# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-23-070207
**Filing Date:** 2023-3
**Character Count:** 32324
**Document Hash:** 7fe7bd7641bfa79c8d0dfbf299d8a77e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070207.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001752724-23-070207

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 23770233

**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:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Holbrook Structured Income Fund (Series ID: S000075330)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000234270 | Holbrook Structured Income Fund Investor Class |  |
| C000234271 | Holbrook Structured Income Fund Class A        |  |
| C000234272 | Holbrook Structured Income Fund Class I        |  |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 93.9%** | **ASSET BACKED SECURITIES — 93.9%** |  |  |  |
|  | **CLO** — **25.3%** | **CLO** — **25.3%** |  |  |  |
| 1003890 | Ammc Clo Ltd. Series 2016-19A E<sup>(a),(b)</sup> | US0003M + 7.000% | 11.7920 | &nbsp;&nbsp;&nbsp;10/15/28 | $995255 |
| 400000 | Anchorage Capital Clo Ltd. Series 2019-11A E<sup>(a),(b)</sup> | US0003M + 7.050% | 11.8650 | &nbsp;&nbsp;&nbsp;07/22/32 | 349367 |
| 1200000 | Apres Static CLO Ltd. Series 2019-1A DR<sup>(a),(b)</sup> | US0003M + 7.760% | 12.5520 | &nbsp;&nbsp;&nbsp;10/15/28 | 1203523 |
| 1000000 | Gallatin CLO VIII Ltd. Series 2017-1A ER<sup>(a),(b)</sup> | US0003M + 6.920% | 11.7120 | &nbsp;&nbsp;&nbsp;07/15/31 | 819865 |
| 1000000 | KKR CLO Ltd. Series 13 ER<sup>(a),(b)</sup> | US0003M + 4.950% | 9.7420 | &nbsp;&nbsp;&nbsp;01/16/28 | 978152 |
| 1000000 | Symphony CLO XIV Ltd. Series 2014-14A E<sup>(a),(b)</sup> | US0003M + 4.600% | 9.3920 | &nbsp;&nbsp;&nbsp;07/14/26 | 984585 |
| 1200000 | Symphony CLO XVII Ltd. Series 2016-17A<sup>(a),(b)</sup> | US0003M + 5.550% | 10.3420 | &nbsp;&nbsp;&nbsp;04/15/28 | 1174822 |
| 1000000 | TICP CLO III-2 Ltd. Series 2018-3R<sup>(a),(b)</sup> | US0003M + 5.900% | 10.7080 | &nbsp;&nbsp;&nbsp;04/20/28 | 992664 |
|  |  |  |  |  | 7498233 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **2.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **2.5%** |  |  |  |
| 1012202 | Cascade Funding Mortgage Trust Series 2022-AB2 M3<sup>(a),(c)</sup> |  | 2.0000 | &nbsp;&nbsp;&nbsp;02/25/52 | 751703 |
|  | **NON AGENCY CMBS** — **63.0%** | **NON AGENCY CMBS** — **63.0%** |  |  |  |
| 196000 | BX Commercial Mortgage Trust Series 2019-IMC G<sup>(a),(b)</sup> | US0001M + 3.600% | 8.0590 | &nbsp;&nbsp;&nbsp;04/15/34 | 183614 |
| 1000000 | Capital Funding Mortgage Trust Series 2021-19 B<sup>(a),(b)</sup> | US0001M + 15.210% | 19.5800 | &nbsp;&nbsp;&nbsp;11/06/23 | 990141 |
| 750000 | Capital Funding Mortgage Trust Series 2021-21 B<sup>(a),(b)</sup> | US0001M + 12.250% | 16.6190 | &nbsp;&nbsp;&nbsp;11/15/23 | 739910 |
| 1200000 | Capital Funding Mortgage Trust Series 2022-P01 B<sup>(a),(b)</sup> | TSFR1M + 13.700% | 18.0340 | &nbsp;&nbsp;&nbsp;06/20/24 | 1174044 |
| 458952 | Capital Funding Mortgage Trust Series 2022-27 B<sup>(a),(b)</sup> | TSFR1M + 9.910% | 14.2440 | &nbsp;&nbsp;&nbsp;02/11/25 | 444481 |
| 1200000 | Capital Funding Multifamily Mortgage Trust Series 2022-PM01 B<sup>(a),(b)</sup> | TSFR1M + 9.500% | 13.8340 | &nbsp;&nbsp;&nbsp;03/01/25 | 1183017 |
| 1200000 | Capital Funding Multifamily Mortgage Trust Series 2022-MF03 B<sup>(a),(b)</sup> | TSFR1M + 9.380% | 13.7140 | &nbsp;&nbsp;&nbsp;04/01/25 | 1183262 |
| 1200000 | Capital Funding Multifamily Mortgage Trust Series 2022-MF05 B<sup>(a),(b)</sup> | TSFR1M + 10.420% | 14.7540 | &nbsp;&nbsp;&nbsp;05/15/25 | 1194429 |
| 1000000 | COMM Mortgage Trust Series 2012-CR5 F<sup>(a),(c)</sup> |  | 4.4210 | &nbsp;&nbsp;&nbsp;12/10/45 | 742500 |
| 39945491 | COMM Mortgage Trust Series 2015-CR25<sup>(c),(d)</sup> |  | 0.8000 | &nbsp;&nbsp;&nbsp;08/10/48 | 665544 |
| 4665793 | CSMC Trust Series 2016-NXSR XA<sup>(c),(d)</sup> |  | 0.7080 | &nbsp;&nbsp;&nbsp;12/15/49 | 95138 |
| 2585902 | GS Mortgage Securities Corporation II Series 2018-SRP5 C<sup>(a),(b)</sup> | US0001M + 4.250% | 8.7090 | &nbsp;&nbsp;&nbsp;09/15/31 | 1098318 |
| 350000 | GS Mortgage Securities Trust Series 2010-C1 D<sup>(a),(c)</sup> |  | 6.3560 | &nbsp;&nbsp;&nbsp;08/10/43 | 287016 |
| 32825430 | JPMBB Commercial Mortgage Securities Trust Series 2014-C18<sup>(c),(d)</sup> |  | 0.6660 | &nbsp;&nbsp;&nbsp;02/15/47 | 133081 |
| 53314202 | JPMBB Commercial Mortgage Securities Trust Series 2014-C19 X-A<sup>(c),(d)</sup> |  | 0.6240 | &nbsp;&nbsp;&nbsp;04/15/47 | 256239 |
| 30039989 | JPMBB Commercial Mortgage Securities Trust Series 2014-C21<sup>(c),(d)</sup> |  | 0.9400 | &nbsp;&nbsp;&nbsp;08/15/47 | 280835 |
| 12771424 | JPMBB Commercial Mortgage Securities Trust Series 2014-C25 XA<sup>(c),(d)</sup> |  | 0.8070 | &nbsp;&nbsp;&nbsp;11/15/47 | 149783 |
| 4597014 | JPMBB Commercial Mortgage Securities Trust Series 2015-C27<sup>(c),(d)</sup> |  | 1.1520 | &nbsp;&nbsp;&nbsp;02/15/48 | 81872 |
| 72161763 | JPMBB Commercial Mortgage Securities Trust Series 2015-C30 XA<sup>(c),(d)</sup> |  | 0.4330 | &nbsp;&nbsp;&nbsp;07/15/48 | 646815 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME 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)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 93.9% (Continued)** | **ASSET BACKED SECURITIES — 93.9% (Continued)** |  |  |  |
|  | **NON AGENCY CMBS** — **63.0% (Continued)** | **NON AGENCY CMBS** — **63.0% (Continued)** |  |  |  |
| 42984414 | JPMBB Commercial Mortgage Securities Trust Series 2015-C28<sup>(c),(d)</sup> |  | 0.9450 | &nbsp;&nbsp;&nbsp;10/15/48 | $614123 |
| 1000000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 D<sup>(a),(c)</sup> |  | 4.1020 | &nbsp;&nbsp;&nbsp;05/15/46 | 877125 |
| 16631270 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 X-A<sup>(c),(d)</sup> |  | 0.9540 | &nbsp;&nbsp;&nbsp;12/15/47 | 208889 |
| 69714489 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24<sup>(c),(d)</sup> |  | 0.6910 | &nbsp;&nbsp;&nbsp;05/15/48 | 986495 |
| 3872433 | Wells Fargo Commercial Mortgage Trust Series 2015-LC22 XA<sup>(c),(d)</sup> |  | 0.7560 | &nbsp;&nbsp;&nbsp;09/15/58 | 60611 |
| 1000000 | WFRBS Commercial Mortgage Trust Series 2012-C7 D<sup>(a),(c)</sup> |  | 4.8060 | &nbsp;&nbsp;&nbsp;06/15/45 | 540000 |
| 325403 | WFRBS Commercial Mortgage Trust Series 2012-C9 D<sup>(a),(c)</sup> |  | 4.9150 | &nbsp;&nbsp;&nbsp;11/15/45 | 308760 |
| 1000000 | WFRBS Commercial Mortgage Trust Series 2012-C9 E<sup>(a),(c)</sup> |  | 4.9150 | &nbsp;&nbsp;&nbsp;11/15/45 | 939107 |
| 38292127 | WFRBS Commercial Mortgage Trust Series 2014-C20 XA<sup>(c),(d)</sup> |  | 0.8950 | &nbsp;&nbsp;&nbsp;05/15/47 | 312073 |
| 24967845 | WFRBS Commercial Mortgage Trust Series 2014-C21 XA<sup>(c),(d)</sup> |  | 0.9980 | &nbsp;&nbsp;&nbsp;08/15/47 | 308775 |
| 1000000 | XCALI Mortgage Trust Series 2020-5 B1<sup>(a),(b)</sup> | TSFR1M + 8.370% | 12.6930 | &nbsp;&nbsp;&nbsp;10/15/23 | 987197 |
| 471250 | XCALI Mortgage Trust Series 2021-10 B1<sup>(a),(b)</sup> | TSFR1M + 8.120% | 12.4430 | &nbsp;&nbsp;&nbsp;05/26/24 | 461694 |
| 500000 | X-Caliber Funding, LLC Series 2021-7 B1<sup>(a),(b)</sup> | US0001M + 6.000% | 10.3690 | &nbsp;&nbsp;&nbsp;01/06/26 | 474668 |
|  |  |  |  |  | 18609556 |
|  | **RESIDENTIAL MORTGAGE** — **3.1%** | **RESIDENTIAL MORTGAGE** — **3.1%** |  |  |  |
| 1000000 | VCAT, LLC Series 2021-NPL1 A2<sup>(a),(e)</sup> |  | 4.8260 | &nbsp;&nbsp;&nbsp;12/26/50 | 930096 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $28,057,776)** | **TOTAL ASSET BACKED SECURITIES (Cost $28,057,776)** |  |  | 27789588 |
|  | **CORPORATE BONDS — 5.0%** | **CORPORATE BONDS — 5.0%** |  |  |  |
|  | **SPECIALTY FINANCE** — **5.0%** | **SPECIALTY FINANCE** — **5.0%** |  |  |  |
| 500000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 11.0000 | &nbsp;&nbsp;&nbsp;09/24/24 | 491715 |
| 1000000 | X-Caliber Funding, LLC<sup>(a)</sup> |  | 11.0000 | &nbsp;&nbsp;&nbsp;03/01/25 | 979608 |
|  | **TOTAL CORPORATE BONDS (Cost $1,499,664)** |  |  |  | 1471323 |

---

---

| | | |
|:---|:---|:---|
| **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** | **HOLBROOK STRUCTURED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 115445 | First American Government Obligations Fund, Class X, 4.13% (Cost $115,445)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; $115445 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $29,672,885)** | &nbsp;&nbsp;&nbsp; $29376356 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | &nbsp;&nbsp; 209602 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $29585958 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| TSFR1M | Term Secured Overnight Financing Rate 1 Month |
| US0001M | ICE LIBOR USD 1 Month |
| US0003M | ICE LIBOR USD 3 Month |

---

<sup>(a)</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 January 31, 2023 the total market value of 144A securities is 24,460,638 or 82.7% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on January 31, 2023.

<sup>(c)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(d)</sup> Interest only securities.

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2023.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

## 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:** Holbrook Structured Credit Income Fund

- **b. EDGAR series identifier (if any):** S000075330

- **c. LEI of Series:** 549300VN9LSTDZVMEG10

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $29877191.95

**Total Liabilities:** $291233.74

**Net Assets:** $29585958.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 24.07762400 | **1-Year:** 343.76357100 | **5-Year:** 338.96009700 | **10-Year:** 86.30092200 | **30-Year:** 926.96198500

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

- **3-Month:** 182.22454100 | **1-Year:** 3458.87460000 | **5-Year:** 2428.82909400 | **10-Year:** 572.21676100 | **30-Year:** 691.81486300

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234270 | 0.65%                | 0.68%                | 1.48%                |
| Class ID C000234271 | 0.67%                | 0.72%                | 1.40%                |
| Class ID C000234272 | 0.69%                | 0.76%                | 1.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3842.87                 | $-46641.60                                 |
| Month 2  | $12607.08                | $10234.00                                  |
| Month 3  | $38252.73                | $120582.90                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GS Mortgage Securities Corp                                        | GSMS 2018-SRP5 C   | CUSIP: 36255TAL6<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |   2585902 | PA      | $1098317.76   | 3.71%             | 2031-09-15      | Floating      | 8.71%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2015-Lc22                    | WFCM 2015-LC22 XA  | CUSIP: 94989TBC7<br>LEI: 549300XO83D3BDYP0P62 | Long             | ABS-O            | CORP              | US        |   3872433 | PA      | $60611.33     | 0.20%             | 2058-09-15      | Floating      | 0.76%                 | No            |                  2 | On Loan: No      |
| Kkr Financial Clo                                                  | KKR 13 ER          | CUSIP: 48250XAJ2<br>LEI: 635400ZS4BDP68TETX94 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $978152.00    | 3.31%             | 2028-01-16      | Floating      | 9.74%                 | Yes           |                  2 | On Loan: No      |
| Comm 2015-Ccre25 Mortgage Trust                                    | COMM 2015-CR25 XA  | CUSIP: 12593PAX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  39945491 | PA      | $665543.81    | 2.25%             | 2048-08-10      | Floating      | 0.80%                 | No            |                  2 | On Loan: No      |
| Anchorage Cap Clo 11 Ltd / Llc                                     | ANCHC 2019-11A E   | CUSIP: 03330QAA5<br>LEI: 549300NPGT86ACOLIL14 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $349366.80    | 1.18%             | 2032-07-22      | Floating      | 11.87%                | Yes           |                  2 | On Loan: No      |
| BX TRUST                                                           | BX 2019-IMC G      | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196000 | PA      | $183614.37    | 0.62%             | 2034-04-15      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| X-CALI 2021-10 MORTGAGE TRUST                                      | XCALI 2021-10 B1   | CUSIP: 98372NAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    471250 | PA      | $461693.85    | 1.56%             | 2024-05-26      | Floating      | 12.44%                | Yes           |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST                         | JPMBB 2014-C19 XA  | CUSIP: 46641WAX5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  53314202 | PA      | $256238.72    | 0.87%             | 2047-04-15      | Floating      | 0.62%                 | No            |                  2 | On Loan: No      |
| FIRST AMERN FDS INC                                                | FRST AM-GV OB-X    | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    115444 | PA      | $115444.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Mortgage Trust 2012-CCRE5                               | COMM 2012-CR5 F    | CUSIP: 12623SAW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $742499.80    | 2.51%             | 2045-12-10      | Floating      | 4.42%                 | Yes           |                  2 | On Loan: No      |
| Wf-Rbs Com Mg Tst                                                  | WFRBS 2014-C21 XA  | CUSIP: 92939FBA6<br>LEI: 5493000F7E2NMQ4HIO61 | Long             | ABS-O            | CORP              | US        |  24967845 | PA      | $308774.85    | 1.04%             | 2047-08-15      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST-021                                 | CFGMS 2021-21 B    | CUSIP: 14021CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $739909.65    | 2.50%             | 2023-11-15      | Floating      | 16.62%                | Yes           |                  2 | On Loan: No      |
| X-CALI 2020-5 MORTGAGE TRUST                                       | XCALI 2020-5 B1    | CUSIP: 98401JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $987197.20    | 3.34%             | 2023-10-15      | Floating      | 12.69%                | Yes           |                  2 | On Loan: No      |
| APRES STATIC CLO LTD                                               | APRES 2019-1A DR   | CUSIP: 03835KAL4<br>LEI: 549300VFKWV6WXBKA202 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1203523.20   | 4.07%             | 2028-10-15      | Floating      | 12.55%                | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 | MSBAM 2014-C19 XA  | CUSIP: 61764PBV3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16631270 | PA      | $208888.76    | 0.71%             | 2047-12-15      | Floating      | 0.95%                 | No            |                  2 | On Loan: No      |
| Symphony Clo XVII Limited                                          | SYMP 2016-17A ER   | CUSIP: 87165XAL9<br>LEI: 549300X84MR2MGY6OR68 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1174821.60   | 3.97%             | 2028-04-15      | Floating      | 10.34%                | Yes           |                  2 | On Loan: No      |
| Csmc Coml Mtg Tr 2016-Nxsr                                         | CSMC 2016-NXSR XA  | CUSIP: 12594PAX9<br>LEI: 549300XMRV4C4QGBZZ20 | Long             | ABS-O            | CORP              | US        |   4665793 | PA      | $95137.85     | 0.32%             | 2049-12-15      | Floating      | 0.71%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST                         | JPMBB 2015-C27 XA  | CUSIP: 46644ABH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4597014 | PA      | $81871.91     | 0.28%             | 2048-02-15      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| Gs Mortgage Securities Trust 2010-C1                               | GSMS 2010-C1 D     | CUSIP: 36249KAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $287015.75    | 0.97%             | 2043-08-10      | Floating      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| VCAT LLC                                                           | VCAT 2021-NPL1 A2  | CUSIP: 91790CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $930096.00    | 3.14%             | 2050-12-26      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST                         | JPMBB 2015-C28 XA  | CUSIP: 46644FAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  42984414 | PA      | $614122.62    | 2.08%             | 2048-10-15      | Floating      | 0.95%                 | No            |                  2 | On Loan: No      |
| Wf-Rbs Com Mg Tst                                                  | WFRBS 2014-C20 XA  | CUSIP: 92890FAW6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  38292127 | PA      | $312073.18    | 1.05%             | 2047-05-15      | Floating      | 0.90%                 | No            |                  2 | On Loan: No      |
| CAPITAL FUNDING MULTIFAMILY MORTGAGE TRUST-MF03                    | MCFMT 2022-MF03 B  | CUSIP: 14023HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1183262.76   | 4.00%             | 2025-04-01      | Floating      | 13.71%                | Yes           |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                          | MSBAM 2013-C9 D    | CUSIP: 61762DAG6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $877125.40    | 2.96%             | 2046-05-15      | Floating      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2022-AB2 LLC                                                  | CFMT 2022-AB2 M3   | CUSIP: 12530JAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1012202 | PA      | $751702.88    | 2.54%             | 2052-02-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MULTIFAMILY MORTGAGE TRUST-PM01                    | MCFMT 2022-PM01 B  | CUSIP: 14022TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1183016.76   | 4.00%             | 2025-03-01      | Floating      | 13.83%                | Yes           |                  2 | On Loan: No      |
| Gallatin Clo Viii 2017-1 Ltd/Gallatin Clo Viii 2017-1 Llc          | GALL 2017-1A ER    | CUSIP: 36361VAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $819865.00    | 2.77%             | 2031-07-15      | Floating      | 11.71%                | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MULTIFAMILY MORTGAGE TRUST-MF05                    | MCFMT 2022-MF05 B  | CUSIP: 14020NAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1194430.20   | 4.04%             | 2025-05-15      | Floating      | 14.75%                | Yes           |                  2 | On Loan: No      |
| Symphony CLO XIV Ltd/Llc                                           | SYMP 2014-14A E    | CUSIP: 87159QAW8<br>LEI: 54930085JMJSZBQ6N270 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $984585.00    | 3.33%             | 2026-07-14      | Floating      | 9.39%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST               | JPMBB 2014-C18 XA  | CUSIP: 46641JAY2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  32825430 | PA      | $133080.86    | 0.45%             | 2047-02-15      | Floating      | 0.67%                 | No            |                  2 | On Loan: No      |
| CAPTIAL FUNDING MORTGAGE TRUST-019                                 | CFGMS 2021-19 B    | CUSIP: 14019QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $990141.30    | 3.35%             | 2023-11-06      | Floating      | 19.58%                | Yes           |                  2 | On Loan: No      |
| Ticp Clo Ltd                                                       | TICP 2018-3R E     | CUSIP: 87249GAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $992664.00    | 3.36%             | 2028-04-20      | Floating      | 10.71%                | Yes           |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                              | XCALFD 11 03/01/25 | CUSIP: 98373XAY6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $979608.50    | 3.31%             | 2025-03-01      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust 2014-C25                | JPMBB 2014-C25 XA  | CUSIP: 46643PBG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12771424 | PA      | $149783.26    | 0.51%             | 2047-11-15      | Floating      | 0.81%                 | No            |                  2 | On Loan: No      |
| X-Caliber Funding Llc                                              | XCALFD 11 09/24/24 | CUSIP: 98373XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $491714.75    | 1.66%             | 2024-09-24      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Jpmbb Commercial Mortgage Securities Trust-C30                     | JPMBB 2015-C30 XA  | CUSIP: 46644UBC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  72161763 | PA      | $646814.75    | 2.19%             | 2048-07-15      | Floating      | 0.43%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust 2011-C2                            | WFRBS 2012-C9 D    | CUSIP: 92930RAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325403 | PA      | $308759.79    | 1.04%             | 2045-11-15      | Floating      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| Ammc Clo 19 Ltd 2016-19                                            | AMMC 2016-19A E    | CUSIP: 00176QAA8<br>LEI: 549300MYS7FLQJZMYD18 | Long             | ABS-CBDO         | CORP              | KY        |   1003890 | PA      | $995255.13    | 3.36%             | 2028-10-15      | Floating      | 11.79%                | Yes           |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                          | MSBAM 2015-C24 XA  | CUSIP: 61765LAV2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  69714489 | PA      | $986494.88    | 3.33%             | 2048-05-15      | Floating      | 0.69%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust 2011-C2                            | WFRBS 2012-C9 E    | CUSIP: 92930RAK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $939107.20    | 3.17%             | 2045-11-15      | Floating      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST - 027                               | CFGMS 2022-27 B    | CUSIP: 14020MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    458952 | PA      | $444480.83    | 1.50%             | 2025-02-11      | Floating      | 14.24%                | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust 2014-C21                | JPMBB 2014-C21 XA  | CUSIP: 46642EBA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  30039989 | PA      | $280834.85    | 0.95%             | 2047-08-15      | Floating      | 0.94%                 | No            |                  2 | On Loan: No      |
| CAPITAL FUNDING MORTGAGE TRUST-P01                                 | CFGMS 2022-P01 B   | CUSIP: 14022CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1174044.24   | 3.97%             | 2024-06-20      | Floating      | 18.03%                | Yes           |                  2 | On Loan: No      |
| Wf-Rbs Commercial Mtg Tst 2012-C7                                  | WFRBS 2012-C7 D    | CUSIP: 92936TAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $540000.00    | 1.83%             | 2045-06-15      | Floating      | 4.81%                 | Yes           |                  2 | On Loan: No      |
| XCAL 2021-7 MORTGAGE TRUST                                         | XCAL 2021-7 B1     | CUSIP: 98370NAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $474668.00    | 1.60%             | 2026-01-06      | Floating      | 10.37%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer