.35   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica, S.A.                                              | TELEFONICA                | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |    359680 | NS      | $1857949.67   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson (publ)                        | ERICSSON LM-B             | CUSIP: W26049119<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    183202 | NS      | $1335318.56   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Adidas AG                                                     | ADIDAS AG                 | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |      6465 | NS      | $1240515.24   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MEG Energy Corporation                                        | MEG ENERGY CORP           | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               | CORP              | CA        |     87109 | NS      | $1716907.33   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Glovis Co Ltd.                                        | HYUNDAI GLOVIS            | CUSIP: Y27294100<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |     19720 | NS      | $2085717.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                                 | KONINKLIJKE AHOL          | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     50363 | NS      | $1989677.78   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Manulife Financial Corporation                                | MANULIFE FIN              | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |     53134 | NS      | $1643948.17   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp.                                                | MARUBENI CORP             | CUSIP: J39788138<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |     93000 | NS      | $1919897.34   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Telenor ASA                                                   | TELENOR ASA               | CUSIP: R21882106<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |    132426 | NS      | $2032755.26   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil S.A.B. de C.V.                                  | AMERICA MOVIL SA          | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |   1870300 | NS      | $1691457.61   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Yang Ming Marine Transport Corp.                              | YANG MING MARINE          | CUSIP: Y9729D105<br>LEI: 254900WG2ACWNVSP6E13 | Long             | EC               | CORP              | TW        |    714000 | NS      | $1450812.11   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CNPC Capital Company Limited                                  | CNPC CAPITAL CO LTD-A     | CUSIP: Y4444L102<br>LEI: 300300K2DPEEAN1LV682 | Long             | EC               | CORP              | CN        |   1368900 | NS      | $1646436.77   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                                    | Astra International Tbk P | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |   5115300 | NS      | $1585031.29   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Temenos AG                                                    | TEMENOS AG-REG            | CUSIP: H8547Q107<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |     26892 | NS      | $2421822.82   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Telecom Italia S.p.A.                                         | Telecom Italia SpA/Milano | CUSIP: T92778108<br>LEI: 549300W384M3RI3VXU42 | Long             | EC               | CORP              | IT        |   5619122 | NS      | $2590134.22   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UTD Tractors                                                  | UNITED TRACTORS           | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    949900 | NS      | $1393771.49   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Zalando SE                                                    | Zalando SE                | CUSIP: D98423102<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |     54129 | NS      | $1589629.92   | 1.11%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Singapore Exchange Ltd.                                       | SINGAPORE EXCH            | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    172300 | NS      | $2123261.29   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA                                | BB SEGURIDADE PA          | CUSIP: P1R1WJ103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    314911 | NS      | $1892345.29   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                            | SUNCOR ENERGY             | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     43156 | NS      | $1702132.94   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EVA Airways Corp.                                             | EVA AIRWAYS               | CUSIP: Y2361Y107<br>LEI: 254900S1P4XOXV67GC07 | Long             | EC               | CORP              | TW        |   1239000 | NS      | $1567279.93   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Tire Corp Ltd.                                       | Canadian Tire Corp Ltd    | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |     14770 | NS      | $1978216.37   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Alamtri Resources Indonesia Tbk                            | ALAMTRI RESOURCE          | CUSIP: Y7087B109<br>LEI: 529900P2WAH7XA87OI24 | Long             | EC               | CORP              | ID        |   6914400 | NS      | $777182.09    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                                 | MEDIATEK                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     40000 | NS      | $1831428.38   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                                     | SHELL PLC                 | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     53683 | NS      | $1922010.21   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Seres Group Co Ltd.                                           | SERES GROUP CO-A          | CUSIP: Y1586E102<br>LEI: 3003002LTJSDNVNIPU58 | Long             | EC               | CORP              | CN        |    111900 | NS      | $1972338.13   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ricoh Co Ltd.                                                 | Ricoh Co Ltd              | CUSIP: J64683105<br>LEI: 549300HFIB2GRUMDID72 | Long             | EC               | CORP              | JP        |    148100 | NS      | $1306730.04   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI Inc                                                       | CGI INC                   | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |     14823 | NS      | $1429024.49   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INVESTOR TAX-EXE                                | GS-GOVT-ADM               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1533691 | PA      | $1533691.21   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste S.A.B. de C.V.                | AERO DEL SURES-B          | CUSIP: P4950Y100<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |     54193 | NS      | $1643302.94   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Opap SA                                                       | OPAP SA                   | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |     94462 | NS      | $2120487.46   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                       | KB FINANCIAL GRO          | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     19829 | NS      | $1576844.71   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Electronics Inc.                                           | LG ELECTRONICS            | CUSIP: Y5275H177<br>LEI: 988400RMQFTGZIOG0609 | Long             | EC               | CORP              | KR        |     36000 | NS      | $1998020.91   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd.                                          | Dongbu Insurance Co Ltd   | CUSIP: Y2096K109<br>LEI: 9884000ZF26VNJBWSJ91 | Long             | EC               | CORP              | KR        |     19223 | NS      | $1764362.03   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                        | YARA INTL ASA             | CUSIP: R9900C106<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |     51095 | NS      | $1898268.40   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                                   | NOVARTIS AG-REG           | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     16197 | NS      | $1878210.71   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc.                                                   | JD.COM INC-CL A           | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     91400 | NS      | $1430966.70   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB                                                  | EVOLUTION AB              | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     21263 | NS      | $1895229.31   | 1.32%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Metro Inc.                                                    | Metro Inc                 | CUSIP: 59162N109<br>LEI: 549300KQ7DCG4IXSNW78 | Long             | EC               | CORP              | CA        |     28648 | NS      | $2190571.30   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Porsche Automobil Holding SE                                  | Porsche Automobil Holding | CUSIP: D6240C122<br>LEI: 52990053Z17ZYM1KFV27 | Long             | EP               | CORP              | DE        |     36878 | NS      | $1487668.12   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Securitas AB                                                  | SECURITAS AB-B SHS        | CUSIP: W7912C118<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |    143688 | NS      | $2136018.76   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.               | PING AN                   | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    257500 | NS      | $1769701.96   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                               | B3 SA                     | CUSIP: P1909G107<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    772624 | NS      | $1732947.15   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Yunnan Yuntianhua Co Ltd                                      | YUNNAN YUNTIAN-A          | CUSIP: Y9882C100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    539800 | NS      | $1848763.65   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hellenic Telecommunications Organization S.A.                 | HELLENIC TELECOM          | CUSIP: X3258B102<br>LEI: ELPUFM0XZRZO4LFXW404 | Long             | EC               | CORP              | GR        |     92161 | NS      | $1673167.28   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                                        | BP PLC                    | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    346306 | NS      | $1851127.23   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp.                                                     | KIA CORP                  | CUSIP: Y47601102<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     23839 | NS      | $1748719.83   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| 37 Interactive Entertainment Network Technology Group Co Ltd. | 37 INTERACTIV-A           | CUSIP: Y9717X105<br>LEI: 300300BE4IFCPHCUMI94 | Long             | EC               | CORP              | CN        |    716398 | NS      | $1652644.48   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co Ltd.                                         | HYUNDAI MOBIS             | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      8965 | NS      | $1893181.10   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                                            | CENOVUS ENERGY            | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     86964 | NS      | $1323665.39   | 0.93%             |  |  |  | No            |                  1 | 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