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    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001552947</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


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        <seriesId>S000059550</seriesId>
        <classId>C000195030</classId>
        <classId>C000195031</classId>
      </seriesClassInfo>

    </filerInfo>
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      <regFileNumber>811-22718</regFileNumber>
      <regCik>0001552947</regCik>
      <regLei>549300REHU8QC2CK4V30</regLei>
      <regStreet1>225 PICTORIA DRIVE</regStreet1>
      <regStreet2>SUITE 450</regStreet2>
      <regCity>CINCINNATI</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
      <regPhone>402-895-1600</regPhone>
      <seriesName>Redwood AlphaFactor Tactical International Fund</seriesName>
      <seriesId>S000059550</seriesId>
      <seriesLei>549300KZNRX88K80NH13</seriesLei>
      <repPdEnd>2026-10-31</repPdEnd>
      <repPdDate>2026-01-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>23189942.13</totLiabs>
      <netAssets>93552355.57</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>1889999.85000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
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        <monthlyTotReturns>
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        <monthlyReturnCats>
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            <mon3 netRealizedGain="-23620.98000000" netUnrealizedAppr="0.00000000"/>
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        <othMon3 netRealizedGain="279089.34000000" netUnrealizedAppr="1646500.45000000"/>
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      <mon3Flow redemption="9349815.96000000" reinvestment="0.00000000" sales="851851.19000000"/>

      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>MSCI/AC WORLD INDEX ex USA (Net)</nameDesignatedIndex>
          <indexIdentifier>899901N</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
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        <name>Ashtead Group PLC</name>
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        <title>ASHTEAD GROUP</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC</title>
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          <isin value="GB0007980591"/>
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        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC</title>
        <cusip>G0593M107</cusip>
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          <isin value="GB0009895292"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Natural Resources Limited</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>CAN NATURAL RES</title>
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        <identifiers>
          <isin value="CA1363851017"/>
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        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36163000"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Canadian Tire Corp Ltd.</name>
        <lei>549300RLHDA7VQYMUB14</lei>
        <title>Canadian Tire Corp Ltd</title>
        <cusip>136681202</cusip>
        <identifiers>
          <isin value="CA1366812024"/>
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        <currencyConditional curCd="CAD" exchangeRt="1.36163000"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Empire Co Ltd.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS INVESTOR TAX-EXE</name>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerConditional desc="money market fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Airbus SE</name>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>AP Moller-Maersk</name>
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        <title>AP MOLLER-B</title>
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        <currencyConditional curCd="DKK" exchangeRt="6.30030000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Wartsila Oyj Abp</name>
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        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Genmab As</name>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Continental AG</name>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Deutsche Post AG</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Verbund AG</name>
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        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Telenor ASA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Fresenius Medical Care AG</name>
        <lei>549300CP8NY40UP89Q40</lei>
        <title>FRESENIUS MEDICA</title>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Randstad N.V</name>
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        <title>RANDSTAD NV</title>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Endesa SA - Empresa Nacional Electricidad</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>ENDESA</title>
        <cusip>E41222113</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>MERCEDES-BENZ GR</title>
        <cusip>D1668R123</cusip>
        <identifiers>
          <isin value="DE0007100000"/>
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        <balance>14711.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>1008240.86000000</valUSD>
        <pctVal>1.077728993414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swisscom AG</name>
        <lei>5493005SL9HHOXS3B739</lei>
        <title>SWISSCOM AG-REG</title>
        <cusip>H8398N104</cusip>
        <identifiers>
          <isin value="CH0008742519"/>
        </identifiers>
        <balance>1344.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.77300000"/>
        <valUSD>1101454.08000000</valUSD>
        <pctVal>1.177366484562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>H and M Hennes and Mauritz AB</name>
        <lei>529900O5RR7R39FRDM42</lei>
        <title>HENNES &amp; MAURI-B</title>
        <cusip>W41422101</cusip>
        <identifiers>
          <isin value="SE0000106270"/>
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        <balance>50846.00000000</balance>
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        <valUSD>1017997.64000000</valUSD>
        <pctVal>1.088158212369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elisa OYJ</name>
        <lei>743700TU2S3DXWGU7H32</lei>
        <title>ELISA OYJ</title>
        <cusip>X1949T102</cusip>
        <identifiers>
          <isin value="FI0009007884"/>
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        <balance>21546.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>949536.72000000</valUSD>
        <pctVal>1.014978953992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Telefonica, S.A.</name>
        <lei>549300EEJH4FEPDBBR25</lei>
        <title>TELEFONICA</title>
        <cusip>879382109</cusip>
        <identifiers>
          <isin value="ES0178430E18"/>
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        <balance>185660.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>751931.81000000</valUSD>
        <pctVal>0.803755079622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>DEUTSCHE TELEKOM</title>
        <cusip>D2035M136</cusip>
        <identifiers>
          <isin value="DE0005557508"/>
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        <balance>29579.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>988188.37000000</valUSD>
        <pctVal>1.056294482356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Koninklijke KPN N.V.</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>KPN (KONIN) NV</title>
        <cusip>N4297B146</cusip>
        <identifiers>
          <isin value="NL0000009082"/>
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        <balance>207965.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>1013188.12000000</valUSD>
        <pctVal>1.083017219424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Telefonaktiebolaget LM Ericsson (publ)</name>
        <lei>549300W9JLPW15XIFM52</lei>
        <title>ERICSSON LM-B</title>
        <cusip>W26049119</cusip>
        <identifiers>
          <isin value="SE0000108656"/>
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        <balance>95641.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.90806000"/>
        <valUSD>1037785.90000000</valUSD>
        <pctVal>1.109310282650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aisin Corp.</name>
        <lei>3538004IOK08PDY6I723</lei>
        <title>AISIN CORP</title>
        <cusip>J00714105</cusip>
        <identifiers>
          <isin value="JP3102000001"/>
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        <balance>56190.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1003353.96000000</valUSD>
        <pctVal>1.072505287426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LY Corporation</name>
        <lei>52990078MD2OL792YM35</lei>
        <title>LY CORP</title>
        <cusip>J9894K105</cusip>
        <identifiers>
          <isin value="JP3933800009"/>
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        <balance>335989.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>861020.39000000</valUSD>
        <pctVal>0.920362063310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bridgestone Corp.</name>
        <lei>549300DHPOF90OYYD780</lei>
        <title>Bridgestone Corp</title>
        <cusip>J04578126</cusip>
        <identifiers>
          <isin value="JP3830800003"/>
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        <balance>44492.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1001890.77000000</valUSD>
        <pctVal>1.070941254119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Screen Holdings Co Ltd.</name>
        <lei>353800ND89FTQ9XQ0R07</lei>
        <title>SCREEN HOLDINGS</title>
        <cusip>J6988U114</cusip>
        <identifiers>
          <isin value="JP3494600004"/>
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        <balance>10585.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1344652.43000000</valUSD>
        <pctVal>1.437326106656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Singapore Exchange Ltd.</name>
        <lei>549300IQ650PPXM76X03</lei>
        <title>SINGAPORE EXCH</title>
        <cusip>Y79946102</cusip>
        <identifiers>
          <isin value="SG1J26887955"/>
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        <balance>73917.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.27220000"/>
        <valUSD>1024333.21000000</valUSD>
        <pctVal>1.094930430943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SBI Holdings Inc</name>
        <lei>353800L6LMHYIPSMRQ17</lei>
        <title>SBI Holdings Inc/Japan</title>
        <cusip>J6991H100</cusip>
        <identifiers>
          <isin value="JP3436120004"/>
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        <balance>45296.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1019702.92000000</valUSD>
        <pctVal>1.089981020560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Subaru Corp.</name>
        <lei>549300N244BVAEE6HH86</lei>
        <title>SUBARU CORP</title>
        <cusip>J7676H100</cusip>
        <identifiers>
          <isin value="JP3814800003"/>
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        <balance>45390.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>975772.67000000</valUSD>
        <pctVal>1.043023090177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hitachi Ltd.</name>
        <lei>549300T6IPOCDWLKC615</lei>
        <title>HITACHI LTD</title>
        <cusip>J20454112</cusip>
        <identifiers>
          <isin value="JP3788600009"/>
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        <balance>30220.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1046829.45000000</valUSD>
        <pctVal>1.118977115671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Makita Corp.</name>
        <lei>529900CDR9E94BCM6294</lei>
        <title>Makita Corp</title>
        <cusip>J39584107</cusip>
        <identifiers>
          <isin value="JP3862400003"/>
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        <balance>32097.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1109775.31000000</valUSD>
        <pctVal>1.186261215164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi Corp.</name>
        <lei>KVIPTY4PULAPGC1VVD26</lei>
        <title>MITSUBISHI CORP</title>
        <cusip>J43830116</cusip>
        <identifiers>
          <isin value="JP3898400001"/>
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        <balance>40697.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1077367.89000000</valUSD>
        <pctVal>1.151620270206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nissan Motor Co Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>NISSAN MOTOR CO</title>
        <cusip>J57160129</cusip>
        <identifiers>
          <isin value="JP3672400003"/>
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        <balance>406682.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>991465.08000000</valUSD>
        <pctVal>1.059797023772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nice Limited</name>
        <lei>254900YTY4EF5Z4W0A51</lei>
        <title>NICE LTD</title>
        <cusip>M7494X101</cusip>
        <identifiers>
          <isin value="IL0002730112"/>
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        <balance>7177.00000000</balance>
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        <currencyConditional curCd="ILS" exchangeRt="3.09990000"/>
        <valUSD>766574.63000000</valUSD>
        <pctVal>0.819407085293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shionogi &amp; Co Ltd.</name>
        <lei>35380049VXDTHZI3DY35</lei>
        <title>SHIONOGI &amp; CO</title>
        <cusip>J74229105</cusip>
        <identifiers>
          <isin value="JP3347200002"/>
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        <balance>60389.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1238512.59000000</valUSD>
        <pctVal>1.323871090635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>NOVARTIS AG-REG</title>
        <cusip>H5820Q150</cusip>
        <identifiers>
          <isin value="CH0012005267"/>
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        <balance>7874.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.77300000"/>
        <valUSD>1167552.24000000</valUSD>
        <pctVal>1.248020141113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>EQUINOR ASA</title>
        <cusip>R2R90P103</cusip>
        <identifiers>
          <isin value="NO0010096985"/>
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        <balance>40102.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="9.63021000"/>
        <valUSD>1070196.18000000</valUSD>
        <pctVal>1.143954284720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PDD Holdings Inc.</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD HOLDINGS INC</title>
        <cusip>722304102</cusip>
        <identifiers>
          <isin value="US7223041028"/>
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        <balance>7041.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>711493.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Redwood Private Real Estate Debt Fund</name>
        <lei>549300XIZ6J0ZXQMTV96</lei>
        <title>RDWD-R/E INC-I</title>
        <cusip>758067102</cusip>
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          <isin value="US7580671029"/>
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        <balance>466077.56200000</balance>
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        <curCd>USD</curCd>
        <valUSD>11703207.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yara International ASA</name>
        <lei>213800WKOUWXWFJ5Z514</lei>
        <title>YARA INTL ASA</title>
        <cusip>R9900C106</cusip>
        <identifiers>
          <isin value="NO0010208051"/>
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        <balance>26173.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="9.63021000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>US BANK MMDA</name>
        <lei>N/A</lei>
        <title>US BANK MMDA - USBGFS 9</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal ID" value="8AMMF0JA0"/>
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        <balance>26028.37000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26028.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="money market fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>KINROSS GOLD</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
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        <balance>41990.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Recordati Industria Chimica e Farmaceutica S.p.A.</name>
        <lei>815600FBF92FD3531704</lei>
        <title>Recordati SpA</title>
        <cusip>T78458139</cusip>
        <identifiers>
          <isin value="IT0003828271"/>
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        <balance>16444.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi Chemical Group Corp.</name>
        <lei>353800YNKX4RQUGAR072</lei>
        <title>MITSUBISHI CHEMI</title>
        <cusip>J44046100</cusip>
        <identifiers>
          <isin value="JP3897700005"/>
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        <balance>177437.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Schindler Holding AG</name>
        <lei>5299007DRLI319H7Q933</lei>
        <title>SCHINDLER HLD-PC</title>
        <cusip>H7258G209</cusip>
        <identifiers>
          <isin value="CH0024638196"/>
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        <balance>2692.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.77300000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Legrand SA</name>
        <lei>969500XXRPGD7HCAFA90</lei>
        <title>LEGRAND SA</title>
        <cusip>F56196185</cusip>
        <identifiers>
          <isin value="FR0010307819"/>
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        <balance>5614.00000000</balance>
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        <pctVal>0.960773135559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kuehne &amp; Nagel International AG</name>
        <lei>529900Q0YED3805QXQ66</lei>
        <title>KUEHNE &amp; NAGEL-R</title>
        <cusip>H4673L145</cusip>
        <identifiers>
          <isin value="CH0025238863"/>
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        <balance>4908.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.77300000"/>
        <valUSD>1134617.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TotalEnergies SE</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TOTALENERGIES SE</title>
        <cusip>F92124100</cusip>
        <identifiers>
          <isin value="FR0000120271"/>
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        <balance>15429.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Logitech International SA</name>
        <lei>549300SN6PRK6IJJC215</lei>
        <title>LOGITECH INTER-R</title>
        <cusip>H50430232</cusip>
        <identifiers>
          <isin value="CH0025751329"/>
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        <balance>8389.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.77300000"/>
        <valUSD>723212.11000000</valUSD>
        <pctVal>0.773056012960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Amadeus IT Group SA</name>
        <lei>9598004A3FTY3TEHHN09</lei>
        <title>AMADEUS IT GROUP</title>
        <cusip>E04648114</cusip>
        <identifiers>
          <isin value="ES0109067019"/>
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        <balance>12608.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>846614.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Suncor Energy Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>SUNCOR ENERGY</title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
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        <balance>24236.00000000</balance>
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        <pctVal>1.369299994847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pandora A/S</name>
        <lei>5299007OWYZ6I1E46843</lei>
        <title>PANDORA A/S</title>
        <cusip>K7681L102</cusip>
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          <isin value="DK0060252690"/>
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        <balance>7097.00000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.30030000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brenntag SE</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
        <title>BRENNTAG SE</title>
        <cusip>D12459117</cusip>
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          <isin value="DE000A1DAHH0"/>
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        <balance>17385.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Otsuka Holdings Co Ltd.</name>
        <lei>N/A</lei>
        <title>OTSUKA HOLDINGS</title>
        <cusip>J63117105</cusip>
        <identifiers>
          <isin value="JP3188220002"/>
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        <balance>18186.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eneos Holdings Inc</name>
        <lei>3538001KQ5SAOZSQTT44</lei>
        <title>ENEOS HOLDINGS I</title>
        <cusip>J29699105</cusip>
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          <isin value="JP3386450005"/>
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        <balance>154888.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nexon Co Ltd.</name>
        <lei>5299005SFO0GAJFLKN43</lei>
        <title>NEXON CO LTD</title>
        <cusip>J4914X104</cusip>
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          <isin value="JP3758190007"/>
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        <balance>49358.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARC Resources Ltd.</name>
        <lei>5493000OCGNQZEVTDT08</lei>
        <title>ARC RESOURCES LT</title>
        <cusip>00208D408</cusip>
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          <isin value="CA00208D4084"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Koninklijke Ahold Delhaize NV</name>
        <lei>724500C9GNBV20UYRX36</lei>
        <title>KONINKLIJKE AHOL</title>
        <cusip>N0074E105</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Knorr-Bremse AG</name>
        <lei>5299001GRRO0Z25YZT52</lei>
        <title>KNORR-BREMSE AG</title>
        <cusip>D4S43E114</cusip>
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          <isin value="DE000KBX1006"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TFI International Inc</name>
        <lei>5493007R9W7KO7SJN678</lei>
        <title>TFI INTERNATIONAL INC</title>
        <cusip>87241L109</cusip>
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        <balance>10834.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CGI Inc</name>
        <lei>549300WSRCZY73ZG3090</lei>
        <title>CGI INC</title>
        <cusip>12532H104</cusip>
        <identifiers>
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        <balance>11273.00000000</balance>
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        <valUSD>966164.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evolution AB</name>
        <lei>549300SUH6ZR1RF6TA88</lei>
        <title>EVOLUTION AB</title>
        <cusip>W3287P115</cusip>
        <identifiers>
          <isin value="SE0012673267"/>
        </identifiers>
        <balance>13968.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.90806000"/>
        <valUSD>907255.32000000</valUSD>
        <pctVal>0.969783512635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dassault Systemes</name>
        <lei>96950065LBWY0APQIM86</lei>
        <title>DASSAULT SYSTEME</title>
        <cusip>F24571451</cusip>
        <identifiers>
          <isin value="FR0014003TT8"/>
        </identifiers>
        <balance>34033.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>937199.07000000</valUSD>
        <pctVal>1.001790991033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JDE Peets N.V</name>
        <lei>724500EHG519SE5ZRT89</lei>
        <title>JDE PEET'S NV</title>
        <cusip>N44664105</cusip>
        <identifiers>
          <isin value="NL0014332678"/>
        </identifiers>
        <balance>26440.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>991500.00000000</valUSD>
        <pctVal>1.059834350464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSK plc</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK PLC</title>
        <cusip>G3910J179</cusip>
        <identifiers>
          <isin value="GB00BN7SWP63"/>
        </identifiers>
        <balance>41997.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
        <valUSD>1078356.49000000</valUSD>
        <pctVal>1.152677004688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hexagon AB</name>
        <lei>549300WJFW6ILNI4TA80</lei>
        <title>HEXAGON AB-B</title>
        <cusip>W4R431112</cusip>
        <identifiers>
          <isin value="SE0015961909"/>
        </identifiers>
        <balance>77284.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.90806000"/>
        <valUSD>872779.30000000</valUSD>
        <pctVal>0.932931399409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>SHELL PLC</title>
        <cusip>G80827101</cusip>
        <identifiers>
          <isin value="GB00BP6MXD84"/>
        </identifiers>
        <balance>25575.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
        <valUSD>977771.92000000</valUSD>
        <pctVal>1.045160128831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Recruit Holdings Co Ltd.</name>
        <lei>353800R2LRSMVVC4I806</lei>
        <title>RECRUIT HOLDINGS</title>
        <cusip>J6433A101</cusip>
        <identifiers>
          <isin value="JP3970300004"/>
        </identifiers>
        <balance>19754.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1033893.33000000</valUSD>
        <pctVal>1.105149436057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GROUP AG</title>
        <cusip>H42097107</cusip>
        <identifiers>
          <isin value="CH0244767585"/>
        </identifiers>
        <balance>25326.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.77300000"/>
        <valUSD>1192255.03000000</valUSD>
        <pctVal>1.274425451647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aena SME S.A.</name>
        <lei>959800R7QMXKF0NFMT29</lei>
        <title>AENA SME SA</title>
        <cusip>E526LK101</cusip>
        <identifiers>
          <isin value="ES0105046017"/>
        </identifiers>
        <balance>36070.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>1122054.20000000</valUSD>
        <pctVal>1.199386368374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ryanair Holdings PLC</name>
        <lei>635400BR2ROC1FVEBQ56</lei>
        <title>RYANAIR HLDGS</title>
        <cusip>G7727C186</cusip>
        <identifiers>
          <isin value="IE00BYTBXV33"/>
        </identifiers>
        <balance>32659.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>1108128.55000000</valUSD>
        <pctVal>1.184500960182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sartorius Stedim Biotech SA</name>
        <lei>52990006IVXY7GCSSR39</lei>
        <title>SARTORIUS STEDIM</title>
        <cusip>F8005V210</cusip>
        <identifiers>
          <isin value="FR0013154002"/>
        </identifiers>
        <balance>3994.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>891923.86000000</valUSD>
        <pctVal>0.953395405776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ISHARES CORE MSCI EM</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="IEMG3323             00001"/>
        </identifiers>
        <balance>337777.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1803729.18000000</valUSD>
        <pctVal>1.928042505194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerConditional desc="total return swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>SG AMERICAS SECURITIES, LLC</counterpartyName>
              <counterpartyLei>549300F35UE0BOM1WJ55</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>iShares Core MSCI Emerging Mar</issuerName>
                <issueTitle>iShares Core MSCI Emerging Mar</issueTitle>
                <identifiers>
                  <isin value="US46434G1031"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">performance</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OBFR01" floatingRtSpread="0.80000000" pmntAmt="-76441.54000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="10" resetDt="Month" resetDtUnit="10"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-11-03</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-22705369.94000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1803729.18000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Check Point Software Technologies Ltd.</name>
        <lei>2549003ZVBH73EPNS513</lei>
        <title>CHECK POINT SOFT</title>
        <cusip>M22465104</cusip>
        <identifiers>
          <isin value="IL0010824113"/>
        </identifiers>
        <balance>4925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>884086.75000000</valUSD>
        <pctVal>0.945018160807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wix.com Limited</name>
        <lei>5493008P6N29Q1AG9464</lei>
        <title>WIX.COM LTD</title>
        <cusip>M98068105</cusip>
        <identifiers>
          <isin value="IL0011301780"/>
        </identifiers>
        <balance>7166.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>622295.44000000</valUSD>
        <pctVal>0.665184148713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Two Roads Shared Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
