# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-006238
**Filing Date:** 2025-12
**Character Count:** 27171
**Document Hash:** 8df0cd18167e9aa4f716c9bb684d6744
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006238.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006238

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**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:** 251607001

**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 Dynamic Fixed Income ETF (Series ID: S000067046)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000215717 | Anfield Dynamic Fixed Income ETF | ADFI            |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** | | |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 80.9%** | **EXCHANGE-TRADED FUNDS — 80.9%** |  |  |  |
|  | **FIXED INCOME - 80.9%** | **FIXED INCOME - 80.9%** |  |  |  |
| 65882 | iShares 7-10 Year Treasury Bond ETF USD Class |  |  |  | &nbsp;&nbsp;&nbsp; $6380672 |
| 74823 | iShares iBoxx $ Investment Grade Corporate Bond USD Class |  |  |  | &nbsp;&nbsp;&nbsp; 8322562 |
| 82574 | iShares MBS ETF USD Class |  |  |  | &nbsp;&nbsp;&nbsp; 7889946 |
| 243940 | iShares U.S. Treasury Bond ETF |  |  |  | &nbsp;&nbsp;&nbsp; 5659408 |
| 90085 | Janus Henderson AAA CLO ETF USD Class |  |  |  | &nbsp;&nbsp;&nbsp; 4570913 |
| 92565 | Janus Henderson B-BBB CLO ETF USD Class |  |  |  | &nbsp;&nbsp;&nbsp; 4461633 |
|  |  |  |  |  | &nbsp;&nbsp; 37285134 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $37,946,640)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $37,946,640)** |  |  | &nbsp;&nbsp; 37285134 |
| **Principal Amount ($)** | **Spread** | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 12.6%** | **CORPORATE BONDS — 12.6%** |  |  |  |
|  | **ASSET MANAGEMENT** — **2.0%** | **ASSET MANAGEMENT** — **2.0%** |  |  |  |
| 300000 | Ares Capital Corporation |  | 5.5000 | &nbsp;&nbsp;&nbsp;09/01/30 | 302351 |
| 300000 | Bain Capital Specialty Finance, Inc. |  | 5.9500 | &nbsp;&nbsp;&nbsp;03/15/30 | 299023 |
| 300000 | Blackstone Secured Lending Fund |  | 5.3000 | &nbsp;&nbsp;&nbsp;06/30/30 | 300467 |
|  |  |  |  |  | 901841 |
|  | **AUTOMOTIVE** — **1.1%** | **AUTOMOTIVE** — **1.1%** |  |  |  |
| 200000 | Ford Motor Credit Company, LLC |  | 5.8000 | &nbsp;&nbsp;&nbsp;03/08/29 | 203508 |
| 100000 | General Motors Financial Company, Inc.<sup>(a)</sup> | H15T5Y + 4.997% | 5.7000 | &nbsp;&nbsp;&nbsp;Perpetual | 100463 |
| 200000 | Nissan Motor Acceptance Company, LLC<sup>(b)</sup> |  | 5.5500 | &nbsp;&nbsp;&nbsp;09/13/29 | 199003 |
|  |  |  |  |  | 502974 |
|  | **BANKING** — **3.1%** | **BANKING** — **3.1%** |  |  |  |
| 300000 | Bank of America Corporation<sup>(a)</sup> | H15T5Y + 2.760% | 4.3750 | &nbsp;&nbsp;&nbsp;Perpetual | 295704 |
| 200000 | Bank of Nova Scotia (The)<sup>(a)</sup> | H15T5Y + 2.613% | 3.6250 | &nbsp;&nbsp;&nbsp;10/27/81 | 192922 |
| 200000 | Citigroup, Inc. Series Y<sup>(a)</sup> | H15T5Y + 3.000% | 4.1500 | &nbsp;&nbsp;&nbsp;Perpetual | 196754 |
| 300000 | M&T Bank Corporation<sup>(a)</sup> | H15T5Y + 2.679% | 3.5000 | &nbsp;&nbsp;&nbsp;Perpetual | 289964 |
| 275000 | PNC Financial Services Group, Inc. (The)<sup>(a)</sup> | H15T5Y + 2.595% | 3.4000 | &nbsp;&nbsp;&nbsp;Perpetual | 267383 |
| 200000 | US Bancorp<sup>(a)</sup> | SOFRATE + 2.914% | 5.3000 | &nbsp;&nbsp;&nbsp;Perpetual | 200298 |
|  |  |  |  |  | 1443025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** | **Spread** | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 12.6% (Continued)** | **CORPORATE BONDS — 12.6% (Continued)** |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES** — **0.4%** | **COMMERCIAL SUPPORT SERVICES** — **0.4%** |  |  |  |
| 175000 | Aramark Services, Inc.<sup>(b)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;$174961 |
|  | **ELECTRIC UTILITIES** — **1.2%** | **ELECTRIC UTILITIES** — **1.2%** |  |  |  |
| 300000 | American Electric Power Company, Inc.<sup>(a)</sup> | H15T5Y + 2.675% | 3.8750 | &nbsp;&nbsp;&nbsp;02/15/62 | 292151 |
| 300000 | Duke Energy Corporation<sup>(a)</sup> | H15T5Y + 2.321% | 3.2500 | &nbsp;&nbsp;&nbsp;01/15/82 | 289489 |
|  |  |  |  |  | 581640 |
|  | **ENTERTAINMENT CONTENT** — **0.4%** | **ENTERTAINMENT CONTENT** — **0.4%** |  |  |  |
| 200000 | Univision Communications, Inc.<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;05/01/29 | 188073 |
|  | **LEISURE FACILITIES & SERVICES** — **2.0%** | **LEISURE FACILITIES & SERVICES** — **2.0%** |  |  |  |
| 200000 | Caesars Entertainment, Inc.<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;10/15/29 | 188271 |
| 200000 | International Game Technology plc<sup>(b)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;01/15/29 | 199558 |
| 175000 | Light & Wonder International Inc<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;&nbsp;09/01/31 | 181781 |
| 200000 | Penn National Gaming, Inc.<sup>(b)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;07/01/29 | 186429 |
| 175000 | Station Casinos, LLC<sup>(b)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;02/15/28 | 172108 |
|  |  |  |  |  | 928147 |
|  | **OIL & GAS PRODUCERS** — **0.7%** | **OIL & GAS PRODUCERS** — **0.7%** |  |  |  |
| 300000 | Enbridge, Inc.<sup>(a)</sup> | US0003M + 3.641% | 6.2500 | &nbsp;&nbsp;&nbsp;03/01/78 | 303532 |
|  | **SPECIALTY FINANCE** — **1.1%** | **SPECIALTY FINANCE** — **1.1%** |  |  |  |
| 300000 | Ally Financial, Inc. Series B<sup>(a)</sup> | H15T5Y + 3.868% | 4.7000 | &nbsp;&nbsp;&nbsp;Perpetual | 294242 |
| 200000 | OneMain Finance Corporation |  | 5.3750 | &nbsp;&nbsp;&nbsp;11/15/29 | 198579 |
|  |  |  |  |  | 492821 |
|  | **TRANSPORTATION & LOGISTICS** — **0.6%** | **TRANSPORTATION & LOGISTICS** — **0.6%** |  |  |  |
| 300000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;04/15/29 | 297313 |
|  | **TOTAL CORPORATE BONDS (Cost $5,830,639)** | **TOTAL CORPORATE BONDS (Cost $5,830,639)** |  |  | 5814327 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** | **ANFIELD DYNAMIC FIXED INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Principal Amount ($)** |  | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 5.9%** | **U.S. GOVERNMENT & AGENCIES — 5.9%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **5.9%** | **U.S. TREASURY BILLS** — **5.9%** |  |  |  |
| 2750000 | United States Treasury Bill<sup>(c)</sup> |  | 3.7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/26 | $2715206 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,714,781)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,714,781)** |  |  | $2715206 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $46,492,060)** | **TOTAL INVESTMENTS - 99.4% (Cost $46,492,060)** |  |  | &nbsp;&nbsp;&nbsp; $45814667 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6%** |  |  | &nbsp;&nbsp; 267774 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $46082441 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(d)</sup>** | **Value and Unrealized Appreciation (Depreciation)** |
| 10 | CBOT 10 Year US Treasury Note | Interactive Broker | 12/19/2025 | &nbsp;&nbsp;&nbsp; $1126719 | &nbsp;&nbsp;&nbsp; $156 |
| 6 | CBOT 2 Year US Treasury Note Future | Interactive Broker | 12/31/2025 | &nbsp;&nbsp;&nbsp; 1249453 | &nbsp;&nbsp;&nbsp; (1125) |
| 19 | CBOT 5 Year US Treasury Note | Interactive Broker | 12/31/2025 | &nbsp;&nbsp;&nbsp; 2075008 | &nbsp;&nbsp;&nbsp; (1335) |
| 10 | CBOT US Treasury Bond Futures | Interactive Broker | 12/19/2025 | &nbsp;&nbsp;&nbsp; 1173125 | &nbsp;&nbsp;&nbsp; 3750 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $1446 |

---

---

| | | |
|:---|:---|:---|
| ETF | - Exchange-Traded Fund | - Exchange-Traded Fund |
| CLO | - Collateralized Loan Obligation | - Collateralized Loan Obligation |
| LLC | - Limited Liability Company | - Limited Liability Company |
| PLC | - Public Limited Company | - Public Limited Company |
| H15T5Y | &nbsp;&nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate T Note Constant Maturity 5 Year | &nbsp;&nbsp;&nbsp;&nbsp;US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | &nbsp;&nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month | &nbsp;&nbsp;&nbsp;&nbsp;ICE LIBOR USD 3 Month |

---

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $1,787,497 or 3.9% of net assets.

<sup>(c)</sup> Zero coupon bond.

<sup>(d)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

## 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 Dynamic Fixed Income ETF

- **b. EDGAR series identifier (if any):** S000067046

- **c. LEI of Series:** 549300VHKKYOY2E08R40

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

- **a. Date of fiscal year-end:** 2026-07-31

- **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:** $46145159.57

**Total Liabilities:** $62718.77

**Net Assets:** $46082440.80

**Cash Not Reported:** $269101.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000215717 | 0.99%                | 0.83%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $360301.87                                 |
| Month 2  | $-18586.21               | $293745.75                                 |
| Month 3  | $-382086.63              | $424307.97                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ally Financial Inc.                   | ALLY 4.7 PERP           | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294242.10    | 0.64%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                    | ARCC 5 1/2 09/01/30     | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302350.89    | 0.66%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| iShares Trust                         | ISHARES 7-10 YEA        | CUSIP: 464287440<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     65882 | NS      | $6380671.70   | 13.85%            |  |  |  | No            |                  1 | On Loan: No      |
| United Air Lines, Inc.                | UAL 4 5/8 04/15/29      | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297313.41    | 0.65%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC         | F 5.8 03/08/29          | CUSIP: 345397E58<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203508.08    | 0.44%             | 2029-03-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.            | CZR 4 5/8 10/15/29      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188270.72    | 0.41%             | 2029-10-15      | Fixed         | 4.62%                 | 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        |    200000 | PA      | $192921.54    | 0.42%             | 2081-10-27      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PENN Entertainment Inc                | PENN 4 1/8 07/01/29     | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $186428.76    | 0.40%             | 2029-07-01      | Fixed         | 4.12%                 | 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        |    200000 | PA      | $199002.54    | 0.43%             | 2029-09-13      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Janus Detroit Street Trust            | JAN HEND AAA CLO        | CUSIP: 47103U845<br>LEI: 5493003MM7OCK5UJW595 | Long             | EC               | RF                | US        |     90085 | NS      | $4570912.90   | 9.92%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                  | MTB 3 1/2 PERP          | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289964.43    | 0.63%             | 2173-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| iShares Trust                         | ISHARES US TREAS        | CUSIP: 46429B267<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    243940 | NS      | $5659408.00   | 12.28%            |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Corporation         | OMF 5 3/8 11/15/29      | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198578.52    | 0.43%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Brightstar Lottery PLC                | IGT 5 1/4 01/15/29      | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199558.34    | 0.43%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                | US 10YR NOTE (CBT)Dec25 | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        10 | NC      | $156.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                      | DUK 3 1/4 01/15/2082    | CUSIP: 26441CBP9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289488.93    | 0.63%             | 2082-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                | US 5YR NOTE (CBT) Dec25 | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        19 | NC      | $-1335.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Univision Communications Inc.         | UVN 4 1/2 05/01/29      | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188073.24    | 0.41%             | 2029-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                | US 2YR NOTE (CBT) Dec25 | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |         6 | NC      | $-1124.99     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                | US LONG BOND(CBT) Dec25 | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        10 | NC      | $3750.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Financial Company  Inc | GM 5.7 PERP             | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100463.20    | 0.22%             | 2069-03-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                 | BAC 4 3/8 PERP          | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295703.85    | 0.64%             | 2174-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills          | B 03/05/26              | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2750000 | PA      | $2715205.85   | 5.89%             | 2026-03-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| iShares Trust                         | ISHARES MBS ETF         | CUSIP: 464288588<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     82574 | NS      | $7889945.70   | 17.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Bain Capital Specialty Finance Inc    | BCSF 5.95 03/15/30      | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299023.22    | 0.65%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.     | LNW 7 1/2 09/01/31      | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    175000 | PA      | $181781.60    | 0.39%             | 2031-09-01      | Fixed         | 7.50%                 | Yes           |                  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        |    300000 | PA      | $292151.49    | 0.63%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                         | USB 5.3 PERP            | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200297.60    | 0.43%             | 2049-12-29      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                   | RRR 4 1/2 02/15/28      | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172107.86    | 0.37%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| iShares Trust                         | ISHARES IBOXX IN        | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     74823 | NS      | $8322562.29   | 18.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Aramark Services, Inc.                | ARMK 5 02/01/28         | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174960.88    | 0.38%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Janus Detroit Street Trust            | JANUS HEN B CL E        | CUSIP: 47103U753<br>LEI: 5493003MM7OCK5UJW595 | Long             | EC               | RF                | US        |     92565 | NS      | $4461633.00   | 9.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                        | C 4.15 PERP             | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196754.12    | 0.43%             | 2170-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund       | BXSL 5.3 06/30/30       | CUSIP: 09261XAK8<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300467.03    | 0.65%             | 2030-06-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.     | PNC 3.4 PERP            | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    275000 | PA      | $267383.30    | 0.58%             | 2172-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                         | ENBCN 6 1/4 03/01/78    | CUSIP: 29250NAW5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $303531.60    | 0.66%             | 2078-03-01      | Fixed         | 6.25%                 | 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