# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-25-004074
**Filing Date:** 2025-7
**Character Count:** 103815
**Document Hash:** 631bf983c8d45d534a22eaf2b97736da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004074.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001580642-25-004074

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251108407

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Conductor Global Equity Value ETF (Series ID: S000074951)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000233407 | Conductor Global Equity Value ETF |  |

?xml version='1.0' encoding='ASCII'?

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-22718</u>

<u>Two Roads Shared Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>10/31</u> <br>Date of reporting period: <u>4/30/25</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tailored Shareholder Report

#### Conductor Global Equity Value ETF
(CGV) NYSE

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i79af1016f0c68c14535de44f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Conductor Global Equity Value ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://conductoretfs.com/resources/**. You can also request this information by contacting us at 1-615-200-0057.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Conductor Global Equity Value ETF | $62 | 1.25% |

---

# How did the Fund perform during the reporting period?
For the six-month period between 10/31/24 and 4/30/25, the Conductor Global Equity Value Fund outperformed its performance benchmark, the MSCI All Country World SMID Value Index ("ACWI SMID"), by 1.52% (-0.25% vs. -1.77%). Several factors contributed to the portfolio's outperformance:

&nbsp;&nbsp;&nbsp;&nbsp;• The portfolio is highly exposed to value-oriented equities. Generally, global/international value equities outperformed during this timeframe. (MSCI All Country World Value Index +1.18% vs. 0.88% for the MSCI All Country World Index).

&nbsp;&nbsp;&nbsp;&nbsp;• The portfolio's Industrials and Materials names exhibited strong stock selection attribution. Industrials and Materials respectively represented the 2nd and 3rd highest sector allocations in the portfolio. Portfolio allocations to these sectors were higher than benchmark allocations.

&nbsp;&nbsp;&nbsp;&nbsp;• The portfolio was significantly underweight US stocks during this period and overweight ex-US equities relative to benchmarks. International stocks outperformed US stocks. (MSCI All Country World Ex-US Index +5.95% vs. S&P500 -1.75% from 10/31/24 to 4/30/25).

&nbsp;&nbsp;&nbsp;&nbsp;• Historically, the portfolio has exhibited lower volatility numbers relative to the ACWI SMID, particularly during times of extreme market volatility. Market volatility was high in April due to tariff and trade concerns and broader macroeconomic worries. As observed during past volatility episodes, the portfolio outperformed during this period (April 2025: CGV +2.88% vs. -0.09% for the ACWI SMID).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4f2591da8fb8a37ff36aa581.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Conductor Global Equity Value ETF - NAV** | **MSCI All Country World SMID Value Index** | **MSCI ACWI Net** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9866 | $9525 | $9434 |
| **Apr-2017** | $11613 | $11132 | $10861 |
| **Apr-2018** | $14281 | $12471 | $12400 |
| **Apr-2019** | $13201 | $12192 | $13028 |
| **Apr-2020** | $10512 | $9584 | $12382 |
| **Apr-2021** | $14636 | $15264 | $18046 |
| **Apr-2022** | $14948 | $14636 | $17064 |
| **Apr-2023** | $15142 | $14214 | $17416 |
| **Apr-2024** | $15130 | $15962 | $20457 |
| **Apr-2025** | $15779 | $17015 | $22879 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Conductor Global Equity Value ETF | -0.25% | 4.29% | 8.46% | 4.67% |
| MSCI All Country World SMID Value Index | -1.77% | 6.60% | 12.16% | 5.46% |
| MSCI ACWI Net | 0.88% | 11.84% | 13.07% | 8.63% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i891ac88bb5aa36467c6402b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Real Estate | 0.9% |
| Money Market Funds | 2.6% |
| Energy | 2.6% |
| Financials | 2.8% |
| Utilities | 3.3% |
| Health Care | 7.5% |
| Communications | 7.6% |
| Technology | 8.8% |
| Consumer Staples | 10.3% |
| Materials | 16.6% |
| Industrials | 18.4% |
| Consumer Discretionary | 19.1% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $107369072 |
| Number of Portfolio Holdings | 83 |
| Advisory Fee (net of waivers) | $457011 |
| Portfolio Turnover | 72% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6fc73a857fc69b2debbbc219.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 2.6% |
| Common Stocks | 97.4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i5b76140c35cecc722ecd7d06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 0.8% |
| France | 1.0% |
| South Korea | 1.0% |
| Marshall Islands | 1.0% |
| United Arab Emirates | 1.0% |
| South Africa | 1.3% |
| Israel | 1.4% |
| Indonesia | 1.4% |
| Germany | 1.7% |
| Luxembourg | 1.8% |
| Finland | 2.0% |
| Bermuda | 2.3% |
| Australia | 2.5% |
| Switzerland | 2.8% |
| Brazil | 2.9% |
| Mexico | 3.5% |
| Sweden | 3.9% |
| United Kingdom | 5.3% |
| Korea (Republic Of) | 5.5% |
| United States | 6.4% |
| China | 6.5% |
| Canada | 7.2% |
| Cayman Islands | 8.5% |
| Japan | 28.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kandenko Company Ltd. | 3.2% |
| Sankyo Company Ltd. | 2.6% |
| Fidelity Investments Money Market Government Portfolio, Institutional Class | 2.6% |
| Torex Gold Resources, Inc. | 2.2% |
| JBS S/A | 1.9% |
| Dormakaba Holding A.G. | 1.9% |
| Dundee Precious Metals, Inc. | 1.7% |
| DWS Group GmbH & Company KGaA | 1.7% |
| Coway Company Ltd. | 1.6% |
| WH Group Ltd. | 1.6% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://conductoretfs.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i79af1016f0c68c14535de44f.jpg)

#### Conductor Global Equity Value ETF

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-CGV

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| ![(CONDUCTOR ETF LOGO)](ro001_v1.jpg) |
| **Semi-Annual Financial Statements & Additional Information** |
| **April 30, 2025** |
| **Conductor Global Equity Value ETF** |
| CGV |
| **www.conductoretfs.com** |
| **1-615-200-0057** |

---

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which contains information about the Fund's investment objective, risks, fees and expenses. Investors are reminded to read the prospectus carefully before investing in the Fund.

---

| |
|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **ADVERTISING & MARKETING - 1.3%** |  |
| 160900 | CyberAgent, Inc. | $1377886 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.8%** |  |
| 83188 | Burberry Group PLC | 810221 |
| 33100 | Youngone Corporation | 1102365 |
|  |  | 1912586 |
|  | **ASSET MANAGEMENT - 1.7%** |  |
| 34623 | DWS Group GmbH & Company KGaA | 1824180 |
|  | **AUTOMOTIVE - 7.0%** |  |
| 3553000 | BAIC Motor Corporation Ltd., H Shares | 873394 |
| 52200 | Exedy Corporation | 1568167 |
| 77200 | FCC Company Ltd. | 1584677 |
| 2052000 | Nexteer Automotive Group Ltd. | 1375514 |
| 57200 | Stanley Electric Company Ltd. | 1072316 |
| 73600 | Tokai Rika Company Ltd. | 1096629 |
|  |  | 7570697 |
|  | **BEVERAGES - 0.9%** |  |
| 914900 | Budweiser Brewing Company APAC Ltd. | 966701 |
|  | **BIOTECH & PHARMA - 4.2%** |  |
| 837000 | Beijing Tong Ren Tang Chinese Medicine Company Ltd. | 908573 |
| 1053000 | China Medical System Holdings Ltd. | 1123900 |
| 1161240 | Genomma Lab Internacional S.A.B. de C.V., Class B | 1357240 |
| 40400 | Kaken Pharmaceutical Company Ltd. | 1150743 |
|  |  | 4540456 |
|  | **CHEMICALS - 2.3%** |  |
| 219600 | ICL Group Ltd. | 1467113 |
| 2107 | Schweiter Technologies A.G. | 971056 |
|  |  | 2438169 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.2%** |  |
| 23600 | S-1 CORPORATION | 1050564 |
| 171000 | Sohgo Security Services Company Ltd. | 1352094 |
|  |  | 2402658 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **CONSTRUCTION MATERIALS - 2.4%** |  |
| 420380 | Anhui Conch Cement Company Ltd., H Shares | $1184225 |
| 233179 | Breedon Group PLC | 1341652 |
|  |  | 2525877 |
|  | **CONTAINERS & PACKAGING - 1.4%** |  |
| 106933 | Transcontinental, Inc., Class A | 1458428 |
|  | **ELECTRIC UTILITIES - 1.0%** |  |
| 162200 | CPFL Energia S.A. | 1088117 |
|  | **ELECTRICAL EQUIPMENT - 3.1%** |  |
| 122900 | Anritsu Corporation | 1229076 |
| 2454 | Dormakaba Holding A.G. | 2070241 |
|  |  | 3299317 |
|  | **ENGINEERING & CONSTRUCTION - 6.8%** |  |
| 121884 | Bravida Holding A.B. | 1161509 |
| 174300 | Kandenko Company Ltd. | 3456527 |
| 74600 | MIRAIT ONE Corporation | 1173654 |
| 65808 | Skanska A.B., B Shares | 1529287 |
|  |  | 7320977 |
|  | **ENTERTAINMENT CONTENT - 2.0%** |  |
| 58380 | Mixi, Inc. | 1297730 |
| 706000 | NetDragon Websoft Holdings Ltd. | 900979 |
|  |  | 2198709 |
|  | **FOOD - 3.5%** |  |
| 268530 | JBS S/A | 2074934 |
| 1867500 | WH Group Ltd. | 1669917 |
|  |  | 3744851 |
|  | **GAS & WATER UTILITIES - 2.3%** |  |
| 582964 | Centrica PLC | 1248255 |
| 62522 | Suburban Propane Partners, L.P. | 1248564 |
|  |  | 2496819 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.0%** |  |
| 16100 | CVS Health Corporation | 1074031 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 3.8%** |  |
| 28620 | Coway Company Ltd. | $1759967 |
| 4619000 | JS Global Lifestyle Company Ltd.<sup>(a)</sup> | 1071412 |
| 60400 | Kokuyo Company Ltd. | 1238258 |
|  |  | 4069637 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.1%** |  |
| 559600 | Bolsa Mexicana de Valores SAB de C.V. | 1179121 |
|  | **LEISURE FACILITIES & SERVICES - 2.6%** |  |
| 185300 | Sankyo Company Ltd. | 2821553 |
|  | **LEISURE PRODUCTS - 0.7%** |  |
| 50600 | Mattel, Inc.<sup>(a)</sup> | 804034 |
|  | **MACHINERY - 2.3%** |  |
| 30952 | Doosan Bobcat, Inc. | 1062830 |
| 5758000 | Lonking Holdings Ltd. | 1449866 |
|  |  | 2512696 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.3%** |  |
| 1288000 | Kangji Medical Holdings Ltd. <sup>(b)</sup> | 1242887 |
| 1599000 | Shandong Weigao Group Medical Polymer Company Ltd., H Shares | 1176953 |
|  |  | 2419840 |
|  | **METALS & MINING - 6.7%** |  |
| 11250000 | Aneka Tambang Tbk | 1470436 |
| 140946 | Dundee Precious Metals, Inc. | 1847678 |
| 710350 | Perseus Mining Ltd. | 1522487 |
| 73475 | Torex Gold Resources, Inc.<sup>(a)</sup> | 2379997 |
|  |  | 7220598 |
|  | **OIL & GAS PRODUCERS - 2.6%** |  |
| 5250242 | Dana Gas PJSC<sup>(a)</sup> | 1065010 |
| 684788 | Ithaca Energy PLC | 1215707 |
| 46840 | Paramount Resources Ltd. <sup>(b)</sup> | 531798 |
|  |  | 2812515 |
|  | **PUBLISHING & BROADCASTING - 3.0%** |  |
| 1086700 | ITV PLC | 1171340 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **PUBLISHING & BROADCASTING - 3.0% (Continued)** |  |
| 71100 | Metropole Television S.A. <sup>(b)</sup> | $1118109 |
| 58575 | TEGNA, Inc. | 950672 |
|  |  | 3240121 |
|  | **REAL ESTATE SERVICES - 0.9%** |  |
| 345300 | Onewo, Inc. | 952855 |
|  | **RETAIL - CONSUMER STAPLES - 4.8%** |  |
| 39698 | Empire Company Ltd., Class A | 1474531 |
| 83700 | Life Corporation | 1212931 |
| 76100 | Tokmanni Group Corporation | 1201686 |
| 70600 | Welcia Holdings Company Ltd. | 1245281 |
|  |  | 5134429 |
|  | **RETAIL - DISCRETIONARY - 3.1%** |  |
| 21484 | F&F Company Ltd. | 1065420 |
| 20900 | Shimamura Company Ltd. | 1391249 |
| 2245000 | Topsports International Holdings Ltd. | 892509 |
|  |  | 3349178 |
|  | **SOFTWARE - 1.2%** |  |
| 51700 | Justsystems Corporation | 1237845 |
|  | **STEEL - 3.9%** |  |
| 34312 | APERAM S.A. | 999216 |
| 76200 | BlueScope Steel Ltd. | 1167159 |
| 44600 | Maruichi Steel Tube Ltd. | 1054069 |
| 57700 | Tenaris S.A. | 962940 |
|  |  | 4183384 |
|  | **TECHNOLOGY HARDWARE - 5.4%** |  |
| 129400 | Casio Computer Company Ltd. | 1012408 |
| 67600 | Mabuchi Motor Company Ltd. | 987995 |
| 148200 | Sunny Optical Technology Group Company Ltd. | 1246982 |
| 175625 | Telefonaktiebolaget LM Ericsson, Class B | 1483697 |
| 165100 | VTech Holdings Ltd. | 1109160 |
|  |  | 5840242 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **CONDUCTOR GLOBAL EQUITY VALUE ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 2.2%** |  |
| 28224 | Genpact Ltd. | $1418538 |
| 52900 | TietoEVRY OYJ | 948489 |
|  |  | 2367027 |
|  | **TELECOMMUNICATIONS - 1.3%** |  |
| 183472 | Vodacom Group Ltd. | 1357469 |
|  | **TRANSPORTATION & LOGISTICS - 4.0%** |  |
| 100500 | DHT Holdings, Inc. | 1074345 |
| 74200 | HMM Company Ltd. | 953805 |
| 104778 | Promotora y Operadora de Infraestructura S.A.B. de C.V. | 1172428 |
| 100600 | SG Holdings Company Ltd. | 1059728 |
|  |  | 4260306 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.1%** |  |
| 33100 | Kato Sangyo Company Ltd. | 1158495 |
|  | **TOTAL COMMON STOCKS (Cost $89,916,491)** | 105161804 |
|  | **SHORT-TERM INVESTMENTS — 2.6%** |  |
|  | **INVESTMENT PURCHASED AS SECURITIES LENDING COLLATERAL - 2.6%** |  |
| 2778980 | Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.26% (Cost - $2,778,980)<sup>(c)</sup> | 2778980 |
|  | **TOTAL INVESTMENTS – 100.5% (Cost $92,695,471)** | $107940784 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%** | (571712) |
|  | **NET ASSETS - 100.0%** | $107369072 |

---

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| Ltd. | - Limited Company |
| OYJ | - Julkinen osakeyhtiö |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |

---

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

<sup>(b)</sup> All or a portion of the security is on loan. Total loaned securities had a value of $2,616,995 at April 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **Statement of Assets and Liabilities (Unaudited)** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Securities, at cost | $92695471 |
| &nbsp;&nbsp;&nbsp;Securities, at fair value | $107940784 |
| &nbsp;&nbsp;&nbsp;Cash | 1310043 |
| &nbsp;&nbsp;&nbsp;Foreign currency (cost: $126,973) | 133138 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 85802 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1107114 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | **110577288** |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned (see note 9) | 2778980 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 308322 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 80286 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 12048 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 28580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 3208216 |
| **NET ASSETS** | $**107369072** |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $106767748 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 601324 |
| **NET ASSETS** | $**107369072** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **8356170** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**12.85** |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **Statement of Operations (Unaudited)** |
| **For the Six Months Ended April 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend Income (Foreign Taxes Withheld: $201,729) | $2394401 |
| &nbsp;&nbsp;&nbsp;Interest Income | 59805 |
| &nbsp;&nbsp;&nbsp;Securities Lending Income (net of fees) | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 2455371 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 656951 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 54014 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 36582 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 30863 |
| &nbsp;&nbsp;&nbsp;Legal fees | 20843 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 15831 |
| &nbsp;&nbsp;&nbsp;Audit fees | 11893 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 10819 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9711 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 2816 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 779 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 856730 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (199940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 656790 |
| **NET INVESTMENT INCOME** | 1798581 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (3904622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 632541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (76689) |
| &nbsp;&nbsp;&nbsp;Realized loss from investments and foreign currency transactions | (3348770) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1209389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 59690 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | 1269079 |
| **NET REALIZED AND UNREALIZED LOSS** | (2079691) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(281110)** |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **For the Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1798581 | $2689267 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments and foreign currency transactions | (3348770) | (327460) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments and foreign currency translations | 1269079 | 9623321 |
| Net increase/(decrease) in net assets resulting from operations | (281110) | 11985128 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid | (1696303) | (6711469) |
| Net decrease in net assets resulting from distributions to shareholders | (1696303) | (6711469) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1908584 | 22428832 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (4225479) | (21317096) |
| &nbsp;&nbsp;&nbsp;Transaction Fees | 4500 | 33000 |
| Net increase/(decrease) in net assets from shares of beneficial interest | (2312395) | 1144736 |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | (4289808) | 6418395 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 111658880 | 105240485 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**107369072** | $**111658880** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 150000 | 1725000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (325000) | (1625000) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (175000) | 100000 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **Financial Highlights** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2023** | **Year\* Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**October 31,**<br>**2021** | **Year Ended**<br>**October 31,**<br>**2020** |
| Net asset value, beginning of year/period | $13.09 | $12.48 | $12.48 | $13.29 | $10.38 | $12.32 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.22 | 0.33 | 0.62 | 0.23 | 0.22 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.26) | 1.11 | (0.53) | (0.88) | 2.84 | (1.99 |
| Total from investment operations | (0.04) | 1.44 | 0.09 | (0.65) | 3.06 | (1.76 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.83) | (0.09) | (0.16) | (0.13) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net return of capital |  |  |  |  | (0.02 | (0.02 |
| Total distributions | (0.20) | (0.83) | (0.09) | (0.16) | (0.15 | (0.18 |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 |
| Net asset value, end of year/period | $12.85 | $13.09 | $12.48 | $12.48 | $13.29 | $10.38 |
| Market price, end of year/period (3) | $12.86 | $13.10 | $12.51 | $12.48 | $— | $— |
| Total return (4) | (0.25)% (12) | 11.67% | 0.71% | (4.96)% | 29.53 | (14.27 |
| Net assets, end of year/period (000's) | $107369 | $111659 | $105240 | $65907 | $14317 | $13288 |
| Ratio of gross expenses to average net assets (5)(6) | 1.63% (11) | 1.59% | 1.57% | 2.06% (7) | 1.77 | 2.04 |
| Ratio of net expenses to average net assets (6) | 1.25% (11) | 1.25% | 1.25% | 1.60% (7) | 1.25 | 1.27 |
| Ratio of net investment income to average net assets (6)(9) | 3.42% (11) | 2.51% | 4.73% | 1.79% | 1.71 | 2.08 |
| Portfolio Turnover Rate (10) | 72% (12) | 103% | 114% | 139% | 85 | 91 |

---

\* Prior to July 22, 2022, the Fund offered Class A, Class C, Class I and Class Y Shares. On July 22, 2022, Class A, Class C, and Class I shares were exchanged for Class Y Shares, which became the only remaining Class of shares of the Fund. Effective August 1, 2022, the Fund converted from a Mutual Fund to an ETF. The financial highlights in the above table reflect the performance of Class Y shares of the Mutual Fund for the period prior to August 1, 2022, and the performance of the Fund as an ETF for the period after August 1, 2022.

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the year/period.

(2) Amount represents less than $0.005.

(3) Effective August 1, 2022 the Fund
 converted from an open-end mutual fund to an ETF. Prior to that, market prices are unavailable.

(4) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and capital gain distributions, if any. Total returns prior to
 August 1, 2022 reflect the returns of the Conductor Global Equity Value Fund. Had the Advisor not waived its fees, the returns would have
 been lower.

(5) Represents the ratio of expenses to
 average net assets absent fee waivers by the Advisor.

(6) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies
 in which the Fund invests.

(7) Includes extraordinary expenses. If
 these expenes were excluded the ratio of gross expenses to average net assets would be 1.71% and the ratio of net expenses to average
 net assets would be 1.25%.

(8) Includes tax expense. If these expenses
 were excluded, the ratio of gross expenses to average net assets would be 2.02% and the ratio of net expenses to average net assets would
 be 1.25%.

(9) Recognition of net investment income
 by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests.

(10) Portfolio turnover rate excludes securities
 received or delivered from in-kind transactions.

(11) Annualized.

(12) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **April 30, 2025** |

---

**1.** **ORGANIZATION** 

The Conductor Global Equity Value ETF (the "Fund") is a series of shares of beneficial interest of the Two Roads Shared Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 8, 2012, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The investment objective of the Fund is to provide long-term risk-adjusted total return.

Effective August 1, 2022, the Conductor Global Equity Value Fund (the "Predecessor Fund"), a mutual fund and series of the Trust, was converted into an exchange-traded fund through the reorganization of the Predecessor Fund into the Fund, a newly created corresponding series of the Trust with the same investment objective and investment strategies as the Predecessor Fund. The Fund has adopted the accounting history and performance of the Predecessor Fund. Prior to July 22, 2022, the Predecessor Fund offered Class A, Class C, Class I, and Class Y shares of the Predecessor Fund. Effective as of the close of business on July 22, 2022, Class A, Class C, and Class I shares were exchanged for Class Y shares of the Predecessor Fund. Effective August 1, 2022, the Predecessor Fund converted 4,981,277 shares with a value of $3,961,586 from the Predecessor Fund to the Fund on a one for one basis, pursuant to an Agreement and Plan of Reorganization by which the Fund acquired all of the assets and assumed all of the liabilities of the Predecessor Fund. The reorganization was accomplished by a tax-free exchange of shares (with an exception for fractional mutual fund shares, which were redeemed immediately before the reorganization and distributed at cash value). An allocable portion of the fees and expenses related to the reorganization in the amount of $92,583 were borne by the Fund. The reorganization did not result in a material change to the investment portfolio.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

**Operating Segments –** The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation –** Securities, including exchange-traded funds, listed on an exchange are valued at the last quoted sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at mean between the current bid and ask prices on the day of valuation. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

Securities in which the Fund invests may be traded in markets that close before 4:00 p.m. Eastern Time ("ET"). Normally, developments that occur between the close of the foreign markets and 4:00 p.m. ET will not be reflected in the Fund's NAV.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

However, the Fund may determine that such developments are so significant that they will materially affect the value of the Fund's securities, and the Fund may adjust the previous closing prices to reflect what the Board of Trustees of the Trust (the "Board") believes to be the fair value of these securities as of 4:00 p.m. ET. The Fund utilizes fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange.

The Fund may hold securities, such as private investments, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board"). The Board has appointed the Fund's advisor as its valuation designee (the "Valuation Designee") for all fair value determinations and responsibilities, other than overseeing pricing service providers used by the Trust. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability effectively to oversee the designee's fair value determinations. The Valuation Designee may also enlist third party consultants such as a valuation specialist at a public accounting firm, a valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures approved by the Board.

*Valuation of Underlying Funds* – The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

*Exchange-Traded Funds* – The Fund may invest in exchange-traded funds ("ETFs"). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively managed or may be passively managed with a strategy of attempting to track the performance and dividend yield of a particular domestic or foreign market index. The Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

*Fair Valuation Process* – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures approved by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of April 30, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising & Marketing | $— | $1377886 | $— | $1377886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apparel & Textile Products |  | 1912586 |  | 1912586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Management |  | 1824180 |  | 1824180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive |  | 7570697 |  | 7570697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages |  | 966701 |  | 966701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotech & Pharma | 1357240 | 3183216 |  | 4540456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals |  | 2438169 |  | 2438169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Support Services |  | 2402658 |  | 2402658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Materials |  | 2525877 |  | 2525877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging | 1458428 |  |  | 1458428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 1088117 |  |  | 1088117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment |  | 3299317 |  | 3299317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering & Construction |  | 7320977 |  | 7320977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment Content |  | 2198709 |  | 2198709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food | 2074934 | 1669917 |  | 3744851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas & Water Utilities | 1248564 | 1248255 |  | 2496819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Facilities & Services | 1074031 |  |  | 1074031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home & Office Products |  | 4069637 |  | 4069637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Financial Services | 1179121 |  |  | 1179121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Facilities & Services |  | 2821553 |  | 2821553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Products | 804034 |  |  | 804034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery |  | 2512696 |  | 2512696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Equipment & Devices |  | 2419840 |  | 2419840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 4227675 | 2992923 |  | 7220598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Producers | 531798 | 2280717 |  | 2812515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing & Broadcasting | 950672 | 2289449 |  | 3240121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Services |  | 952855 |  | 952855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail - Consumer Staples | 1474531 | 3659898 |  | 5134429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail - Discretionary |  | 3349178 |  | 3349178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software |  | 1237845 |  | 1237845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel |  | 4183384 |  | 4183384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware |  | 5840242 |  | 5840242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Services | 1418538 | 948489 |  | 2367027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications |  | 1357469 |  | 1357469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation & Logistics | 2246773 | 2013533 |  | 4260306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale – Consumer Staples |  | 1158495 |  | 1158495 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 2778980 |  |  | 2778980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $23913436 | $84027348 | $— | $107940784 |

---

\* Please refer to the Fund's Schedule of Investments for industry classifications.

The Fund did not hold any Level 3 securities during the period. Certain foreign securities are valued utilizing valuation factors provided by an independent pricing service to reflect any significant market movements between the time foreign markets

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

close and the time the Fund values such foreign securities. The utilization of valuation factors may result in the securities being categorized as Level 2.

**Security Transactions and Investment Income –** Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

**Foreign Currency Translations –** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investments.

**Federal Income Taxes** – It is the Fund's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended October 31, 2021 to October 31, 2023, or expected to be taken in the Fund's October 31, 2024 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably expected that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties. Generally, tax authorities can examine tax returns for three years.

**Distributions to Shareholders –** Distributions from investment income are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and paid at least annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses which are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

**3.** **PRINCIPAL INVESTMENT RISKS** 

The Fund's investments in securities, financial instruments and derivatives expose it to various risks, certain of which are discussed below. Please refer to the Fund's prospectus and statement of additional information for a more full listing of risks associated with the Fund's investments which include but are not limited to absence of active market risk, active trading risk, cash positions risk, cash transactions risk, credit risk, currency risk, cybersecurity risk, emerging market risk, equity risk, ETF structure risk, fluctuation of net asset value risk, foreign (non-U.S.) investment risk, gap risk, geographic and sector risk, hedging transactions risk, index risk, investment companies and exchange-traded funds risk, issuer-specific risk, large-cap securities risk, management risk, market events risk, market risk, model risk, money market fund risk, portfolio turnover risk, securities lending risk, small-cap and mid-cap securities risk, trading issues risk, underlying funds risk, value investing risk, valuation risk, and volatility risk.

**Cash Positions Risk** – The Fund may hold a significant position in cash, cash equivalent securities or U.S. Treasury investments, including while the Fund is investing for temporary defensive purposes. When the Fund invests in cash, cash equivalent securities or U.S. Treasury investment increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested.

**Emerging Market Risk** – Investing in emerging markets involves not only the risks described herein with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability than those of developed countries. The typically small size of the markets may also result in a lack of liquidity and in price volatility of these securities. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative and share the risks of foreign developed markets but to a greater extent. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets which may result in increased price volatility of emerging market investments. The legal remedies for investors in emerging markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be limited.

**Equity Risk** – Equity securities including common stocks are susceptible to general stock market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their issuers change, and unexpected trading activity among retail investors. Factors that may influence the price of equity securities include developments affecting a specific company or industry, or the changing economic, political or market conditions. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited.

**ETF Structure Risks** – The Fund is structured as an ETF and as a result is subject to special risks. Shares are not individually redeemable and may be redeemed by the Fund at net asset value ("NAV") only in large blocks known as "Creation Units." Trading in Shares on the NYSE (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in the closing price. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the shares. When all or a portion of an ETFs underlying securities trade in a market that

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares and the Fund's NAV. In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's NAV.

**Foreign (Non-U.S.) Investments Risk –** Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political, financial, social and economic events (including, for example, military confrontations, war and terrorism) or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals may adversely affect the Fund's foreign holdings or exposures.

**Geographic and Sector Risk –** The risk that if the Fund invests a significant portion of its total assets in certain issuers within the same geographic region or economic sector, an adverse economic, business or political development, or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that region or sector may affect the value of the Fund's investments more than if the Fund's investments were not so focused. While the Fund may not concentrate in any one industry, the Fund may invest without limitation in a particular country or sector.

**Consumer Discretionary Sector –** The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

**Industrial Sector Risk –** The industrials sector includes companies in the commercial and professional services and transportation industry groups, including companies engaged in the business of human capital management, business research and consulting, air freight and logistics, airlines, maritime shipping and transportation, railroads and trucking, transportation infrastructure, and aerospace and defense. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand changes related to their specific products or services and industrials sector products in general.

**Materials Sector Risk –** Companies in the materials sector may be adversely affected by the level and volatility of commodity prices, exchange rates, import controls, increased competition, environmental policies, consumer demand, and events occurring in nature. For instance, natural events (such as earthquakes, hurricanes or fires in prime natural resource areas) and political events (such as government instability or military confrontations) can affect the value of companies involved in business activities in the materials sector. Performance of such companies may be affected by factors including, among others, that at times worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses.

**Exchange Traded Investment Companies Risk** – When the Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company's operating expenses, including the management fees of unaffiliated funds in addition to those paid by the Fund. The risk of owning an investment company generally reflects the risks of owning the underlying investments held by such investment company. The Fund may also incur brokerage costs when it purchases and sells shares of investment companies. In addition, an investment in an ETF are subject to the risks relating to the ETF structure, including that shares may trade above or below net asset value; (2) an

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

active trading market for the ETF's shares may not develop or be maintained; (3) trading an ETF's shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset or underlying managed index; and (5) a passively managed ETF may hold troubled securities.

**Market Risk** – Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats, lack of liquidity in the bond or other markets, volatility in the securities markets, adverse investor sentiment, and political events affect the securities markets. Markets also tend to move in cycles with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund's NAV. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities and in-kind transactions, for the six months ended April 30, 2025, amounted to $76,009,361 and $73,820,701 respectively. The cost of purchases and proceeds from the sale of securities for in-kind transactions, for the six months ended April 30, 2025, amounted to $1,310,929 and $3,426,153, respectively.

**5.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

**Advisory Fees –** IronHorse Capital, LLC serves as the Fund's investment advisor (the "Advisor"). Under the terms of an Advisory Agreement, the Advisor receives monthly fees calculated at an annual rate of 1.25% of the average daily net assets of the Fund. For the six months ended April 30, 2025, the Fund incurred advisory fees in the amount of $656,951.

The Advisor has contractually agreed to waive all or part of its management fees and/or make payments to limit Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, borrowing costs (such as interest and dividend expense on securities sold short), brokerage fees and commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired fund fees and expenses, or extraordinary expenses such

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

as litigation expenses) so that the total annual operating expenses do not exceed 1.25% of the average daily net assets of the Fund. This agreement is in effect at least until March 1, 2026. For the six months ended April 30, 2025, the Advisor waived fees in the amount of $199,940 for the Fund. These fee waivers are not recoupable by the Advisor.

The Trust, with respect to the Fund, has adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to Northern Lights Distributors, LLC (the "Distributor" or "NLD") and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. Beginning August 1, 2022, no distribution or service fees were paid by the Fund and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.

In addition, certain affiliates of the Distributor provide services to the Fund as follows:

<u>Ultimus Fund Solutions, LLC ("UFS")</u>, an affiliate of the Distributor, provides administration, fund accounting, and, prior to August 1, 2022, transfer agent services to the Fund. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u>, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

<u>BluGiant, LLC ("BluGiant"),</u> an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Fund.

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at April 30, 2025, were as follows:

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $92859724 |
| Unrealized Appreciation | $17762215 |
| Unrealized Depreciation | (2681155) |
| Tax Net Unrealized Appreciation | $15081060 |

---

**7.** **TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the years ended October 31, 2024 and October 31, 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>October 31, 2024 | Fiscal Year Ended<br>October 31, 2023 |
| Ordinary Income | $6711469 | $716501 |

---

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

As of October 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $852284 | $— | $— | $(12119919) | $— | $13846372 | $2578737 |

---

The difference between book basis and tax basis accumulated earnings is primarily attributable to the tax deferral of losses on wash sales and mark-to-market on passive foreign investment companies. The table above includes unrealized foreign currency losses of $(25,299).

At October 31, 2024, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $12119919 | $– $| 12119919 | $— |

---

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions, and the book/tax basis treatment of non-deductible expenses, resulted in reclassifications for the Fund for the fiscal year ended October 31, 2024 as follows:

---

| | |
|:---|:---|
| Paid In | Distributable |
| Capital | Earnings |
| $2523176 | $(2523176) |

---

The Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended October 31, 2024 were as follows:

<u>Foreign Taxes Paid</u>   <u>Foreign Source Income</u> <br> 0.04 0.25 <br>

**8.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Fund at net asset value only in large blocks known as "Creation Units." Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge,"

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

and together with the Fixed Fee, the "Transaction Fees"). For the six months ended April 30, 2025, the Fund received $4,500 in fixed fees. For the six months ended April 30, 2025, the Fund received $0 in variable fees. Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets.

The Transaction Fees for the Fund are listed in the table below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fixed Fee for In-Kind and Cash Purchases** | &nbsp;&nbsp;**Maximum Additional Variable Charge<br> for Cash Purchases** |
| &nbsp;&nbsp;$1,500\* | &nbsp;&nbsp;2.00%\*\* |

---

\* Prior to June 16, 2023, the Fixed Fee for in-kind and cash purchases and redemptions of Creation Units of the Fund was $800.

\*\* As a percentage of the amount invested.

**9.** **SECURITIES LENDING** 

The Fund has entered into a securities lending arrangement with Brown Brothers Harriman ("BBH"). Under an agreement with BBH, the Fund can lend its portfolio securities to brokers, dealers and other financial institutions approved by the Board of Trustees to earn additional income. Loans are collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued interest, which is invested in highly liquid, short-term instruments such as repurchase agreements collateralized by U.S. Government securities and money market funds in accordance with the Fund's security lending procedures. A portion of the income generated by the investment in the collateral, net of any rebates paid by BBH to the borrowers is remitted to BBH as lending agent, and the remainder is paid to the Fund. The Fund continues to receive interest or dividends on the securities loaned. The Fund has the right under the Master Securities Lending Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Fund could experience delays or losses on recovery. Additionally, the Fund is subject to the risk of loss from investments made with the cash received as collateral. The Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

At April 30, 2025, the Fund had loaned securities and received cash collateral for the loan. This cash was invested in the Fidelity Investments Money Market Government Securities Portfolio, Institutional Class as shown in the Schedule of Investments. The Fund receives compensation relating to the lending of the Fund's securities.

The market values of loaned securities and collateral and percentage of total investment income the Fund received from the investment of cash collateral retained by the lending agent, BBH, were as follows:

---

| | | |
|:---|:---|:---|
| Market Value of | Market Value of | Percentage of Total |
| Loaned Securities | Collateral | Investment Income |
| $2616995 | $2778980 | 0.05% |

---

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amounts Not Offset in | Gross Amounts Not Offset in |  | |
|  | | the Statement of Assets and | the Statement of Assets and |  | |
|  | | Liabilities | Liabilities |  | |
|  |<br><br>Gross Amounts<br>Recognized in<br>Statements of Assets<br>and Liabilities |<br>Financial<br>Instruments<br>Pledged |<br>Cash Collateral<br>Pledged |  |<br><br><br>Net Amount of<br>Assets |
| Description of Liability Securities lending collateral | $2778980 | $— | $2778980 | (1) | $— |

---

(1) The amount is limited to the liability
 balance and accordingly does not include excess collateral pledged.

The following table sets forth the remaining contractual maturity of the collateral held as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Collateral Held as of April 30, 2025 | Remaining Contractual Maturity of the Collateral Held as of April 30, 2025 | Remaining Contractual Maturity of the Collateral Held as of April 30, 2025 | Remaining Contractual Maturity of the Collateral Held as of April 30, 2025 | Remaining Contractual Maturity of the Collateral Held as of April 30, 2025 |
|  | Overnight and<br>Continuous | Up to<br>30 Days |<br>30-90 days | Greater than<br>90 days |<br>Total |
| Fidelity Investments Money Market Government Securities | $2778980 | $— | $— | $— | $2778980 |
| Total securities lending | $2778980 | $— | $— | $— | $2778980 |

---

The fair value of the securities loaned for the Fund totaled $2,616,995 at April 30, 2025. The securities loaned are noted in the Portfolio of Investments. The fair value of the "Securities lending collateral" on the Portfolio of Investments includes only cash collateral received and reinvested that totaled $2,778,980 for the Fund at April 30, 2025. This amount is offset by a liability recorded as "Collateral on Securities Loaned."

**10.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| **Conductor Global Equity Value ETF** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **April 30, 2025** |

---

**Changes in and Disagreements with Accountants**

Not applicable

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable

---

| |
|:---|
| **Investment Advisor** |
| IronHorse Capital LLC |
| 3102 West End Avenue, Suite 400 |
| Nashville, TN 37203 |
| **Administrator** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Two Roads Shared Trust

---

| |
|:---|
| By <u>James Colantino</u> |
| /s/ James Colantino |
| Principal Executive Officer, |
| Date: 7/7/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| By <u>James Colantino</u> |
| /s/ James Colantino |
| Principal Executive Officer |
| Date: 7/7/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| By <u>Laura Szalyga</u> |
| /s/ Laura Szalyga |
| Principal Financial Officer |
| Date: 7/7/2025 |

---

## Ex-99.Code

**Attachment 8.G(3)**

**TWO ROADS SHARED TRUST**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Two Roads Shared Trust (the "Trust") have adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the Trust's senior officers to provide full, fair, timely, and comprehensible disclosure, financial and otherwise, to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly, and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules, and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and its adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust' financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or its operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six years from the date such action is taken, the first two years in an easily accessible place, a copy of the information or materials supplied to the Board (i) that provided the basis for any amendment or waiver to this Code and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

**<u>CODE OF ETHICS FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Two Roads
Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending
December 31, ; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements
of the Code during the calendar year ending December 31, .

Set forth below exceptions to items (3) and (4), if any:

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

Signature: ____________________________________

Name (please print): _____________________________

Date: ________________________________________

## Ex-99.Cert

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Jim Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Conductor Global Equity Value ETF (a Series
 of the Two Roads Shared Trust (the "registrant"));

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 7/7/2025 | <u>/s/ James Colantino</u> |
|  | James Colantino |
|  | Principal Executive Officer |

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Laura Szalyga, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Conductor Global Equity Value ETF (a Series
 of the Two Roads Shared Trust (the "registrant"));

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 7/7/2025 | <u>/s/ Laura Szalyga</u> |
|  | Laura Szalyga |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification**

Jim Colantino, Principal Executive Officer, and Laura Szalyga, Principal Financial Officer of Two Roads Shared Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust |
| /s/ Jim Colantino | /s/ Jim Colantino | /s/ Laura Szalyga | /s/ Laura Szalyga |
| Jim Colantino | Jim Colantino | Laura Szalyga | Laura Szalyga |
| Date: | 7/7/2025 | Date: | 7/7/2025 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Two Roads Shared Trust and will be retained by Two Roads Shared Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.