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UNITED\nSTATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM\nN-CSR

CERTIFIED\nSHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

\n \n \n \n

Investment\n Company Act file number

811-22718

\n \n \n \n \n

Two\n Roads Shared Trust

(Exact\n name of registrant as specified in charter)

\n \n \n \n \n \n \n

225\n Pictoria Drive, Suite 450, Cincinnati, Ohio	45246
(Address\n of principal executive offices)	(Zip\n code)

\n \n \n \n \n \n \n

The\n Corporation Trust Company

1209\n Orange Street, Wilmington, DE 19801

(Name\n and address of agent for service)

\n \n \n \n

Registrant’s\n telephone number, including area code:

631-490-4300

\n \n \n \n \n \n \n \n \n \n

Date\n of fiscal year end:	7/31

Date\n of reporting period:	7/31/26

Item\n1. Reports to Stockholders.

(a) Tailored\nShareholder Report

Hunter Small Cap Value Fund

Class I (HSCVX)

Annual Shareholder Report - July 31, 2026

$\"Image\"$

Fund Overview

This annual shareholder report contains important information about Hunter Small Cap Value Fund for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at https://www.hunterfunds.com/fund-documents. You can also request this information by contacting us at 1-833-835-1171. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$103	0.92%

How did the Fund perform during the reporting period?

In our third fiscal year, HSCVX delivered a strong absolute return of 24.6% net of fees. After two years of outperforming the Russell 2000 Value, the fund lagged the 40% return delivered by the benchmark. This is not uncommon for strategies our team has managed in the past. Historically we have performed well in down markets due to our focus on higher quality and more defensively-oriented securities. And we have lagged in significant up markets when lower quality companies often prevail. Over a full market cycle we believe we will outperform our benchmark by adhering to our high-quality, defensively-oriented approach.

Turning to attribution, we outperformed in the Information Technology, Utilities and Consumer Discretionary sectors. Given the 103% return in technology stocks in the benchmark, we were pleased to deliver a 180% return in the sector. This was in large part due to our significant investment in Tower Semiconductor, a stock that was up over 430%, along with two other investments that continue to benefit from increasing AI demand. In Utilities, our 28% return also outperformed the sector, as did our 23% return in consumer discretionary stocks.

In a historically strong year, it is also not atypical for us to lag the best performing sectors. Healthcare and energy were the 2nd and 3rd best performing sectors in the benchmark, trailing only technology. In healthcare, the volatile biotech sector was the best performing industry. We typically avoid biotech as the outcomes are often binary while earnings and cash flow are often negative. Energy is another sector our strategies typically underweight due to its commodity-like nature. While we would generally be satisfied with our healthcare and energy stocks delivering 37% and 27% returns in a typical year, this year it was not enough to keep up.

HCM continues to adhere to our time-tested process of looking for quality small cap stocks with solid balance sheets that are trading at attractive prices.

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

$\"Growth$

Table Summary
	Hunter Small Cap Value Fund	S&P 500^® Index	Russell 2000^® Value Index
Dec-2022	$100,000	$100,000	$100,000
Jul-2023	$111,400	$122,468	$112,511
Jul-2024	$129,232	$149,592	$130,154
Jul-2025	$125,076	$174,024	$124,599
Jul-2026	$155,793	$208,070	$175,106

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (December 28, 2022)
Hunter Small Cap Value Fund	24.56%	13.15%
S&P 500^® Index	19.56%	22.65%
Russell 2000^® Value Index\n	40.54%	16.89%

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. For updated performance call 1-833-835-1171.

Fund Statistics

Table Summary
Net Assets	$66,064,477
Number of Portfolio Holdings	61
Advisory Fee (net of waivers)	$288,901
Portfolio Turnover	33%

Asset Weighting (% of total investments)

$\"Group$

Table Summary
Value	Value
Common Stocks	93.6%
Money Market Funds	6.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

$\"Group$

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.9%
Communications	2.0%
Materials	3.0%
Utilities	3.9%
Consumer Staples	4.2%
Energy	4.9%
Real Estate	5.9%
Money Market Funds	6.5%
Health Care	9.1%
Consumer Discretionary	9.7%
Technology	9.8%
Industrials	18.8%
Financials	23.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Treasury Obligations Fund, Class X	6.5%
MSA Safety, Inc.	2.9%
ESAB Corporation	2.7%
Hanover Insurance Group, Inc. (The)	2.6%
Littelfuse, Inc.	2.6%
Prosperity Bancshares, Inc.	2.4%
First Community Corporation	2.4%
Black Hills Corporation	2.4%
John B Sanfilippo & Son, Inc.	2.4%
MarketAxess Holdings, Inc.	2.2%

Material Fund Changes

Effective December 1, 2025, the Fund reduced its operating expense limitation from 0.95% to 0.90% of the average daily net assets. This is a summary of certain changes to the Fund since December 1, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by November 30, 2026 at https://www.sec.gov/ or upon request at 1-833-835-1171.

$\"Image\"$

Hunter Small Cap Value Fund - Class I (HSCVX)

Annual Shareholder Report - July 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://www.hunterfunds.com/fund-documents), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 073126-HSCVX

(b) Not\napplicable

Item\n2. Code of Ethics.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(a)	The\n registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal\n executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,\n regardless of whether these individuals are employed by the registrant or a third party.

(b)	N/A

(c)	During\n the period covered by this report, there were no amendments to any provision of the code of ethics.

(d)	During\n the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e)	N/A

(f)	See\n Item 19(a)(1)

Item\n3. Audit Committee Financial Expert.

\n \n \n \n

(a)(1)\n The Registrant’s Board of Trustees has determined that Mark Gersten and Neil M. Kaufman are audit committee financial experts, as\n defined in Item 3 of Form N-CSR. Mr. Gersten and Mr. Kaufman are independent for purposes of this Item.

\n \n

(a)(2)\n Not applicable

\n \n

(a)(3)\n Not applicable

Item\n4. Principal Accountant Fees and Services.

\n \n \n \n

(a)

Audit\n Fees. The aggregate fees billed for the last fiscal year for professional services rendered by the registrant’s principal accountant\n for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection\n with statutory and regulatory filings or engagements for the fiscal year are as follows:

\n \n \n \n \n \n \n \n \n

	2026	$16,100
	2025	$16,100

\n \n \n \n \n \n \n \n \n \n

(b)	Audit-Related\n Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that\n are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph\n (a) of this item.

(c)	Tax\n Fees. The aggregate fees billed in the last fiscal year for professional services rendered by the principal accountant for tax compliance\n are as follows:

\n \n \n \n \n \n \n \n \n

	2026	$3,500
	2025	$3,200

Preparation\nof Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation\nof Federal excise tax returns.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)	All\n Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s\n principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years\n ended July 31, 2026, and July 31, 2025, respectively.

(e)(1)	The\n audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves\n on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)	There\n were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph\n (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not\n applicable

(g)	All\n non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended\n July 31, 2026, and July 31, 2025, respectively, are disclosed in (b)-(d) above. There were no audit or non-audit services performed by\n the registrant’s principal accountant for the registrant’s adviser.

(h)\n	Not\n applicable

(i)\n	Not\n applicable

(j)\n	Not\n applicable

Item\n5. Audit Committee of Listed Registrants.

Not\napplicable

Item\n6. Investments.

The\nRegistrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item\n7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Long\nForm Financial Statements

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Hunter\n Small Cap Value Fund

Class\n I HSCVX

ANNUAL\n FINANCIAL STATEMENTS and

ADDITIONAL\n INFORMATION

July\n 31, 2026

www.hunterfunds.com

1-833-835-1171

These\nfinancial statements and other information contained herein are submitted for the general information of shareholders and are not authorized\nfor distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing contained herein is to be\nconsidered an offer of sale or solicitation of an offer to buy shares of the Fund. Such offering is made only by a prospectus, which contains\ninformation about the Fund’s investment objective, risks, fees and expenses. Investors are reminded to read the Fund’s prospectus\ncarefully before investing in the Fund.

\n \n \n \n \n \n \n

HUNTER\n SMALL CAP VALUE FUND

SCHEDULE OF\n INVESTMENTS

July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Shares			Fair Value
		COMMON STOCKS — 94.4%
		AEROSPACE & DEFENSE - 0.4%
	3,030	Mercury\n Systems, Inc.^(a)		$	294,213

		APPAREL & TEXTILE PRODUCTS - 0.6%
	17,335	Levi Strauss & Company, Class A			425,054

		ASSET MANAGEMENT - 2.1%
	16,645	Cohen & Steers, Inc.			1,369,384

		AUTOMOTIVE - 3.3%
	3,275	Dorman Products, Inc.^(a)			436,099
	29,235	Gentex Corporation			682,930
	8,015	Lear Corporation			1,047,079
					2,166,108
		BANKING - 16.4%
	37,220	Columbia Banking System, Inc.			1,163,869
	46,170	First Community Corporation			1,577,167
	11,370	First Financial Bancorp			384,647
	10,675	Hancock Whitney Corporation			821,975
	33,285	Old Second Bancorp, Inc.			841,778
	10,890	Pinnacle Financial Partners, Inc.			1,145,955
	21,215	Prosperity Bancshares, Inc.			1,588,368
	35,455	Provident Financial Services, Inc.			875,029
	11,655	SouthState Bank Corporation			1,224,824
	8,000	Wintrust Financial Corporation			1,276,320
					10,899,932
		CHEMICALS - 1.3%
	5,355	Quaker Chemical Corporation			859,585

		CONSTRUCTION MATERIALS - 1.7%
	6,000	Simpson Manufacturing Company, Inc.			1,126,440

		E-COMMERCE DISCRETIONARY - 0.7%
	5,440	Etsy, Inc.^(a)			444,339

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

HUNTER\n SMALL CAP VALUE FUND

SCHEDULE OF\n INVESTMENTS (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 94.4% (Continued)
		ELECTRIC UTILITIES - 2.4%
	22,110	Black Hills Corporation		$	1,574,453

		ELECTRICAL EQUIPMENT - 3.8%
	4,000	Generac Holdings, Inc.^(a)			788,440
	3,902	Littelfuse, Inc.			1,725,191
					2,513,631
		ENGINEERING & CONSTRUCTION - 1.4%
	26,980	Tetra Tech, Inc.			894,657

		FOOD - 2.4%
	19,010	John B Sanfilippo & Son, Inc.			1,573,268

		GAS & WATER UTILITIES - 1.5%
	11,641	American States Water Company			996,935

		HEALTH CARE FACILITIES & SERVICES - 2.6%
	1,908	Chemed Corporation			1,015,533
	3,899	Ensign Group, Inc. (The)			694,646
					1,710,179
		HOME CONSTRUCTION - 4.3%
	4,610	Armstrong World Industries, Inc.			805,183
	2,380	Cavco Industries, Inc.^(a)			1,301,931
	10,930	Meritage Homes Corporation			767,286
					2,874,400
		HOUSEHOLD PRODUCTS - 1.8%
	47,610	Reynolds Consumer Products, Inc.			1,187,393

		INDUSTRIAL REIT - 1.1%
	11,460	First Industrial Realty Trust, Inc.			754,526

		INDUSTRIAL SUPPORT SERVICES - 1.3%
	19,510	Core & Main,\n Inc., Class A^(a)			857,855

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

HUNTER\n SMALL CAP VALUE FUND

SCHEDULE OF\n INVESTMENTS (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 94.4% (Continued)
		INSURANCE - 4.5%
	11,925	Axis Capital Holdings Ltd.		$	1,255,941
	7,580	Hanover Insurance Group, Inc. (The)			1,763,335
					3,019,276
		INTERNET MEDIA & SERVICES - 2.0%
	33,820	Match Group, Inc.			1,332,846

		MACHINERY - 10.1%
	19,095	Cactus, Inc., Class A			1,241,366
	16,795	Crane NXT Company			872,500
	20,695	ESAB Corporation			1,790,738
	6,478	Middleby Corporation (The)^(a)			865,331
	10,020	MSA Safety, Inc.			1,906,506
					6,676,441
		MEDICAL EQUIPMENT & DEVICES - 6.5%
	11,350	Globus Medical, Inc.^(a)			894,267
	17,090	Haemonetics Corporation^(a)			1,461,878
	24,730	Omnicell, Inc.^(a)			874,700
	7,690	Teleflex, Inc.			1,051,300
					4,282,145
		OIL & GAS PRODUCERS - 4.9%
	8,450	Chord Energy Corporation			1,186,210
	42,905	Magnolia Oil & Gas Corporation, Class A			1,103,088
	18,665	Matador Resources Company			931,197
					3,220,495
		REAL ESTATE SERVICES - 2.1%
	2,135	Jones Lang LaSalle, Inc.^(a)			757,989
	21,170	Marcus & Millichap, Inc.			650,978
					1,408,967
		RESIDENTIAL REIT - 2.7%
	27,900	Independence Realty Trust, Inc.			463,977
	84,045	UMH Properties, Inc.			1,269,920
					1,733,897

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

HUNTER\n SMALL CAP VALUE FUND

SCHEDULE OF\n INVESTMENTS (Continued)

July 31, 2026

Shares			Fair Value
		COMMON STOCKS — 94.4% (Continued)
		RETAIL - DISCRETIONARY - 0.8%
	10,490	Academy Sports & Outdoors, Inc.		$	497,751

		SEMICONDUCTORS - 3.0%
	6,003	Tower\n Semiconductor Ltd.^(a)			1,318,679
	20,195	Vishay Intertechnology, Inc.			691,073
					2,009,752
		TECHNOLOGY HARDWARE - 1.6%
	17,508	Dolby Laboratories, Inc., Class A			1,029,645

		TECHNOLOGY SERVICES - 5.2%
	3,285	FactSet Research Systems, Inc.			864,612
	9,045	MarketAxess Holdings, Inc.			1,468,004
	5,565	Morningstar, Inc.			1,071,652
					3,404,268
		TRANSPORTATION & LOGISTICS - 1.9%
	11,500	Grupo Aeroportuario del Centro Norte S.A.B.\n de C.V. - ADR			1,229,350

		TOTAL COMMON STOCKS (Cost\n $47,329,697)			62,367,185

		SHORT-TERM INVESTMENT — 6.5%
		MONEY MARKET FUND - 6.5%
	4,264,837	First\n American Treasury Obligations Fund, Class X, 3.59%^(b) (Cost $4,264,837)			4,264,837

		TOTAL INVESTMENTS - 100.9% (Cost $51,594,534)		$	66,632,022
		LIABILITIES IN EXCESS OF\n OTHER ASSETS - (0.9)%			(567,545	)
		NET ASSETS - 100.0%		$	66,064,477

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

HUNTER\n SMALL CAP VALUE FUND

SCHEDULE OF\n INVESTMENTS (Continued)

July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

ADR	-\n American Depositary Receipt

Ltd.	- Limited Company

REIT	- Real Estate\n Investment Trust

S.A.B de C.V.	- Sociedad Anónima\n Bursátil de Capital Variable

\n \n \n \n \n

^(a)

Non-income producing security.

\n \n \n \n

^(b)

Rate disclosed is seven day effective\n yield as of July 31, 2026.

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

Hunter\n Small Cap Value Fund

STATEMENT\n OF ASSETS AND LIABILITIES

July\n 31, 2026

ASSETS
Investment securities:
At cost	$	51,594,534
At fair value	$	66,632,022
Dividends and interest receivable		17,317
Prepaid expenses		37,557
TOTAL ASSETS		66,686,896

LIABILITIES
Payable for investments purchased		529,169
Investment advisory fees payable		23,247
Payable to related parties		42,616
Accrued expenses and other liabilities		27,387
TOTAL LIABILITIES		622,419
NET ASSETS	$	66,064,477

Net Assets Consist of:
Paid-in-Capital ($0 par value, unlimited shares authorized)	$	48,553,018
Accumulated Earnings		17,511,459
Net Assets	$	66,064,477

Net Asset Value Per Share:
Class I Shares:
Net Assets	$	66,064,477
Shares of beneficial interest outstanding		4,433,846
Net Asset Value (Net Assets÷Shares Outstanding),\n Offering and Redemption Price Per Share	$	14.90

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n

Hunter\n Small Cap Value Fund

STATEMENT\n OF OPERATIONS

For\n the Year Ended July 31, 2026

INVESTMENT INCOME
Dividends (net of $6,872 foreign withholding taxes)	$	1,045,293
Interest		139,875
TOTAL INVESTMENT INCOME		1,185,168

EXPENSES
Investment advisory fees		556,442
Administrative services fees		88,548
Transfer agent fees		31,477
Legal fees		28,004
Compliance officer fees		24,253
Audit fees		19,730
Trustees’ fees and expenses		19,002
Registration fees		14,927
Printing and postage expenses		10,363
Custodian fees		4,256
Insurance fees		3,568
Miscellaneous fees		3,541
TOTAL EXPENSES		804,111
Less: Fees waived by the Adviser		(267,541	)
NET EXPENSES		536,570

NET INVESTMENT INCOME		648,598

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments		3,401,819
Net change in unrealized appreciation (depreciation)\n on investments		8,902,927

NET REALIZED AND UNREALIZED\n GAIN ON INVESTMENTS		12,304,746

NET INCREASE IN NET ASSETS\n RESULTING FROM OPERATIONS	$	12,953,344

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n

Hunter\n Small Cap Value Fund

STATEMENTS\n OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	July 31, 2026			July 31, 2025

FROM OPERATIONS
Net investment income	$	648,598			$	483,887
Net realized gain (loss) on investments		3,401,819				(1,153,777	)
Net change in unrealized appreciation (depreciation)\n of investments		8,902,927				(1,014,589	)
Net increase (decrease) in net assets resulting\n from operations		12,953,344				(1,684,479	)

DISTRIBUTIONS TO SHAREHOLDERS
Distributions paid		(455,262	)			(1,377,501	)
Net decrease in net assets from distributions\n to shareholders		(455,262	)			(1,377,501	)

FROM SHARES OF BENEFICIAL INTEREST
Class I:
Proceeds from shares sold		1,008,505				1,847,960
Net asset value of shares issued in reinvestment of distributions		455,262				1,377,501
Cost of shares redeemed		(524,500	)			(569,607	)
Net increase in net assets from shares of beneficial\n interest		939,267				2,655,854

TOTAL INCREASE (DECREASE) IN NET ASSETS		13,437,349				(406,126	)

NET ASSETS
Beginning of Year		52,627,128				53,033,254
End of Year	$	66,064,477			$	52,627,128

SHARE ACTIVITY
Class I:
Shares Sold		74,492				152,856
Shares Reinvested		35,537				104,913
Shares Redeemed		(40,641	)			(45,072	)
Net increase in shares of beneficial interest\n outstanding		69,388				212,697

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n

Hunter\n Small Cap Value Fund - Class I

FINANCIAL\n HIGHLIGHTS

Per\nshare data and ratios for a share of beneficial interest outstanding throughout each period presented.

	For the			For the			For the		For the
	Year Ended			Year Ended			Year Ended		Period Ended
	July 31, 2026			July 31, 2025			July 31, 2024		July 31, 2023*
Net Asset Value, Beginning of Period	$	12.06			$	12.77		$	11.14		$	10.00
Increase From Operations:
Net investment income (a)		0.15				0.11			0.10			0.08
Net gain (loss) from investments (both realized\n and unrealized)		2.79				(0.50	)		1.66			1.06
Total from operations		2.94				(0.39	)		1.76			1.14
Less Distributions:
From net investment income		(0.10	)			(0.07	)		(0.06	)		—
From net realized gains on investments		—				(0.25	)		(0.07	)		—
Total Distributions		(0.10	)			(0.32	)		(0.13	)		—
Net Asset Value, End of Period	$	14.90			$	12.06		$	12.77		$	11.14
Total Return (b)		24.56	%			(3.22	)%		16.01	%		11.40	% (c)
Net assets, end of period (in 000’s)	$	66,064			$	52,627		$	53,033		$	25,763
Ratios/Supplemental Data
Ratio of gross expenses to average net assets (d)		1.37	%			1.36	%		1.67	%		2.34	% (e)
Ratio of net expenses to average net assets		0.92	% (g)			0.95	%		1.02	% (f)		1.25	% (e)
Ratio of net investment income to average net assets		1.11	%			0.92	%		0.86	%		1.23	% (e)
Portfolio turnover rate		33	%			33	%		39	%		29	% (c)

\n \n \n \n

Hunter Small Cap Value Fund commenced\n operations on December 28, 2022.

\n \n \n \n

(a)

Per share amounts are calculated\n using the average shares method, which more appropriately presents the per share data for the period.

\n \n \n \n

(b)

Total returns are historical in nature\n and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion\n of Fund expenses, total returns would have been lower.

\n \n \n \n

(c)

Not annualized.

\n \n \n \n

(d)

Represents the ratio of expenses\n to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

\n \n \n \n

(e)

Annualized.

\n \n \n \n

(f)

Effective December 1, 2023, the operating\n expense limitation was reduced to 0.95% from 1.25%.

\n \n \n \n

(g)

Effective December 1, 2025, the operating\n expense limitation was reduced to 0.90% from 0.95%.

The\naccompanying notes are an integral part of these financial statements.

Hunter\nSmall Cap Value Fund
NOTES TO FINANCIAL STATEMENTS
July 31, 2026

\n \n \n \n

ORGANIZATION

Hunter\nSmall Cap Value Fund (the “Fund”) is a series of shares of beneficial interest of the Two Roads Shared Trust (the “Trust”),\na statutory trust organized under the laws of the State of Delaware on June 8, 2012, and is registered under the Investment Company Act\nof 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. The Fund commenced investment\noperations on December 28, 2022. The investment objective is to seek capital appreciation. The Fund currently offers Class I shares.

\n \n \n \n

SUMMARY OF SIGNIFICANT ACCOUNTING\n POLICIES

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

Operating\nSegments – The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (“Topic 280”) - Improvements\nto Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and\ndid not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a\ncomponent of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating\nresults that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about\nresources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised\nof the Fund’s portfolio managers and chief financial officer of the Trust. The Fund operates as a single operating segment. The Fund’s\nincome, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole\nby the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial\nhighlights.

Security\nValuation – Securities listed on an exchange are valued at the last quoted sale price at the close of the regular trading session\nof the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official\nClosing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day\nof valuation. Short-term debt obligations, excluding U.S. Treasury Bills, having 60 days or less remaining until maturity, at time of\npurchase, may be valued at amortized cost. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign)\nand for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence\nof a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange\nmay be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing\nsecurities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

Valuation\nof Underlying Funds – The Fund may invest in open-end or closed-end investment companies (the “Underlying Funds”).\nThe Underlying Funds value securities in their funds for which market quotations are readily available at their market values (generally\nthe last reported sale price) and all other securities and assets at their fair value to the methods approved by the boards of directors\nof the Underlying Funds. As of July 31, 2026, the Fund did not hold any closed-end investment companies.

Open-end\nfunds are valued at their respective net asset values (“NAV”) as reported by such investment companies. The shares of many closed-end\ninvestment companies, after their initial public offering, frequently trade at a price per share, which is different than the NAV per\nshare. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount\nor premium on shares of any closed-end investment company purchased by the Fund will not change.

Hunter\nSmall Cap Value Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2026

The\nFund may hold securities for which market quotations are not readily available or are determined to be unreliable. These securities are\nvalued using the “fair value” procedures approved by the Board of Trustees of the Trust (the “Board”). The Board has\nappointed the Fund’s adviser as its valuation designee (the “Valuation Designee”) for all fair value determinations and\nresponsibilities, other than overseeing pricing service providers used by the Trust, including the Fund. This designation is subject to\nBoard oversight and certain reporting and other requirements designed to facilitate the Board’s ability effectively to oversee the\ndesignee’s fair value determinations. The Valuation Designee may also enlist third party consultants such as a valuation specialist\nat a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation\nDesignee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies\nutilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures\napproved by the Board.

Fair\nValuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures approved\nby the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations\nare insufficient or not readily available on a particular business day (including securities for which there is a short and temporary\nlapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee,\nthe prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make\nsuch a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid\nand asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities\nmarkets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect\nto which an event that affects the value thereof has occurred (a “significant event”) since the closing prices were established\non the principal exchange on which they are traded, but prior to the Fund’s calculation of its NAV. Specifically, interests in commodity\npools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other\nasset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities\nare valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with\nthe facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances).\nIf a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the\nfair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and\nnature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase\nand subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of\nrestrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares\nto similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities;\n(ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which\nthe security is convertible or exchangeable.

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

Level\n1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level\n2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly\nor indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,\ninterest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level\n3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing\nthe Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based\non the best information available.

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

Hunter\nSmall Cap Value Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2026

The\ninputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,\nthe level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest\nlevel input that is significant to the fair value measurement in its entirety.

The\ninputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.\nThe following table summarizes the inputs used as of July 31, 2026 for the Fund’s investments measured at fair value:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Assets*	Level 1		Level 2			Level 3		Total
Common\n Stocks	$	62,367,185		$	—		$	—	$	62,367,185
Money Market Fund		4,264,837			—			—		4,264,837
Total Assets	$	66,632,022		$	—		$	—	$	66,632,022

\n \n \n \n

Please refer to the Fund’s Schedule\n of Investments for industry classifications.

The\nFund did not hold any Level 3 securities during the year.

Security\nTransactions and Related Income – Security transactions are accounted for on a trade date basis. Interest income is recognized\non an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities.\nDividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the\nidentified cost of the security lot sold with the net sales proceeds.

The\nFund may invest in real estate investment trusts (“REITs”) that pay distributions to their shareholders based on available funds\nfrom operations. It is common for these distributions to exceed the REITs’ taxable earnings and profits resulting in the excess portion\nof such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income\nand, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs.

Dividends\nand Distributions to Shareholders – Distributions from net investment income and net realized capital gains, if any, are declared\nand paid annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date\nand determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are\nconsidered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences\nare permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment;\ntemporary differences do not require reclassification.

Federal\nIncome Tax – The Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated\ninvestment companies and to distribute all its taxable income to shareholders. Therefore, no provision for federal income tax is required.

The\nFund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained\nassuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for\nunrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended July 31,\n2023 through July 31, 2025 or expected to be taken in the Fund’s July 31, 2026 year-end tax return.

The\nFund identified its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments.\nThe Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statement of Operations.\nDuring the year ended July 31, 2026, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for\nwhich it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Hunter\nSmall Cap Value Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2026

Expenses\n– Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are\nnot readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature\nand type of expense and the relative sizes of the funds in the Trust.

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

\n \n \n \n \n

PRINCIPAL INVESTMENT RISKS

The\nFund’s Principal investments in securities and financial instruments expose it to various risks certain of which are discussed below.\nPlease refer to the Fund’s prospectus and statement of additional information for further information regarding the risks associated\nwith the Fund’s investments which include but are not limited to cash positions risk, cybersecurity risk, equity securities risk,\nfinancial sectors risk, foreign (non-US) investment risk, gap risk, geographic risk, IPO risk, issuer-specific risk, large shareholder\ntransactions risk, liquidity risk, management risk, market events risk, market risk, money market fund risk, micro-cap companies risk,\nnew fund risk, portfolio turnover risk, sector risk, securities lending risk, small cap companies risk, underlying funds risk, U.S. government\nsecurities risk, valuation risk, value-style investing risk and volatility risk.

Market\nRisk – Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to\nthe risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other\nfactors, which may negatively affect the Fund’s performance. Factors such as domestic and foreign (non-U.S.) economic growth and\nmarket conditions, real or perceived adverse economic or political conditions, military conflicts, acts of terrorism, social unrest, natural\ndisasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, tariffs, sanctions, the spread of infectious\nillness or other public health threats, lack of liquidity in the bond and other markets, volatility in the securities markets, adverse\ninvestor sentiment and political events affect the securities markets. U.S. and foreign stock markets have experienced periods of substantial\nprice volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value.\nA change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole.\nThe value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation\nincreases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions. When the value of the\nFund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

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

Market\nEvents Risk – There has been increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the\nfinancial markets during the past several years, including what was experienced in 2020. These conditions may continue, recur, worsen\nor spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have from time to time\ntaken steps to support financial markets. This and other government intervention may not work as intended, particularly if the efforts\nare perceived by investors as being unlikely to achieve the desired results.

Hunter\nSmall Cap Value Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2026

When\nthe U.S. government and the Federal Reserve reduce market support activities, including by increasing interest rates, such reductions\ncould negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which\nthe Fund invests. Policy and legislative changes in the United States and in other countries may also continue to contribute to decreased\nliquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications\nfor market participants, may not be fully known for some time.

Management\nRisk – The risk that investment strategies employed by the Fund’s adviser in selecting investments for the Fund may not\nresult in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar\ninvestment strategies. Management risk includes the risk that the quantitative model used by the Adviser may not perform as expected,\nparticularly in volatile markets.

Small\nCap Companies Risk – The Fund will invest in smaller issuers which are more volatile and less liquid than investments in issuers\nwith larger market capitalizations. Small market capitalization issuers are not as diversified in their business activities as issuers\nwith larger market capitalizations and are more susceptible to changes in the business cycle. The prices of securities of small market\ncapitalization issuers generally are more volatile, less liquid, and more likely to be adversely affected by poor economic or market conditions\nthan securities of larger companies. Small companies may have limited product lines, markets or financial resources, and they may be dependent\nupon a limited management group. Should a product fail, or if management changes, or if there are other adverse developments, the Fund’s\ninvestment in a small or mid-cap company may lose substantial value. In addition, small-cap companies may be particularly affected by\ninterest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in\nrepaying any loans.

The\nsmall capitalization equity securities in which the Fund invests may be traded only in the over-the-counter market or on a regional securities\nexchange, may be listed only on a quotation system and may not be traded every day or in the volume typical of trading on a national securities\nexchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization\nequity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The\nsale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount\nfrom market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient\nmarket for these securities may make them difficult to value.

Equity\nSecurities Risk – The stock (i.e., equity) market can be volatile. Equity securities are susceptible to general market fluctuations,\nvolatile increases and decreases in value as market confidence in and perceptions of their issuers change and unexpected trading activity\namong retail investors. The prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or\nto changing economic, political or market conditions.

Money\nMarket Fund Risk – The Fund may invest in money market mutual funds. An investment in a money market mutual fund is not insured\nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds that invest\nin U.S. government securities seek to preserve the value of the Fund’s investment at $1.00 per share, it is possible to lose money\nby investing in a stable NAV money market mutual fund. Moreover, SEC rules require prime money market mutual funds to use floating NAVs\nthat do not preserve the value of the Fund’s investment at $1.00 per share. These rule amendments may impact the Fund’s use\nof prime money market mutual funds for capital preservation purposes.

Sector\nRisk – If the Fund invests a significant portion of its total assets in certain issuers within the same economic sector, there\nis a risk that an adverse economic, business or political development or natural or other event, including war, terrorism, natural and\nenvironmental disasters, epidemics, pandemics and other public health crises, affecting that sector may affect the value of the Fund’s\ninvestments more than if the Fund’s investments were not so focused. While the Fund may not concentrate in any one industry, the\nFund may invest without limitation in a particular sector.

Hunter\nSmall Cap Value Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2026

Financials\nSector Risk – The financials sector includes companies in the banks, capital markets, diversified financials, and insurance\nindustry groups. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others,\nchanges in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit\nmarkets. The extent to which the Fund may invest in a company that engages in securities related activities or banking is limited by applicable\nlaw. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials\nsector as a whole, cannot be predicted. In recent years, cyber-attacks and technology malfunctions and failures have become increasingly\nfrequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

Value-Style\nInvesting Risk – Value securities, including those selected by the portfolio managers for the Fund, are subject to the risks\nthat their intrinsic value may never be realized by the market and that their prices may go down. In addition, value style investing may\nfall out of favor and underperform growth or other styles of investing during given periods. The Fund’s value discipline may result\nin a portfolio of stocks that differs materially from its illustrative index.

\n \n \n \n \n

INVESTMENT TRANSACTIONS

The\ncost of purchases and proceeds from the sale of securities, other than short-term investments, for the year ended July 31, 2026, amounted\nto $18,302,464 and $17,944,670, respectively.

\n \n \n \n

INVESTMENT ADVISORY AGREEMENT\n AND TRANSACTIONS WITH RELATED PARTIES

Advisory\nFees – Hunter Perkins Capital Management, LLC dba Hunter Capital Management serves as the Fund’s Investment Adviser (the\n“Adviser”). Pursuant to an Investment Advisory Agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight\nof the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided\nby others. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser an investment advisory\nfee, computed and accrued daily and paid monthly, at an annual rate of 0.95% of the Fund’s average daily net assets. For the year\nended July 31, 2026, the Adviser earned management fees of $556,442.

The\nAdviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund (the “Waiver Agreement”), until at least\nNovember 30, 2026, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end\nor contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend\nexpense on securities sold short), taxes, and extraordinary expenses such as litigation expenses) will not exceed 0.90% of the Fund’s\naverage daily net assets. Prior to December 1, 2025, the expense limitation was 0.95%. This agreement may be terminated by the Fund’s\nBoard of Trustees on 60 days’ written notice to the Adviser. These fee waivers and expense reimbursements are subject to possible\nrecoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed)\nif such recoupment can be achieved without exceeding the foregoing expense limits as well as any expense limitation in effect at the time\nthe waiver was made or the expense reimbursed.

If\nthe Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund’s operating expenses are subsequently\nless than 0.90% of average daily net assets, the Adviser shall be entitled to recoup from the Fund for such waived fees or reimbursed\nexpenses, provided that such recoupment does not cause the Fund’s expenses to exceed 0.90% (or, if lower, the expense limits in place\nat the time of recoupment). If the Fund’s operating expenses subsequently exceed 0.90% per annum of the average daily net assets,\nthe recoupments shall be suspended. During the year ended July 31, 2026, the Adviser waived fees and/or reimbursed expenses in the amount\nof $267,541 pursuant to the Waiver Agreement.

Hunter\nSmall Cap Value Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2026

As\nof July 31, 2026, the Adviser had $717,455 of waived and/or reimbursed expenses that may be recovered by the following:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

July 31, 2027			July 31, 2028			July 31, 2029
$	232,422			$	217,492			$	267,541

Northern\nLights Distributors, LLC (the “Distributor” or “NLD”) is the distributor for the shares of the Fund.

The\nDistributor acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s Class I shares.

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

Ultimus\nFund Solutions, LLC (“UFS”) – UFS, an affiliate of the Distributor, provides administration, fund accounting, and\ntransfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing\nadministration, fund accounting, and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and\nare not paid any fees directly by the Fund for serving in such capacities.

Northern\nLights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance\nOfficer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the\nterms of such agreement, NLCS receives customary fees from the Fund.

Blu\nGiant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing\nservices, as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives\ncustomary fees from the Fund.

\n \n \n \n

AGGREGATE UNREALIZED APPRECIATION\n AND DEPRECIATION – TAX BASIS

The\nidentified cost of investments in securities owned by the Fund for federal tax purposes and its respective gross unrealized appreciation\nand depreciation at July 31, 2026, was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Cost for Federal Tax purposes	$	51,767,873

Unrealized Appreciation		15,441,139
Unrealized Depreciation		(576,990	)
Tax Net Unrealized Appreciation	$	14,864,149

\n \n \n \n \n

CONTROL OWNERSHIP

The\nbeneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control\nof that fund, under Section 2(a)(9) of the 1940 Act. As of July 31, 2026, Charles Schwab & Co. held approximately 100.0% of the voting\nsecurities of the Fund for the benefit of others.

Hunter\nSmall Cap Value Fund
NOTES TO FINANCIAL STATEMENTS (Continued)
July 31, 2026

\n \n \n \n

DISTRIBUTIONS TO SHAREHOLDERS\n AND TAX COMPONENTS OF CAPITAL

The\ntax character of Fund distributions paid for the years ended July 31, 2026, and July 31, 2025, was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Fiscal Year Ended		Fiscal Year Ended
	July 31, 2026		July 31, 2025
Ordinary Income	$	455,262		$	364,459
Long-Term Capital Gain		—			1,013,042
Return of Capital		—			—
	$	455,262		$	1,377,501

As\nof July 31, 2026, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Undistributed		Undistributed			Capital Loss		Unrealized	Total
Ordinary		Long-Term			Carry		Appreciation/	Distributable Earnings/
Income		Gains			Forwards		(Depreciation)	(Accumulated Deficit)
$	639,909		$	2,007,401		$	—	$	14,864,149	$	17,511,459

The\ndifference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gains/(losses), and unrealized\nappreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales.

At\nJuly 31, 2026, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Short-Term			Long-Term			Total			CLCF Utilized
$	—			$	—			$	—			$	1,381,373

\n \n \n \n \n

SUBSEQUENT EVENTS

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

$\"(COHEN$

REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To\nthe Shareholders of Hunter Small Cap Value Fund and Board of

Trustees\nof Two Roads Shared Trust

Opinion\non the Financial Statements

We\nhave audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hunter Small Cap Value Fund\n(the “Fund”), a series of Two Roads Shared Trust, as of July 31, 2026, the related statement of operations for the year then\nended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for\neach of the years in the three-year period then ended and for the period December 28, 2022 (commencement of operations) through July 31,\n2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements\npresent fairly, in all material respects, the financial position of the Fund as of July 31, 2026, the results of its operations for the\nyear then ended, the changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each\nof the years in the three-year period then ended and for the period December 28, 2022 through July 31, 2023 in conformity with accounting\nprinciples generally accepted in the United States of America.

Basis\nfor Opinion

These\nfinancial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s\nfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities\nlaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain\nreasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or\nfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026,\nby correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We\nhave served as the Fund’s auditor since 2023.

$\"(SIGNATURE)\"$

COHEN\n& COMPANY, LTD.

Philadelphia,\nPennsylvania

September\n29, 2026

\n \n \n \n \n \n \n

COHEN\n & COMPANY, LTD.

Registered\n with the Public Company Accounting Oversight Board

800.229.1099\n I 866.818.4538\n fax I\n cohenco.com

Hunter\nSmall Cap Value Fund
ADDITIONAL INFORMATION (Unaudited)
July 31, 2026

Changes\nin and Disagreements with Accountants

There\nwere no changes in or disagreements with accountants during the period covered by this report.

Proxy\nDisclosures

Not\napplicable.

Remuneration\nPaid to Directors, Officers and Others

Refer\nto the financial statements included herein.

Statement\nRegarding Basis for Approval of Investment Advisory Agreement

Not\napplicable.

Proxy\nVoting Policy

Information\nregarding how the Fund votes proxies relating to portfolio securities for the 12 month period ended June 30, as well as a description\nof the policies and procedures that the Fund used to determine how to vote proxies, is available without charge, upon request, by calling\n1-833-835-1171 or by referring to the Securities and Exchange Commission’s website at http://www.sec.gov.

Item\n8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not\napplicable

Item\n9. Proxy Disclosures for Open-End Management Investment Companies.

Not\napplicable

Item\n10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included\nunder Item 7

Item\n11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included\nunder Item 7

Item\n12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not\napplicable

Item\n13. Portfolio Managers of Closed-End Management Investment Companies.

Not\napplicable

Item\n14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not\napplicable

Item\n15. Submission of Matters to a Vote of Security Holders.

None

Item\n16. Controls and Procedures

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

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

Item\n17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not\napplicable

Item\n18. Recovery of Erroneously Awarded Compensation.

(a) Not\napplicable

(b) Not\napplicable

Item\n19. Exhibits.

(a)(1)\nCode of Ethics for Principal Executive and Senior Financial Officers.

(a)(2)\tNot\napplicable

(a)(3)\tA\nseparate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)\nunder the Act (17 CFR 270.30a-2(a)):

Attached\nhereto. Exhibit 99. CERT

(a)(4)\nNot applicable

(b)\nCertifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

Attached\nhereto Exhibit 99.906CERT

SIGNATURES

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

Two\nRoads Shared Trust

\n \n \n \n \n \n \n \n \n \n \n \n

By	/s/\n James Colantino
James\n Colantino
Principal\n Executive Officer/President,
Date: 10/5/26

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

\n \n \n \n \n \n \n \n \n \n \n \n

By	/s/\n James Colantino
James\n Colantino
Principal\n Executive Officer/President
Date: 10/5/26

\n \n \n \n \n \n \n \n \n \n \n \n

By	/s/\n Laura Szalyga
Laura\n Szalyga
Principal\n Financial Officer/Treasurer
Date: 10/5/26

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