# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0000910472-25-001225
**Filing Date:** 2025-9
**Character Count:** 15036
**Document Hash:** 3671a7fdb2fba47f87384230e5ae93ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001225.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000910472-25-001225

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 251346228

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

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

## Series and Classes Contracts Data

### Recurrent MLP & Infrastructure Fund (Series ID: S000059371)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000194765 | Recurrent MLP & Infrastructure Fund Class I | RMLPX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **RECURRENT MLP & INFRASTRUCTURE FUND** | **RECURRENT MLP & INFRASTRUCTURE FUND** | **RECURRENT MLP & INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 72.6%** |  |
|  | **OIL & GAS PRODUCERS - 72.6%** |  |
| 929152 | AltaGas Ltd. | &nbsp;&nbsp;&nbsp; $27433320 |
| 5643414 | Cenovus Energy, Inc. | &nbsp;&nbsp;&nbsp; 85949195 |
| 247314 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp; 58336426 |
| 324000 | DT Midstream, Inc. | &nbsp;&nbsp;&nbsp; 33284520 |
| 429734 | Enbridge, Inc. | &nbsp;&nbsp;&nbsp; 19462653 |
| 1414560 | Keyera Corporation | &nbsp;&nbsp;&nbsp; 44409180 |
| 1391065 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 39033284 |
| 250559 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 42642636 |
| 56469 | Murphy USA, Inc. | &nbsp;&nbsp;&nbsp; 20468883 |
| 969460 | ONEOK, Inc. | &nbsp;&nbsp;&nbsp; 79602361 |
| 1620919 | PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 36632769 |
| 1717268 | Pembina Pipeline Corporation | &nbsp;&nbsp;&nbsp; 63865197 |
| 413643 | Phillips 66 | &nbsp;&nbsp;&nbsp; 51118002 |
| 1506325 | South Bow Corporation | &nbsp;&nbsp;&nbsp; 39556095 |
| 1568608 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 61897272 |
| 478648 | Targa Resources Corporation | &nbsp;&nbsp;&nbsp; 79651814 |
| 204390 | TC Energy Corporation | &nbsp;&nbsp;&nbsp; 9786193 |
| 307467 | Viper Energy, Inc. | &nbsp;&nbsp;&nbsp; 11579207 |
| 717575 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 43018621 |
|  | **TOTAL COMMON STOCKS (Cost $649,515,652)** | &nbsp;&nbsp; 847727628 |
|  | **MASTER LIMITED PARTNERSHIPS — 25.7%** |  |
|  | **METALS & MINING - 1.4%** |  |
| 626448 | Alliance Resource Partners, L.P. | &nbsp;&nbsp;&nbsp; 16588343 |
|  | **OIL & GAS PRODUCERS - 24.3%** |  |
| 4574033 | Energy Transfer, L.P. | &nbsp;&nbsp;&nbsp; 82515556 |
| 1610476 | Enterprise Products Partners, L.P. | &nbsp;&nbsp;&nbsp; 49908651 |
| 2563833 | Plains GP Holdings, L.P., Class A | &nbsp;&nbsp;&nbsp; 50251127 |
| 883988 | Sunoco, L.P. | &nbsp;&nbsp;&nbsp; 48893376 |

---

---

| | | |
|:---|:---|:---|
| **RECURRENT MLP & INFRASTRUCTURE FUND** | **RECURRENT MLP & INFRASTRUCTURE FUND** | **RECURRENT MLP & INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **MASTER LIMITED PARTNERSHIPS — 25.7% (Continued)** | |
|  | **OIL & GAS PRODUCERS - 24.3% (Continued)** | |
| 1286885 | Western Midstream Partners, L.P. | &nbsp;&nbsp;&nbsp; $52414826 |
|  |  | &nbsp;&nbsp; 283983536 |
|  | **TOTAL MASTER LIMITED PARTNERSHIPS (Cost $218,039,400)** | &nbsp;&nbsp; 300571879 |
|  | **SHORT-TERM INVESTMENTS — 1.5%** |  |
|  | **MONEY MARKET FUNDS - 1.5%** |  |
| 18116643 | First American Government Obligations Fund, Class X, 4.23% (Cost $18,116,643)(a) | 18116643 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $885,671,695)** | &nbsp;&nbsp;&nbsp; $1166416150 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | &nbsp;&nbsp; 1805148 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1168221298 |

---

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| Ltd. | - Limited Company |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Recurrent MLP & Energy Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000059371

- **c. LEI of Series:** 5493004TRGCEC6T80E91

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1169353700.49

**Total Liabilities:** $1132402.94

**Net Assets:** $1168221297.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194765 | 2.49%                | 4.10%                | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8888577.01              | $10777288.96                               |
| Month 2  | $0.25                    | $42187877.95                               |
| Month 3  | $7275687.80              | $2355910.01                                |

### Schedule of Portfolio Investments

| Name                              | Title            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Energy Transfer LP                | ENERGY TRANSFER  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |   4574033 | NS      | $82515555.32  | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP             | PLAINS GP HOLD-A | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |   2563833 | NS      | $50251126.80  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                    | PBF ENERGY INC-A | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |   1620919 | NS      | $36632769.40  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc               | CHENIERE ENERGY  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    247314 | NS      | $58336426.32  | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                        | ONEOK INC        | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    969460 | NS      | $79602360.60  | 6.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                    | TC ENERGY CORP   | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    204390 | NS      | $9786193.20   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Altagas Ltd                       | ALTAGAS LTD      | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Long             | EC               | CORP              | CA        |    929152 | NS      | $27433320.09  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P. | ENTERPRISE PRODU | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |   1610476 | NS      | $49908651.24  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.             | TARGA RESOURCES  | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    478648 | NS      | $79651813.68  | 6.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                | CENOVUS ENERGY   | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |   5643414 | NS      | $85949195.22  | 7.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                  | DT MIDSTREAM     | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    324000 | NS      | $33284520.00  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.               | KINDER MORGAN IN | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |   1391065 | NS      | $39033283.90  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                       | PHILLIPS 66      | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    413643 | NS      | $51118001.94  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc.                   | MURPHY USA INC   | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     56469 | NS      | $20468883.12  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                     | ENBRIDGE INC     | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    429734 | NS      | $19462652.86  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)     | WILLIAMS COS INC | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    717575 | NS      | $43018621.25  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                   | SOUTH BOW CORP   | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |   1506325 | NS      | $39556094.50  | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.          | MARATHON PETROLE | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    250559 | NS      | $42642636.21  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                | SUNCOR ENERGY    | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |   1568608 | NS      | $61897271.68  | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunoco LP                         | SUNOCO LP        | CUSIP: 86765K109<br>LEI: 54930001NJU8E40NQ561 | Long             | EC               | CORP              | US        |    883988 | NS      | $48893376.28  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corporation      | PEMBINA PIPELINE | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |   1717268 | NS      | $63865196.92  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners, L.P.  | ALLIANCE RESOURC | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |    626448 | NS      | $16588343.04  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                      | KEYERA CORP      | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |   1414560 | NS      | $44409180.14  | 3.80%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Western Midstream Partners LP     | WESTERN MIDSTREA | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1286885 | NS      | $52414826.05  | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc.                 | VIPER ENERGY INC | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    307467 | NS      | $11579207.22  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.         | FRST AM-GV OB-X  | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  18104280 | PA      | $18104280.44  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer