# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001752724-23-067708
**Filing Date:** 2023-3
**Character Count:** 14255
**Document Hash:** 5c75526cfd7055ad640bc09ea938ff26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067708.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067708

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 23763854

**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

### 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)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.8%** |  |
|  | **OIL & GAS PRODUCERS - 73.8%** |  |
| 798605 | AltaGas Ltd. | &nbsp;&nbsp;&nbsp; $14933928 |
| 1802445 | Cenovus Energy, Inc. | &nbsp;&nbsp;&nbsp; 36012851 |
| 152198 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp; 23254332 |
| 274734 | Enbridge, Inc. | &nbsp;&nbsp;&nbsp; 11255852 |
| 937862 | Equitrans Midstream Corporation | &nbsp;&nbsp;&nbsp; 6799499 |
| 639560 | Keyera Corporation | &nbsp;&nbsp;&nbsp; 14589205 |
| 1169964 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 21410341 |
| 196694 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 25279113 |
| 864549 | Pembina Pipeline Corporation | &nbsp;&nbsp;&nbsp; 30691489 |
| 226606 | Phillips 66 | &nbsp;&nbsp;&nbsp; 22721784 |
| 2298833 | Plains GP Holdings, L.P., Class A | &nbsp;&nbsp;&nbsp; 30091724 |
| 753608 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 26165270 |
| 361779 | Targa Resources Corporation | &nbsp;&nbsp;&nbsp; 27140661 |
| 138390 | TC Energy Corporation | &nbsp;&nbsp;&nbsp; 5970145 |
| 168975 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 23661569 |
| 726467 | Viper Energy Partners, L.P. | &nbsp;&nbsp;&nbsp; 23065327 |
| 649932 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 20953808 |
|  | **TOTAL COMMON STOCKS (Cost $260,690,716)** | &nbsp;&nbsp; 363996898 |
|  | **MASTER LIMITED PARTNERSHIPS — 24.1%** |  |
|  | **METALS & MINING - 2.8%** |  |
| 596080 | Alliance Resource Partners, L.P. | &nbsp;&nbsp;&nbsp; 13668114 |
|  | **OIL & GAS PRODUCERS - 21.3%** |  |
| 2761546 | Energy Transfer, L.P. | &nbsp;&nbsp;&nbsp; 36673331 |
| 953593 | Enterprise Products Partners, L.P. | &nbsp;&nbsp;&nbsp; 24411981 |
| 222343 | Magellan Midstream Partners, L.P. | &nbsp;&nbsp;&nbsp; 11873116 |
| 151627 | Sunoco, L.P. | &nbsp;&nbsp;&nbsp; 7237157 |
| 926885 | Western Midstream Partners, L.P. | &nbsp;&nbsp;&nbsp; 25044433 |
|  |  | &nbsp;&nbsp; 105240018 |
|  | **TOTAL MASTER LIMITED PARTNERSHIPS (Cost $91,510,026)** | &nbsp;&nbsp; 118908132 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.8%** |  |
|  | **MONEY MARKET FUND - 1.8%** |  |
| 9010118 | First American Government Obligations Fund, Class X, 4.14% (Cost $9,010,118)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $9010118 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $361,210,860)** | &nbsp;&nbsp;&nbsp; $491915148 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | &nbsp;&nbsp; 1375107 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $493290255 |

---

---

| | |
|:---|:---|
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

## 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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $495477324.99

**Total Liabilities:** $2187069.84

**Net Assets:** $493290255.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194765 | 2.50%                | -5.04%               | 5.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2.69                   | $7882667.94                                |
| Month 2  | $5556.49                 | $-20825231.86                              |
| Month 3  | $-121644.48              | $22425638.66                               |

### 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        |   2761546 | NS      | $36673330.88  | 7.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Magellan Midstream Partners LP    | MAGELLAN MIDSTRE | CUSIP: 559080106<br>LEI: MZF5TI8NFVZZNUSKDL39 | Long             | EC               | CORP              | US        |    222343 | NS      | $11873116.20  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP             | PLAINS GP HOLD-A | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |   2298833 | NS      | $30091723.97  | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc               | CHENIERE ENERGY  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    152198 | NS      | $23254332.42  | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitrans Midstream Corporation   | EQUITRANS MIDSTR | CUSIP: 294600101<br>LEI: 549300RH0NLJNZ5SXU64 | Long             | EC               | CORP              | US        |    937862 | NS      | $6799499.50   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                    | TC ENERGY CORP   | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    138390 | NS      | $5970144.60   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Altagas Ltd                       | ALTAGAS LTD      | CUSIP: 021361100<br>LEI: 549300D7A8QA85Z2MH11 | Long             | EC               | CORP              | CA        |    798605 | NS      | $14933927.91  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Partners LP          | VIPER ENERGY PAR | CUSIP: 92763M105<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    726467 | NS      | $23065327.25  | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P. | ENTERPRISE PRODU | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    953593 | NS      | $24411980.80  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Co                | TARGA RESOURCES  | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    361779 | NS      | $27140660.58  | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                | CENOVUS ENERGY   | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |   1802445 | NS      | $36012851.10  | 7.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.               | KINDER MORGAN IN | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |   1169964 | NS      | $21410341.20  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                       | PHILLIPS 66      | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |    226606 | NS      | $22721783.62  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                     | ENBRIDGE INC     | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    274734 | NS      | $11255851.98  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation         | VALERO ENERGY    | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    168975 | NS      | $23661569.25  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| The Williams Companies, Inc.      | WILLIAMS COS INC | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    649932 | NS      | $20953807.68  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Company        | MARATHON PETROLE | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    196694 | NS      | $25279112.88  | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                | SUNCOR ENERGY    | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    753608 | NS      | $26165269.76  | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp   | SUNOCO LP        | CUSIP: 86765K109<br>LEI: 54930001NJU8E40NQ561 | Long             | EC               | CORP              | US        |    151627 | NS      | $7237156.71   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corporation      | PEMBINA PIPELINE | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    864549 | NS      | $30691489.50  | 6.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners, L.P.  | ALLIANCE RESOURC | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |    596080 | NS      | $13668114.40  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                      | KEYERA CORP      | CUSIP: 493271100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    639560 | NS      | $14589205.40  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP     | WESTERN MIDSTREA | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    926885 | NS      | $25044432.70  | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC               | FRST AM-GV OB-X  | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   8947958 | PA      | $8947957.61   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** Laura Szalyga

**Name of Signer:** Laura Szalyga

**Title:** Treasurer