# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-23-070486
**Filing Date:** 2023-3
**Character Count:** 62250
**Document Hash:** 8393c0bd3afc8d5485e24c4f2d1b9e51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070486.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-070486

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20231031

**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:** 23771771

**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

### Affinity World Leaders Equity ETF (Series ID: S000060111)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000196754 | Affinity World Leaders Equity ETF | WLDR            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2%** |  |
|  | **Australia - 0.4%** |  |
| 3573 | Computershare Ltd. | &nbsp;&nbsp;&nbsp; $59899 |
| 4480 | Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp; 99865 |
|  |  | &nbsp;&nbsp; 159764 |
|  | **Bermuda - 0.6%** |  |
| 3751 | Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 241377 |
|  | **Canada - 0.9%** |  |
| 325 | Fairfax Financial Holdings Ltd. | &nbsp;&nbsp;&nbsp; 215172 |
| 1635 | Nutrien Ltd. | &nbsp;&nbsp;&nbsp; 135349 |
|  |  | &nbsp;&nbsp; 350521 |
|  | **Cayman Islands - 0.2%** |  |
| 12500 | Wharf Real Estate Investment Company Ltd. | &nbsp;&nbsp;&nbsp; 71424 |
|  | **Denmark - 0.3%** |  |
| 58 | AP Moller - Maersk A/S - Series B | &nbsp;&nbsp;&nbsp; 125581 |
|  | **Finland - 0.2%** |  |
| 19314 | Nokia OYJ | &nbsp;&nbsp;&nbsp; 91363 |
|  | **France - 3.7%** |  |
| 7655 | AXA S.A. | &nbsp;&nbsp;&nbsp; 238121 |
| 439 | Capgemini S.E. | &nbsp;&nbsp;&nbsp; 82990 |
| 6706 | Carrefour S.A. | &nbsp;&nbsp;&nbsp; 127355 |
| 7700 | Engie S.A. | &nbsp;&nbsp;&nbsp; 108984 |
| 1430 | Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp; 100639 |
| 4057 | Sanofi | &nbsp;&nbsp;&nbsp; 395469 |
| 4611 | TotalEnergies SE | &nbsp;&nbsp;&nbsp; 285612 |
| 766 | Worldline S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34590 |
|  |  | &nbsp;&nbsp; 1373760 |
|  | **Germany - 2.5%** |  |
| 6218 | Bayer A.G. | &nbsp;&nbsp;&nbsp; 385287 |
| 12458 | Deutsche Telekom A.G. | &nbsp;&nbsp;&nbsp; 276950 |
| 3837 | Mercedes-Benz Group A.G. | &nbsp;&nbsp;&nbsp; 284261 |
|  |  | &nbsp;&nbsp; 946498 |

---

---

| | | |
|:---|:---|:---|
| **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** |
| **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** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **Guernsey - 1.1%** |  |
| 4631 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp; $425728 |
|  | **Ireland - 1.3%** |  |
| 26600 | Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp; 282974 |
| 5000 | Smurfit Kappa Group plc | &nbsp;&nbsp;&nbsp; 208881 |
|  |  | &nbsp;&nbsp; 491855 |
|  | **Israel - 1.1%** |  |
| 3396 | Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 431971 |
|  | **Italy - 2.0%** |  |
| 14893 | Eni SpA | &nbsp;&nbsp;&nbsp; 228859 |
| 4252 | Prysmian SpA | &nbsp;&nbsp;&nbsp; 172872 |
| 18639 | UniCredit SpA | &nbsp;&nbsp;&nbsp; 362365 |
|  |  | &nbsp;&nbsp; 764096 |
|  | **Japan - 10.0%** |  |
| 3916 | Canon, Inc. | &nbsp;&nbsp;&nbsp; 87054 |
| 600 | Daito Trust Construction Company Ltd. | &nbsp;&nbsp;&nbsp; 59106 |
| 15300 | Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp; 192223 |
| 10300 | Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp; 210135 |
| 2600 | Kyocera Corporation | &nbsp;&nbsp;&nbsp; 133978 |
| 8172 | Marubeni Corporation | &nbsp;&nbsp;&nbsp; 99624 |
| 3076 | Mitsubishi Corporation | &nbsp;&nbsp;&nbsp; 102488 |
| 3850 | Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp; 150287 |
| 49748 | Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 364189 |
| 3718 | Mitsui & Company Ltd. | &nbsp;&nbsp;&nbsp; 109136 |
| 4800 | Mitsui OSK Lines Ltd. | &nbsp;&nbsp;&nbsp; 118213 |
| 18200 | Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 283549 |
| 9800 | Nippon Steel Corporation | &nbsp;&nbsp;&nbsp; 202946 |
| 5297 | Nippon Yusen KK | &nbsp;&nbsp;&nbsp; 125162 |
| 2000 | Nitto Denko Corporation | &nbsp;&nbsp;&nbsp; 128479 |
| 4384 | NTT Data Corporation | &nbsp;&nbsp;&nbsp; 67476 |
| 4900 | Olympus Corporation | &nbsp;&nbsp;&nbsp; 91439 |
| 8700 | Renesas Electronics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 88880 |
| 1000 | Rohm Company Ltd. | &nbsp;&nbsp;&nbsp; 79377 |

---

---

| | | |
|:---|:---|:---|
| **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** |
| **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** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **Japan - 10.0% (Continued)** |  |
| 10600 | Sekisui House Ltd. | &nbsp;&nbsp;&nbsp; $199639 |
| 3700 | Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp; 158789 |
| 6207 | Sumitomo Corporation | &nbsp;&nbsp;&nbsp; 110797 |
| 11000 | Takeda Pharmaceutical Company Ltd. | &nbsp;&nbsp;&nbsp; 345710 |
| 4075 | TDK Corporation | &nbsp;&nbsp;&nbsp; 144195 |
| 4600 | Tokyo Gas Company Ltd. | &nbsp;&nbsp;&nbsp; 96109 |
|  |  | &nbsp;&nbsp; 3748980 |
|  | **Jersey - 0.6%** |  |
| 31498 | Glencore plc | &nbsp;&nbsp;&nbsp; 210152 |
|  | **Netherlands - 2.2%** |  |
| 17000 | ABN AMRO Bank N.V. - ADR | &nbsp;&nbsp;&nbsp; 281085 |
| 4147 | Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp; 123454 |
| 2183 | LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp; 211074 |
| 15964 | Stellantis N.V. | &nbsp;&nbsp;&nbsp; 249483 |
|  |  | &nbsp;&nbsp; 865096 |
|  | **Spain - 1.2%** |  |
| 57603 | CaixaBank S.A. | &nbsp;&nbsp;&nbsp; 254671 |
| 5757 | Industria de Diseno Textil S.A. | &nbsp;&nbsp;&nbsp; 179112 |
|  |  | &nbsp;&nbsp; 433783 |
|  | **United Kingdom - 4.8%** |  |
| 14927 | BAE Systems plc | &nbsp;&nbsp;&nbsp; 157669 |
| 5414 | British American Tobacco plc | &nbsp;&nbsp;&nbsp; 206638 |
| 121554 | BT Group PLC | &nbsp;&nbsp;&nbsp; 186791 |
| 5028 | Compass Group plc | &nbsp;&nbsp;&nbsp; 119694 |
| 7513 | Imperial Brands plc | &nbsp;&nbsp;&nbsp; 188112 |
| 74458 | NatWest Group plc | &nbsp;&nbsp;&nbsp; 282719 |
| 1835 | Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp; 130529 |
| 7496 | Sage Group plc (The) | &nbsp;&nbsp;&nbsp; 71785 |
| 10638 | Shell plc | &nbsp;&nbsp;&nbsp; 311339 |
| 5130 | SSE plc | &nbsp;&nbsp;&nbsp; 108999 |
|  |  | &nbsp;&nbsp; 1764275 |
|  | **United States - 66.1%** |  |
| 7457 | Albertsons Companies, Inc., Class A | &nbsp;&nbsp;&nbsp; 158088 |

---

---

| | | |
|:---|:---|:---|
| **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** |
| **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** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **United States - 66.1% (Continued)** |  |
| 7011 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; $315775 |
| 1415 | AmerisourceBergen Corporation | &nbsp;&nbsp;&nbsp; 239078 |
| 7439 | Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp; 174593 |
| 6649 | Antero Resources Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 191757 |
| 3781 | Aramark | &nbsp;&nbsp;&nbsp; 168368 |
| 3244 | Archer-Daniels-Midland Company | &nbsp;&nbsp;&nbsp; 268765 |
| 1480 | Aspen Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 294150 |
| 24517 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 499411 |
| 354 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 863354 |
| 1011 | Avis Budget Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 202240 |
| 2003 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 623975 |
| 4273 | Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 340558 |
| 2518 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 460366 |
| 2729 | Centene Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 208059 |
| 1622 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 137383 |
| 831 | Cigna Corporation | &nbsp;&nbsp;&nbsp; 263153 |
| 4271 | Comerica, Inc. | &nbsp;&nbsp;&nbsp; 313107 |
| 2976 | CVS Health Corporation | &nbsp;&nbsp;&nbsp; 262543 |
| 1051 | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp; 155516 |
| 3498 | Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 231882 |
| 16331 | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp; 663365 |
| 3319 | Discover Financial Services | &nbsp;&nbsp;&nbsp; 387427 |
| 4350 | East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 341562 |
| 4540 | Exelon Corporation | &nbsp;&nbsp;&nbsp; 191543 |
| 5068 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 587939 |
| 1480 | Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp; 111059 |
| 820 | FleetCor Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 171224 |
| 15484 | Fox Corporation, Class A | &nbsp;&nbsp;&nbsp; 525527 |
| 18310 | Gen Digital, Inc. | &nbsp;&nbsp;&nbsp; 421313 |
| 6036 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 506662 |
| 1052 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; 268334 |
| 2746 | Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 236568 |
| 45753 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 737997 |
| 7600 | Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp; 143260 |

---

---

| | | |
|:---|:---|:---|
| **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** |
| **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** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **United States - 66.1% (Continued)** |  |
| 22932 | HP, Inc. | &nbsp;&nbsp;&nbsp; $668238 |
| 3732 | International Business Machines Corporation | &nbsp;&nbsp;&nbsp; 502813 |
| 18362 | Interpublic Group of Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 669478 |
| 2714 | Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp; 148130 |
| 9365 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 736371 |
| 6541 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 291925 |
| 1424 | Lamar Advertising Company, Class A | &nbsp;&nbsp;&nbsp; 151713 |
| 2290 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 294311 |
| 1083 | Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp; 188637 |
| 1067 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 404052 |
| 5545 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 595588 |
| 3049 | Moderna, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 536807 |
| 546 | Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 170259 |
| 3628 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 124150 |
| 7518 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; 646473 |
| 8892 | ON Semiconductor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 653117 |
| 3197 | Owens Corning | &nbsp;&nbsp;&nbsp; 308990 |
| 2310 | PACCAR, Inc. | &nbsp;&nbsp;&nbsp; 252506 |
| 1397 | Paychex, Inc. | &nbsp;&nbsp;&nbsp; 161856 |
| 6287 | PPL Corporation | &nbsp;&nbsp;&nbsp; 186095 |
| 6748 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 383894 |
| 1491 | Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp; 221384 |
| 15438 | Regions Financial Corporation | &nbsp;&nbsp;&nbsp; 363410 |
| 1264 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp; 191837 |
| 475 | Reliance Steel & Aluminum Company | &nbsp;&nbsp;&nbsp; 108039 |
| 899 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp; 223609 |
| 1141 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 137650 |
| 1302 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 460582 |
| 1989 | Toro Company (The) | &nbsp;&nbsp;&nbsp; 221813 |
| 1792 | Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 921017 |
| 5320 | United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 260467 |
| 533 | United Rentals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 235026 |
| 2103 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 294483 |
| 4301 | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp; 147008 |

---

---

| | | |
|:---|:---|:---|
| **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** | **AFFINITY WORLD LEADERS EQUITY ETF** |
| **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** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **United States - 66.1% (Continued)** |  |
| 6761 | Vistra Corporation | &nbsp;&nbsp;&nbsp; $155909 |
| 3531 | VMware, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 432442 |
| 700 | Watsco, Inc. | &nbsp;&nbsp;&nbsp; 201159 |
| 394 | WW Grainger, Inc. | &nbsp;&nbsp;&nbsp; 232255 |
| 6117 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp; 325180 |
|  |  | &nbsp;&nbsp; 24874574 |
|  | **TOTAL COMMON STOCKS (Cost $32,411,181)** | &nbsp;&nbsp; 37370798 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $32,411,181)** | &nbsp;&nbsp;&nbsp; $37370798 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | &nbsp;&nbsp; 314287 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $37685085 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |

---

<sup>(a)</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:** Affinity World Leaders Equity ETF

- **b. EDGAR series identifier (if any):** S000060111

- **c. LEI of Series:** 549300LWEPBJF1WUB306

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

- **a. Date of fiscal year-end:** 2023-10-31

- **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:** $37764537.97

**Total Liabilities:** $79453.08

**Net Assets:** $37685084.89

**Cash Not Reported:** $259741.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196754 | 8.16%                | -3.08%               | 6.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $2732975.56                                |
| Month 2  | $0.00                    | $-1203611.92                               |
| Month 3  | $0.00                    | $2256895.38                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mitsubishi Heavy Industries Ltd.            | MITSUBISHI HEAVY          | CUSIP: J44002178<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |      3850 | NS      | $150286.62    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrefour S.A.                              | Carrefour SA              | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |      6706 | NS      | $127354.95    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                 | NUTRIEN LTD               | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      1635 | NS      | $135348.82    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd.      | CHECK POINT SOFT          | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      3396 | NS      | $431971.20    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | OMNICOM GROUP             | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      7518 | NS      | $646472.82    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                                  | VMWARE INC-CL A           | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |      3531 | NS      | $432441.57    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Computershare Ltd                           | COMPUTERSHARE LT          | CUSIP: Q2721E105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      3573 | NS      | $59898.88     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                         | DEUTSCHE TELEKOM          | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     12458 | NS      | $276949.78    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Technology, Inc.                      | ASPEN TECHNOLOGY          | CUSIP: 29109X106<br>LEI: 254900545H80W6GA2J08 | Long             | EC               | CORP              | US        |      1480 | NS      | $294150.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                    | GDF SUEZ                  | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |      7700 | NS      | $108983.59    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corporation                          | EXELON CORP               | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      4540 | NS      | $191542.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated              | QUEST DIAGNOSTIC          | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      1491 | NS      | $221383.68    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                | BRIT AMER TOBACC          | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      5414 | NS      | $206639.18    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Caixabank S.A.                              | CaixaBank SA              | CUSIP: E2427M123<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |     57603 | NS      | $254670.51    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Corp                             | MITSUBISHI CORP           | CUSIP: J43830116<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |      3076 | NS      | $102487.64    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Paccar Inc                                  | PACCAR INC                | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      2310 | NS      | $252506.10    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corporation                        | MCKESSON CORP             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1067 | NS      | $404051.56    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corporation                         | CENTENE CORP              | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      2729 | NS      | $208058.96    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV               | KONINKLIJKE AHOL          | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |      4147 | NS      | $123454.29    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                               | OWENS CORNING             | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      3197 | NS      | $308990.05    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation               | REGIONS FINANCIA          | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     15438 | NS      | $363410.52    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                     | ARAMARK                   | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |      3781 | NS      | $168367.93    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Kappa Group Public Limited Company  | SMURFIT KAPPA GR          | CUSIP: G8248F104<br>LEI: 635400CPLP8H5ITDVT56 | Long             | EC               | CORP              | IE        |      5000 | NS      | $208881.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare, Inc.                     | MOLINA HEALTHCAR          | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       546 | NS      | $170259.18    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                | UNITED AIRLINES           | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      5320 | NS      | $260467.20    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc  | FIDELITY NATIONA          | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      1480 | NS      | $111059.20    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co.               | RELIANCE STEEL            | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       475 | NS      | $108038.75    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Daito Trust Construction Co                 | DAITO TRUST CONS          | CUSIP: J11151107<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |       600 | NS      | $59106.49     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                            | NRG ENERGY                | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      3628 | NS      | $124150.16    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                               | MARUBENI CORP             | CUSIP: J39788138<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |      8172 | NS      | $99624.08     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fleetcor Technologies Inc                   | FLEETCOR TECHNOL          | CUSIP: 339041105<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       820 | NS      | $171224.20    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Worldline SA                                | WORLDLINE SA              | CUSIP: F9867T103<br>LEI: 549300CJMQNCA0U4TS33 | Long             | EC               | CORP              | FR        |       766 | NS      | $34590.33     | 0.09%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NatWest Group PLC                           | NATWEST GROUP PL          | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     74458 | NS      | $282719.36    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                         | VICI PROPERTIES           | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      4301 | NS      | $147008.18    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                        | STEEL DYNAMICS            | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      1141 | NS      | $137650.24    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                             | PPL CORP                  | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      6287 | NS      | $186095.20    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corporation                           | CIGNA CORP                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       831 | NS      | $263152.77    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                             | ULTA BEAUTY INC           | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1792 | NS      | $921016.32    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corporation               | AMERISOURCEBERGE          | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1415 | NS      | $239078.40    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                   | HOST HOTELS & RE          | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      7600 | NS      | $143260.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                   | LAMAR ADVERTIS-A          | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      1424 | NS      | $151712.96    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO Bank N.V.                          | ABN AMRO BANK-CV          | CUSIP: N0162C102<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |     17000 | NS      | $281084.90    | 0.75%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Nippon Steel Corp.                          | NIPPON STEEL COR          | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |      9800 | NS      | $202946.10    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller-Maersk                            | AP Moller - Maersk A/S    | CUSIP: K0514G101<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |        58 | NS      | $125581.49    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd.               | Takeda Pharmaceutical Co  | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     11000 | NS      | $345709.94    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                   | SHELL PLC-NEW             | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     10638 | NS      | $311339.46    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                 | PAYCHEX INC               | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1397 | NS      | $161856.42    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| The Toro Company                            | TORO CO                   | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      1989 | NS      | $221813.28    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                             | GEN DIGITAL INC           | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     18310 | NS      | $421313.10    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corporation                | ANTERO RESOURCES CORP     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      6649 | NS      | $191757.16    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Yusen Kabushiki Kaisha               | NIPPON YUSEN KK           | CUSIP: J56515232<br>LEI: 353800YPW4XM0ZN5I149 | Long             | EC               | CORP              | JP        |      5297 | NS      | $125161.56    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Inditex (Industria de Diseno Textil S.A.)   | ITACONIX PLC              | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |      5757 | NS      | $179112.23    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                    | DARDEN RESTAURAN          | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      1051 | NS      | $155516.47    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp.                               | OLYMPUS CORP              | CUSIP: J61240107<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |      4900 | NS      | $91438.70     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                             | CVS HEALTH CORP           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      2976 | NS      | $262542.72    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Tobacco Inc                           | JAPAN TOBACCO             | CUSIP: J27869106<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |     10300 | NS      | $210134.63    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Company          | HEWLETT PACKA             | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     45753 | NS      | $737995.89    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                          | Publicis Groupe SA        | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |      1430 | NS      | $100639.42    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                      | MERCEDES-BENZ GR          | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |      3837 | NS      | $284260.84    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                                    | BAYER AG-REG              | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      6218 | NS      | $385287.53    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Company                  | MARATHON PETROLE          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      2290 | NS      | $294310.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                     | BERKSHIRE HATH-B          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2003 | NS      | $623974.56    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients, Inc                    | DARLING INGREDIE          | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      3498 | NS      | $231882.42    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                            | WW GRAINGER INC           | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       394 | NS      | $232255.12    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd         | WHARF REAL ESTAT          | CUSIP: G9593A104<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | HK        |     12500 | NS      | $71424.47     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                             | FOX CORP - A              | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     15484 | NS      | $525526.96    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank  | ZIONS BANCORP NA          | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      6117 | NS      | $325179.72    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                        | SNAP-ON INC               | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       899 | NS      | $223608.27    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Corp.                              | Sumitomo Corp             | CUSIP: J77282119<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |      6207 | NS      | $110796.70    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc.                 | MIZUHO FINANCIAL          | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     18200 | NS      | $283549.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.        | Mitsubishi UFJ Financial  | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     49748 | NS      | $364189.71    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co Ltd                            | Tokyo Gas Co Ltd          | CUSIP: J87000113<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |      4600 | NS      | $96108.75     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                | LYONDELLBASELL-A          | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |      2183 | NS      | $211074.27    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Rohm Co Ltd                                 | Rohm Co Ltd               | CUSIP: J65328122<br>LEI: 5493009V2FGDEP7JFE59 | Long             | EC               | CORP              | JP        |      1000 | NS      | $79377.28     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp                                    | TDK CORP                  | CUSIP: J82141136<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |      4075 | NS      | $144195.97    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                  | WATSCO INC                | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |       700 | NS      | $201159.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Group, Inc.                     | AVIS BUDGET GROU          | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |      1011 | NS      | $202240.44    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                   | VALERO ENERGY             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      2103 | NS      | $294483.09    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management, Inc.             | ANNALY CAPITAL M          | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |      7439 | NS      | $174593.33    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                       | EAST WEST BNCRP           | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4350 | NS      | $341562.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated  | REINSURANCE GROU          | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      1264 | NS      | $191837.28    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group PLC                                | BT GROUP PLC              | CUSIP: G16612106<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |    121554 | NS      | $186790.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| The Interpublic Group of Companies, Inc.    | INTERPUBLIC GRP           | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     18362 | NS      | $669478.52    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                 | MODERNA INC               | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      3049 | NS      | $536806.94    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                | SYNOPSYS INC              | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1302 | NS      | $460582.50    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                | GLENCORE PLC              | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     31498 | NS      | $210152.35    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                      | SANOFI                    | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      4057 | NS      | $395468.19    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp.                      | ON SEMICONDUCTOR          | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      8892 | NS      | $653117.40    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Isuzu Motors Ltd.                           | ISUZU MOTORS LTD          | CUSIP: J24994113<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |     15300 | NS      | $192222.87    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sompo Holdings Inc                          | SOMPO HOLDINGS I          | CUSIP: J7621A101<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |      3700 | NS      | $158789.13    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                | CAP GEMINI SA             | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |       439 | NS      | $82989.56     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Company              | ARCHER-DANIELS            | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      3244 | NS      | $268765.40    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit S.p.A.                            | UNICREDIT SPA             | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     18639 | NS      | $362365.34    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Nitto Electric Industrial Co                | NITTO DENKO CORP          | CUSIP: J58472119<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |      2000 | NS      | $128479.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                          | ALTRIA GROUP INC          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      7011 | NS      | $315775.44    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                              | KROGER CO                 | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      6541 | NS      | $291924.83    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui & Co Ltd                             | MITSUI & CO               | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |      3718 | NS      | $109136.15    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                     | ENI SPA                   | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     14893 | NS      | $228859.06    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services                 | DISCOVER FINANCI          | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |      3319 | NS      | $387426.87    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Limited          | Fairfax Financial Holding | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |       325 | NS      | $215172.53    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian S.p.A.                             | PRYSMIAN SPA              | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |      4252 | NS      | $172871.83    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Companies Inc                    | ALBERTSONS COS-A          | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |      7457 | NS      | $158088.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                       | COMERICA INC              | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |      4271 | NS      | $313107.01    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                       | DELL TECHN-C              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     16331 | NS      | $663365.22    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders Firstsource, Inc.                  | BUILDERS FIRSTSO          | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      4273 | NS      | $340558.10    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                | MARRIOTT INTL-A           | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1083 | NS      | $188636.94    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                              | AUTOZONE INC              | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       354 | NS      | $863352.90    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                              | AMDOCS LTD                | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |      4631 | NS      | $425727.83    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Energy Corporation                   | VISTRA CORP               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      6761 | NS      | $155908.66    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                   | JABIL INC                 | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      9365 | NS      | $736369.95    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                     | ARCH CAPITAL GRP          | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      3751 | NS      | $241376.85    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sage Group PLC                              | SAGE GROUP                | CUSIP: G7771K142<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |      7496 | NS      | $71784.77     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                             | BAE SYSTEMS PLC           | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     14927 | NS      | $157668.70    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Corp                                  | Nokia OYJ                 | CUSIP: X61873133<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |     19314 | NS      | $91363.05     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC                         | IMPERIAL BRANDS           | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |      7513 | NS      | $188112.12    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Healthcare Ltd.                       | Sonic Healthcare Ltd      | CUSIP: Q8563C107<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |      4480 | NS      | $99864.76     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                 | Reckitt Benckiser Group P | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      1835 | NS      | $130528.50    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                      | HP INC                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     22932 | NS      | $668238.48    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis N.V                              | STELLANTIS NV             | CUSIP: N82405106<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |     15964 | NS      | $249481.97    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                    | AT&T INC                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     24517 | NS      | $499411.29    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                     | EXXON MOBIL CORP          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      5068 | NS      | $587938.68    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                            | TOTALENERGIES SE          | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      4611 | NS      | $285612.33    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                          | HENRY SCHEIN INC          | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |      2746 | NS      | $236567.90    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Incorporated                  | IRON MOUNTAIN             | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      2714 | NS      | $148130.12    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC                           | COMPASS GROUP             | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |      5028 | NS      | $119693.62    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corporation | IBM                       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3732 | NS      | $502812.36    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                        | UNITED RENTALS            | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       533 | NS      | $235026.35    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyocera Corp                                | KYOCERA CORP              | CUSIP: J37479110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2600 | NS      | $133977.78    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Renesas Electronics Corp.                   | RENESAS ELECTRON          | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |      8700 | NS      | $88879.88     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                | CADENCE DESIGN            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      2518 | NS      | $460365.94    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sse PLC                                     | SSE PLC                   | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |      5130 | NS      | $108998.90    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Ltd                           | SEKISUI HOUSE             | CUSIP: J70746136<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |     10600 | NS      | $199638.84    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                            | MERCK & CO                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      5545 | NS      | $595588.45    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Axa SA                                      | AXA                       | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |      7655 | NS      | $238121.35    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui O.S.K. Lines Ltd.                    | MITSUI OSK LINES          | CUSIP: J45013133<br>LEI: 353800P8O843TMAZ6S09 | Long             | EC               | CORP              | JP        |      4800 | NS      | $118212.97    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Canon Inc.                                  | CANON INC                 | CUSIP: J05124144<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |      3916 | NS      | $87053.65     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                | CF INDUSTRIES HO          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      1622 | NS      | $137383.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                       | GILEAD SCIENCES           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6036 | NS      | $506661.84    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC                   | BANK OF IRELAND           | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |     26600 | NS      | $282973.80    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                          | HCA HEALTHCARE I          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1052 | NS      | $268333.64    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT Data Corp                               | NTT DATA CORP             | CUSIP: J59031104<br>LEI: 353800SZGJGSLJRRWB43 | Long             | EC               | CORP              | JP        |      4384 | NS      | $67475.70     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                             | PULTEGROUP INC            | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6748 | NS      | $383893.72    | 1.02%             |  |  |  | No            |                  1 | 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