# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-006237
**Filing Date:** 2025-12
**Character Count:** 38117
**Document Hash:** a0a8fc5d59d39dcfc6b0c164ed0ffaad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006237.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006237

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251607000

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Two Roads Shared Trust

- **b. Investment Company Act file number:** 811-22718

- **c. CIK number of Registrant:** 0001552947

- **d. LEI of Registrant:** 549300REHU8QC2CK4V30

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 402-895-1600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Anfield Enhanced Market ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $125586974.22

**Total Liabilities:** $115769.89

**Net Assets:** $125471204.33

**Cash Not Reported:** $12727141.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 197.73829200 | **1-Year:** 2311.60179000 | **5-Year:** 2603.60669300 | **10-Year:** 2.61091000 | **30-Year:** 0.00000000

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

- **3-Month:** 232.71401600 | **1-Year:** 1313.50148800 | **5-Year:** 1085.99713900 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261613 | 2.08%                | 4.55%                | 2.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-220634.28              | $519015.68                                 |
| Month 2  | $52885.42                | $1093465.72                                |
| Month 3  | $2506.49                 | $613053.75                                 |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### Schedule of Portfolio Investments

| Name                                                            | Title                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OneMain Financial Corporation                                   | OMF 3 7/8 09/15/28      | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144824.16    | 0.12%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                | DUK 3 1/4 01/15/2082    | CUSIP: 26441CBP9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    800000 | PA      | $771970.48    | 0.62%             | 2082-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                  | BNP 4 5/8 PERP          | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1350000 | PA      | $1326604.91   | 1.06%             | 2177-01-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                   | INTERCONTINENTAL        | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      6848 | NS      | $1001793.92   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Secured Lending Fund                                 | BXSL 5.3 06/30/30       | CUSIP: 09261XAK8<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500778.39    | 0.40%             | 2030-06-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Brightstar Lottery PLC                                          | IGT 6 1/4 01/15/27      | CUSIP: 460599AD5<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    175000 | PA      | $176881.78    | 0.14%             | 2027-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications Inc.                                   | UVN 4 1/2 05/01/29      | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    650000 | PA      | $611238.03    | 0.49%             | 2029-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ares Capital Corp.                                              | ARCC 5 1/2 09/01/30     | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1159011.76   | 0.92%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vici Properties Inc                                             | VICI 4 1/8 08/15/30     | CUSIP: 92564RAE5<br>LEI: 254900RKH6RY9KCJQH63 | Long             | DBT              | CORP              | US        |    500000 | PA      | $483410.18    | 0.39%             | 2030-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| National Fuel Gas Company                                       | NATL FUEL GAS CO        | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     12414 | NS      | $979588.74    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                            | RY 5 12/30/30           | CUSIP: 78014RD49<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $401219.92    | 0.32%             | 2030-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                   | F 4 11/13/30            | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    950000 | PA      | $891173.02    | 0.71%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anglogold Ashanti PLC                                           | ANGLOGOLD ASHANT        | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     16480 | NS      | $1120640.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Agricole S.A.                                            | ACAFP 3 1/4 01/14/30    | CUSIP: 225313AM7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $472609.80    | 0.38%             | 2030-01-14      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Celsius Holdings Inc.                                           | CELSIUS HOLDINGS        | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20286 | NS      | $1221825.78   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                  | NSANY 2.45 09/15/28     | CUSIP: 65480CAD7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    625000 | PA      | $574124.63    | 0.46%             | 2028-09-15      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation | IEP 6 1/4 05/15/26      | CUSIP: 451102BT3<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    116000 | PA      | $116170.67    | 0.09%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                  | NSANY 1.85 09/16/26     | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    275000 | PA      | $266599.06    | 0.21%             | 2026-09-16      | Fixed         | 1.85%                 | Yes           |                  2 | On Loan: No      |
| PENN Entertainment Inc                                          | PENN 5 5/8 01/15/27     | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1079520.80   | 0.86%             | 2027-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance Us Inc                                       | STLA 5.35 03/17/28      | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    700000 | PA      | $710413.63    | 0.57%             | 2028-03-17      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia                                             | BNS 3 5/8 10/27/2081    | CUSIP: 0641598N9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1200000 | PA      | $1157529.24   | 0.92%             | 2081-10-27      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                               | BK 3.7 PERP             | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    550000 | PA      | $547671.96    | 0.44%             | 2170-03-20      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                               | PNC 3.4 PERP            | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    803000 | PA      | $780759.23    | 0.62%             | 2172-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                      | OXY 7 11/15/27          | CUSIP: 674599DP7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    270000 | PA      | $283055.58    | 0.23%             | 2027-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Woodward Inc.                                                   | WOODWARD INC            | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      4657 | NS      | $1220646.27   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                                    | CFG 4 PERP              | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    573000 | PA      | $565634.03    | 0.45%             | 2171-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                                         | NACN 5 07/24/30         | CUSIP: 63305MNW7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $401009.52    | 0.32%             | 2030-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newmont Corporation                                             | NEWMONT CORP            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     13487 | NS      | $1092042.39   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                               | WFC 3.9 PERP            | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    920000 | PA      | $914529.86    | 0.73%             | 2169-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corporation                                          | CMS 4 3/4 06/01/50      | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    168000 | PA      | $165538.62    | 0.13%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                  | NSANY 5.3 09/13/27      | CUSIP: 65480CAG0<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249128.62    | 0.20%             | 2027-09-13      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Brightstar Lottery PLC                                          | IGT 5 1/4 01/15/29      | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    875000 | PA      | $873067.74    | 0.70%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Light & Wonder International Inc.                               | SGMS 7 1/4 11/15/29     | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    700000 | PA      | $718603.20    | 0.57%             | 2029-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                   | F 2.9 02/10/29          | CUSIP: 345397B93<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $465966.63    | 0.37%             | 2029-02-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                           | BAC 4 3/8 PERP          | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1148316.62   | 0.92%             | 2174-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                            | ROCKET COS INC-A        | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59477 | NS      | $990886.82    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                                            | MTB 3 1/2 PERP          | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    845000 | PA      | $816733.14    | 0.65%             | 2173-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nasdaq Inc                                                      | NASDAQ INC              | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     12975 | NS      | $1109232.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc.                                      | CZR 4 5/8 10/15/29      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    600000 | PA      | $564812.16    | 0.45%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Air Lease Corporation                                           | AL 4.65 PERP            | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    592000 | PA      | $586334.74    | 0.47%             | 2170-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| QXO Inc                                                         | QXO INC                 | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60814 | NS      | $1074583.38   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                | TEVA 3.15 10/01/26      | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    570000 | PA      | $561585.49    | 0.45%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                    | NVIDIA CORP             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      6311 | NS      | $1277914.39   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp Del                                          | LIBERTY MEDIA CO        | CUSIP: 531229748<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     12311 | NS      | $1080167.14   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellular SA                              | MILLICOM INTL           | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |     24054 | NS      | $1133183.94   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                     | GLPI 5.3 01/15/29       | CUSIP: 361841AL3<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509868.00    | 0.41%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                         | KEY 5 PERP              | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    547000 | PA      | $543344.29    | 0.43%             | 2049-12-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                   | F 2.9 02/16/28          | CUSIP: 345397B51<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191308.04    | 0.15%             | 2028-02-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                   | ENBCN 5 1/2 07/15/2077  | CUSIP: 29250NAS4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    406000 | PA      | $405190.76    | 0.32%             | 2077-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp. Sukuk Ltd.                                      | AL 5.85 04/01/28        | CUSIP: 00914QAA5<br>LEI: 549300FDSPH65OVJVS35 | Long             | DBT              | CORP              | KY        |    825000 | PA      | $843397.87    | 0.67%             | 2028-04-01      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                              | ET 6 1/2 PERP           | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    725000 | PA      | $729068.70    | 0.58%             | 2169-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Roivant Sciences Ltd                                            | ROIVANT SCIENCES        | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |     77026 | NS      | $1539749.74   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmarket Corporation                                           | NEWMARKET CORP          | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      1395 | NS      | $1071220.50   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR Capital Corp                                             | FSK 3 1/8 10/12/28      | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    697000 | PA      | $644310.88    | 0.51%             | 2028-10-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                 | EQT 7 1/2 06/01/27      | CUSIP: 26884LBH1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017135.71   | 0.81%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc.                                     | ADV MICRO DEVICE        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      7104 | NS      | $1819476.48   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)                        | FCNCA FLOAT PERP        | CUSIP: 31959XAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   1054000 | PA      | $1081867.76   | 0.86%             | 2170-06-15      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)                             | S&P500 EMINI FUT  Dec25 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |       365 | NC      | $3479112.50   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                                             | ALLY 4.7 PERP           | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1199000 | PA      | $1175987.59   | 0.94%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| American Express Company                                        | AXP 3.55 PERP           | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1357000 | PA      | $1333476.68   | 1.06%             | 2171-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Bain Capital Specialty Finance Inc                              | BCSF 5.95 03/15/30      | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |    750000 | PA      | $747558.06    | 0.60%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                             | RRR 4 1/2 02/15/28      | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    575000 | PA      | $565497.26    | 0.45%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                   | F 4.95 05/28/27         | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500570.44    | 0.40%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                      | ACGCAP 5 1/8 04/10/30   | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253785.75    | 0.20%             | 2030-04-10      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Boyd Gaming Corporation                                         | BYD 4 3/4 12/01/27      | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1121500.01   | 0.89%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                             | HUNTINGTON INGAL        | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      4109 | NS      | $1323180.18   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                                    | B 03/05/26              | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  39000000 | PA      | $38506555.62  | 30.69%            | 2026-03-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RBC Bearings Inc                                                | RBC BEARINGS INC        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2992 | NS      | $1282161.76   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                                             | VICI 4 5/8 12/01/29     | CUSIP: 92564RAB1<br>LEI: 254900RKH6RY9KCJQH63 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173517.81    | 0.14%             | 2029-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Boston Scientific Corporation                                   | BOSTON SCIENTIFC        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     11827 | NS      | $1191215.44   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                                        | SBAC 3 7/8 02/15/27     | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    850000 | PA      | $841093.62    | 0.67%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                  | SCHW 4 PERP             | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    625000 | PA      | $620067.56    | 0.49%             | 2169-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                          | UAL 4 5/8 04/15/29      | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    600000 | PA      | $594626.82    | 0.47%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Palantir Technologies Inc                                       | PALANTIR TECHN-A        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      6467 | NS      | $1296439.49   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                     | COF 3.95 PERP           | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    705000 | PA      | $694279.93    | 0.55%             | 2169-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                   | USB 5.3 PERP            | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1127000 | PA      | $1128676.98   | 0.90%             | 2049-12-29      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Aramark Services, Inc.                                          | ARMK 5 02/01/28         | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    875000 | PA      | $874804.39    | 0.70%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company  Inc                           | GM 5.7 PERP             | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    678000 | PA      | $681140.50    | 0.54%             | 2069-03-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                             | SYF 5.15 03/19/29       | CUSIP: 87165BAP8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    700000 | PA      | $710647.97    | 0.57%             | 2029-03-19      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                       | GS 3.65 PERP            | CUSIP: 38144GAG6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    700000 | PA      | $688535.19    | 0.55%             | 2170-08-10      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.                  | CRL 4 1/4 05/01/28      | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    350000 | PA      | $345192.12    | 0.28%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Air Lease Corporation                                           | AL 4 1/8 PERP           | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    950000 | PA      | $915148.87    | 0.73%             | 2173-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                      | ACACN 3 7/8 08/15/26    | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    175000 | PA      | $173771.57    | 0.14%             | 2026-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                                          | SRE 4 1/8 04/01/52      | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    750000 | PA      | $733314.30    | 0.58%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fastenal Co.                                                    | FASTENAL CO             | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     23636 | NS      | $972621.40    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PENN Entertainment Inc                                          | PENN 4 1/8 07/01/29     | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $978750.99    | 0.78%             | 2029-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                  | C 4.15 PERP             | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1907000 | PA      | $1876050.53   | 1.50%             | 2170-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                  | NSANY 2 03/09/26        | CUSIP: 654740BS7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172936.66    | 0.14%             | 2026-03-09      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                  | NSANY 5.55 09/13/29     | CUSIP: 65480CAH8<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348254.44    | 0.28%             | 2029-09-13      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Centerpoint Energy Inc                                          | CNP 7 02/15/55          | CUSIP: 15189TBH9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    293000 | PA      | $307817.30    | 0.25%             | 2055-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                | AEP 3 7/8 02/15/62      | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    600000 | PA      | $584302.98    | 0.47%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer