# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-000143
**Filing Date:** 2023-1
**Character Count:** 171171
**Document Hash:** 34cead398038e987771a6a23c73dc80b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000143.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001580642-23-000143

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230110

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 23520359

**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:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Anfield Universal Fixed Income Fund (Series ID: S000040050)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000124329 | Anfield Universal Fixed Income Fund Class A | AFLEX           |
| C000124331 | Anfield Universal Fixed Income Fund Class C | AFLKX           |
| C000124332 | Anfield Universal Fixed Income Fund Class I | AFLIX           |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-22718</u> 

 <u>Two Roads Shared Trust</u> 

(Exact name of registrant as specified in charter)

 <u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246</u> 

(Address of principal executive offices) (Zip code)

 <u>The Corporation Trust Company</u> 

 <u>1209 Orange Street, Wilmington, DE 19801</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-631-490-4300</u> 

Date of fiscal year end: <u>10/31</u> 

Date of reporting period: <u>10/31/22</u> 

**ITEM 1. REPORTS TO SHAREHOLDERS.** 

---

| |
|:---|
| ![(ANFIELD CAPITAL LOGO)](tf001_v1.jpg) |
| ![(GRAPHICS)](tf002_v1.jpg) |
| **Anfield Universal Fixed Income Fund** |

---

Class A Shares (AFLEX) <br> Class C Shares (AFLKX) <br> Class I Shares (AFLIX)

**October 31, 2022**

**Annual Report**

---

| |
|:---|
| *Advised by:* |
| Anfield Capital Management, LLC |
| 4041 MacArthur Blvd. |
| Suite 155 |
| Newport Beach, CA 92660 |
| <u>www.AnfieldFunds.com</u> |
| ***Distributed by Northern Lights Distributors, LLC*** |
| ***Member FINRA*** |

---

**Annual Letter to Shareholders of the Anfield Universal Fixed Income Fund (AFLIX)**

![(ANFIELD CAPITAL LOGO)](tf003_v1.jpg)

November 2022

**Dear Shareholder,**

On behalf of the entire staff at Anfield Capital Management, we would like to thank you for your continued support. We are honored you have placed your trust in us, and we will continue to work diligently to meet our fiduciary responsibilities to you, the shareholder. Following this letter, you will find the Annual Report for the Anfield Universal Fixed Income Fund ("AFLIX" or "the Fund") covering the Fund's annual period ended October 31, 2022.

**For the 12-month period ending October 31<sup>st</sup>, 2022**

Global bonds (Bloomberg Global Aggregate Bond Index) and US bonds (Bloomberg US Aggregate Bond Index) have experienced one of the worst years on record going back to said indices inceptions. Relative to AFLIX, the Bloomberg Global Aggregate and the Bloomberg US Aggregate suffered from a higher duration profile which resulted in more pronounced price declines in the current rising interest rate environment. Relative to the fund's stated benchmark, the ICE BofA US Dollar Libor 3 Mo. Constant Maturity Index, which returned 0.64% over the 12-month period ending October 31<sup>st</sup>, 2022, AFLIX underperformed due largely to the Fund's credit spread risk during a rising interest rate environment. For the annual period ended October 31<sup>st</sup>, 2022, the Bloomberg Global Aggregate Bond Index is down 20.79% and the Bloomberg US Aggregate Bond Index is down 15.68%. AFLIX (Class I shares) is down 7.54% over the same period, significantly outperforming both the US and global aggregate indices. Our outperformance was primarily driven by our lower duration positioning, as well as our preference for floating rate instruments.

Regarding portfolio positioning, we favor the front-end of the yield curve as we not do not believe bondholders are generally being compensated to extend further out and take on additional risk. Compensation beyond 2-3 years requires on boarding more risk than we feel prudent unless it is a special circumstance. For sector weighting, the Fund continues to overweight corporate bonds and collateralized loan obligations (CLOs), emphasizing all grade yield enhancing corporate credits with what we see as strong cash positions and improving fundamentals. The Fund is currently underweight to Agency mortgage-backed securities (MBS) and Government Debt.

Fixed Income has not been the safe haven investors often expect during the period, and we believe more struggles could be coming as global central banks, including the US Federal Reserve, continue to tighten monetary policy to combat decades high inflation. The federal funds rate currently stands at 3.75%-4.00% at the time of this writing after rate hikes at six straight Fed meetings. Until CPI reports begin to show a meaningful decline in inflation, we expect no easing of the Fed's tightening cycle. The continually evolving fixed income market highlights the importance of active and selective security selection in AFLIX, and while the possible recession dominates the news cycle, Anfield Capital's emphasis on quality, detail-oriented analysis, and research gives us the confidence to make informed decisions.

Looking ahead, we are anticipating two additional rate hikes in 2022, followed by an additional two in 2023, placing the monetary environment to a more tightened stance. Given this, we expect the 10-Year treasury yield to end the year slightly higher, and the yield curve to remain flat to inverted. We anticipate credit spread will remain stable to slightly narrower, with heightened volatility risk due to event driven spikes.

![(-s-David Young)](tf004_v1.jpg)

David Young, CFA<br> CEO & Founder

*The views in this report are those of the Fund's management. This report contains certain forward-looking statements about factors that may affect the performance of the Fund in the future. These statements are based on the Fund's management's predictions and expectations concerning certain future events such as the performance of the economy as a whole and of specific industry sectors. Management believes these forward-looking statements are reasonable, although they are inherently uncertain and difficult to predict.*

4198-NLD-11152022

---

| |
|:---|
| &nbsp;&nbsp;***Anfield Universal Fixed Income Fund*** |
| &nbsp;&nbsp;**PORTFOLIO REVIEW (Unaudited)** |
| &nbsp;&nbsp;**October 31, 2022** |

---

Average Annual Total Return through October 31, 2022\*, as compared to its benchmark:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Year | &nbsp;&nbsp;Since Inception<sup>(a)</sup> |
| Class A | &nbsp;&nbsp;-7.54% | &nbsp;&nbsp;-0.65% | &nbsp;&nbsp;0.90% |
| Class A with 5.75% load | &nbsp;&nbsp;-12.88% | &nbsp;&nbsp;-1.81% | &nbsp;&nbsp;0.26% |
| Class C | &nbsp;&nbsp;-8.15% | &nbsp;&nbsp;-1.37% | &nbsp;&nbsp;0.14% |
| Class I | &nbsp;&nbsp;-7.28% | &nbsp;&nbsp;-0.37% | &nbsp;&nbsp;1.15% |
| BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index<sup>(b)</sup> | &nbsp;&nbsp;0.64% | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;0.95% |

---

\* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. The Adviser has contractually agreed to waive fees and/or reimburse expenses to the Fund until at least March 1, 2023 so that the total annual operating expenses (excluding any front-end or contingent deferred loads; brokerage fees and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses) of the Fund do not exceed 1.75%, 2.50%, and 1.50% for Class A, Class C, and Class I shares, respectively. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the adviser. These fee waivers and expense reimbursements by the adviser are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or expenses reimbursed) if such recoupment can be achieved within the foregoing expense limits, as well as any expense limitation that was in effect at the time the waiver or reimbursement was made. Without waiver or reimbursement the gross expenses and fees of the Fund are 1.54%, 2.29% and 1.29% for Class A, Class C, and Class I shares, respectively, per the most recent prospectus dated March 1, 2022. The expense limits in effect prior to their expiration on March 1, 2021 were 1.50%, 2.25% and 1.25% for Class A, Class C and Class I shares, respectively. For performance information current to the most recent month-end, please call toll-free 1-866-866-4848.

(a) Anfield
Universal Fixed Income Fund commenced investment operations on June 28, 2013.

(b) The
BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index is designed to track the performance of a synthetic asset paying LIBOR
to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity
and with a coupon equal to that day's fixing rate. That issue is assumed to be sold the following business day (priced at a yield
equal to the current day fixing rate) and rolled into a new instrument. Investors cannot invest directly in an index or benchmark. Index
returns are gross of any fees, brokerage commissions or other expenses of investing.

**<u>Comparison of the Change in Value of a $100,000 Investment</u>**

![(LINE GRAPH)](tf005_v1.jpg)

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **PORTFOLIO REVIEW (Unaudited) (Continued)** |
| **October 31, 2022** |

---

---

| | |
|:---|:---|
| **Top Allocations** | **% of Net Assets** |
| Asset Backed Securities - CLO | 22.9% |
| Collateralized Mortgage Obligations | 11.9% |
| Corporate Bonds - Banking | 9.7% |
| Open End Funds - Fixed Income | 7.3% |
| Corporate Bonds - Automotive | 6.0% |
| Term Loans - Transportation & Logistics | 3.6% |
| Corporate Bonds - Specialty Finance | 3.5% |
| Corporate Bonds - Asset Management | 3.2% |
| Corporate Bonds - Transportation & Logistics | 3.1% |
| Corporate Bonds - Real Estate Investment Trusts | 2.9% |
| Other | 25.3% |
| Other Assets in Excess of Liabilities | 0.6% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this annual report for a detailed analysis of the Fund's holdings.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 0.2%** |  |
|  | **FIXED INCOME - 0.2%** |  |
| 17990 | BlackRock Floating Rate Income Strategies Fund, Inc. | $204726 |
|  | **TOTAL CLOSED END FUNDS (Cost $253,904)** | 204726 |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 0.3%** |  |
|  | **FIXED INCOME - 0.3%** |  |
| 16900 | Invesco Senior Loan ETF | 350168 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $420,719)** | 350168 |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 7.3%** |  |
|  | **FIXED INCOME - 7.3%** |  |
| 395928 | Fidelity Advisor Floating Rate High Income Fund | 3547519 |
| 575564 | Vanguard High-Yield Corporate Fund, Admiral Class | 2929619 |
| 157956 | Vanguard Short-Term Investment Grade Fund, Admiral Class | 1546391 |
|  |  | 8023529 |
|  | **TOTAL OPEN END FUNDS (Cost $8,885,057)** | 8023529 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Spread** | **Coupon<br> Rate (%)** | **Fair Value** |
|  | **PREFERRED STOCKS — 1.1%** |  |  |  |
|  | **BANKING — 1.1%** |  |  |  |
| 40000 | Citigroup, Inc. Series J | US0003M + 4.040% | 1.7813 | 998400 |
| 7400 | Citigroup, Inc. Series K | US0003M + 4.130% | 1.7188 | 186776 |
|  |  |  |  | 1185176 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,342,770)** |  |  | 1185176 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 25.0%** | **ASSET BACKED SECURITIES — 25.0%** |  |  | |
| | **CLO — 22.9%** | **CLO — 22.9%** |  |  | |
| 1000000 | AMMC CLO XI Ltd. Series 2012-11A CR2<sup>(a),(b)</sup> | US0003M + 1.900% | 6.3150 | &nbsp;&nbsp;04/30/31 | $932250 |
| 2000000 | Cathedral Lake CLO 2013-1A Ltd. BR<sup>(a),(b)</sup> | US0003M + 2.300% | 6.3790 | &nbsp;&nbsp;10/15/29 | 1866006 |
| 500500 | Crown Point CLO IV Ltd. Series 2018-4A B<sup>(a),(b)</sup> | US0003M + 1.500% | 5.7430 | &nbsp;&nbsp;04/20/31 | 482753 |
| 1000000 | Denali Capital CLO XI Ltd. Series 2015-1A DR<sup>(a),(b)</sup> | US0003M + 5.610% | 9.8530 | &nbsp;&nbsp;10/20/28 | 880331 |
| 1000000 | Dryden 55 CLO Ltd. Series 2018-55A D<sup>(a),(b)</sup> | US0003M + 2.850% | 6.9290 | &nbsp;&nbsp;04/15/31 | 874180 |
| 1000000 | Halcyon Loan Advisors Funding 2015-1A CR Ltd. CR<sup>(a),(b)</sup> | US0003M + 2.000% | 6.2430 | &nbsp;&nbsp;04/20/27 | 988248 |
| 1534461 | Halcyon Loan Advisors Funding 2015-2A E Ltd. E<sup>(a),(b),(c)</sup> | US0003M + 5.700% | 10.0580 | &nbsp;&nbsp;07/25/27 | 780778 |
| 2133284 | Halcyon Loan Advisors Funding 2015-3A D Ltd. D<sup>(a),(b),(c)</sup> | US0003M + 5.950% | 10.1440 | &nbsp;&nbsp;10/18/27 | 1175810 |
| 2400000 | Man GLG US CLO Series 2018-1A BR<sup>(a),(b)</sup> | US0003M + 1.970% | 6.2130 | &nbsp;&nbsp;04/22/30 | 2232658 |
| 1500000 | Mountain View CLO IX Ltd. Series 2015-9A CR<sup>(a),(b)</sup> | US0003M + 3.120% | 7.1990 | &nbsp;&nbsp;07/15/31 | 1200000 |
| 2000000 | Sound Point CLO II Ltd. Series 2013-1A A3R<sup>(a),(b)</sup> | US0003M + 1.850% | 6.1770 | &nbsp;&nbsp;01/26/31 | 1825474 |
| 2500000 | Sound Point CLO II Ltd. Series 2013-1A B1R<sup>(a),(b)</sup> | US0003M + 2.700% | 7.0270 | &nbsp;&nbsp;01/26/31 | 2194580 |
| 520000 | Steele Creek CLO 2014-1RA Ltd. B<sup>(a),(b)</sup> | US0003M + 1.500% | 5.7780 | &nbsp;&nbsp;04/21/31 | 500753 |
| 2025000 | Steele Creek CLO 2014-1RA Ltd. D<sup>(a),(b)</sup> | US0003M + 2.800% | 7.0780 | &nbsp;&nbsp;04/21/31 | 1675688 |
| 1000000 | Venture XV CLO Ltd. Series 2013-15A DR2<sup>(a),(b)</sup> | US0003M + 3.920% | 7.9990 | &nbsp;&nbsp;07/15/32 | 856568 |
| 2750000 | Voya CLO 2018-1 Ltd. C<sup>(a),(b)</sup> | US0003M + 2.600% | 6.8270 | &nbsp;&nbsp;04/19/31 | 2339806 |
| 1350000 | Webster Park CLO Ltd. Series 2015-1A DR<sup>(a),(b)</sup> | US0003M + 5.500% | 9.7430 | &nbsp;&nbsp;07/20/30 | 1106769 |
| 1380000 | Zais CLO 5 Ltd. Series 2016-2A A2<sup>(a),(b)</sup> | US0003M + 2.400% | 6.4790 | &nbsp;&nbsp;10/15/28 | 1374785 |
| 2000000 | Zais Matrix CDO I Series 2022-18A D1<sup>(a),(b)</sup> | TSFR3M + 4.670% | 8.7300 | &nbsp;&nbsp;01/25/35 | 1757922 |
|  |  |  |  |  | 25045359 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%** |  |  |
| 142839 | Alternative Loan Trust 2004-35T2 A4<sup>(d)</sup> |  | 6.0000 | &nbsp;&nbsp;02/25/35 | 21886 |
| 4555 | Banc of America Mortgage 2004-A Trust 2A4<sup>(b)</sup> |  | 2.6340 | &nbsp;&nbsp;02/25/34 | 4428 |
| 8216433 | BCAP, LLC Trust 2007-AA2 21IO<sup>(b),(d)</sup> |  | 0.4140 | &nbsp;&nbsp;04/25/37 | 92598 |
| 7886 | Bear Stearns ARM Trust 2003-4 3A1<sup>(b)</sup> |  | 3.4080 | &nbsp;&nbsp;07/25/33 | 7418 |
| 8176 | Bear Stearns Asset Backed Securities Trust 2003-AC5 A2<sup>(e)</sup> |  | 5.5000 | &nbsp;&nbsp;10/25/33 | 7927 |
| 4767 | Chase Mortgage Finance Trust Series 2007-A1 7A1<sup>(b)</sup> |  | 3.7250 | &nbsp;&nbsp;02/25/37 | 4669 |
| 25649 | CHL Mortgage Pass-Through Trust 2004-7 3A1<sup>(b)</sup> |  | 3.1640 | &nbsp;&nbsp;05/25/34 | 23975 |
| 9555 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 2003-1 A2<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;09/25/33 | 6447 |
| 3408 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust 2004-4 7AR2<sup>(b)</sup> | US0001M + 0.450% | 4.0360 | &nbsp;&nbsp;06/25/34 | 3091 |
| 153225 | GSR Mortgage Loan Trust 2004-2F 7A2<sup>(b),(d)</sup> | US0001M + 7.650% | 4.0640 | &nbsp;&nbsp;01/25/34 | 4023 |
| 8650 | GSR Mortgage Loan Trust 2004-6F 2A6 |  | 5.5000 | &nbsp;&nbsp;05/25/34 | 8126 |
| 22945 | Impac CMB Trust Series 2004-4 1M3<sup>(b)</sup> | US0001M + 0.900% | 4.4860 | &nbsp;&nbsp;09/25/34 | 22254 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 25.0% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5% (Continued)** |  |  |
| 4754 | Impac CMB Trust Series 2004-5 1A3<sup>(b)</sup> | US0001M + 0.920% | 4.5060 | &nbsp;&nbsp;10/25/34 | $4593 |
| 32512 | Impac CMB Trust Series 2004-6 M1<sup>(b)</sup> | US0001M + 0.825% | 4.4110 | &nbsp;&nbsp;10/25/34 | 30568 |
| 30590 | JP Morgan Mortgage Trust 2005-A1 3A5<sup>(b)</sup> |  | 3.3070 | &nbsp;&nbsp;02/25/35 | 28101 |
| 14252 | MASTR Alternative Loan Trust 2003-7 6A1 |  | 6.5000 | &nbsp;&nbsp;12/25/33 | 13581 |
| 543670 | MASTR Alternative Loan Trust 2007-HF1 4AX<sup>(d)</sup> |  | 7.0000 | &nbsp;&nbsp;10/25/47 | 118872 |
| 9769 | Morgan Stanley Mortgage Loan Trust 2004-10AR 4A<sup>(b)</sup> |  | 4.1320 | &nbsp;&nbsp;11/25/34 | 8846 |
| 6642 | Morgan Stanley Mortgage Loan Trust 2004-7AR 2A6<sup>(b)</sup> |  | 3.6450 | &nbsp;&nbsp;09/25/34 | 6499 |
| 3699 | Structured Asset Securities Corporation 1995-2B 2A<sup>(b)</sup> |  | 3.1000 | &nbsp;&nbsp;09/25/26 | 3639 |
| 6090046 | Vendee Mortgage Trust 2011-2 IO<sup>(b),(d)</sup> |  | 0.3570 | &nbsp;&nbsp;10/15/41 | 68654 |
| 65788 | Wilshire Funding Corporation Series 1997-WFC1 M3<sup>(b)</sup> |  | 7.2500 | &nbsp;&nbsp;08/25/27 | 62029 |
|  |  |  |  |  | 552224 |
|  | **HOME EQUITY — 0.9%** |  |  |  |  |
| 46161 | Aames Mortgage Trust 2001 1 Mortgage Pass Through Certs Series 2001-1 M2<sup>(e)</sup> |  | 8.0880 | &nbsp;&nbsp;06/25/31 | 44670 |
| 24227 | AFC Trust Series 2000-1 1A<sup>(b)</sup> | US0001M + 0.730% | 4.3160 | &nbsp;&nbsp;03/25/30 | 20722 |
| 430 | Ameriquest Mortgage Securities Asset-Backed Pass-Through Ctfs Series 2003-11 AF6<sup>(e)</sup> |  | 5.2260 | &nbsp;&nbsp;12/25/33 | 421 |
| 40242 | Asset Backed Securities Corporation Home Equity Loan Trust Series 2003-HE6 M2<sup>(b)</sup> | US0001M + 2.475% | 6.0610 | &nbsp;&nbsp;11/25/33 | 39686 |
| 135000 | Bear Stearns Asset Backed Securities I Trust 2004-BO1 M9B<sup>(b)</sup> | US0001M + 6.000% | 9.5860 | &nbsp;&nbsp;10/25/34 | 131039 |
| 92498 | Bear Stearns Asset Backed Securities I Trust 2004-FR3 M3<sup>(b)</sup> | US0001M + 2.100% | 5.6860 | &nbsp;&nbsp;09/25/34 | 86947 |
| 55595 | Bear Stearns Asset Backed Securities I Trust 2004-HE7 M4<sup>(b)</sup> | US0001M + 2.700% | 6.2860 | &nbsp;&nbsp;08/25/34 | 49591 |
| 15591 | Bear Stearns Asset Backed Securities Trust 2003-ABF1 A<sup>(b)</sup> | US0001M + 0.740% | 4.3260 | &nbsp;&nbsp;01/25/34 | 14359 |
| 155469 | CDC Mortgage Capital Trust 2004-HE1 M2<sup>(b)</sup> | US0001M + 1.800% | 5.3860 | &nbsp;&nbsp;06/25/34 | 154642 |
| 155373 | CDC Mortgage Capital Trust 2004-HE3 M2<sup>(b)</sup> | US0001M + 1.800% | 5.3860 | &nbsp;&nbsp;11/25/34 | 148847 |
| 39207 | Credit Suisse First Boston Mortgage Securities Corporation Series 2001-HE8 A1<sup>(e)</sup> |  | 6.9900 | &nbsp;&nbsp;02/25/31 | 37467 |
| 9380 | GSAA Trust Series 2005-1 M1<sup>(e)</sup> |  | 5.2950 | &nbsp;&nbsp;11/25/34 | 9270 |
| 3845 | Meritage Mortgage Loan Trust 2003-1 M2<sup>(b)</sup> | US0001M + 2.325% | 5.9110 | &nbsp;&nbsp;11/25/33 | 3609 |
| 28884 | Meritage Mortgage Loan Trust 2003-1 M3<sup>(b)</sup> | US0001M + 2.700% | 6.2860 | &nbsp;&nbsp;11/25/33 | 27284 |
| 19328 | Merrill Lynch Mortgage Investors Trust Series 2003-OPT1 M2<sup>(b)</sup> | US0001M + 2.175% | 5.7610 | &nbsp;&nbsp;07/25/34 | 15517 |
| 39240 | New Century Home Equity Loan Trust Series 2003-A M1<sup>(a),(b)</sup> | US0001M + 1.125% | 3.7890 | &nbsp;&nbsp;10/25/33 | 38083 |
| 1843 | NovaStar Mortgage Funding Trust Series 2004-1 M5<sup>(b)</sup> | US0001M + 1.575% | 5.1610 | &nbsp;&nbsp;06/25/34 | 1737 |
| 13073 | Option One Mortgage Loan Trust 2003-5 A2<sup>(b)</sup> | US0001M + 0.640% | 4.2260 | &nbsp;&nbsp;08/25/33 | 12620 |
| 76674 | RASC Series 2003-KS4 Trust MI1<sup>(e)</sup> |  | 4.6100 | &nbsp;&nbsp;06/25/33 | 73646 |
| 13513 | Saxon Asset Securities Trust 2003-3 M2<sup>(b)</sup> | US0001M + 2.400% | 3.8340 | &nbsp;&nbsp;12/25/33 | 12066 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 25.0% (Continued)** | **ASSET BACKED SECURITIES — 25.0% (Continued)** |  |  | |
|  | **HOME EQUITY — 0.9% (Continued)** |  |  |  |  |
| 97135 | Terwin Mortgage Trust Series TMTS 2003-2HE M2<sup>(b)</sup> | US0001M + 3.225% | 6.8110 | &nbsp;&nbsp;07/25/34 | $96044 |
|  |  |  |  |  | 1018267 |
|  | **MANUFACTURED HOUSING — 0.0%<sup>(f)</sup>** |  |  |  |  |
| 8285 | Conseco Finance Corporation Series 1997-1 M1<sup>(b)</sup> |  | 7.2200 | &nbsp;&nbsp;03/15/28 | 8302 |
|  | **RESIDENTIAL MORTGAGE — 0.7%** |  |  |  |  |
| 62815 | Countrywide Asset-Backed Certificates Series 2004-3 3A4<sup>(b)</sup> | US0001M + 0.500% | 4.0860 | &nbsp;&nbsp;08/25/34 | 62059 |
| 87399 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-CB3 B1<sup>(b)</sup> | US0001M + 2.775% | 3.5780 | &nbsp;&nbsp;03/25/34 | 89295 |
| 133167 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-CB6 M2<sup>(b)</sup> | US0001M + 1.725% | 4.3700 | &nbsp;&nbsp;07/25/35 | 129811 |
| 31524 | CWABS, Inc. Asset-Backed Certificates Trust 2004-6 2A4<sup>(b)</sup> | US0001M + 0.900% | 4.4860 | &nbsp;&nbsp;11/25/34 | 29842 |
| 21837 | CWABS, Inc. Asset-Backed Certificates Trust 2004-6 Series 2A3 2A3<sup>(b)</sup> | US0001M + 1.200% | 4.7860 | &nbsp;&nbsp;11/25/34 | 20951 |
| 17415 | Equity One Mortgage Pass-Through Trust 2002-5 M1<sup>(e)</sup> |  | 5.8030 | &nbsp;&nbsp;11/25/32 | 16352 |
| 92057 | Finance America Mortgage Loan Trust 2004-2 M3<sup>(b)</sup> | US0001M + 0.975% | 4.5610 | &nbsp;&nbsp;08/25/34 | 81676 |
| 17678 | First Franklin Mortgage Loan Trust 2002-FF1 1A2<sup>(b)</sup> | US0001M + 1.125% | 4.2530 | &nbsp;&nbsp;04/25/32 | 17325 |
| 21669 | Long Beach Mortgage Loan Trust 2003-2 M2<sup>(b)</sup> | US0001M + 2.850% | 6.4360 | &nbsp;&nbsp;06/25/33 | 21501 |
| 66867 | Morgan Stanley A.B.S Capital I, Inc. Trust 2004-NC7 M4<sup>(b)</sup> | US0001M + 1.725% | 5.3110 | &nbsp;&nbsp;07/25/34 | 64718 |
| 109279 | Structured Asset Securities Corporation 2005-WF1 M7<sup>(b)</sup> | US0001M + 1.905% | 5.4910 | &nbsp;&nbsp;02/25/35 | 102582 |
| 143305 | Structured Asset Securities Corporation 2005-WF1 M8<sup>(b)</sup> | US0001M + 2.055% | 5.6410 | &nbsp;&nbsp;02/25/35 | 130942 |
|  |  |  |  |  | 767054 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $31,606,205)** | **TOTAL ASSET BACKED SECURITIES (Cost $31,606,205)** |  |  | 27391206 |
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9%** |  |  |
| 400240 | Fannie Mae Interest Strip Series 384 2<sup>(d)</sup> |  | 4.5000 | 07/25/37 | 57737 |
| 1264456 | Fannie Mae Interest Strip Series 407 40<sup>(d)</sup> |  | 6.0000 | 01/25/38 | 265528 |
| 301748 | Fannie Mae Interest Strip Series 418 141<sup>(b),(d)</sup> |  | 5.5000 | 05/25/39 | 54754 |
| 357400 | Fannie Mae Interest Strip Series 418 147<sup>(b),(d)</sup> |  | 6.0000 | 05/25/39 | 67922 |
| 131173 | Fannie Mae Interest Strip Series 409 80<sup>(b),(d)</sup> |  | 4.5000 | 11/25/39 | 30266 |
| 568979 | Fannie Mae Interest Strip Series 408 9<sup>(b),(d)</sup> |  | 4.5000 | 10/25/40 | 115892 |
| 367392 | Fannie Mae Interest Strip Series 409 83<sup>(b),(d)</sup> |  | 4.5000 | 11/25/40 | 64733 |
| 1456109 | Fannie Mae Interest Strip Series 406 15<sup>(d)</sup> |  | 5.0000 | 12/25/40 | 357264 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** |  |  |
| 239244 Fannie Mae Interest Strip Series 409 C13<sup>(d)</sup> |  | 3.5000 | 11/25/41 | $37931 |
| 167784 Fannie Mae Interest Strip Series 409 64<sup>(b),(d)</sup> |  | 4.0000 | 11/25/41 | 29045 |
| 205312 Fannie Mae Interest Strip Series 413 126<sup>(b),(d)</sup> |  | 4.0000 | 07/25/42 | 34900 |
| 455888 Fannie Mae Interest Strip Series 413 155<sup>(b),(d)</sup> |  | 4.5000 | 07/25/42 | 91413 |
| 210747 Fannie Mae Interest Strip Series 413 177<sup>(b),(d)</sup> |  | 4.5000 | 07/25/42 | 40718 |
| 1110054 Fannie Mae Interest Strip Series 417 C24<sup>(d)</sup> |  | 3.5000 | 12/25/42 | 148529 |
| 448331 Fannie Mae Interest Strip Series 419 C3<sup>(d)</sup> |  | 3.0000 | 11/25/43 | 66377 |
| 609850 Fannie Mae Interest Strip Series 426 292<sup>(b),(d)</sup> |  | 3.5000 | 08/25/51 | 102644 |
| 648337 Fannie Mae REMICS Series 2006-109 SG<sup>(b),(d)</sup> | US0001M + 6.630% | 3.0440 | 11/25/36 | 47180 |
| 291253 Fannie Mae REMICS Series 2007-39 AI<sup>(b),(d)</sup> | US0001M + 6.120% | 2.5340 | 05/25/37 | 18553 |
| 201584 Fannie Mae REMICS Series 2007-92 SK<sup>(b),(d)</sup> | US0001M + 6.450% | 2.8640 | 09/25/37 | 18871 |
| 213683 Fannie Mae REMICS Series 2007-112 SA<sup>(b),(d)</sup> | US0001M + 6.450% | 2.8640 | 12/25/37 | 20558 |
| 203572 Fannie Mae REMICS Series 2009-31 PI<sup>(d)</sup> |  | 5.0000 | 11/25/38 | 16286 |
| 561493 Fannie Mae REMICS Series 2009-101 MI<sup>(d)</sup> |  | 6.0000 | 12/25/39 | 82486 |
| 579166 Fannie Mae REMICS Series 2009-113 XI<sup>(b),(d)</sup> |  | 5.0000 | 01/25/40 | 112859 |
| 820894 Fannie Mae REMICS Series 2010-150 SP<sup>(b),(d)</sup> | US0001M + 6.600% | 3.0140 | 10/25/40 | 70733 |
| 146318 Fannie Mae REMICS Series 2017-50 BI<sup>(d)</sup> |  | 4.0000 | 04/25/41 | 863 |
| 287061 Fannie Mae REMICS Series 2017-47 AI<sup>(d)</sup> |  | 4.0000 | 10/25/41 | 7829 |
| 2399435 Fannie Mae REMICS Series 2011-149 MS<sup>(b),(d)</sup> | US0001M + 6.000% | 2.4140 | 11/25/41 | 93027 |
| 167058 Fannie Mae REMICS Series 2012-84 KI<sup>(b),(d)</sup> | US0001M + 6.000% | 6.0000 | 08/25/42 | 28107 |
| 199410 Fannie Mae REMICS Series 2013-10 SJ<sup>(b),(d)</sup> | US0001M + 6.150% | 2.5640 | 02/25/43 | 15052 |
| 610945 Fannie Mae REMICS Series 2014-68 IB<sup>(d)</sup> |  | 4.5000 | 02/25/43 | 71237 |
| 214397 Fannie Mae REMICS Series 2015-16 IN<sup>(d)</sup> |  | 4.5000 | 09/25/43 | 13109 |
| 1406910 Fannie Mae REMICS Series 2013-103 JS<sup>(b),(d)</sup> | US0001M + 6.000% | 2.4140 | 10/25/43 | 108802 |
| 57242 Fannie Mae REMICS Series 2017-40 MI<sup>(d)</sup> |  | 3.5000 | 12/25/44 | 157 |
| 179634 Fannie Mae REMICS Series 2015-22 BS<sup>(b),(d)</sup> | US0001M + 6.150% | 4.5980 | 04/25/45 | 17590 |
| 8551955 Fannie Mae REMICS Series 2015-40 LT<sup>(b),(d)</sup> | US0001M + 6.200% | 0.0300 | 06/25/45 | 14793 |
| 2738777 Fannie Mae REMICS Series 2015-34 HI<sup>(d)</sup> |  | 6.0000 | 06/25/45 | 691906 |
| 75346 Fannie Mae REMICS Series 2017-48 QI<sup>(d)</sup> |  | 3.5000 | 11/25/45 | 347 |
| 92785 Fannie Mae REMICS Series 2017-78 KI<sup>(d)</sup> |  | 3.5000 | 10/25/47 | 6036 |
| 134717 Fannie Mae REMICS Series 2018-37 CI<sup>(d)</sup> |  | 4.0000 | 10/25/47 | 10950 |
| 1333527 Fannie Mae REMICS Series 2017-97 SW<sup>(b),(d)</sup> | US0001M + 6.200% | 2.6140 | 12/25/47 | 128883 |
| 370561 Fannie Mae REMICS Series 2017-99 DI<sup>(d)</sup> |  | 3.5000 | 12/25/47 | 50770 |
| 208308 Fannie Mae REMICS Series 2018-2 LI<sup>(d)</sup> |  | 3.5000 | 12/25/47 | 22850 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** |  |  |
| 382546 Fannie Mae REMICS Series 2018-31 IO<sup>(d)</sup> |  | 4.5000 | 12/25/47 | $67818 |
| 1244437 Fannie Mae REMICS Series 2018-16 MI<sup>(d)</sup> |  | 4.0000 | 03/25/48 | 252467 |
| 312692 Fannie Mae REMICS Series 2018-35 KI<sup>(d)</sup> |  | 4.0000 | 05/25/48 | 56130 |
| 265206 Fannie Mae REMICS Series 2018-34 CI<sup>(d)</sup> |  | 4.0000 | 05/25/48 | 47759 |
| 1509129 Fannie Mae REMICS Series 2018-54 SA<sup>(b),(d)</sup> | US0001M + 6.250% | 2.6640 | 08/25/48 | 120801 |
| 537047 Fannie Mae REMICS Series 2018-74 MI<sup>(d)</sup> |  | 4.5000 | 10/25/48 | 108286 |
| 669343 Fannie Mae REMICS Series 2019-44 IC<sup>(d)</sup> |  | 3.5000 | 08/25/49 | 111796 |
| 263385 Fannie Mae REMICS Series 2021-27 GI<sup>(d)</sup> |  | 4.5000 | 05/25/51 | 60728 |
| 1224333 Fannie Mae REMICS Series 2020-10 S<sup>(b),(d)</sup> | US0001M + 6.050% | 2.4640 | 05/25/59 | 92716 |
| 25448 Freddie Mac REMICS Series 2433 SA<sup>(b)</sup> | US0001M + 20.930% | 12.0580 | 02/15/32 | 27828 |
| 1320719 Freddie Mac REMICS Series 5112 IB<sup>(d)</sup> |  | 6.5000 | 05/15/32 | 191873 |
| 76442 Freddie Mac REMICS Series 4325 GI<sup>(d)</sup> |  | 3.5000 | 04/15/33 | 2570 |
| 264348 Freddie Mac REMICS Series 4394 BI<sup>(d)</sup> |  | 5.5000 | 07/15/37 | 42320 |
| 165250 Freddie Mac REMICS Series 4419 EI<sup>(d)</sup> |  | 6.0000 | 10/15/37 | 18928 |
| 4531084 Freddie Mac REMICS Series 4669 TI<sup>(b),(d)</sup> | US0001M + 6.100% | 0.1000 | 09/15/40 | 11451 |
| 1000485 Freddie Mac REMICS Series 3935 SH<sup>(b),(d)</sup> | US0001M + 6.600% | 3.1880 | 12/15/40 | 33071 |
| 82365 Freddie Mac REMICS Series 3772 SA<sup>(b)</sup> | US0001M + 14.910% | 4.6740 | 12/15/40 | 57137 |
| 209834 Freddie Mac REMICS Series 4493 HI<sup>(d)</sup> |  | 3.0000 | 06/15/41 | 6953 |
| 220450 Freddie Mac REMICS Series 4076 SW<sup>(b),(d)</sup> | US0001M + 6.050% | 2.6380 | 07/15/42 | 22490 |
| 102250 Freddie Mac REMICS Series 4139 PO<sup>(g)</sup> |  |  | 08/15/42 | 61728 |
| 289641 Freddie Mac REMICS Series 4091 ES<sup>(b),(d)</sup> | US0001M + 6.550% | 3.1380 | 08/15/42 | 33798 |
| 32262 Freddie Mac REMICS Series 4681 LI<sup>(d)</sup> |  | 3.5000 | 03/15/43 | 453 |
| 609562 Freddie Mac REMICS Series 4197 IG<sup>(d)</sup> |  | 4.0000 | 04/15/43 | 86437 |
| 129990 Freddie Mac REMICS Series 4558 DI<sup>(d)</sup> |  | 3.5000 | 07/15/43 | 3309 |
| 12248266 Freddie Mac REMICS Series 4765 SI<sup>(b),(d)</sup> |  | 0.2070 | 08/15/44 | 118687 |
| 363492 Freddie Mac REMICS Series 4416 DS<sup>(b),(d)</sup> | US0001M + 6.100% | 2.6880 | 12/15/44 | 31561 |
| 327782 Freddie Mac REMICS Series 4480 IN<sup>(d)</sup> |  | 4.0000 | 03/15/45 | 46022 |
| 368424 Freddie Mac REMICS Series 4473 AS<sup>(b),(d)</sup> | US0001M + 5.600% | 2.1880 | 05/15/45 | 24623 |
| 117245 Freddie Mac REMICS Series 4591 QI<sup>(d)</sup> |  | 3.5000 | 04/15/46 | 17067 |
| 934677 Freddie Mac REMICS Series 4583 ST<sup>(b),(d)</sup> | US0001M + 6.000% | 2.5880 | 05/15/46 | 94926 |
| 829001 Freddie Mac REMICS Series 4699 NI<sup>(d)</sup> |  | 4.0000 | 12/15/46 | 131521 |
| 236384 Freddie Mac REMICS Series 4792 AI<sup>(d)</sup> |  | 4.0000 | 05/15/48 | 41547 |
| 1268770 Freddie Mac REMICS Series 4827 BI<sup>(d)</sup> |  | 4.5000 | 09/15/48 | 238197 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** |  |  |
| 409821 Freddie Mac REMICS Series 5093 NI<sup>(d)</sup> |  | 4.0000 | 08/25/49 | $90063 |
| 942982 Freddie Mac REMICS Series 5022 IO<sup>(d)</sup> |  | 3.0000 | 09/25/50 | 137370 |
| 541596 Freddie Mac REMICS Series 5023 MI<sup>(d)</sup> |  | 3.0000 | 10/25/50 | 97661 |
| 545705 Freddie Mac REMICS Series 5086 IW<sup>(d)</sup> |  | 3.0000 | 03/25/51 | 72593 |
| 368200 Freddie Mac REMICS Series 5082 HI<sup>(d)</sup> |  | 3.0000 | 03/25/51 | 44681 |
| 1136290 Freddie Mac REMICS Series 5086 HI<sup>(d)</sup> |  | 4.5000 | 03/25/51 | 229793 |
| 1179345 Freddie Mac REMICS Series 5103 IH<sup>(d)</sup> |  | 4.0000 | 05/25/51 | 220391 |
| 1567967 Freddie Mac REMICS Series 5174 NI<sup>(d)</sup> |  | 3.5000 | 12/25/51 | 281799 |
| 370475 Freddie Mac REMICS Series 4291 MS<sup>(b),(d)</sup> | US0001M + 5.900% | 2.4880 | 01/15/54 | 27101 |
| 74690 Freddie Mac Strips Series 202 IO<sup>(d)</sup> |  | 6.5000 | 04/01/29 | 10560 |
| 660877 Freddie Mac Strips Series 256 50<sup>(d)</sup> |  | 5.0000 | 06/15/38 | 101699 |
| 226365 Freddie Mac Strips Series 303 181<sup>(b),(d)</sup> |  | 4.5000 | 12/15/39 | 30967 |
| 222854 Freddie Mac Strips Series 303 175<sup>(b),(d)</sup> |  | 4.5000 | 12/15/40 | 34502 |
| 310134 Freddie Mac Strips Series 303 141<sup>(b),(d)</sup> |  | 4.5000 | 01/15/43 | 54679 |
| 637390 Freddie Mac Strips Series 324 C24<sup>(d)</sup> |  | 5.0000 | 12/15/43 | 122925 |
| 701757 Freddie Mac Strips Series 365 C10<sup>(d)</sup> |  | 3.5000 | 06/15/49 | 156069 |
| 56422 Government National Mortgage Association Series 2011-157 AI<sup>(d)</sup> |  | 4.0000 | 12/16/26 | 2481 |
| 711991 Government National Mortgage Association Series 2021-78 QI<sup>(d)</sup> |  | 5.0000 | 05/20/34 | 103906 |
| 3305200 Government National Mortgage Association Series 2009-87 IW<sup>(b),(d)</sup> | US0001M + 6.850% | 3.3610 | 07/20/34 | 218409 |
| 8635373 Government National Mortgage Association Series 2014-94 JI<sup>(b),(d)</sup> | US0001M + 6.700% | 0.1500 | 09/16/34 | 53633 |
| 917856 Government National Mortgage Association Series 2007-26 SD<sup>(b),(d)</sup> | US0001M + 6.800% | 3.3880 | 05/16/37 | 135517 |
| 5492334 Government National Mortgage Association Series 2017-60 SA<sup>(b),(d)</sup> | US0001M + 6.690% | 3.2010 | 10/20/37 | 350803 |
| 1674077 Government National Mortgage Association Series 2008-60 SH<sup>(b),(d)</sup> | US0001M + 6.150% | 2.7380 | 07/16/38 | 71238 |
| 961047 Government National Mortgage Association Series 2017-88 IB<sup>(d)</sup> |  | 5.5000 | 02/20/39 | 166061 |
| 636001 Government National Mortgage Association Series 2009-61 AS<sup>(b),(d)</sup> | US0001M + 6.100% | 2.6110 | 03/20/39 | 10799 |
| 98791 Government National Mortgage Association Series 2009-117 SC<sup>(b),(d)</sup> | US0001M + 6.500% | 3.0880 | 08/16/39 | 306 |
| 870923 Government National Mortgage Association Series 2009-69 IV<sup>(d)</sup> |  | 5.5000 | 08/20/39 | 137248 |
| 2879060 Government National Mortgage Association Series 2010-29 SA<sup>(b),(d)</sup> | US0001M + 6.550% | 3.0610 | 10/20/39 | 300208 |
| 420565 Government National Mortgage Association Series 2013-90 AI<sup>(d)</sup> |  | 3.5000 | 10/20/39 | 22046 |
| 192271 Government National Mortgage Association Series 2010-98 YS<sup>(b),(d)</sup> | US0001M + 6.600% | 3.1110 | 12/20/39 | 396 |
| 861403 Government National Mortgage Association Series 2017-60 SU<sup>(b),(d)</sup> | US0001M + 6.400% | 2.9880 | 01/16/40 | 65627 |
| 1009282 Government National Mortgage Association Series 2013-20 IM<sup>(d)</sup> |  | 5.0000 | 04/20/40 | 182354 |
| 1452667 Government National Mortgage Association Series 2017-160 TI<sup>(b),(d)</sup> |  | 0.5000 | 06/20/40 | 25258 |
| 1312662 Government National Mortgage Association Series 2010-133 SB<sup>(b),(d)</sup> | US0001M + 6.020% | 2.6080 | 10/16/40 | 107023 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** |  |  |
| 253897 Government National Mortgage Association Series 2019-22 HI<sup>(d)</sup> |  | 5.0000 | 10/16/40 | $26121 |
| 2413290 Government National Mortgage Association Series 2010-166 SA<sup>(b),(d)</sup> | US0001M + 6.050% | 2.6380 | 12/16/40 | 183370 |
| 369881 Government National Mortgage Association Series 2012-69 QI<sup>(d)</sup> |  | 4.0000 | 03/16/41 | 49815 |
| 302009 Government National Mortgage Association Series 2011-68 EI<sup>(d)</sup> |  | 6.0000 | 04/20/41 | 42730 |
| 309337 Government National Mortgage Association Series 2013-75 GI<sup>(d)</sup> |  | 3.0000 | 06/20/41 | 10010 |
| 1018214 Government National Mortgage Association Series 2015-44 AI<sup>(d)</sup> |  | 3.0000 | 08/20/41 | 26080 |
| 316600 Government National Mortgage Association Series 2012-108 PS<sup>(b),(d)</sup> | US0001M + 6.750% | 3.3380 | 03/16/42 | 29472 |
| 1248150 Government National Mortgage Association Series 2013-4 ID<sup>(d)</sup> |  | 5.5000 | 05/16/42 | 264873 |
| 249442 Government National Mortgage Association Series 2012-149 GI<sup>(d)</sup> |  | 5.0000 | 07/20/42 | 27653 |
| 437482 Government National Mortgage Association Series 2012-98 HS<sup>(b),(d)</sup> | US0001M + 6.000% | 2.5110 | 08/20/42 | 37614 |
| 1024587 Government National Mortgage Association Series 2012-126 IO<sup>(d)</sup> |  | 3.5000 | 10/20/42 | 157311 |
| 533542 Government National Mortgage Association Series 2012-140 IC<sup>(d)</sup> |  | 3.5000 | 11/20/42 | 78017 |
| 318942 Government National Mortgage Association Series 2012-149 CS<sup>(b),(d)</sup> | US0001M + 6.200% | 2.7110 | 12/20/42 | 19261 |
| 88934 Government National Mortgage Association Series 2013-5 BI<sup>(d)</sup> |  | 3.5000 | 01/20/43 | 16097 |
| 445791 Government National Mortgage Association Series 2013-20 KI<sup>(d)</sup> |  | 5.0000 | 01/20/43 | 59095 |
| 1526975 Government National Mortgage Association Series 2013-144 AS<sup>(b),(d)</sup> | US0001M + 6.750% | 3.2610 | 03/20/43 | 26503 |
| 454214 Government National Mortgage Association Series 2013-82 IG<sup>(d)</sup> |  | 3.5000 | 05/20/43 | 73941 |
| 698864 Government National Mortgage Association Series 2019-22 EI<sup>(b),(d)</sup> |  | 1.0000 | 07/20/43 | 17588 |
| 89986 Government National Mortgage Association Series 2013-103 DS<sup>(b),(d)</sup> | US0001M + 6.150% | 2.6610 | 07/20/43 | 7510 |
| 429716 Government National Mortgage Association Series 2013-189 PS<sup>(b),(d)</sup> | US0001M + 6.150% | 2.6610 | 07/20/43 | 45487 |
| 782548 Government National Mortgage Association Series 2013-122 SB<sup>(b),(d)</sup> | US0001M + 6.100% | 2.6880 | 08/16/43 | 65352 |
| 11592920 Government National Mortgage Association Series 2019-21 SI<sup>(b),(d)</sup> |  | 0.2630 | 10/20/43 | 102836 |
| 309989 Government National Mortgage Association Series 2014-132 SL<sup>(b),(d)</sup> | US0001M + 6.100% | 2.6110 | 10/20/43 | 14041 |
| 185947 Government National Mortgage Association Series 2013-181 SA<sup>(b),(d)</sup> | US0001M + 6.100% | 2.6110 | 11/20/43 | 17904 |
| 4239 Government National Mortgage Association Series 2014-127 IB<sup>(d)</sup> |  | 3.5000 | 04/20/44 | 8 |
| 410287 Government National Mortgage Association Series 2014-91 SB<sup>(b),(d)</sup> | US0001M + 5.600% | 2.1880 | 06/16/44 | 30657 |
| 125713 Government National Mortgage Association Series 2014-133 BS<sup>(b),(d)</sup> | US0001M + 5.600% | 2.1110 | 09/20/44 | 9817 |
| 622496 Government National Mortgage Association Series 2019-22 SA<sup>(b),(d)</sup> | US0001M + 5.600% | 2.1110 | 02/20/45 | 57420 |
| 228652 Government National Mortgage Association Series 2017-99 DI<sup>(d)</sup> |  | 4.0000 | 07/20/45 | 20212 |
| 737708 Government National Mortgage Association Series 2017-112 KI<sup>(d)</sup> |  | 4.5000 | 08/20/45 | 117657 |
| 900814 Government National Mortgage Association Series 2016-163 KI<sup>(d)</sup> |  | 6.0000 | 08/20/45 | 131463 |
| 501133 Government National Mortgage Association Series 2017-130 LI<sup>(d)</sup> |  | 4.5000 | 10/16/45 | 53497 |
| 2647292 Government National Mortgage Association Series 2019-22 CI<sup>(b),(d)</sup> | US0001M + 31.250% | 1.0000 | 10/20/45 | 159358 |
| 344117 Government National Mortgage Association Series 2015-179 GS<sup>(b),(d)</sup> | US0001M + 6.750% | 3.2610 | 12/20/45 | 38823 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 11.9% (Continued)** |  |  |
| 78264 | Government National Mortgage Association Series 2019-10 JI<sup>(d)</sup> |  | 4.5000 | &nbsp;&nbsp;03/20/46 | $597 |
| 122745 | Government National Mortgage Association Series 2016-54 PI<sup>(d)</sup> |  | 3.0000 | &nbsp;&nbsp;04/20/46 | 4445 |
| 355537 | Government National Mortgage Association Series 2016-46 IO<sup>(d)</sup> |  | 3.5000 | &nbsp;&nbsp;04/20/46 | 56927 |
| 110689 | Government National Mortgage Association Series 2017-101 ID<sup>(d)</sup> |  | 4.5000 | &nbsp;&nbsp;04/20/46 | 11329 |
| 221008 | Government National Mortgage Association Series 2016-81 IO<sup>(d)</sup> |  | 4.0000 | &nbsp;&nbsp;06/20/46 | 42888 |
| 1092123 | Government National Mortgage Association Series 2016-121 JS<sup>(b),(d)</sup> | US0001M + 6.100% | 2.6110 | &nbsp;&nbsp;09/20/46 | 88466 |
| 376110 | Government National Mortgage Association Series 2016-116 IJ<sup>(d)</sup> |  | 3.5000 | &nbsp;&nbsp;09/20/46 | 45443 |
| 211616 | Government National Mortgage Association Series 2019-11 MI<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;11/20/46 | 13794 |
| 207065 | Government National Mortgage Association Series 2017-114 CI<sup>(d)</sup> |  | 3.5000 | &nbsp;&nbsp;03/20/47 | 19729 |
| 14844 | Government National Mortgage Association Series 2017-141 ID<sup>(d)</sup> |  | 3.5000 | &nbsp;&nbsp;07/20/47 | 1753 |
| 419239 | Government National Mortgage Association Series 2018-18 BI<sup>(d)</sup> |  | 4.0000 | &nbsp;&nbsp;11/20/47 | 51381 |
| 953970 | Government National Mortgage Association Series 2017-179 KS<sup>(b),(d)</sup> | US0001M + 6.200% | 2.7110 | &nbsp;&nbsp;12/20/47 | 94961 |
| 159084 | Government National Mortgage Association Series 2017-179 WI<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;12/20/47 | 32062 |
| 355394 | Government National Mortgage Association Series 2018-1 IP<sup>(d)</sup> |  | 3.5000 | &nbsp;&nbsp;01/20/48 | 41865 |
| 22736941 | Government National Mortgage Association Series 2020-86 TK<sup>(b),(d)</sup> | US0001M + 6.200% | 0.1500 | &nbsp;&nbsp;08/20/48 | 123846 |
| 227476 | Government National Mortgage Association Series 2018-120 JI<sup>(d)</sup> |  | 5.5000 | &nbsp;&nbsp;09/20/48 | 34530 |
| 324453 | Government National Mortgage Association Series 2018-154 IT<sup>(d)</sup> |  | 5.5000 | &nbsp;&nbsp;10/20/48 | 62238 |
| 541826 | Government National Mortgage Association Series 2019-6 SA<sup>(b),(d)</sup> | US0001M + 6.050% | 2.5610 | &nbsp;&nbsp;01/20/49 | 45190 |
| 325439 | Government National Mortgage Association Series 2019-18 CS<sup>(b),(d)</sup> | US0001M + 6.050% | 2.5610 | &nbsp;&nbsp;02/20/49 | 18760 |
| 1181431 | Government National Mortgage Association Series 2020-47 MI<sup>(d)</sup> |  | 3.5000 | &nbsp;&nbsp;04/20/50 | 192903 |
| 489675 | Government National Mortgage Association Series 2020-127 IN<sup>(d)</sup> |  | 2.5000 | &nbsp;&nbsp;08/20/50 | 72415 |
| 787092 | Government National Mortgage Association Series 2020-167 NS<sup>(b),(d)</sup> | US0001M + 6.300% | 2.8110 | &nbsp;&nbsp;11/20/50 | 80494 |
| 1811167 | Government National Mortgage Association Series 2021-131 IN<sup>(d)</sup> |  | 2.5000 | &nbsp;&nbsp;07/20/51 | 203040 |
| 2508985 | Government National Mortgage Association Series 2022-10 ID<sup>(d)</sup> |  | 3.0000 | &nbsp;&nbsp;08/20/51 | 314256 |
| 3103270 | Government National Mortgage Association Series 2019-H16 CI<sup>(b),(d)</sup> |  | 3.0140 | &nbsp;&nbsp;10/20/69 | 188192 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,219,212)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,219,212)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,219,212)** |  | 13023748 |
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 45.3%** | **CORPORATE BONDS — 45.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.5%** |  |  |  |  |
| 500000 | Howmet Aerospace, Inc. |  | 5.1250 | &nbsp;&nbsp;10/01/24 | 495388 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 45.3% (Continued)** | **CORPORATE BONDS — 45.3% (Continued)** |  |  | |
|  | **ASSET MANAGEMENT — 3.2%** |  |  |  |  |
| 730000 | Ares Capital Corporation |  | 4.2500 | &nbsp;&nbsp;03/01/25 | $684506 |
| 1301000 | FS KKR Capital Corporation |  | 4.1250 | &nbsp;&nbsp;02/01/25 | 1216856 |
| 1662000 | Icahn Enterprises, LP / Icahn Enterprises |  | 4.7500 | &nbsp;&nbsp;09/15/24 | 1619636 |
|  |  |  |  |  | 3520998 |
|  | **AUTOMOTIVE — 6.0%** |  |  |  |  |
| 150000 | Ford Motor Credit Company, LLC |  | 3.3700 | &nbsp;&nbsp;11/17/23 | 145136 |
| 890000 | Ford Motor Credit Company, LLC |  | 3.8100 | &nbsp;&nbsp;01/09/24 | 860602 |
| 1655000 | Ford Motor Credit Company, LLC |  | 5.5840 | &nbsp;&nbsp;03/18/24 | 1636984 |
| 400000 | Ford Motor Credit Company, LLC |  | 4.6870 | &nbsp;&nbsp;06/09/25 | 381013 |
| 1400000 | Ford Motor Credit Company, LLC |  | 5.1250 | &nbsp;&nbsp;06/16/25 | 1356865 |
| 1435000 | Ford Motor Credit Company, LLC |  | 3.3750 | &nbsp;&nbsp;11/13/25 | 1304451 |
| 373000 | Harley-Davidson Financial Services, Inc.<sup>(a)</sup> |  | 3.3500 | &nbsp;&nbsp;02/15/23 | 370822 |
| 500000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;11/13/23 | 493971 |
|  |  |  |  |  | 6549844 |
|  | **BANKING — 9.7%** |  |  |  |  |
| 500000 | Bank of America Corporation<sup>(b)</sup> | US0003M + 0.790% | 3.0040 | &nbsp;&nbsp;12/20/23 | 498206 |
| 100000 | BNP Paribas S.A.<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;09/28/25 | 93039 |
| 1234000 | BPCE S.A.<sup>(a)</sup> |  | 5.1500 | &nbsp;&nbsp;07/21/24 | 1190090 |
| 2308000 | Citigroup, Inc.<sup>(b)</sup> | US0003M + 4.068% | 5.9500 | &nbsp;&nbsp;07/30/2167 | 2296460 |
| 955000 | Credit Agricole S.A.<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;03/17/25 | 896735 |
| 3704000 | First Citizens BancShares, Inc.<sup>(a),(b)</sup> | US0003M + 3.972% | 7.2650 | &nbsp;&nbsp;06/15/2170 | 3680850 |
| 500000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 0.730% | 3.5590 | &nbsp;&nbsp;04/23/24 | 495189 |
| 1200000 | Societe Generale S.A.<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;04/14/25 | 1112341 |
| 250000 | Wells Fargo & Company Class MTN<sup>(b)</sup> | SOFRRATE + 1.600% | 1.6540 | &nbsp;&nbsp;06/02/24 | 244237 |
|  |  |  |  |  | 10507147 |
|  | **BIOTECH & PHARMA — 2.3%** |  |  |  |  |
| 1714000 | Teva Pharmaceutical Finance Netherlands III BV |  | 2.8000 | &nbsp;&nbsp;07/21/23 | 1668776 |
| 900000 | Teva Pharmaceutical Finance Netherlands III BV |  | 6.0000 | &nbsp;&nbsp;04/15/24 | 892274 |
|  |  |  |  |  | 2561050 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.0%** |  |  |  |  |
| 1090000 | Aramark Services, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;05/01/25 | 1081160 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 45.3% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 0.4%** |  |  |  |  |
| 465000 | Ball Corporation |  | 4.0000 | &nbsp;&nbsp;11/15/23 | $456804 |
|  | **DIVERSIFIED INDUSTRIALS — 1.8%** |  |  |  |  |
| 2000000 | General Electric Company Series D<sup>(b)</sup> | US0003M + 3.330% | 6.6230 | &nbsp;&nbsp;06/15/2169 | 1935000 |
|  | **ELECTRIC UTILITIES — 2.0%** |  |  |  |  |
| 650000 | Electricite de France S.A.<sup>(b)</sup> | USSW10 + 3.709% | 5.2500 | &nbsp;&nbsp;07/20/2170 | 612581 |
| 1400000 | Electricite de France S.A.<sup>(a),(b)</sup> | USSW10 + 3.041% | 5.6250 | &nbsp;&nbsp;07/22/2170 | 1233218 |
| 387000 | Pennsylvania Electric Company<sup>(a)</sup> |  | 4.1500 | &nbsp;&nbsp;04/15/25 | 367952 |
|  |  |  |  |  | 2213751 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.7%** |  |  |  |  |
| 775000 | Carter Holt Harvey Ltd.<sup>©,(h)</sup> |  | 9.5000 | &nbsp;&nbsp;12/01/24 | 753262 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.1%** |  |  |  |  |
| 2025000 | Bank of New York Mellon Corporation (The) Series H<sup>(b)</sup> | H15T5Y + 3.352% | 3.7000 | &nbsp;&nbsp;03/20/2170 | 1777790 |
| 75000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | SOFRRATE + 0.538% | 0.6270 | &nbsp;&nbsp;11/17/23 | 74808 |
| 500000 | Morgan Stanley MTN<sup>(b)</sup> | SOFRRATE + 0.455% | 0.5290 | &nbsp;&nbsp;01/25/24 | 492529 |
|  |  |  |  |  | 2345127 |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |  |  |  |
| 395000 | Carnival Corporation |  | 7.2000 | &nbsp;&nbsp;10/01/23 | 395663 |
|  | **OIL & GAS PRODUCERS — 1.6%** |  |  |  |  |
| 250000 | DCP Midstream Operating, LP |  | 3.8750 | &nbsp;&nbsp;03/15/23 | 248736 |
| 300000 | DCP Midstream Operating, LP<sup>(a),(b)</sup> | US0003M + 3.850% | 5.8500 | &nbsp;&nbsp;05/21/43 | 290680 |
| 500000 | Energy Transfer Operating, LP |  | 4.2000 | &nbsp;&nbsp;09/15/23 | 493702 |
| 750000 | Plains All American Pipeline, LP / PAA Finance |  | 3.8500 | &nbsp;&nbsp;10/15/23 | 737254 |
|  |  |  |  |  | 1770372 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.9%** |  |  |  |  |
| 150000 | American Tower Trust #1<sup>(a)</sup> |  | 3.0700 | &nbsp;&nbsp;03/15/23 | 148677 |
| 500000 | Office Properties Income Trust |  | 4.2500 | &nbsp;&nbsp;05/15/24 | 454167 |
| 2042000 | Service Properties Trust |  | 4.6500 | &nbsp;&nbsp;03/15/24 | 1925808 |
| 657000 | VICI Properties, LP / VICI Note Company, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;06/15/25 | 617015 |
|  |  |  |  |  | 3145667 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 45.3% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 1.4%** |  |  |  |  |
| 1688000 | Penske Automotive Group, Inc. |  | 3.5000 | &nbsp;&nbsp;09/01/25 | $1571430 |
|  | **SPECIALTY FINANCE — 3.5%** |  |  |  |  |
| 780000 | AerCap Ireland Capital DAC / AerCap Global |  | 4.8750 | &nbsp;&nbsp;01/16/24 | 765683 |
| 500000 | Capital One Financial Corporation<sup>(b)</sup> | SOFRRATE + 0.690% | 1.3430 | &nbsp;&nbsp;12/06/24 | 473663 |
| 1000000 | Credit Acceptance Corporation<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;12/31/24 | 941090 |
| 1000000 | ILFC E-Capital Trust I<sup>(a),(b)</sup> | US0003M + 1.550% | 5.1150 | &nbsp;&nbsp;12/21/65 | 612500 |
| 1055000 | OneMain Finance Corporation |  | 6.1250 | &nbsp;&nbsp;03/15/24 | 1032296 |
|  |  |  |  |  | 3825232 |
|  | **TELECOMMUNICATIONS — 2.7%** |  |  |  |  |
| 825000 | Sprint Corporation |  | 7.8750 | &nbsp;&nbsp;09/15/23 | 839857 |
| 250000 | Sprint Corporation |  | 7.1250 | &nbsp;&nbsp;06/15/24 | 252917 |
| 1940000 | Telecom Italia SpA<sup>(a)</sup> |  | 5.3030 | &nbsp;&nbsp;05/30/24 | 1828450 |
|  |  |  |  |  | 2921224 |
|  | **TRANSPORTATION & LOGISTICS — 3.1%** |  |  |  |  |
| 1488595 | American Airlines 2015-2 Class B Pass Through |  | 4.4000 | &nbsp;&nbsp;09/22/23 | 1428785 |
| 805530 | American Airlines Pass Through Trust Series 2013-2 Class A |  | 4.9500 | &nbsp;&nbsp;01/15/23 | 797451 |
| 1350000 | Delta Air Lines, Inc. |  | 2.9000 | &nbsp;&nbsp;10/28/24 | 1278005 |
|  |  |  |  |  | 3504241 |
|  | **TOTAL CORPORATE BONDS (Cost $52,472,835)** |  |  |  | 49553360 |
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 8.3%** | **TERM LOANS — 8.3%** |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 2.4%** |  |  |  |  |
| 2630573 | Aramark Services, Inc.<sup>(b)</sup> | US0001M + 2.500% | 5.6150 | &nbsp;&nbsp;04/01/28 | 2601255 |
|  | **LEISURE FACILITIES & SERVICES — 1.0%** |  |  |  |  |
| 992386 | Carnival Corporation<sup>(b)</sup> | US0001M + 3.000% | 5.8770 | &nbsp;&nbsp;06/30/25 | 934083 |
| 249375 | Scientific Games Corporation<sup>(b)</sup> | TSFR1M + 3.000% | 6.4020 | &nbsp;&nbsp;04/07/29 | 246622 |
|  |  |  |  |  | 1180705 |
|  | **RETAIL - DISCRETIONARY — 0.9%** |  |  |  |  |
| 990000 | Great Outdoors Group, LLC<sup>(b)</sup> | US0001M + 3.750% | 6.8650 | &nbsp;&nbsp;03/05/28 | 935055 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| | **TERM LOANS — 8.3% (Continued)** | **TERM LOANS — 8.3% (Continued)** |  |  | |
| | **SEMICONDUCTORS — 0.4%** | **SEMICONDUCTORS — 0.4%** |  |  | |
| 500000 | MKS Instruments, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.3170 | &nbsp;&nbsp;04/11/29 | $490670 |
|  | **TRANSPORTATION & LOGISTICS — 3.6%** |  |  |  |  |
| 1000000 | AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | US0001M + 4.750% | 7.4600 | &nbsp;&nbsp;03/10/28 | 991965 |
| 997500 | Air Canada<sup>(b)</sup> | US0001M + 3.500% | 6.4210 | &nbsp;&nbsp;07/27/28 | 975784 |
| 1972469 | United Airlines, Inc.<sup>(b)</sup> | US0001M + 3.750% | 8.1080 | &nbsp;&nbsp;04/14/28 | 1930692 |
|  |  |  |  |  | 3898441 |
|  | **TOTAL TERM LOANS (Cost $9,351,627)** | **TOTAL TERM LOANS (Cost $9,351,627)** | **TOTAL TERM LOANS (Cost $9,351,627)** |  | 9106126 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $130,552,329)** | **TOTAL INVESTMENTS - 99.4% (Cost $130,552,329)** | **TOTAL INVESTMENTS - 99.4% (Cost $130,552,329)** |  | $108838039 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** |  | 628746 |
|  | **NET ASSETS - 100.0%** |  |  |  | $109466785 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| S.A. | - Société Anonyme |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | TSFR1M |
| TSFR3M | TSFR3M |
| US0001M | ICE LIBOR USD 1 Month |
| US0003M | ICE LIBOR USD 3 Month |
| USSW10 | USD SWAP SEMI 30/360 10Y |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022 the total market value of 144A securities is 40,048,479 or 36.6% of net assets.

<sup>(b)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(c)</sup> Illiquid security. The total fair value of these securities as of October 31, 2022 was $2,709,850, representing 2.5% of net assets.

<sup>(d)</sup> Interest only securities.

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at October 31, 2022.

<sup>(f)</sup> Percentage rounds to less than 0.1%.

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

<sup>(h)</sup> Fair value based on significant unobservable inputs.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **October 31, 2022** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;At cost | $130552329 |
| &nbsp;&nbsp;&nbsp;At fair value | $108838039 |
| &nbsp;&nbsp;&nbsp;Cash | 791396 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1002693 |
| &nbsp;&nbsp;&nbsp;Deposits with brokers | 574127 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 122152 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 25071 |
| &nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 111353478 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 124503 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 1538922 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 93159 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 80977 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 763 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 48369 |
| &nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1886693 |
| **NET ASSETS** | $**109466785** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $140492837 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (31026052) |
| **NET ASSETS** | $**109466785** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES (Continued)** |
| **October 31, 2022** |

---

---

| | |
|:---|:---|
| **Net Asset Value Per Share:** |  |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**2027295** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **237845** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.52** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (net asset value plus maximum sales charge of 5.75%) | $**9.04** |
| Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**318923** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **37404** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.53** |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**107120567** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **12562196** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.53** |

---

(a) Unlimited
number of shares of beneficial interest authorized, no par value.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended October 31, 2022** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $555435 |
| &nbsp;&nbsp;&nbsp;Interest | 5074341 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 5629776 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 975975 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 13638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5073 |
| &nbsp;&nbsp;&nbsp;Administration fees | 224850 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 149759 |
| &nbsp;&nbsp;&nbsp;Registration fees | 67525 |
| &nbsp;&nbsp;&nbsp;Third party administration servicing fees | 61548 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 43843 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 32743 |
| &nbsp;&nbsp;&nbsp;Legal fees | 25141 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 24999 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 23740 |
| &nbsp;&nbsp;&nbsp;Audit fees | 22900 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 18250 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 14173 |
| &nbsp;&nbsp;&nbsp;Other expenses | 4011 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1708168 |
| **NET INVESTMENT INCOME** | 3921608 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (3656379) |
| &nbsp;&nbsp;&nbsp;Net realized gain from distributions by underlying investment companies | 17998 |
| &nbsp;&nbsp;&nbsp;Net realized loss from futures contracts | (1390687) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (8688231) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | 473433 |
| **NET REALIZED AND UNREALIZED LOSS FROM INVESTMENTS** | (13243866) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(9322258)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3921608 | $3682130 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (3656379) | (2349467) |
| &nbsp;&nbsp;&nbsp;Net realized gain from distributions by underlying investment companies | 17998 |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from futures contracts | (1390687) | (918092) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (8688231) | 5303313 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | 473433 | (117239) |
| Net increase (decrease) in net assets resulting from operations | (9322258) | 5600645 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (131426) | (344765) |
| &nbsp;&nbsp;&nbsp;Class C | (9090) | (31373) |
| &nbsp;&nbsp;&nbsp;Class I | (3555707) | (5548180) |
| Total distributions to shareholders | (3696223) | (5924318) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 980090 | 5079483 |
| &nbsp;&nbsp;&nbsp;Class I | 56090803 | 52332016 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 129961 | 335078 |
| &nbsp;&nbsp;&nbsp;Class C | 9075 | 31317 |
| &nbsp;&nbsp;&nbsp;Class I | 2386660 | 4099308 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6622727) | (8250716) |
| &nbsp;&nbsp;&nbsp;Class C | (307252) | (563747) |
| &nbsp;&nbsp;&nbsp;Class I | (65762084) | (85340970) |
| Net decrease in net assets from shares of beneficial interest | (13095474) | (32278231) |
| **TOTAL DECREASE IN NET ASSETS** | (26113955) | (32601904) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of the year | 135580740 | 168182644 |
| &nbsp;&nbsp;&nbsp;End of the year | $**109466785** | $**135580740** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 105118 | 532659 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 14442 | 35178 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (735737) | (864239) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (616177) | (296402) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1017 | 3286 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (34382) | (59101) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (33365) | (55815) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6220936 | 5474430 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 268321 | 429934 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (7292434) | (8940395) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (803177) | (3036031) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**October 31,**<br>**2021** | **Year Ended**<br>**October 31,**<br>**2020** | **Year Ended**<br>**October 31,**<br>**2019** | **Year Ended**<br>**October 31,**<br>**2018** |
| Net asset value, beginning of year | $9.48 | $9.51 | $9.82 | $10.29 | $10.21 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.25 | 0.22 | 0.23 | 0.26 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (2) | (0.96) | 0.11 | (0.28) | (0.41) | 0.10 |
| Total from investment operations | (0.71) | 0.33 | (0.05) | (0.15) | 0.33 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.36) | (0.26) | (0.28) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gain(loss) |  |  |  | (0.04) |  |
| Total distributions | (0.25) | (0.36) | (0.26) | (0.32) | (0.25) |
| Net asset value, end of year | $8.52 | $9.48 | $9.51 | $9.82 | $10.29 |
| Total return (3) | (7.54)% | 3.50% | (0.49)% | (1.54)% | 3.25% |
| Net assets, at end of year (000)s | $2027 | $8096 | $10937 | $26760 | $23942 |
| Ratio of gross expenses to average net assets (4)(5)(6) | 1.64% | 1.50% | 1.47% | 1.40% | 1.46% |
| Ratio of net expenses to average net assets (5)(6) | 1.64% | 1.50% | 1.47% | 1.40% | 1.38% |
| Ratio of net investment income to average net assets (5)(6) | 2.75% | 2.27% | 2.33% | 2.60% | 2.25% |
| Portfolio Turnover Rate | 44% | 52% | 33% | 37% | 50% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately represents the per share data for the period.

(2) Net
realized and unrealized gain (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value
per share for the period, and may not reconcile with aggregate gains (losses) in the statement of operations due to the share transactions
for the period.

(3) Total
return shown excludes the effect of applicable sales charges. Total returns are historical in nature and assume changes in sale price,
reinvestment of dividends and capital gain distributions. Had the adviser not waived a portion of the Fund's expenses, total returns
would have been lower.

(4) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) The
ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying
investment companies in which the Fund invests.

(6) Ratio
calculated for each share class as a whole, therefore an individual investor's ratio may vary.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**October 31,**<br>**2021** | **Year Ended**<br>**October 31,**<br>**2020** | **Year Ended**<br>**October 31,**<br>**2019** | **Year Ended**<br>**October 31,**<br>**2018** |
| Net asset value, beginning of year | $9.48 | $9.51 | $9.82 | $10.30 | $10.22 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.19 | 0.15 | 0.16 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (2) | (0.96) | 0.11 | (0.28) | (0.43) | 0.08 |
| Total from investment operations | (0.77) | 0.26 | (0.12) | (0.24) | 0.26 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.29) | (0.19) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |  | (0.04) |  |
| Total distributions | (0.18) | (0.29) | (0.19) | (0.24) | (0.18) |
| Net asset value, end of year | $8.53 | $9.48 | $9.51 | $9.82 | $10.30 |
| Total return (3) | (8.15)% | 2.71% | (1.23)% | (2.34)% | 2.59% |
| Net assets, at end of year (000)s | $319 | $671 | $1203 | $1490 | $799 |
| Ratio of gross expenses to average net assets (4)(5)(6) | 2.39% | 2.25% | 2.22% | 2.15% | 2.21% |
| Ratio of net expenses to average net assets (5)(6) | 2.39% | 2.25% | 2.22% | 2.15% | 2.13% |
| Ratio of net investment income to average net assets (5)(6) | 2.08% | 1.51% | 1.59% | 1.88% | 1.72% |
| Portfolio Turnover Rate | 44% | 52% | 33% | 37% | 50% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately represents the per share data for the period.

(2) Net
realized and unrealized gain (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value
per share for the period, and may not reconcile with aggregate gains (losses) in the statement of operations due to the share transactions
for the period.

(3) Total
returns are historical in nature and assume changes in sale price, reinvestment of dividends and capital gain distributions. Had the
adviser not waived a portion of the Fund's expenses, total returns would have been lower.

(4) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) The
ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying
investment companies in which the Fund invests.

(6) Ratio
calculated for each share class as a whole, therefore an individual investor's ratio may vary.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**October 31,**<br>**2021** | **Year Ended**<br>**October 31,**<br>**2020** | **Year Ended**<br>**October 31,**<br>**2019** | **Year Ended**<br>**October 31,**<br>**2018** |
| Net asset value, beginning of year | $9.49 | $9.51 | $9.83 | $10.30 | $10.21 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.24 | 0.25 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (2) | (0.98) | 0.12 | (0.28) | (0.44) | 0.10 |
| Total from investment operations | (0.68) | 0.36 | (0.03) | (0.15) | 0.36 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.38) | (0.29) | (0.28) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gain(loss) |  |  |  | (0.04) |  |
| Total distributions | (0.28) | (0.38) | (0.29) | (0.32) | (0.27) |
| Net asset value, end of year | $8.53 | $9.49 | $9.51 | $9.83 | $10.30 |
| Total return (3) | (7.28)% | 3.87% | (0.34)% | (1.29)% | 3.61% |
| Net assets, at end of year (000)s | $107121 | $126814 | $156042 | $291140 | $208180 |
| Ratio of gross expenses to average net assets (4)(5)(6) | 1.39% | 1.25% | 1.22% | 1.15% | 1.21% |
| Ratio of net expenses to average net assets (5)(6) | 1.39% | 1.25% | 1.22% | 1.15% | 1.13% |
| Ratio of net investment income to average net assets (5)(6) | 3.24% | 2.54% | 2.59% | 2.86% | 2.54% |
| Portfolio Turnover Rate | 44% | 52% | 33% | 37% | 50% |

---

(1) Per
share amounts calculated using the average shares method, which more appropriately represents the per share data for the period.

(2) Net
realized and unrealized gain (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value
per share for the period, and may not reconcile with aggregate gains (losses) in the statement of operations due to the share transactions
for the period.

(3) Total
returns are historical in nature and assume changes in sale price, reinvestment of dividends and capital gain distributions. Had the
adviser not waived a portion of the Fund's expenses, total returns would have been lower.

(4) Represents
the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) The
ratios of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying
investment companies in which the Fund invests.

(6) Ratio
calculated for each share class as a whole, therefore an individual investor's ratio may vary.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **October 31, 2022** |

---

**1.** **ORGANIZATION** 

The Anfield Universal Fixed Income Fund (the "Fund"), is a series of shares of beneficial interest of the Two Roads Shared Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 8, 2012, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Fund commenced operations on June 28, 2013. The investment objective is to seek current income.

The Fund offers Class A, Class C, and Class I shares. Class A shares are offered at net asset value ("NAV") plus a maximum sales charge of 5.75%. Investors that purchase $1,000,000 or more of the Fund's Class A shares will pay a 1.00% sales charge on the purchase. Class C shares of the Fund are sold at NAV without an initial sales charge. Class I shares of the Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees but have a higher minimum initial investment than Class A and Class C shares. Each share class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

*Security Valuation –* Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the last bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the "Board") using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Short-term debt obligations, excluding U.S. Treasury Bills, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

*Exchange Traded Fund –* The Fund may invest in exchange traded funds ("ETFs"). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

*Futures Contracts –* The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, foreign currencies, or commodities. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the consolidated statement of assets and liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

*Option Transactions* – The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

*Valuation of Fund of Fund –* The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value according to the methods established by the board of directors of the Underlying Funds.

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

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

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

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2022 for the Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Closed End Fund | $204726 | $— | $— | $204726 |
| Exchange-Traded Fund | 350168 |  |  | 350168 |
| Open End Funds | 8023529 |  |  | 8023529 |
| Preferred Stocks | 1185176 |  |  | 1185176 |
| Asset Backed Securities |  | 27391206 |  | 27391206 |
| Collateralized Mortgage Obligations |  | 13023748 |  | 13023748 |
| Corporate Bonds |  | 48800098 | 753262 | 49553360 |
| Term Loans |  | 9106126 |  | 9106126 |
| Total | $9763599 | $98321178 | $753262 | $108838039 |

---

\* Refer to the Schedule of Investments for classifications.

The following table presents changes in assets classified in Level 3 of the fair value hierarchy during the year ended attributable to the following:

---

| | |
|:---|:---|
|  | Corporate Bonds |
| Beginning Balance November 1, 2021 | $821446 |
| Total realized gain (loss) |  |
| Unrealized Appreciation | (89607) |
| Cost of Purchases |  |
| Proceeds from Sales |  |
| Amortization | 21423 |
| Net transfers in/out of level 3 |  |
| Ending Balance October 31, 2022 | $753262 |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fair Value at October 31, 2022 | &nbsp;&nbsp;Valuation Techniques | &nbsp;&nbsp;Unobservable Input | &nbsp;&nbsp;Impact to Valuation |
| &nbsp;&nbsp;$97.20 Per bond | &nbsp;&nbsp;Spread to comparable security adjusted for a fixed spread as of the last trade date. | &nbsp;&nbsp;340 basis point spread to comparable security with a rate of 4.875%. | &nbsp;&nbsp;These inputs included the discount rate or yield and the term to maturity used. Significant increases to the yield/discount rate would cause fair value to decrease; decreases to the yield/discount rate would cause fair value to increase. |

---

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

**Impact of Derivatives on the Statement of Assets and Liabilities and Statements of Operations**

The derivative amounts of realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for the Fund.

The following is a summary of the location of derivative investments on the Fund's Statements of Operations as of October 31, 2022:

<u>Derivative Investment Type</u> <u>Location of Gain (Loss) on Derivatives</u> <br> Futures Contracts Net realized loss from futures contracts; <br> Net change in unrealized appreciation on futures contracts

The following is a summary of the Fund's realized gain (loss) and unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the year ended October 31, 2022:

---

| | | |
|:---|:---|:---|
| **Realized gain/(loss) on derivatives recognized in the Statements of Operations** | **Realized gain/(loss) on derivatives recognized in the Statements of Operations** | **Realized gain/(loss) on derivatives recognized in the Statements of Operations** |
| Derivative Investment |  | Total for the Year Ended |
| Type | Interest Rate Risk | October 31, 2022 |
| Futures contracts | $(1390687) | $(1390687) |
| **Net change in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations** | **Net change in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations** | **Net change in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations** |
|  |  | Total for the Year Ended |
| Derivative Investment Type | Interest Rate Risk | October 31, 2022 |
| Futures contracts | $473433 | $473433 |

---

**Security Transactions and Related Income** – Security transactions are accounted for on trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Due from broker balance is comprised of margin balance held at the broker.

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

**Federal Income Taxes** – It is the Fund's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended October 31, 2019 to October 31, 2021 or expected to be taken in the Fund's October 31, 2022 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

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

**3.** **PRINCIPAL INVESTMENT RISKS** 

The Fund's investments in securities, financial instruments and derivatives expose it to various risks, certain of which are discussed in these Notes to Financial Statements. Please refer to the Fund's prospectus and statement of additional information for further information regarding the risks associated with the Fund's investments which include, but are not limited to: active trading risk, bank loan risk, cash positions risk, collateralized loan obligations risk, common stock risk, convertible securities risk, counterparty credit risk, credit risk, credit spread risk, currency risk, cybersecurity risk, derivatives risk, emerging markets risks, financial sector risk, fixed income securities risk, foreign (non-U.S.) investment risk, futures contract risk, gap risk, hedging transactions risk, high yield risk, index risk, interest rate risk, issuer-specific risk, investment companies and exchange-traded funds risks, leverage risk, LIBOR risk, liquidity risk, management risk, market risk, market events risk, MLP risk, mortgage-backed and asset-backed securities risk, odd lot risk, preferred securities risk, prepayment and extension risk, regulatory risk, sector risk, securities lending risk, short sales risk, swap risk, U.S. government securities risk, valuation risk, variable or floating rate securities and volatility risk.

**Bank Loan Risk –** The Fund's investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest.

**Currency Risk –** The risk that foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

**Convertible Securities Risk –** The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

**Counterparty Credit Risk –** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund. The Adviser considers factors such as counterparty credit ratings and financial statements among others when determining whether a counterparty is creditworthy. The Adviser regularly monitors the creditworthiness of each counterparty with which the Fund enters into a transaction. In addition, the Fund may enter into swap agreements that involve a limited number of counterparties, which may increase the Fund's exposure to counterparty risk.

**Derivatives Risk –** The derivative instruments in which the Fund may invest, including futures, options, credit default swaps, total return swaps, repurchase agreements and other similar instruments, may be more volatile than other instruments and may be subject to unanticipated market movements, which are potentially unlimited. The risks associated with investments in derivatives also include leverage, liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

**Fixed Income Securities Risk –** Fixed income securities are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, duration, and liquidity risk. In addition, current market conditions may pose heightened risks for fixed income securities. When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. Risks associated with rising interest rates are heightened given that interest rates in the U.S. currently remain near historic lows. Moreover, new regulations applicable to and changing business practices of financial intermediaries that make markets in fixed income securities have resulted in less market making activity for certain fixed income securities, which has reduced the liquidity and may increase the volatility for such fixed income securities. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening.

**Foreign (non-U.S.) Investment Risk –** Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

**Investment Companies and Exchange-Traded Funds ("ETFs") Risk** – When the Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company's or ETF's operating expenses including the management fees of the investment company or ETF in addition to those paid by the Fund. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments held by the investment company or ETF. The Fund also will incur brokerage costs when it purchases and sells ETFs. During periods of market volatility, inverse ETFs may not perform as expected.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

**LIBOR Risk –** The Fund may invest in securities and other instruments whose interest payments are determined by references to the London Interbank Offered Rate ("LIBOR"). The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced its intention to cease its active encouragement of banks to provide the quotations needed to sustain LIBOR after 2021, ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publication of certain LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of the remaining LIBOR settings on a representative basis after June 30, 2023. has begun publishing a Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury repo rates, that is intended to replace U.S. dollar LIBOR. The unavailability of LIBOR presents risks to the Fund, including the risk that any pricing or adjustments to the Fund's investments resulting from a substitute or alternate reference rate may adversely affect the Fund's performance and/or NAV. It remains uncertain how such changes would be implemented and the effects such changes would have on the Fund, including any negative effects on the Fund's liquidity and valuation of the Fund's investments, issuers of instruments in which the Fund invests and financial markets generally.

**Market Risk –** Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and bond and other market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the markets, volatility in the securities markets, adverse investor sentiment affect the securities markets and political events affect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

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

COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.

**Mortgage-Backed and Asset-Backed Securities Risk –** The risk of investing in mortgage-backed and other asset-backed securities, including prepayment risk, extension risk, interest rate risk, market risk and management risk. Mortgage-backed securities include caps and floors, inverse floaters, mortgage dollar rolls, private mortgage pass-through securities, resets and stripped mortgage securities. A systemic and persistent increase in interest rate volatility may also negatively impact a number of the Fund's mortgage-backed and asset-backed securities holdings.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

**Odd Lot Risk –** Bonds may be purchased and held as smaller sized bond positions known as "odd lots". Pricing services generally value such securities based on bid prices for larger institutional sized bond positions known as "round lots"; and such round lot prices may reflect more favorable pricing than odd lot holdings. The Fund may purchase securities suitable for its investment strategies in odd lots. Special valuation considerations may apply with respect to the Fund's odd-lot positions, as the Fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. The Fund may fair value a particular bond if the Adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. There can be no assurance that the Fund's valuation procedures will result in pricing data that is completely congruent with prices that the Fund might obtain on the open market.

**U.S. Government Securities Risk –** Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

**Volatility Risk –** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended October 31, 2022, amounted to $44,626,415 and $52,178,459, respectively.

**5.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

*Advisory Fees* – Anfield Capital Management, LLC serves as the Fund's investment adviser (the "Adviser"). Pursuant to an Investment Advisory Agreement with the Fund, the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.80% of the Fund's average daily net assets totaling $975,975 for the year ended October 31, 2022.

The Adviser has contractually agreed to reduce its fees and/or reimburse expenses of the Fund, until at least March 1, 2023, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads; brokerage fees and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses) do not exceed 1.75%, 2.50%, and 1.50% of the Fund's average daily net assets for Class A, Class C, and Class I shares, respectively. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the date such fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits as well as any expense limitation that was in effect at the time the waiver or reimbursement was made. Prior to March 1, 2021, the expense limitations in effect for the Fund were 1.50%, 2.25% and 1.25% for Class A, Class C and Class I shares, respectively.

During the year ended October 31, 2022, the Adviser did not waive any fees or expenses. The Adviser can recoup waived and reimbursed expenses of $870 until October 31, 2024, pursuant to the Agreement.

The Board has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25% and 1.00% of its average daily net assets for Class A and Class C, respectively, and is paid to Northern Lights Distributors, LLC (the "Distributor" and "NLD"), an affiliate of Ultimus Fund Solutions, LLC ("UFS"), to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of the Fund's shareholder accounts not otherwise required to be provided by the Adviser.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. During the year ended October 31, 2022, the Distributor received $630 and $0 in underwriting commissions for sales of Class A and Class C shares, respectively, of which $541 and $0 was retained by the principal underwriter for Class A and Class C shares, respectively.

Class C shares and Class I shares of the Fund are not subject to an initial sales charge.

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

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

*Northern Lights Compliance Services, LLC ("NLCS")* – an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*BluGiant, LLC ("BluGiant")* – BluGiant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from UFS under the administrative servicing agreement.

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The Statement of Assets and Liabilities represents cost for financial reporting purposes. As of October 31, 2022, value by net unrealized aggregate cost for federal tax purposes is $130,648,366 and differs from market appreciation (depreciation) consisted of:

---

| | |
|:---|:---|
| Gross unrealized appreciation: | $1004813 |
| Gross unrealized depreciation: | (22815140) |
| Net unrealized depreciation: | $(21810327) |

---

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>October 31, 2022 | Fiscal Year Ended<br>October 31, 2021 |
| Ordinary Income | $3696223 | $5924318 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  |  |
|  | $3696223 | $5924318 |

---

As of October 31, 2022, the components of accumulated deficit on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) |
| $416637 | $— | $— | $(9632362) | $— | $(21810327) | $(31026052) |

---

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized loss, and unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for perpetual bonds.

At October 31, 2022, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $1113900 | $8518462 | $9632362 | $— |

---

**7.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2022, TD Ameritrade and Charles Schwab & Co., Inc. were the record owners of 35.23% and 31.83% of the Fund's outstanding shares, respectively. TD Ameritrade and Charles Schwab & Co. may be the beneficial owner of some or all of the shares for the Fund or may hold the shares for the benefit of others. As a result, TD Ameritrade and Charles Schwab & Co. may be deemed to control the Fund, respectively. Persons controlling the Fund can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the advisory agreement with the Adviser.

**8.** **SUBSEQUENT EVENTS** 

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Two Roads Shared Trust and the Shareholders of Anfield Universal Fixed Income Fund

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Anfield Universal Fixed Income Fund (the "Fund"), one of the funds constituting the Two Roads Shared Trust (the "Trust"), including the schedule of investments, as of October 31 2022, the related statements of operations, changes in net assets, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations, changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended October 31, 2021 and the financial highlights for the each of the four years in the period ended October 31, 2021 were audited by other auditors whose report, dated December 28, 2021, expressed an unqualified opinion on those statements.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![(-s- Deloite & Touche LLP)](tf006_v1.jpg)

Costa Mesa, California

December 27, 2022

We have served as the auditor of one or more Regent Park Funds, LLC investment companies since 2022.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **EXPENSE EXAMPLES (Unaudited)** |
| **October 31, 2022** |

---

As a shareholder of Anfield Universal Fixed Income Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases of Class A shares; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Anfield Universal Fixed Income Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 through October 31, 2022.

**Actual Expenses**

The "Actual" line in the table below provides information about actual account values and actual expenses. You may use the information below together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The "Hypothetical" line in the table below provides information about hypothetical account values and hypothetical expenses based on the Anfield Universal Fixed Income Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Beginning | Ending | Expenses Paid | Expense Ratio |
|  | Account Value | Account Value | During Period\* | During Period |
| Actual | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | $1000.00 | $960.00 | $8.10 | 1.64% |
| Class C | 1000.00 | 956.40 | 11.79 | 2.39 |
| Class I | 1000.00 | 961.50 | 6.85 | 1.39 |
|  | Beginning | Ending | Expenses Paid | Expense Ratio |
| Hypothetical | Account Value | Account Value | During Period\* | During Period |
| &nbsp;&nbsp;&nbsp;(5% return before expenses) | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 | 5/1/22 – 10/31/22 |
| Class A | $1000.00 | $1016.94 | $8.34 | 1.64% |
| Class C | 1000.00 | 1013.16 | 12.13 | 2.39 |
| Class I | 1000.00 | 1018.22 | 7.05 | 1.39 |

---

\* Expenses are equal to the average account value over the period, multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **October 31, 2022** |

---

**LIQUIDITY RISK MANAGEMENT PROGRAM**

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the 1940 Act. The program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration, among other factors, the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the year ended October 31, 2022, the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed the Fund's investments and determined that the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Fund's liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Fund's liquidity risk management program has been effectively implemented.

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **October 31, 2022** |

---

*Trustees and Officers.* The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

**Independent Trustees \***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address,<br> Year of Birth** | &nbsp;&nbsp;**Position(s)<br> Held with<br> Registrant** | &nbsp;&nbsp;**Term and<br> Length<br> Served** | &nbsp;&nbsp;**Principal<br> Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios<br> Overseen<br> In The<br> Fund<br> Complex\*\*** | &nbsp;&nbsp;**Other<br> Directorships<br> Held During Past<br> 5 Years** |
| &nbsp;&nbsp;Mark Garbin <br> Year of Birth: 1951 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite, Since 2012 | &nbsp;&nbsp;Managing Principal, Coherent Capital Management LLC (since 2008), Independent Director, OCHEE LP (2021-present) | &nbsp;&nbsp;8 | &nbsp;&nbsp;Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013); Forethought Variable Insurance Trust (since 2013); OHA Mortgage Strategies Fund (offshore), Ltd. (2014 -2017); iCapital KKR Private Markets Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018) and OHA CLO Enhanced Equity II Genpar LLP (since 2021) |
| &nbsp;&nbsp;Mark D. Gersten <br> Year of Birth: 1950 | &nbsp;&nbsp;Chairman, Trustee | &nbsp;&nbsp;Indefinite, Since 2012 | &nbsp;&nbsp;Independent Consultant (since 2012);Senior Vice President –Global Fund Administration Mutual Funds & Alternative Funds, AllianceBernstein LP (1985 –2011) | &nbsp;&nbsp;8 | &nbsp;&nbsp;Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013); iCapital KKR Private Markets Fund (since 2014);previously, Ramius Archview Credit and Distressed Fund (2015-2017); and Schroder Global Series Trust (2012 to 2017) |
| &nbsp;&nbsp;Neil M. Kaufman <br> Year of Birth: 1960 | &nbsp;&nbsp;Trustee, Audit Committee Chairman | &nbsp;&nbsp;Indefinite, Since 2012 | &nbsp;&nbsp;Managing Member, Kaufman,McGowan PLLC (legal services)(Since 2016); | &nbsp;&nbsp;8 | &nbsp;&nbsp;iCapital KKR Private Markets Fund (since 2014) |
| &nbsp;&nbsp;Anita K. Krug <br> Year of Birth: 1969 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite, Since 2012 | &nbsp;&nbsp;Dean and Professor (since 2019) of Chicago-Kent College of Law, Illinois Institute of Technology; Interim Vice Chancellor for Academic Affairs (2018-2019) University of Washington Bothell; Interim Dean (2017-2018), Professor (2016-2019), Associate Professor (2014-2016); and Assistant Professor (2010-2014), University of Washington School of Law | &nbsp;&nbsp;8 | &nbsp;&nbsp;iCapital KKR Private Markets Fund (since 2014); Centerstone Investors Trust (2016-2021) |

---

\* Information is as of October 31, 2022.

\*\* As of October 31, 2022, the Trust was comprised of 25 active portfolios managed by seven unaffiliated investment advisers and two affiliated investment advisers. The term "Fund Complex" applies only to those funds that (i) are advised by a common investment adviser or by an investment adviser that is an affiliated person of the investment adviser of any of the other funds in the Trust or (ii) hold themselves out to investors as related companies for purposes of investment and investor services. The Fund does not hold itself out as related to any other series within the Trust except for Anfield Diversified Alternatives ETF, Anfield Dynamic Fixed Income ETF, Anfield U.S. Equity Sector Rotation ETF, APEX Healthcare ETF and Regents Park Hedged Market Strategy ETF, each of which is advised by the Adviser and sub-advised by the Fund's Sub-Adviser; Anfield Universal Fixed Income ETF, which is advised by the Fund's Sub-Adviser; and Affinity World Leaders Equity ETF, which is advised by the Adviser.

10/31/22 – Two Roads v2

---

| |
|:---|
| ***Anfield Universal Fixed Income Fund*** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **October 31, 2022** |

---

**Officers of the Trust\***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address,<br> Year of Birth** | &nbsp;&nbsp;**Position(s)<br> Held with<br> Registrant** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios<br> Overseen<br> In The<br> Fund<br> Complex\*\*** | &nbsp;&nbsp;**Other<br> Directorships<br> Held During<br> Past 5 Years** |
| &nbsp;&nbsp;James Colantino <br> Year of Birth: 1969 | &nbsp;&nbsp;President Since Feb. 2017 Treasurer (2012 to 2017) | &nbsp;&nbsp;Senior Vice President (2012-present); Vice President (2004 to 2012); Ultimus Fund Solutions LLC | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Laura Szalyga <br> Year of Birth: 1978 | &nbsp;&nbsp;Treasurer Since Feb. 2017 | &nbsp;&nbsp;Vice President, Ultimus Fund Solutions LLC (since 2015); Assistant Vice President, Ultimus Fund Solutions LLC (2011-2014) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Timothy Burdick <br> Year of Birth: 1986 | &nbsp;&nbsp;Vice President Since Aug. 2022 Secretary Since Aug. 2022 | &nbsp;&nbsp;Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2022 –present); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019 –2022); Senior Program Compliance Manager, CJ Affiliate (2016 –2019). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;William B. Kimme <br> Year of Birth: 1962 | &nbsp;&nbsp;Chief Compliance Officer Since Inception | &nbsp;&nbsp;Senior Compliance Officer, Northern Lights Compliance Services, LLC (September 2011 - present) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

\* Information is as of October 31, 2022.

\*\* As of October 31, 2022, the Trust was comprised of 25 active portfolios managed by seven unaffiliated investment advisers and two affiliated investment advisers. The term "Fund Complex" applies only to those funds that (i) are advised by a common investment adviser or by an investment adviser that is an affiliated person of the investment adviser of any of the other funds in the Trust or (ii) hold themselves out to investors as related companies for purposes of investment and investor services. The Fund does not hold itself out as related to any other series within the Trust except for Anfield Diversified Alternatives ETF, Anfield Dynamic Fixed Income ETF, Anfield U.S. Equity Sector Rotation ETF, APEX Healthcare ETF and Regents Park Hedged Market Strategy ETF, each of which are advised by the Adviser and sub-advised by the Fund's Sub-Adviser; Anfield Universal Fixed Income ETF, which is advised by the Fund's Sub-Adviser; and Affinity World Leaders Equity ETF, which is advised by the Adviser.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-866-866-4848.

10/31/22 – Two Roads v2

***PRIVACY NOTICE***

---

| | |
|:---|:---|
| FACTS | WHAT DOES TWO ROADS SHARED TRUST DO WITH YOUR PERSONAL INFORMATION |
| Why? | Financial companies choose how they share your personal information. |
|  | Federal law gives consumers the right to limit some but not all sharing. |
|  | Federal law also requires us to tell you how we collect, share, and protect your personal information.<br>Please read this notice carefully to understand what we do. |
| What? | THE TYPES OF PERSONAL INFORMATION WE COLLECT AND SHARE DEPENDS ON THE PRODUCT OR SERVICE THAT YOU HAVE WITH US. THIS INFORMATION CAN INCLUDE: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and income |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Account transactions and transaction history |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment experience and purchase history |
|  | When you are *no longer* our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reason Two Roads Shared Trust chooses to share and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | **Does Two Roads**<br> **Shared Trust share?** | **Can you limit**<br> **this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes –** |  |  |
| &nbsp;&nbsp;such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | YES | NO |
| &nbsp;&nbsp;**For our marketing purposes –** | NO | We do not share |
| &nbsp;&nbsp;to offer our products and services to you |  |  |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | NO | We do not share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** | NO | We do not share |
| &nbsp;&nbsp;information about your transactions and experiences |  |  |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** | NO | We do not share |
| &nbsp;&nbsp;information about your creditworthiness |  |  |
| &nbsp;&nbsp;**For our affiliates to market to you** | NO | We do not share |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | NO | We do not share |

---

Questions? <u>Call 1-631-490-4300</u>

**What we do**

---

| | |
|:---|:---|
| **How does Two Roads Shared Trust<br> protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.<br>These measures include computer safeguards and secured files and buildings. |
|  | Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does Two Roads Shared Trust** | We collect your personal information, for example, when you |
| **collect my personal information?** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● open an account or give us contact information |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide account information or give us your income information |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● make deposits or withdrawals from your account |
|  | We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for nonaffiliates to market to you |
|  | State laws and individual companies may give you additional rights to limit sharing |
| **Definitions** |  |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Two Roads Shared Trust has no affiliates.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Two Roads Shared Trust does not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliates financial companies that together market financial products or services to you. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Two Roads Shared Trust does not jointly market.* |

---

**<u>Proxy Voting Policy</u>**

Information regarding how the Fund votes proxies relating to portfolio securities for the twelve month period ended June 30 as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-866-866-4848 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u><u>.</u>

**<u>Portfolio Holdings</u>**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available on the SEC's website at <u>http://www.sec.gov</u><u>.</u> The information on Form N-PORT is available without charge, upon request, by calling 1-866-866-4848.

---

| |
|:---|
| **<u>Adviser</u>** |
| Anfield Capital Management, LLC |
| 4041 MacArthur Blvd., Suite 155 |
| Newport Beach, CA 92660 |
| **<u>Administrator</u>** |
| Ultimus Fund Solutions |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing contained herein is to be considered an offer of sale or solicitation of an offer to buy shares of the Fund. Such an offering is made only by a prospectus, which contains information about the Fund's investment objective, risks, fees and expenses. Investors are reminded to read the prospectus carefully before investing in the Fund.

AUF-AR22

(b) Not applicable

**ITEM 2. CODE OF ETHICS.**

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

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

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

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

The Registrant's board of trustees has determined that Mark Gersten is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Gersten is independent for purposes of this Item 3.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | | |
|:---|:---|:---|
| Trust Series | <u>2022</u> | <u>2021</u> |
| Anfield Universal Fixed Income Fund | $20000 | $25000 |

---

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

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

---

| | | |
|:---|:---|:---|
| Trust Series | <u>2022</u> | <u>2021</u> |
| Anfield Universal Fixed Income Fund | $4100 | $3500 |

---

---

| | |
|:---|:---|
| (d) | All Other Fees – None |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended October 31, 2021 and 2022 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |

---

(h) Not applicable.

(i) Not applicable

(j) Not applicable

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable

**ITEM 6. SCHEDULE OF INVESTMENT**

Included in annual report to shareholders filed under item 1 of this form.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable Fund is an open-end management investment company

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES** 

Not applicable Fund is an open-end management investment company

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable Fund is an open-end management investment company

**ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

Not applicable at this time.

**ITEM 11. CONTROLS AND PROCEDURES.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, are
effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.

**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to open-end investment companies.

**ITEM 13. EXHIBITS**

[(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](coe.htm)

[(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a) of Form N-CSR) are filed herewith.](cert1.htm)

(a)(3) Not applicable for open-end investment companies.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.htm)

**SIGNATURES**

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

Two Roads Shared Trust

---

| | |
|:---|:---|
| By James Colantino | <u>/s/ James Colantino</u> |
| Principal Executive Officer/President, | Principal Executive Officer/President, |
| Date: January 9, 2023 |  |

---

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

---

| | |
|:---|:---|
| By James Colantino | <u>/s/ James Colantino</u> |
| Principal Executive Officer/President, | Principal Executive Officer/President, |
| Date: January 9, 2023 |  |

---

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

---

| | |
|:---|:---|
| By Laura Szalyga | <u>/s/ Laura Szalyga</u> |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: January 9, 2023 |  |

---

## Ex-99.Cert

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, James Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Anfield Universal Fixed Income Fund (a series of Two
Roads Shared Trust the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the schedules of investments included in this report fairly present in all material
respects the investments of the registrant as of the end of the fiscal period for which the report is filed;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 9, 2023 | <u>/s/ James Colantino</u> |
|  | James Colantino |
|  | Principal Executive Officer/President |

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Laura Szalyga, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Anfield Universal Fixed Income Fund (a series of Two
Roads Shared Trust (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the schedules of investments included in this report fairly present in all material
respects the investments of the registrant as of the end of the fiscal period for which the report is filed;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 9, 2023 | <u>/s/ Laura Szalyga</u> |
|  | Laura Szalyga |
|  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**certification**

James Colantino, President, and Laura Szalyga, Treasurer of Two Roads Shared Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended Ocotober 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer/President Principal Financial Officer/Treasurer

Two Roads Shared Trust Two Roads Shared Trust

 <u>/s/ James Colantino</u> <u>/s/ Laura Szalyga</u> 

James Colantino James Colantino

Date: <u>1/9/2023</u> Date: <u>1/9/2023</u> 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Funds Trust and will be retained by Northern Lights Fund Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Attachment 8.G(3)**

**TWO ROADS SHARED TRUST**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Two Roads Shared Trust (the "Trust") have adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the Trust's senior officers to provide full, fair, timely, and comprehensible disclosure, financial and otherwise, to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly, and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules, and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and its adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust' financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or its operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six years from the date such action is taken, the first two years in an easily accessible place, a copy of the information or materials supplied to the Board (i) that provided the basis for any amendment or waiver to this Code and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

**<u>CODE OF ETHICS FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Two Roads
Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending
December 31, ; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements
of the Code during the calendar year ending December 31, .

Set forth below exceptions to items (3) and (4), if any:

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Signature: ____________________________________

Name (please print): _____________________________

Date: ________________________________________