ARMSTRONG WORLD INDUSTRIE

0001752724-23-297481.txt : 20231229 0001752724-23-297481.hdr.sgml : 20231229 20231229112200 ACCESSION NUMBER: 0001752724-23-297481 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231031 FILED AS OF DATE: 20231229 DATE AS OF CHANGE: 20231229 PERIOD START: 20240731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Two Roads Shared Trust CENTRAL INDEX KEY: 0001552947 ORGANIZATION NAME: IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22718 FILM NUMBER: 231525541 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

0001552947 S000079253 Hunter Small Cap Value Fund

C000240224 Hunter Small Cap Value Fund Class I HSCVX

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KXMRXXOJ88Q45Y45MG74 ARMSTRONG WORLD INDUSTRIE 04247X102 5900.00000000 NS USD 447751.00000000 1.935479690806 Long EC CORP US N 1 N N N Equity Commonwealth 549300YPGVU9PR4L0606 EQUITY COMMONWEA 294628102 12175.00000000 NS USD 230594.50000000 0.996783863267 Long EC CORP US N 1 N N N ESAB Corp. 549300ZNV0SWBXEIWT04 ESAB CORP 29605J106 6550.00000000 NS USD 414615.00000000 1.792243706890 Long EC CORP US N 1 N N N SouthState Corp. 549300JZUANXM0YQ4W53 SOUTHSTATE CORP 840441109 5125.00000000 NS USD 338762.50000000 1.464358401783 Long EC CORP US N 1 N N N Lazard Ltd. 254900RIBCDJSUFG1A11 LAZARD LTD-CL A G54050102 14250.00000000 NS USD 395722.50000000 1.710577669162 Long EC CORP BM N 1 N N N Wiley John & Sons Inc. 5493003XM719UN7E8P64 WILEY JOHN&SON-A 968223206 7625.00000000 NS USD 230808.75000000 0.997709995255 Long EC CORP US N 1 N N N Cohen & Steers Inc 549300XXIA338A0X2K65 COHEN & STEERS 19247A100 8250.00000000 NS USD 430980.00000000 1.862984196894 Long EC CORP US N 1 N N N QuidelOrtho Corp 549300YU8CMO9HF53113 QUIDELORTHO CORP 219798105 6050.00000000 NS USD 369534.00000000 1.597373433141 Long EC CORP US N 1 N N N Jones Lang LaSalle Incorporated 6SYKCME112RT8TQUO411 JONES LANG LASAL 48020Q107 1805.00000000 NS USD 230895.60000000 0.998085419120 Long EC CORP US N 1 N N N Core & Main Inc N/A CORE & MAIN IN-A 21874C102 10000.00000000 NS USD 300800.00000000 1.300259052452 Long EC CORP US N 1 N N N Pinnacle Financial Partners Inc 54930098EZ8JMSAZGS24 PINNACLE FINL 72346Q104 5875.00000000 NS USD 366365.00000000 1.583674892791 Long EC CORP US N 1 N N N Generac Holdings Inc. 529900S2H2AHJHSFFI84 GENERAC HOLDINGS 368736104 3650.00000000 NS USD 306855.50000000 1.326434978955 Long EC CORP US N 1 N N N Prosperity Bancshares Inc N/A PROSPERITY BNCSH 743606105 6875.00000000 NS USD 374962.50000000 1.620839045728 Long EC CORP US N 1 N N N UMH Properties Inc 529900OM5K3PJ11F0Q09 UMH PROPERTIES I 903002103 34275.00000000 NS USD 473337.75000000 2.046082760322 Long EC CORP US N 1 N N N Vishay Intertechnology, Inc. 5493009O8F3QQJTCQR75 VISHAY INTERTECH 928298108 13800.00000000 NS USD 306912.00000000 1.326679209794 Long EC CORP US N 1 N N N Magnolia Oil & Gas Corporation N/A MAGNOLIA OIL & GAS CORP 559663109 33280.00000000 NS USD 747136.00000000 3.229622165602 Long EC CORP US N 1 N N N Mercury Systems Inc 549300P3B84SGK7HH679 MERCURY SYSTEMS 589378108 12275.00000000 NS USD 441654.50000000 1.909126534844 Long EC CORP US N 1 N N N Encore Wire Corp N/A ENCORE WIRE 292562105 3750.00000000 NS USD 670612.50000000 2.898836349111 Long EC CORP US N 1 N N N Black Hills Corporation 3MGELCRSTNSAMJ962671 BLACK HILLS CORP 092113109 13450.00000000 NS USD 650307.50000000 2.811064540401 Long EC CORP US N 1 N N N Ensign Group Inc 5493003K4HEEA8Q0BC72 ENSIGN GROUP INC 29358P101 5975.00000000 NS USD 577185.00000000 2.494980123636 Long EC CORP US N 1 N N N AXIS Capital Holdings Limited N/A AXIS CAPITAL HOLDINGS LTD G0692U109 10550.00000000 NS USD 602405.00000000 2.603997854031 Long EC CORP BM N 1 N N N Onto Innovation Inc. 254900RXZVN73CHOO062 ONTO INNOVATION 683344105 3800.00000000 NS USD 427006.00000000 1.845805907418 Long EC CORP US N 1 N N N Middleby Corp. JDFO86U9VQRBKW5KYA35 MIDDLEBY CORP 596278101 2025.00000000 NS USD 228561.75000000 0.987996956389 Long EC CORP US N 1 N N N Coherent Corp 549300O5C25A0MMHHU33 COHERENT CORP 19247G107 11500.00000000 NS USD 340400.00000000 1.471436773453 Long EC CORP US N 1 N N N Sanfilippo(John B) 5299007IBEYVXKYDUX28 JOHN B SANFILIPP 800422107 7650.00000000 NS USD 782289.00000000 3.381576974348 Long EC CORP US N 1 N N N Boot Barn Holdings Inc 529900QE1BFMYA3N4E71 BOOT BARN HOLDIN 099406100 4700.00000000 NS USD 326650.00000000 1.412000064772 Long EC CORP US N 1 N N N Independence Realty Trust Inc 549300Z3L8NU44NQEB29 INDEPENDENCE REA 45378A106 19862.00000000 NS USD 246090.18000000 1.063766570028 Long EC CORP US N 1 N N N Simpson Manufacturing Co Inc. 529900EJUNNL15LZ8056 SIMPSON MFG 829073105 2625.00000000 NS USD 349597.50000000 1.511194528223 Long EC CORP US N 1 N N N Globus Med Inc 5299003M2P4CIK0RF205 GLOBUS MEDICAL I 379577208 3450.00000000 NS USD 157699.50000000 0.681682853863 Long EC CORP US N 1 N N N Littelfuse Inc. 549300MY7HLQFYTPCX75 LITTELFUSE INC 537008104 1890.00000000 NS USD 409506.30000000 1.770160484080 Long EC CORP US N 1 N N N The Hanover Insurance Group, Inc. JJYR6MFKFF6CF8DBZ078 HANOVER INSURANC 410867105 5875.00000000 NS USD 688608.75000000 2.976628194100 Long EC CORP US N 1 N N N Ziff Davis Inc 5493008OJYGLHD7MXA18 ZIFF DAVIS INC 48123V102 3700.00000000 NS USD 223702.00000000 0.966989862206 Long EC CORP US N 1 N N N Cavco Industries N/A CAVCO INDUSTRIES 149568107 1075.00000000 NS USD 268223.25000000 1.159440521578 Long EC CORP US N 1 N N N Avid Technology Inc. 549300PQGW3DXKJTQ914 AVID TECHNOLOGY INC 05367P100 18375.00000000 NS USD 496492.50000000 2.146173097073 Long EC CORP US N 1 N N N Wintrust Financial Corporation Q774KI4AW80FHFW33O61 WINTRUST FINL 97650W108 3850.00000000 NS USD 287556.50000000 1.243011775985 Long EC CORP US N 1 N N N National Storage Affiliates Trust N/A NATIONAL STORAGE 637870106 10375.00000000 NS USD 295895.00000000 1.279056357464 Long EC CORP US N 1 N N N Marcus & Millichap Inc 549300B2HE8ULXNB1N48 MARCUS & MILLICH 566324109 13175.00000000 NS USD 378122.50000000 1.634498682051 Long EC CORP US N 1 N N N Envista Holdings Corporation 549300BX623VURJZ5269 ENVISTA HOLDINGS CORP 29415F104 22875.00000000 NS USD 532301.25000000 2.300962496490 Long EC CORP US N 1 N N N Graphic Packaging Holding Company N/A GRAPHIC PACKAGIN 388689101 39475.00000000 NS USD 849107.25000000 3.670410200517 Long EC CORP US N 1 N N N Gladstone Land Corp. 54930002B3Q17H38FG74 GLADSTONE LAND C 376549101 34975.00000000 NS USD 477758.50000000 2.065192202497 Long EC CORP US N 1 N N N First Community Corporation 549300TC167ECI9SMC70 FIRST COMTY CORP 319835104 19800.00000000 NS USD 350460.00000000 1.514922830859 Long EC CORP US N 1 N N N Gentex Corp 549300S3UD8XV1MN0287 GENTEX CORP 371901109 14600.00000000 NS USD 418728.00000000 1.810022847457 Long EC CORP US N 1 N N N Matador Resources Company 549300CI3Q2UUK5R4G79 MATADOR RESOURCE 576485205 8775.00000000 NS USD 541329.75000000 2.339989720077 Long EC CORP US N 1 N N N First American Funds Inc. 549300J5J5SJCZ9IA369 FIRST AM-TR OB-X 31846V328 4008269.53000000 PA USD 4008269.53000000 17.32642533594 Long STIV RF US N 1 N N N Elme Communities 549300DI34BGS8LVKW95 ELME COMMUNITIES 939653101 18000.00000000 NS USD 229680.00000000 0.992830781806 Long EC CORP US N 1 N N N BlueLinx Holdings Inc. 549300YSX7GU28F5I540 BLUELINX HOLDINGS INC 09624H208 5747.00000000 NS USD 408669.17000000 1.766541847575 Long EC CORP US N 1 N N N AMN Healthcare Services Inc 529900W3ARRTCNFH2I39 AMN HEALTHCARE 001744101 6850.00000000 NS USD 519641.00000000 2.246236417139 Long EC CORP US N 1 N N N Grupo Aeroportuario del Centro Norte S.A.B. de C.V. 529900HUSBARAFSXJ605 GRUPO AEROPO-ADR 400501102 6275.00000000 NS USD 383841.75000000 1.659221110860 Long EC CORP MX N 1 N N N Levi Strauss & Co. MB0UERO0RDFKU8258G77 LEVI STRAUSS & CO- CLASS 52736R102 16250.00000000 NS USD 222137.50000000 0.960227045426 Long EC CORP US N 1 N N N Old Second Bancorp Inc. 549300XVJC1MPUT81C04 OLD SECOND BNCRP 680277100 23150.00000000 NS USD 313914.00000000 1.356946543190 Long EC CORP US N 1 N N N Columbia Banking System Inc. N/A COLUMBIA BANKING 197236102 9000.00000000 NS USD 177030.00000000 0.765242220929 Long EC CORP US N 1 N N N Academy Sports and Outdoors Inc N/A ACADEMY SPORTS & 00402L107 9800.00000000 NS USD 439432.00000000 1.899519401387 Long EC CORP US N 1 N N N Hancock Whitney Corporation 549300GRNBWY8HIICT41 HANCOCK WHITNEY 410120109 5050.00000000 NS USD 173871.50000000 0.751589068612 Long EC CORP US N 1 N N N 2023-11-28 Two Roads Shared Trust Laura Szalyga Laura Szalyga Treasurer XXXX NPORT-EX 2 hunternportex.htm HUNTER 10.31.23

HUNTER SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
October 31, 2023

Shares		Fair Value
	COMMON STOCKS — 90.2%
	AEROSPACE & DEFENSE - 1.9%
12,275	Mercury Systems, Inc.^(a)	$ 441,655

	APPAREL & TEXTILE PRODUCTS - 1.0%
16,250	Levi Strauss & Company, Class A	222,138

	ASSET MANAGEMENT - 1.9%
8,250	Cohen & Steers, Inc.	430,980

	AUTOMOTIVE - 1.8%
14,600	Gentex Corporation	418,728

	BANKING - 10.3%
9,000	Columbia Banking System, Inc.	177,030
19,800	First Community Corporation	350,459
5,050	Hancock Whitney Corporation	173,872
23,150	Old Second Bancorp, Inc.	313,914
5,875	Pinnacle Financial Partners, Inc.	366,364
6,875	Prosperity Bancshares, Inc.	374,962
5,125	SouthState Corporation	338,763
3,850	Wintrust Financial Corporation	287,557
		2,382,921
	COMMERCIAL SUPPORT SERVICES - 2.2%
6,850	AMN Healthcare Services, Inc.^(a)	519,641

	CONSTRUCTION MATERIALS - 1.5%
2,625	Simpson Manufacturing Company, Inc.	349,598

	CONTAINERS & PACKAGING - 3.7%
39,475	Graphic Packaging Holding Company	849,106

HUNTER SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2023

Shares		Fair Value
	COMMON STOCKS — 90.2% (Continued)
	ELECTRIC UTILITIES - 2.8%
13,450	Black Hills Corporation	$ 650,308

	ELECTRICAL EQUIPMENT - 3.1%
3,650	Generac Holdings, Inc.^(a)	306,856
1,890	Littelfuse, Inc.	409,505
		716,361
	FOOD - 3.4%
7,650	John B Sanfilippo & Son, Inc.	782,289

	HEALTH CARE FACILITIES & SERVICES - 2.5%
5,975	Ensign Group, Inc. (The)	577,185

	HOME CONSTRUCTION - 3.1%
5,900	Armstrong World Industries, Inc.	447,751
1,075	Cavco Industries, Inc.^(a)	268,223
		715,974
	INDUSTRIAL SUPPORT SERVICES - 1.3%
10,000	Core & Main, Inc.^(a)	300,800

	INSTITUTIONAL FINANCIAL SERVICES - 1.7%
14,250	Lazard Ltd., Class A	395,723

	INSURANCE - 5.6%
10,550	Axis Capital Holdings Ltd.	602,405
5,875	Hanover Insurance Group, Inc. (The)	688,608
		1,291,013
	MACHINERY - 2.8%
6,550	Esab Corporation	414,615
2,025	Middleby Corporation (The)^(a)	228,562
		643,177
	MEDICAL EQUIPMENT & DEVICES - 4.6%
22,875	Envista Holdings Corporation^(a)	532,301
3,450	Globus Medical, Inc., Class A^(a)	157,700
6,050	QuidelOrtho Corporation^(a)	369,534

HUNTER SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2023

Shares		Fair Value
	COMMON STOCKS — 90.2% (Continued)
	MEDICAL EQUIPMENT & DEVICES - 4.6% (Continued)
		$ 1,059,535
	METALS & MINING - 2.9%
3,750	Encore Wire Corporation	670,613

	MULTI ASSET CLASS REIT - 1.0%
18,000	Elme Communities	229,680

	OFFICE REIT - 1.0%
12,175	Equity Commonwealth	230,595

	OIL & GAS PRODUCERS - 5.6%
33,280	Magnolia Oil & Gas Corporation, Class A	747,136
8,775	Matador Resources Company	541,330
		1,288,466
	REAL ESTATE SERVICES - 2.6%
1,805	Jones Lang LaSalle, Inc.^(a)	230,896
13,175	Marcus & Millichap, Inc.	378,122
		609,018
	RESIDENTIAL REIT - 3.1%
19,862	Independence Realty Trust, Inc.	246,090
34,275	UMH Properties, Inc.	473,338
		719,428
	RETAIL - DISCRETIONARY - 5.0%
9,800	Academy Sports & Outdoors, Inc.	439,432
5,747	BlueLinx Holdings, Inc.^(a)	408,669
4,700	Boot Barn Holdings, Inc.^(a)	326,650
		1,174,751
	SELF-STORAGE REIT - 1.3%
10,375	National Storage Affiliates Trust	295,895

	SEMICONDUCTORS - 4.7%
11,500	Coherent Corporation^(a)	340,400
3,800	Onto Innovation, Inc.^(a)	427,005
13,800	Vishay Intertechnology, Inc.	306,912

HUNTER SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2023

Shares		Fair Value
	COMMON STOCKS — 90.2% (Continued)
	SEMICONDUCTORS - 4.7% (Continued)
		$ 1,074,317
	SOFTWARE - 3.1%
18,375	Avid Technology, Inc.^(a)
3,700	Ziff Davis, Inc.^(a)	496,493 223,702
		720,195
	SPECIALTY REIT - 2.0%
34,975	Gladstone Land Corporation	477,758

	TECHNOLOGY SERVICES - 1.0%
7,625	John Wiley & Sons, Inc., Class A	230,809

	TRANSPORTATION & LOGISTICS - 1.7%
6,275	Grupo Aeroportuario del Centro Norte S.A.B. de - ADR	383,842

	TOTAL COMMON STOCKS (Cost $22,676,547)	20,852,499

	SHORT-TERM INVESTMENT — 17.3%
	MONEY MARKET FUND - 17.3%
4,008,270	First American Treasury Obligations Fund, Class X, 5.27% (Cost $4,008,270)^(b)	4,008,270

	TOTAL INVESTMENTS - 107.5% (Cost $26,684,817)	$ 24,860,769
	LIABILITIES IN EXCESS OF OTHER ASSETS - (7.5)%	(1,726,917)
	NET ASSETS - 100.0%	$ 23,133,852

	ADR		- American Depositary Receip
	LTD		- Limited Company
	REIT		- Real Estate Investment Trust

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of October 31, 2023