# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-006426
**Filing Date:** 2025-12
**Character Count:** 19208
**Document Hash:** 7450ba21a6a1ffcdf4781a9d1b56d4ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006426.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006426

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251609005

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

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

## Series and Classes Contracts Data

### Liberty One Tactical Income ETF (Series ID: S000095370)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000264089 | Liberty One Tactical Income ETF |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **LIBERTY ONE TACTICAL INCOME ETF** | **LIBERTY ONE TACTICAL INCOME ETF** | **LIBERTY ONE TACTICAL INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 50.3%** |  |
|  | **BEVERAGES - 4.2%** |  |
| 2354 | Coca-Cola Company (The) | &nbsp;&nbsp;&nbsp; $162191 |
| 1114 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 162743 |
|  |  | &nbsp;&nbsp; 324934 |
|  | **BIOTECH & PHARMA - 6.7%** |  |
| 217 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 187241 |
| 1393 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 166867 |
| 870 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 164317 |
|  |  | &nbsp;&nbsp; 518425 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.6%** |  |
| 682 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 142020 |
| 713 | Waste Management, Inc. | &nbsp;&nbsp;&nbsp; 142436 |
|  |  | &nbsp;&nbsp; 284456 |
|  | **ELECTRIC UTILITIES - 8.1%** |  |
| 2360 | Alliant Energy Corporation | &nbsp;&nbsp;&nbsp; 157695 |
| 1271 | Duke Energy Corporation | &nbsp;&nbsp;&nbsp; 157985 |
| 1678 | Entergy Corporation | &nbsp;&nbsp;&nbsp; 161239 |
| 1674 | Southern Company | &nbsp;&nbsp;&nbsp; 157423 |
|  |  | &nbsp;&nbsp; 634342 |
|  | **FOOD - 4.0%** |  |
| 2790 | Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp; 172226 |
| 2478 | Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp; 142386 |
|  |  | &nbsp;&nbsp; 314612 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.5%** |  |
| 1025 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 195540 |
| 465 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 158825 |
|  |  | &nbsp;&nbsp; 354365 |
|  | **HOUSEHOLD PRODUCTS - 2.0%** |  |
| 1021 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 153528 |
|  | **INSURANCE - 2.0%** |  |
| 558 | Chubb Ltd. | &nbsp;&nbsp;&nbsp; 154533 |

---

---

| | | |
|:---|:---|:---|
| **LIBERTY ONE TACTICAL INCOME ETF** | **LIBERTY ONE TACTICAL INCOME ETF** | **LIBERTY ONE TACTICAL INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 50.3% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.0%** |  |
| 525 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; $156676 |
|  | **RETAIL - CONSUMER STAPLES - 1.9%** |  |
| 2358 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 150040 |
|  | **RETAIL REIT - 2.1%** |  |
| 2199 | Agree Realty Corporation | &nbsp;&nbsp;&nbsp; 160549 |
|  | **SOFTWARE - 2.0%** |  |
| 310 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 160521 |
|  | **TECHNOLOGY HARDWARE - 1.8%** |  |
| 341 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 138688 |
|  | **TELECOMMUNICATIONS - 3.6%** |  |
| 5537 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 137041 |
| 3596 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 142905 |
|  |  | &nbsp;&nbsp; 279946 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.8%** |  |
| 1891 | Sysco Corporation | &nbsp;&nbsp;&nbsp; 140463 |
|  | **TOTAL COMMON STOCKS (Cost $3,992,661)** | &nbsp;&nbsp; 3926078 |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 48.8%** |  |
|  | **FIXED INCOME - 48.8%** |  |
| 10567 | Eaton Vance Short Duration Income ETF, USD Class | &nbsp;&nbsp;&nbsp; 542880 |
| 6566 | Hartford Strategic Income ETF, USD Class | &nbsp;&nbsp;&nbsp; 234472 |
| 4650 | iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; 467511 |
| 13388 | JPMorgan Income ETF, USD Class | &nbsp;&nbsp;&nbsp; 621337 |
| 20299 | PIMCO Multi Sector Bond Active ETF | &nbsp;&nbsp;&nbsp; 545637 |
| 13667 | TCW Flexible Income ETF, USD Class | &nbsp;&nbsp;&nbsp; 544630 |
| 4991 | Vanguard Long-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 386403 |

---

---

| | | |
|:---|:---|:---|
| **LIBERTY ONE TACTICAL INCOME ETF** | **LIBERTY ONE TACTICAL INCOME ETF** | **LIBERTY ONE TACTICAL INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 48.8% (Continued)** |  |
|  | **FIXED INCOME - 48.8% (Continued)** |  |
| 9949 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; $469195 |
|  |  | &nbsp;&nbsp; 3812065 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,828,550)** | &nbsp;&nbsp; 3812065 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |
|  | **MONEY MARKET FUNDS - 0.7%** |  |
| 58542 | First American Treasury Obligations Fund, Class X, 4.00% (Cost $58,542)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 58542 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $7,879,753)** | &nbsp;&nbsp;&nbsp; $7796685 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | &nbsp;&nbsp; 17492 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $7814177 |

---

REIT - Real Estate Investment Trust ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Liberty One Tactical Income ETF

- **b. EDGAR series identifier (if any):** S000095370

- **c. LEI of Series:** 529900SLUYQK313POG32

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $7838451.04

**Total Liabilities:** $24273.85

**Net Assets:** $7814177.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000264089 | 0.00%                | 0.00%                | -0.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $2094.42                                   |
| Month 3  | $0.00                    | $-85163.11                                 |

### Schedule of Portfolio Investments

| Name                                  | Title            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UnitedHealth Group Inc.               | UNITEDHEALTH GRP | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       465 | NS      | $158825.40    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                       | ELI LILLY & CO   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       217 | NS      | $187240.62    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Funds Exchange-Traded Trust  | HAR STR INC ET-U | CUSIP: 41653L875<br>LEI: 549300IA3XO4BB2LUL19 | Long             | EC               | RF                | US        |      6566 | NS      | $234471.86    | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                         | ISHARES CORE U.S | CUSIP: 464287226<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      4650 | NS      | $467511.00    | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.               | REPUBLIC SVCS    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       682 | NS      | $142019.68    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust | JPMORGAN INC ETF | CUSIP: 46641Q159<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     13388 | NS      | $621337.08    | 7.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO ETF Trust                       | PIMCO MULTI SECT | CUSIP: 72201R585<br>LEI: 5493004M9TBGFQUJ6D27 | Long             | EC               | RF                | US        |     20299 | NS      | $545637.12    | 6.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc              | LAMB WESTON      | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      2790 | NS      | $172226.70    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                 | CARDINAL HEALTH  | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1025 | NS      | $195539.25    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.           | VERIZON COMMUNIC | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      3596 | NS      | $142905.04    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                              | AT&T INC         | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      5537 | NS      | $137040.75    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdale Funds             | VANGUARD MORTGAG | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |      9949 | NS      | $469194.84    | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley ETF Trust              | EV-SHRT DUR      | CUSIP: 61774R825<br>LEI: 549300HASXQLXGOR9H31 | Long             | EC               | RF                | US        |     10567 | NS      | $542879.63    | 6.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.          | MONDELEZ INTER-A | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      2478 | NS      | $142385.88    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                | WASTE MANAGEMENT | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |       713 | NS      | $142436.01    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.              | PROCTER & GAMBLE | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      1021 | NS      | $153527.77    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                | MOTOROLA SOLUTIO | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       341 | NS      | $138688.11    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TCW ETF Trust                         | TCW FLEX INC ETF | CUSIP: 29287L700<br>LEI: 549300NV06RWMAEJ2V61 | Long             | EC               | RF                | US        |     13667 | NS      | $544629.95    | 6.97%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                        | KROGER CO        | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      2358 | NS      | $150039.54    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                      | DUKE ENERGY CORP | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1271 | NS      | $157985.30    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | MICROSOFT CORP   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       310 | NS      | $160521.10    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                   | ENTERGY CORP     | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      1678 | NS      | $161239.02    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.             | FIRST AM-TR OB-X | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |     58542 | PA      | $58541.80     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                            | CHUBB LTD        | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       558 | NS      | $154532.52    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | JOHNSON&JOHNSON  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       870 | NS      | $164316.90    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                  | GILEAD SCIENCES  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1393 | NS      | $166867.47    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                           | PEPSICO INC      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1114 | NS      | $162744.26    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corporation            | ALLIANT ENERGY   | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      2360 | NS      | $157695.20    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdale Funds             | VANGUARD LONG-TE | CUSIP: 92206C813<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |      4991 | NS      | $386403.22    | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                     | SYSCO CORP       | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      1891 | NS      | $140463.48    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                      | MCDONALDS CORP   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       525 | NS      | $156675.75    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                     | AGREE REALTY     | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      2199 | NS      | $160548.99    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                    | COCA-COLA CO/THE | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      2354 | NS      | $162190.60    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                          | SOUTHERN CO      | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      1674 | NS      | $157422.96    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer