united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22718

Two Roads Shared Trust

(Exact name of registrant as specified in charter)

17605 Wright Street, Suite 102, Omaha, NE 68137

(Address of principal executive offices) (Zip code)

James P. Ash, Gemini Fund Services, LLC.

80 Arkay Drive Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2619

Date of fiscal year end: 10/31

Date of reporting period: 10/31/16

ITEM 1. REPORTS TO SHAREHOLDERS.

Anfield Universal Fixed Income Fund

Class A Shares (AFLEX)

Class C Shares (AFLKX)

Class I Shares (AFLIX)

October 31, 2016

Annual Report

Advised by:

Anfield Capital Management

4695 MacArthur Court

Suite 430

Newport Beach, CA 92660

www.AnfieldFunds.com

December 2016

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

The Universal Fixed Income Fund completed its third full fiscal year, on October 31, 2016, and we are pleased to report that the Fund has achieved its investment objectives, thanks to the guidance of Anfield Capital Management and its portfolio managers, Mssrs. Cyrille Conseil, CFA, Peter Van de Zilver, CFA and David Young, CFA. Accolades of the fund over the period include a 4-star rating from Morningstar out of 218 funds in the non-traditional category (Source: Morningstar Non-Traditional Bond Fund Category based on risk adjusted returns for the three years ending November 30th 2016. AFLIX ranked in the 23rd percentile out of 218 funds) and breaching $100M in Assets Under Management. The past year was politically charged and included many bouts of volatility while continuing in a low interest rate environment. The Fund has generated competitive returns of: A shares 3.32%, C shares 2.52%, I shares 3.56%, net of all fees and expenses, for the year ended October 31, 2016.

The Fund performance was primarily driven by an emphasis on attractively yielding securities dominated by strong security selection. Due to the uncertainty in global interest rates cycles the only government bond exposure during the past 12 months was an occasional, tactical negative position in the U.S. (short U.S. Treasury interest rates). Performance contributors include U.S. corporate bonds (both investment grade and below-investment grade), mortgage-backed and asset-backed securities boosted the yield of the Fund while helping to temper volatility. Bank Loan securities performed in-line with expectations and were noticeably trimmed back as we adjusted the sector allocations. Modest holdings of preferred securities benefitted from strong stock market returns which aided Fund performance.

Detractors from results were few, but our allocation to bonds in the energy sector showed negative performance as oil prices declined. A small allocation to Emerging Market bonds was also a detractor as Emerging Market bond markets did not keep pace with the strong U.S. market.

Market Commentary

● The International Monetary Fund slashed its forecast for US GDP growth this year, from 2.2% to 1.6%, and trimmed estimates for next year’s growth by 0.3 percentage points to 2.2% GDP

● We can no longer rule out the prospect of a global recession given mounting concerns over Brexit fallout, the solvency of some European banks, negative interest rates, China’s currency devaluations and rising debt levels and a murky credit environment

● Citing the negative impact of the Brexit, the International Monetary Fund (IMF) recently forecast Eurozone growth will slow to 1.6% this year and 1.4% in 2017, compared with last year’s 1.7% expansion

● The US federal debt level grew by $151.5 billion in August, on course to reach $1.36 trillion for the fiscal year that ended September 30, its third-biggest annual increase on record.

● Traditional holders of US government debt like China and Japan have reduced their holdings of US. Treasuries for three consecutive quarters, the most sustained pullback on record, according to recent Federal Reserve data. The decline has accelerated in the past three months, coinciding with the recent backup in US bond yields

● Share prices finished strong for the second consecutive quarter as the S&P 500 finished the three-month period ending September up 3.86% and the Russell 2000 gained 8.83%.

● The yield on the benchmark 10-year U.S. Treasury bond continued to rise on a monthly basis, ending October at 1.84%

● The Chinese Yuan formally joined the U.S. dollar, the euro, the Japanese yen, and the British pound as a global reserve currency on October 1 as the IMF included it in a “basket” of currencies it manages to address economic crisis

1

Market Outlook

● We believe the Fed should continue reducing excess liquidity by increasing its policy rate by a further 50 to 100 basis points, but we doubt it will move fast enough to pre-empt a reckoning

● That said, we believe interest rates are poised to continue higher over the course of 2017 by a combination of FOMC policy action and market forces

● We forecast US 3Q annualized GDP growth to be equal to, or potentially below the Federal Reserve’s projection of 1.8% and 2.0% in 2016 and 2017, respectively

● The prospect of a major correction in US equities requires vigilance. Odds are good that companies in the S&P 500 will report further earnings declines, as they have done for 5 of the last 6 quarters

● We see a turbulent geopolitical scene with the potential for continued economic disruption

● Equity markets, in particular the US stock market, are approaching full valuation based on historical measures which warrants caution

Current Fixed Income Investment Strategy

● We expect continued high volatility throughout 2017 which warrants a conservative strategy including:

● Continued emphasis on shorter maturities seeking to protect from increasing rates

● Search for attractive yields across global markets

● Please see summary investment strategy below:

Directional (top-down macro)	Defensive, positioned for higher rates; target duration between 1 to 3 years
Yield Curve	1 – 5 years (short-intermediate) mainly driven by directional, duration, sector, and yield views
Sector	Emphasize all grade yield enhancing corporate credits with strong cash positions and improving fundamentals & MBS and ABS allocations
Yield	Target Yield to Maturity between 4%-5%
Security Selection	Active and selective
Liquidity	Continue to focus on strong liquidity—which tends to be undervalued in uncertain markets

On behalf of the entire staff at Anfield Capital Management, we thank you for your continued support.

David Young, CFA

CEO & Founder

* Morningstar is an independent provider of financial information. Morningstar performance rankings are based on total return without sales charge relative to all share classes of mutual funds with similar objectives and determined by Morningstar. The top 10% of the funds in a rating universe receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance or ranking is not indicative of future results.

4834-NLD-12/23/2016

2

Anfield Universal Fixed Income Fund

PORTFOLIO REVIEW (Unaudited)

October 31, 2016

The Fund’s performance figures* for the years ended October 31, 2016, compared to its benchmark:

	1 Year	3 Year	Since Inception(a)
Class A	3.32%	2.46%	2.45%
Class A with 5.75% load	(2.62)%	0.48%	0.65%
Class C	2.52%	1.55%	1.63%
Class I	3.56%	2.74%	2.70%
BofA Merrill Lynch US Dollar 3-Month Libor Constant Maturity Index(b)	0.54%	0.35%	0.34%

* 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 Advisor has contractually agreed to waive fees and/or reimburse expenses but only to the extent necessary to maintain the Fund’s total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; costs of investing in acquired funds, and extraordinary expenses) at 1.20%, 1.95%, and 0.95% for Class A, Class C, and Class I shares, respectively, per the most recent prospectus. Without waiver the gross expense fees are 1.81%, 2.56%, 1.56% for Class A, Class C, and Class I shares, respetively. Each waiver or reimbursement by the Advisor is subject to repayment by the Fund within the three fiscal years following the fiscal year in which that particular expense is incurred, if the Fund is able to make the repayment without exceeding the expense limitation in effect at the time of the waiver and the repayment is approved by the Board of Trustees. Please review the Fund’s most recent prospectus for more detail on the expense waiver. 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.

Comparison of the Change in Value of a $100,000 Investment

Top Allocations	% of Net Assets
Bonds & Notes		89.1	%
Mutual Funds		7.4	%
Exchange Traded Fund		0.4	%
Preferred Stock		0.4	%
Other Assets Less Liabilities		2.7	%
		100.0	%

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

3

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS

October 31, 2016

Shares					Fair Value
		EXCHANGE TRADED FUND - 0.4%
		DEBT FUND - 0.4%
	16,900	PowerShares Senior Loan Portfolio			$	391,742
		TOTAL EXCHANGE TRADED FUNDS (Cost $420,719)				391,742
		MUTUAL FUNDS - 7.4%
		DEBT FUNDS - 7.4%
	12,472	BlackRock Floating Rate Income Strategies Fund, Inc.				171,864
	187,433	Fidelity Floating Rate High Income Fund - Institutional Class				1,795,604
	432,400	Vanguard Short-Term Investment Grade Fund - Institutional Class				4,652,626
		TOTAL MUTUAL FUNDS (Cost $6,644,769)				6,620,094
Par Value			Coupon Rate (%)	Maturity
		BONDS & NOTES * - 89.1%
		AEROSPACE/DEFENSE - 0.6%
$	100,000	Arconic, Inc.	6.7500	7/15/2018		107,340
	390,000	L-3 Communications Corp.	5.2000	10/15/2019		425,488
						532,828
		AGENCY COLLATERAL CMO - INTEREST ONLY 9.7%
	140,139	Fannie Mae Interest Strip	4.0000	10/25/2044		17,438
	1,268,124	Fannie Mae Interest Strip	4.5000	7/25/2042		283,771
	761,034	Fannie Mae Interest Strip	4.5000	7/25/2042		152,286
	36,630,480	Fannie Mae REMICS	0.0300	6/25/2045		48,927
	656,395	Fannie Mae REMICS	3.0000	8/25/2030		46,426
	945,406	Fannie Mae REMICS	4.5000	9/25/2043		133,725
	610,217	Fannie Mae REMICS	5.9160	12/25/2037		121,389
	2,885,541	Fannie Mae REMICS	5.9860	9/25/2037		580,397
	1,446,833	Fannie Mae REMICS	6.0000	12/25/2039		289,284
	1,060,800	Fannie Mae REMICS	6.0660	8/25/2041		243,139
	2,019,711	Fannie Mae REMICS	6.0960	11/25/2036		435,153
	1,060,373	Fannie Mae REMICS	6.1160	12/25/2036		213,399
	1,260,703	Fannie Mae REMICS	6.1160	3/25/2036		221,030
	363,326	Fannie Mae REMICS	6.1760	7/25/2035		70,201
	1,019,534	Fannie Mae REMICS	6.2260	5/25/2037		201,439
	2,381,770	Fannie Mae REMICS	6.2260	6/25/2037		462,238
	1,299,804	Fannie Mae REMICS	6.5000	11/25/2027		207,339
	451,660	Fannie Mae REMICS	6.5660	11/25/2033		67,980
	982,034	Fannie Mae REMICS	7.1660	8/25/2034		187,847
	549,912	Fannie Mae REMICS	7.4454	12/18/2031		111,445
	448,160	Fannie Mae REMICS	7.5000	10/25/2023		81,140
	39,963	Fannie Mae REMICS	8.4347	7/25/2041		42,713
	33,905,869	Freddie Mac REMICS	0.1000	5/15/2046		139,041
	2,406,691	Freddie Mac REMICS	3.0000	6/15/2041		257,818
	416,126	Freddie Mac REMICS	3.0000	8/15/2027		38,001
	1,032,047	Freddie Mac REMICS	3.5000	4/15/2033		101,631
	3,325,142	Freddie Mac REMICS	5.0000	8/15/2038		80,013
	2,013,063	Freddie Mac REMICS	5.5000	7/15/2040		94,245
	722,200	Freddie Mac REMICS	5.5000	8/15/2035		116,301
	768,215	Freddie Mac REMICS	6.0418	9/15/2036		162,528

See accompanying notes to financial statements.

4

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2016

Par Value			Coupon Rate (%)	Maturity	Fair Value
		AGENCY COLLATERAL CMO - INTEREST ONLY 9.7% (Continued)
$	3,478,564	Freddie Mac REMICS	6.1118	4/15/2032	$	281,058
	1,355,842	Freddie Mac REMICS	6.2118	5/15/2029		250,902
	1,753,951	Freddie Mac REMICS	6.4618	1/15/2032		350,443
	270,360	Freddie Mac REMICS	6.5000	3/15/2032		57,762
	362,562	Freddie Mac REMICS	6.7118	3/15/2032		71,109
	453,990	Freddie Mac REMICS	7.3418	6/15/2031		97,383
	1,318,303	Freddie Mac REMICS	7.4618	3/15/2032		282,705
	48,480	Freddie Mac REMICS	12.9237	2/15/2019		52,756
	95,199	Freddie Mac REMICS	19.5308	2/15/2032		148,283
	1,625,330	Freddie Mac Strips	4.3770	1/15/2043		289,332
	2,007,224	Freddie Mac Strips	5.0000	6/15/2038		345,318
	484,730	Freddie Mac Strips	7.1618	8/15/2036		94,857
	462,962	Government National Mortgage Association	3.0000	7/20/2041		36,767
	2,901,210	Government National Mortgage Association	3.5000	8/20/2040		248,735
	1,237,968	Government National Mortgage Association	3.5000	4/20/2044		104,882
	419,523	Government National Mortgage Association	4.0000	12/16/2026		45,711
	803,093	Government National Mortgage Association	5.6382	12/20/2042		150,606
	805,322	Government National Mortgage Association	5.7579	8/16/2038		104,547
	862,959	Government National Mortgage Association	6.0079	2/16/2033		109,691
	559,583	Government National Mortgage Association	6.1579	6/16/2042		122,291
	1,180,256	Government National Mortgage Association	6.1882	1/20/2042		166,296
						8,619,718
		AIRLINES - 1.6%
	283,442	Continental Airlines 2000-1 Class A-1 Pass Through Trust	8.0480	11/1/2020		317,951
	144,142	Delta Air Lines 2010-1 Class A Pass Through Trust	6.2000	7/2/2018		153,692
	53,316	Delta Air Lines 2010-2 Class A Pass Through Trust	4.9500	5/23/2019		56,182
	173,195	UAL 2009-1 Pass Through Trust	10.4000	11/1/2016		173,946
	30,401	UAL 2009-2A Pass Through Trust	9.7500	1/15/2017		30,951
	215,214	United Airlines 2014-1 Class B Pass Through Trust	4.7500	4/11/2022		220,864
	300,000	US Airways 2012-2 Class C Pass Through Trust	5.4500	6/3/2018		306,375
	153,984	Virgin Australia 2013-1B Trust ^	6.0000	10/23/2020		156,486
						1,416,447
		AUTO MANUFACTURERS - 2.8%
	500,000	Daimler Finance North America LLC ^	1.6500	3/2/2018		501,128
	300,000	Ford Motor Credit Co. LLC	2.0000	8/20/2018		297,825
	115,000	Ford Motor Credit Co. LLC	2.3112	8/20/2018		115,120
	292,000	General Motors Co.	3.5000	10/2/2018		299,928
	250,000	General Motors Financial Co., Inc.	4.3750	9/25/2021		265,752
	500,000	Volkswagen Group of America Finance LLC ^	1.2898	5/23/2017		499,235
	500,000	Volkswagen International Finance NV ^	1.2413	11/18/2016		500,052
						2,479,040
		AUTO PARTS & EQUIPMENT - 0.6%
	500,000	Delphi Automotive PLC	3.1500	11/19/2020		515,716

See accompanying notes to financial statements.

5

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2016

Par Value			Coupon Rate (%)	Maturity	Fair Value
		BANKS - 10.9%
$	500,000	Bank of America Corp.	2.6129	9/28/2020	$	503,455
	268,000	Bank of America Corp.	2.6287	11/18/2020		270,661
	650,000	Banque Federative du Credit Mutuel SA ^	2.5000	10/29/2018		660,137
	500,000	Barclays Bank PLC	3.0000	2/22/2021		500,385
	450,000	Citigroup, Inc.	2.3365	8/11/2020		453,569
	250,000	Citigroup, Inc.	3.0000	12/15/2020		255,966
	1,250,000	Credit Agricole SA ^	8.3750	10/29/2049		1,413,475
	250,000	Goldman Sachs Group, Inc.	2.2254	8/26/2020		250,116
	344,000	Goldman Sachs Group, Inc.	2.2300	7/15/2020		345,111
	135,000	HBOS PLC ^	6.7500	5/21/2018		143,875
	252,000	HSBC Bank USA NA	4.8750	8/24/2020		272,071
	100,000	JPMorgan Chase & Co.	1.7571	3/20/2017		99,871
	263,000	JPMorgan Chase & Co.	2.6250	10/29/2020		265,163
	400,000	Manufacturers & Traders Trust Co.	5.6290	12/1/2021		393,920
	1,254,393	Manwin Licensing Intl.	14.0000	10/4/2018		1,357,880
	250,000	Morgan Stanley	3.5000	9/30/2017		253,963
	306,000	Morgan Stanley	4.5000	10/27/2018		319,874
	500,000	National Westminster Bank PLC	1.1250	11/29/2049		350,306
	646,000	Royal Bank of Scotland Group PLC	5.0000	2/21/2019		649,269
	250,000	SunTrust Banks, Inc.	1.8873	7/31/2017		251,459
	500,000	Wells Fargo & Co.	7.9800	Perpetual		521,875
	182,000	Zions Bancorporation	4.5000	3/27/2017		183,417
						9,715,818
		BEVERAGES - 2.2%
	50,000	Central American Bottling Corp. ^	6.7500	2/9/2022		52,000
	400,000	Coca-Cola European Partners US LLC	3.2500	8/19/2021		419,814
	500,000	Coca-Cola Femsa SAB de CV	2.3750	11/26/2018		509,242
	100,000	Constellation Brands, Inc.	3.8750	11/15/2019		104,875
	893,082	Keurig Green Mountain, Inc.	6.0800	3/3/2023		904,246
						1,990,177
		BUILDING MATERIALS - 0.4%
	325,000	Martin Marietta Materials, Inc.	6.6000	4/15/2018		347,000
		COLLATERALIZED MORTGAGE OBLIGATIONS - 2.8%
	320,089	Alternative Loan Trust 2004-35T2	6.0000	2/25/2035		70,693
	38,164	Banc of America Alternative Loan Trust 2003-11	6.0000	1/25/2034		39,231
	51,280	Banc of America Funding 2004-D Trust	2.9439	6/25/2034		51,444
	26,093	Banc of America Mortgage 2004-A Trust	2.9474	2/25/2034		25,779
	61,375	Banc of America Mortgage 2004-C Trust	3.2006	4/25/2034		61,160
	15,972,962	BCAP LLC Trust 2007-AA2	0.4378	4/25/2037		267,702
	47,017	Bear Stearns ARM Trust 2003-4	2.9640	7/25/2033		47,113
	37,456	Bear Stearns Asset Backed Securities Trust 2003-AC5	5.5000	10/25/2033		39,227
	38,253	Chase Mortgage Finance Trust Series 2007-A1	3.0527	2/25/2037		38,310
	123,916	CHL Mortgage Pass-Through Trust 2004-7	2.9629	5/25/2034		122,343
	35,714	Citigroup Global Markets Mortgage Securities VII, Inc. ^	6.0000	9/25/2033		35,378
	74,239	Deutsche Mortgage Securities, Inc. Mortgage Loan Trust 2004-4	0.9840	6/25/2034		68,402
	59,581	First Horizon Alternative Mortgage Securities Trust 2006-FA1	1.2840	4/25/2036		57,504

See accompanying notes to financial statements.

6

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2016

Par Value			Coupon Rate (%)	Maturity	Fair Value
		COLLATERALIZED MORTGAGE OBLIGATIONS - 2.8% (Continued)
$	137,032	GSR Mortgage Loan Trust 2004-14	3.1953	12/25/2034	$	136,183
	1,066,836	GSR Mortgage Loan Trust 2004-2F	7.1160	1/25/2034		227,261
	44,123	GSR Mortgage Loan Trust 2004-6F	5.5000	5/25/2034		44,741
	264,357	Impac CMB Trust Series 2004-4	1.4340	9/25/2034		238,531
	31,489	Impac CMB Trust Series 2004-5	1.4540	10/25/2034		29,541
	151,110	Impac CMB Trust Series 2004-6	1.3590	10/25/2034		132,366
	187,624	JP Morgan Mortgage Trust 2005-A1	3.0999	2/25/2035		185,481
	32,496	Lehman XS Trust Series 2005-1	2.0272	7/25/2035		32,207
	26,700	MASTR Alternative Loan Trust 2003-7	6.5000	12/25/2033		28,039
	51,000	MASTR Asset Securitization Trust 2005-2	5.3500	11/25/2035		51,942
	85,267	Morgan Stanley Mortgage Loan Trust 2004-10AR	3.0163	11/25/2034		83,342
	32,037	Morgan Stanley Mortgage Loan Trust 2004-7AR	2.9615	9/25/2034		32,648
	87,402	Structured Asset Securities Corp.	4.0650	9/25/2026		86,846
	48,919	Structured Asset Securities Corp. Mort Pass Thr Certs Ser 1998-3 Trust	1.5340	3/25/2028		48,164
	57,252	Structured Asset Securities Corp. Mort Pass Thr Certs Ser 2003 30	5.5000	10/25/2033		60,270
	158,512	Wells Fargo Mortgage Backed Securities 2005-12 Trust	5.5000	11/25/2035		78,410
	123,268	Wilshire Funding Corp.	7.2500	8/25/2027		121,020
						2,541,278
		COMMERCIAL SERVICES - 0.9%
	765,000	Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc.	5.7500	4/15/2023		807,075
		COMPUTERS - 1.1%
	1,000,000	EMC Corp.	1.8750	6/1/2018		986,540
		DIVERSIFIED FINANCIAL SERVICES - 6.2%
	500,000	Air Lease Corp.	2.6250	9/4/2018		506,356
	700,000	Air Lease Corp.	5.6250	4/1/2017		714,833
	375,000	Ally Financial, Inc.	3.3500	5/15/2019		368,922
	625,000	Ally Financial, Inc.	3.5000	1/27/2019		628,125
	500,000	Ally Financial, Inc.	6.2500	12/1/2017		518,750
	750,000	CIT Group, Inc.	3.8750	2/19/2019		763,358
	400,000	CIT Group, Inc.	5.0000	5/15/2017		405,500
	500,000	ILFC E-Capital Trust I ^	4.0000	12/21/2065		400,000
	385,000	International Lease Finance Corp.	8.7500	3/15/2017		394,927
	235,000	Lazard Group LLC	6.8500	6/15/2017		241,795
	500,000	Navient Corp.	8.4500	6/15/2018		542,025
						5,484,591
		ELECTRIC - 1.2%
	500,000	EDP Finance BV ^	6.0000	2/2/2018		523,041
	450,000	Entergy Corp.	5.1250	9/15/2020		496,360
	100,000	PPL Capital Funding, Inc.	6.7000	3/30/2067		89,733
						1,109,134
		ENGINEERING & CONSTRUCTION - 1.9%
	600,000	SBA Tower Trust ^	2.8980	10/15/2019		610,712
	260,000	SBA Tower Trust ^	2.9330	12/15/2017		260,689
	795,000	SBA Tower Trust ^	3.5980	4/15/2018		798,325
						1,669,726

See accompanying notes to financial statements.

7

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2016

Par Value			Coupon Rate (%)	Maturity	Fair Value
		ENTERTAINMENT - 0.3%
$	25,000	CCM Merger, Inc. ^	9.1250	5/1/2019	$	26,157
	250,000	NAI Entertainment Holdings / NAI Entertainment Holdings Finance Corp. ^	5.0000	8/1/2018		253,750
						279,907
		FOOD - 0.3%
	252,000	Safeway, Inc.	3.4000	12/1/2016		252,158
	10,000	Wells Enterprises, Inc. ^	6.7500	2/1/2020		10,350
						262,508
		FOOD SERVICE - 0.2%
	129,000	Aramark Services, Inc.	5.7500	3/15/2020		132,789
		FOREST PRODUCTS & PAPER - 0.9%
	775,000	Carter Holt Harvey Ltd. +	9.5000	12/1/2024		783,719
		HEALTHCARE-PRODUCTS - 1.4%
	1,250,000	Zimmer Biomet Holdings, Inc.	2.7000	4/1/2020		1,272,126
		HEALTHCARE-SERVICES - 2.6%
	1,000,000	CHS/Community Health Systems, Inc.	5.1250	8/15/2018		991,350
	740,000	HCA, Inc.	3.7500	3/15/2019		758,500
	500,000	Quest Diagnostics, Inc.	4.7500	1/30/2020		540,724
						2,290,574
		HOME EQUITY ASSET BACKED SECURITIES - 6.0%
	103,702	Aames Mortgage Trust 2001 1 Mortgage Pass Thr Certs Ser 01 1	8.0880	6/25/2031		97,885
	61,083	ABFC 2002-OPT1 Trust	1.9290	4/25/2032		58,474
	242,446	ACE Securities Corp Home Equity Loan Trust Series 2003-OP1	3.0090	12/25/2033		227,360
	78,224	AFC Trust Series 2000-1	0.8640	3/25/2030		73,275
	104,825	Ameriquest Mort Sec, Inc. Asset Backed Ser 2003-10	3.4590	12/25/2033		103,280
	61,494	Ameriquest Mort Sec, Inc. Asset Back Pass Thr Certs Ser 2003-9	3.5340	9/25/2033		59,147
	40,912	Ameriquest Mortgage Securities Asset-Backed Pass-Through Ctfs Ser 2003 12	1.6590	1/25/2034		38,436
	28,612	Ameriquest Mortgage Securities Asset-Backed Pass-Through Ctfs Ser 2003 12	3.0840	1/25/2034		27,881
	17,808	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2003-11	5.1499	12/25/2033		18,114
	57,839	Amresco Residential Securities Corp Mortgage Loan Trust 1998-1	7.0000	1/25/2028		57,913
	254,430	Asset Backed Securities Corp Home Equity Loan Trust Series 2003-HE6	3.0090	11/25/2033		242,272
	133,539	Bear Stearns Asset Backed Securities I Trust 2004-BO1	4.5340	10/25/2034		131,696
	271,305	Bear Stearns Asset Backed Securities I Trust 2004-FR3	2.6340	9/25/2034		237,262
	304,151	Bear Stearns Asset Backed Securities I Trust 2004-HE7	3.2340	8/25/2034		278,605
	35,432	Bear Stearns Asset Backed Securities Trust 2003-ABF1	1.2740	1/25/2034		34,518
	99,261	CDC Mortgage Capital Trust 2004-HE1	2.3340	6/25/2034		89,667
	202,524	CDC Mortgage Capital Trust 2004-HE3	2.3340	11/25/2034		184,133
	218,007	Citigroup Global Markets Mortgage Securities VII, Inc.	1.0940	9/25/2028		203,017
	73,627	Conseco Finance Corp.	1.2382	8/15/2033		72,352
	6,295	Countrywide Asset-Backed Certificates	2.7840	9/25/2023		7,124
	61,035	Credit Suisse First Boston Mortgage Securities Corp.	6.9900	2/25/2031		62,223
	40,000	GSAA Trust	5.2950	11/25/2034		40,295
	326,937	Home Equity Asset Trust	2.6840	3/25/2034		320,612
	240,608	Home Equity Asset Trust 2004-4	2.4840	10/25/2034		233,314
	65,283	Meritage Mortgage Loan Trust 2003-1	2.8590	11/25/2033		64,562
	21,752	Morgan Stanley ABS Capital I, Inc. Trust 2003-HE1	3.9090	5/25/2033		19,426
	75,814	Morgan Stanley ABS Capital I, Inc. Trust 2004-NC4	3.5340	4/25/2034		74,474
	267,963	Morgan Stanley ABS Capital I, Inc. Trust 2004-OP1	2.4090	11/25/2034		250,530

See accompanying notes to financial statements.

8

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2016

Par Value			Coupon Rate (%)	Maturity	Fair Value
		HOME EQUITY ASSET BACKED SECURITIES - 6.0% (Continued)
$	124,972	New Century Home Equity Loan Trust ^	1.6590	10/25/2033	$	120,296
	243,628	New Century Home Equity Loan Trust Series 2003-4	3.6090	10/25/2033		240,125
	283,699	New Century Home Equity Loan Trust Series 2003-B	3.0090	11/25/2033		279,520
	157,154	NovaStar Mortgage Funding Trust Series 2003-4	1.5903	2/25/2034		149,636
	29,623	NovaStar Mortgage Funding Trust Series 2004-1	2.1090	6/25/2034		27,349
	251,470	NovaStar Mortgage Funding Trust Series 2004-2	2.7840	9/25/2034		227,952
	32,403	Option One Mort Acceptance Corp Asset Back Cert Ser 2003 2	3.0840	4/25/2033		31,319
	27,324	Option One Mortgage Accept Corp Asset Back Certs Ser 2003 5	1.1740	8/25/2033		26,288
	69,939	Saxon Asset Securities Trust 2002-1	2.3340	11/25/2031		57,572
	71,454	Saxon Asset Securities Trust 2003-3	2.9340	12/25/2033		65,173
	169,622	Securitized Asset Backed Receivables LLC Trust 2004-OP1	2.1840	2/25/2034		160,890
	503,930	Securitized Asset Backed Receivables LLC Trust 2004-OP1	2.5590	2/25/2034		492,436
	114,760	Terwin Mortgage Trust Series TMTS 2003-2HE	0.3901	7/25/2034		114,390
						5,300,793
		INSURANCE - 0.4%
	300,000	Aspen Insurance Holdings Ltd.	4.6500	11/15/2023		317,803
		INVESTMENT COMPANIES - 0.9%
	776,000	Ares Capital Corp.	4.8750	11/30/2018		808,604
		LODGING - 0.7%
	592,000	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.	5.6250	10/15/2021		609,811
	65,000	MCE Finance Ltd. ^	5.0000	2/15/2021		65,239
						675,050
		MANUFACTURED HOUSING - 0.0%
	34,545	Conseco Financial Corp.	7.2200	3/15/2028		36,394
		MEDIA - 5.5%
	50,000	Altice Finco SA ^	9.8750	12/15/2020		53,063
	750,000	Cablevision Systems Corp.	8.6250	9/15/2017		784,688
	739,000	Charter Communications Operating LLC ^	4.4640	7/23/2022		788,137
	750,000	DIRECTV Holdings LLC / DIRECTV Financing Co, Inc.	5.0000	3/1/2021		825,253
	500,000	Discovery Communications LLC	5.0500	6/1/2020		546,145
	805,000	DISH DBS Corp.	4.2500	4/1/2018		826,131
	150,000	Time Warner Cable, Inc.	5.0000	2/1/2020		161,942
	258,000	Time Warner Cable, Inc.	5.8500	5/1/2017		263,760
	650,000	Viacom, Inc.	2.5000	9/1/2018		657,512
						4,906,631
		MINING - 0.3%
	250,000	Newmont Mining Corp.	5.1250	10/1/2019		272,983
		MISCELLANEOUS - 0.9%
	750,000	General Electric, Co.	5.0000	Perpetual		795,488
		MUNICIPAL - 0.2%
	200,000	Grant County Public Utility District No 2	5.2900	1/1/2020		212,856

See accompanying notes to financial statements.

9

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2016

Par Value			Coupon Rate (%)	Maturity	Fair Value
		OFFICE/BUSINESS - 0.6%
$	500,000	Xerox Corp.	2.9500	2/1/2017	$	502,953
		OIL & GAS - 1.3%
	630,000	BG Energy Capital PLC ^	4.0000	12/9/2020		677,481
	500,000	Petrobras Global Finance BV	5.7500	1/20/2020		517,250
						1,194,731
		OTHER ASSET BACKED SECURITIES - 9.5%
	244,941	Amortizing Residential Collateral Trust 2002-BC6	2.3340	8/25/2032		221,886
	303,763	Bear Stearns Asset Backed Securities Trust 2003-SD3	3.3840	10/25/2033		284,620
	26,096	Bear Stearns Asset Backed Securities Trust 2006-SD2	0.9140	6/25/2036		25,676
	78,175	Black Diamond CLO 2006-1 Luxembourg SA ^	1.1373	4/29/2019		77,982
	36,128	Bravo Mortgage Asset Trust ^	0.7740	7/25/2036		35,310
	178,332	Carrington Mortgage Loan Trust Series 2004-NC2	2.3340	8/25/2034		151,785
	140,067	Carrington Mortgage Loan Trust Series 2006-NC4	0.5940	10/25/2036		137,412
	74,550	Chase Funding Trust Series 2002-2	5.5990	9/25/2031		71,164
	124,140	Countrywide Asset-Backed Certificates	3.9090	3/25/2032		115,812
	58,159	Countrywide Asset-Backed Certificates ^	5.0690	2/25/2036		58,434
	108,580	Countrywide Home Equity Loan Trust	0.7582	4/15/2030		105,874
	386,524	Credit-Based Asset Servicing and Securitization LLC	2.2590	7/25/2035		369,558
	204,739	Credit-Based Asset Servicing and Securitization LLC	3.3090	3/25/2034		175,815
	465	Credit-Based Asset Servicing and Securitization LLC	3.3840	6/25/2032		459
	129,611	CWABS, Inc. Asset-Backed Certificates Trust 2004-6	1.4340	11/25/2034		127,072
	89,786	CWABS, Inc. Asset-Backed Certificates Trust 2004-6	1.7340	11/25/2034		88,484
	38,012	Equity One Mortgage Pass-Through Trust 2002-5	5.8030	11/25/2032		38,534
	500,000	Figueroa CLO 2013-1 Ltd. ^	4.5612	3/21/2024		482,758
	318,800	Finance America Mortgage Loan Trust 2004-2	1.5090	8/25/2034		283,892
	251,217	Finance America Mortgage Loan Trust 2004-2	2.6340	8/25/2034		238,912
	75,923	First Franklin Mortgage Loan Trust 2002-FF1	1.6577	4/25/2032		70,153
	1,000,000	Fortress Credit BSL Ltd. ^	2.0576	1/19/2025		1,000,343
	500,000	Gale Force 3 Clo Ltd. ^	2.2776	4/19/2021		484,176
	25,996	Long Beach Mortgage Loan Trust 2004-1	1.3590	2/25/2034		24,837
	178,438	Merrill Lynch Mortgage Investors Trust Series 2004-WMC5	2.4840	7/25/2035		171,974
	166,123	Morgan Stanley ABS Capital I, Inc. Trust 2004-NC7	2.2590	7/25/2034		149,162
	750,000	Mountain View Funding CLO ^	1.3300	4/16/2021		747,175
	188,587	Rockwall CDO II Ltd. ^	1.1359	8/1/2024		187,263
	500,000	Schiller Park CLO Ltd. ^	2.6318	4/25/2021		500,100
	243,868	Specialty Underwriting & Residential Finance Trust Series 2004-BC4	1.7340	10/25/2035		194,636
	2,268	Structured Asset Investment Loan Trust 2003-BC13	3.1590	11/25/2033		2,202
	371,800	Structured Asset Investment Loan Trust 2004-7	1.6590	8/25/2034		327,250
	109,279	Structured Asset Securities Corp 2005-WF1	2.4390	2/25/2035		83,706
	89,566	Structured Asset Securities Corp 2005-WF1	2.5890	2/25/2035		68,871
	500,000	Symphony CLO II Ltd. ^	2.3293	10/25/2020		484,899
	600,000	Tralee CLO II Ltd. ^	4.7312	4/20/2025		556,445
	339,000	Venture XI CLO Ltd.	7.0521	11/14/2022		335,799
						8,480,430

See accompanying notes to financial statements.

10

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2016

Par Value			Coupon Rate (%)	Maturity	Fair Value
		PHARMACEUTICALS - 2.4%
$	790,000	Actavis Funding SCS	3.0000	3/12/2020	$	814,017
	750,000	Baxalta, Inc. ^	2.0000	6/22/2018		753,966
	500,000	Zoetis, Inc.	3.4500	11/13/2020		519,530
						2,087,513
		PIPELINES - 4.1%
	300,000	DCP Midstream LLC ^	5.8500	5/21/2043		256,500
	250,000	DCP Midstream LLC ^	9.7500	3/15/2019		282,188
	705,000	DCP Midstream Operating LP	2.5000	12/1/2017		701,475
	200,000	Energy Transfer Partners LP	4.1500	10/1/2020		209,524
	240,000	IFM US Colonial Pipeline 2 LLC ^	6.4500	5/1/2021		271,009
	1,043,000	Sabine Pass LNG LP	6.5000	11/1/2020		1,081,075
	599,000	Sabine Pass LNG LP	7.5000	11/30/2016		601,636
	250,000	Williams Partners LP / ACMP Finance Corp.	4.8750	5/15/2023		253,426
						3,656,833
		PRIVATE EQUITY - 2.1%
	1,835,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	3.5000	3/15/2017		1,838,441
		REITs (REAL ESTATE INVESTMENT TRUSTS) - 1.3%
	25,000	American Tower Trust I ^	1.5510	3/15/2018		25,002
	150,000	American Tower Trust I ^	3.0700	3/15/2023		156,075
	1,000,000	iStar, Inc. ^	1.5000	11/15/2016		1,003,750
						1,184,827
		RETAIL - 0.3%
	250,000	Advance Auto Parts, Inc.	5.7500	5/1/2020		274,321
		SAVINGS & LOANS - 0.7%
	500,000	First Niagara Financial Group, Inc.	7.2500	12/15/2021		611,158
		TELECOMMUNICATIONS - 2.7%
	300,000	Crown Castle Towers LLC ^	6.1130	1/15/2020		331,255
	1,100,000	Crown Castle Towers LLC ^	4.8830	8/15/2020		1,196,616
	853,000	Sprint Communications, Inc.	6.0000	12/1/2016		855,133
						2,383,004
		TRUCKING & LEASING - 0.6%
	500,000	Penske Truck Leasing Co. Lp / PTL Finance Corp. ^	3.3750	3/15/2018		510,603
		TOTAL BONDS & NOTES (Cost $78,514,523)				79,288,127

See accompanying notes to financial statements.

11

Anfield Universal Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2016

Shares			Coupon Rate (%)	Fair Value
		PREFERRED STOCK - 0.4%
		BANKS - 0.4%
	7,400	Citigroup, Inc.	6.8750	$	212,306
	5,000	Northern Trust Corp.	5.8500		134,550
		TOTAL PREFERRED STOCK (Cost $325,070)			346,856
		TOTAL INVESTMENTS - 97.3% (Cost $85,905,081)(A)		$	86,646,819
		OTHER ASSETS LESS LIABILITIES - 2.7%			2,367,375
		TOTAL NET ASSETS - 100.0%		$	89,014,194

CMO - Collateralized Mortgage Obligation

LP - Limited Partnership

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduits

* Non-income producing security

^ 144A Security - Security exempt from registration under Rule 144A of the Securities Act of 1933. The 144A securities represent 21.0% of total net assets. The securities may be resold in transactions exempt from registration typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

+ Fair valued determined using Level 3 measurements. As of October 31, 2016 fair valued securities had a market value of $783,719 and represented 0.9% of Total Net Assets.

(A) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $85,912,335 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	1,743,101
Unrealized depreciation		(1,008,617	)
Net unrealized appreciation	$	734,484

See accompanying notes to financial statements.

12

Anfield Universal Fixed Income Fund

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2016

ASSETS
Investment securities:
At cost	$	85,905,081
At fair value	$	86,646,819
Cash		1,801,294
Due from broker		150,266
Dividends and interest receivable		423,430
Prepaid expenses and other assets		81,561
TOTAL ASSETS		89,103,370
LIABILITIES
Investment advisory fees payable		5,335
Payable to related parties		18,604
Payable for Fund shares repurchased		64,566
Distribution (12b-1) fees payable		671
TOTAL LIABILITIES		89,176
NET ASSETS	$	89,014,194
Composition of Net Assets:
Paid in capital	$	89,034,550
Undistributed net investment income		200,562
Accumulated net realized loss from security investments and future contracts		(962,656	)
Net unrealized appreciation on investments and future contracts		741,738
NET ASSETS	$	89,014,194

See accompanying notes to financial statements.

13

Anfield Universal Fixed Income Fund

STATEMENT OF ASSETS AND LIABILITIES (Continued)

October 31, 2016

Net Asset Value Per Share:
Class A Shares:
Net Assets	$	10,987,540
Shares of beneficial interest outstanding (c)		1,095,214
Net asset value (Net Assets ÷ Shares Outstanding), offering price  and redemption price per share (a)	$	10.03
Maximum offering price per share  (net asset value plus maximum sales charge of 5.75%)	$	10.64
Class C Shares:
Net Assets	$	105,335
Shares of beneficial interest outstanding (c)		10,489
Net asset value (Net Assets ÷ Shares Outstanding), offering price  and redemption price per share (b)	$	10.04
Class I Shares:
Net Assets	$	77,921,319
Shares of beneficial interest outstanding (c)		7,762,856
Net asset value (Net Assets ÷ Shares Outstanding), offering price  and redemption price per share	$	10.04

(a) Investments in Class A shares made at or above the $1 million breakpoint are not subject to an initial sales charge and may be subject to a 1.00% contingent deferred sales charge (“CDSC”) on shares redeemed less than 18 months after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions).

(b) A CDSC of 1.00% is imposed in the event of certain redemption transactions within one year following each investment.

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

See accompanying notes to financial statements.

14

Anfield Universal Fixed Income Fund

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2016

INVESTMENT INCOME
Dividends (net of $526 in foreign dividend tax withheld)	$	224,690
Interest, net of amortization		3,256,737
TOTAL INVESTMENT INCOME		3,481,427
EXPENSES
Investment advisory fees		659,704
Distribution (12b-1) fees:
Class A		24,002
Class C		926
Administration fees		103,995
Transfer agent fees		60,000
Accounting services fees		60,336
Legal fees		50,000
Registration fees		54,900
Non 12b-1 Shareholder servicing fees		35,225
Printing and postage expenses		24,527
Compliance officer fees		18,076
Audit fees		17,500
Trustees fees and expenses		16,060
Custodian fees		14,255
Insurance expense		3,660
Other expenses		3,244
TOTAL EXPENSES		1,146,410
Less: Fees waived by the Advisor		(323,873	)
NET EXPENSES		822,537
NET INVESTMENT INCOME		2,658,890
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized loss from investments		(357,766	)
Net realized loss from futures contracts		(54,573	)
Net change in unrealized appreciation on investments		1,188,001
Net change in unrealized appreciation on futures contracts		125
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS		775,787
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,434,677

See accompanying notes to financial statements.

15

Anfield Universal Fixed Income Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	October 31, 2016			October 31, 2015
FROM OPERATIONS
Net investment income	$	2,658,890		$	1,483,556
Net realized loss from investments		(357,766	)		(230,064	)
Net realized gain from distributions by underlying investment companies		—			10,174
Net realized loss from futures contracts		(54,573	)		(1,128	)
Net change in unrealized appreciation on investments		1,188,001			(573,055	)
Net change in unrealized appreciation on futures contracts		125			(11,078	)
Net increase in net assets resulting from operations		3,434,677			678,405
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Class A		(280,883	)		(118,520	)
Class C		(1,960	)		(3,495	)
Class I		(2,351,187	)		(1,417,851	)
Total distributions to shareholders		(2,634,030	)		(1,539,866	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		8,773,193			5,994,752
Class C		37,000			201,700
Class I		69,222,968			35,267,422
Net asset value of shares issued in reinvestment of distributions:
Class A		277,047			117,126
Class C		1,959			3,495
Class I		1,691,199			798,266
Payments for shares redeemed:
Class A		(3,600,337	)		(4,370,616	)
Class C		(99,636	)		(136,204	)
Class I		(44,462,181	)		(22,624,287	)
Net increase in net assets from shares of beneficial interest		31,841,212			15,251,654
TOTAL INCREASE IN NET ASSETS		32,641,859			14,390,193
NET ASSETS
Beginning of the year		56,372,335			41,982,142
End of the year *	$	89,014,194		$	56,372,335
*Includes undistributed net investment income of:	$	200,562		$	58,097

See accompanying notes to financial statements.

16

Anfield Universal Fixed Income Fund

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the			For the
	Year Ended			Year Ended
	October 31, 2016			October 31, 2015
SHARE ACTIVITY
Class A:
Shares Sold		886,669			596,077
Shares Reinvested		27,870			11,679
Shares Redeemed		(362,230	)		(432,983	)
Net increase in shares of beneficial interest outstanding		552,309			174,773
Class C:
Shares Sold		3,730			20,002
Shares Reinvested		197			348
Shares Redeemed		(9,963	)		(13,610	)
Net increase (decrease) in shares of beneficial interest outstanding		(6,036	)		6,740
Class I:
Shares Sold		6,979,474			3,501,158
Shares Reinvested		169,986			79,551
Shares Redeemed		(4,461,284	)		(2,249,562	)
Net increase in shares of beneficial interest outstanding		2,688,176			1,331,147

See accompanying notes to financial statements.

17

Anfield Universal Fixed Income Fund

FINANCIAL HIGHLIGHTS

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

	Class A
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013		(1)
Net asset value, beginning of period	$	10.00		$	10.18		$	10.08		$	10.00
Activity from investment operations:
Net investment income (2)		0.30			0.29			0.23			0.06
Net realized and unrealized gain (loss) on investments (9)		0.03			(0.17	)		0.06			0.02
Total from investment operations		0.33			0.12			0.29			0.08
Less distributions from:
Net investment income		(0.30	)		(0.30	)		(0.19	)		—
Net asset value, end of period	$	10.03		$	10.00		$	10.18		$	10.08
Total return (3)		3.32	%		1.16	%		2.91	%		0.80	% (6)
Net assets, at end of period (000)s	$	10,988		$	5,430		$	3,749		$	10
Ratio of gross expenses to average  net assets (4)(5)(10)		1.59	%		1.76	%		2.01	%		8.24	% (7)(8)
Ratio of net expenses to average  net assets (5)(10)		1.20	%		1.20	%		1.37	%		1.70	% (7)
Ratio of net investment income  to average net assets (5)(10)		2.99	%		2.84	%		2.26	%		1.74	% (7)
Portfolio Turnover Rate		45	%		26	%		22	%		37	% (6)

(1) The Anfield Universal Fixed Income Fund Class A Shares commenced operations on June 28, 2013.

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

(3) Total return shown excludes the effect of applicable sales charges and redemption fees. Total returns are historical in nature and assume changes in sale price, reinvestment of dividends and capital gain distributions. Had the Advisor 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 Advisor.

(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) Not annualized.

(7) Annualized.

(8) As the share class had 1 share outstanding over the period, the ratio presented is based upon the expected expense level for the class provided in the Fund’s prospectus.

(9) 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.

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

See accompanying notes to financial statements.

18

Anfield Universal Fixed Income Fund

FINANCIAL HIGHLIGHTS

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

	Class C
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013		(1)
Net asset value, beginning of period	$	10.01		$	10.19		$	10.08		$	10.00
Activity from investment operations:
Net investment income (2)		0.24			0.22			0.16			(0.08	)
Net realized and unrealized gain (loss) on investments (9)		0.01			(0.18	)		0.01			0.16
Total from investment operations		0.25			0.04			0.17			0.08
Less distributions from:
Net investment income		(0.22	)		(0.22	)		(0.06	)		—
Total distributions		(0.22	)		(0.22	)		(0.06	)		—
Net asset value, end of period	$	10.04		$	10.01		$	10.19		$	10.08
Total return (3)		2.52	%		0.45	%		1.68	%		0.80	% (6)
Net assets, at end of period (000)s	$	105		$	165		$	100		$	10
Ratio of gross expenses to average  net assets (4)(5)(10)		2.34	%		2.51	%		2.76	%		8.99	% (7)(8)
Ratio of net expenses to average net assets (5)(10)		1.95	%		1.95	%		2.12	%		2.45	% (7)
Ratio of net investment income  to average net assets (5)(10)		2.45	%		2.16	%		1.53	%		(2.32)	% (7)
Portfolio Turnover Rate		45	%		26	%		22	%		37	% (6)

(1) The Anfield Universal Fixed Income Fund Class C Shares commenced operations on June 28, 2013.

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

(3) Total Return shown excludes the effect of applicable redemption fees. Total returns are historical in nature and assume changes in sale price, reinvestment of dividends and capital gain distributions. Had the Advisor 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 Advisor.

(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) Not annualized.

(7) Annualized.

(8) As the share class had 1 share outstanding over the period, the ratio presented is based upon the expected expense level for the class provided in the Fund’s prospectus.

(9) 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.

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

See accompanying notes to financial statements.

19

Anfield Universal Fixed Income Fund

FINANCIAL HIGHLIGHTS

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

	Class I
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013		(1)
Net asset value, beginning of period	$	10.01		$	10.19		$	10.08		$	10.00
Activity from investment operations:
Net investment income (2)		0.32			0.31			0.24			0.03
Net realized and unrealized gain (loss) on investments (9)		0.03			(0.17	)		0.09			0.05
Total from investment operations		0.35			0.14			0.33			0.08
Less distributions from:
Net investment income		(0.32	)		(0.32	)		(0.22	)		—
Net realized gains		—			—			(0.00	) (8)		—
Total distributions		(0.32	)		(0.32	)		(0.22	)		—
Net asset value, end of period	$	10.04		$	10.01		$	10.19		$	10.08
Total return (3)		3.56	%		1.42	%		3.25	%		0.80	% (6)
Net assets, at end of period (000)s	$	77,921		$	50,777		$	38,133		$	4,727
Ratio of gross expenses to average net assets (4)(5)(10)		1.34	%		1.51	%		1.76	%		7.99	% (7)
Ratio of net expenses to average net assets (5)(10)		0.95	%		0.95	%		1.12	%		1.45	% (7)
Ratio of net investment income to average net assets (5)(10)		3.19	%		3.11	%		2.38	%		0.82	% (7)
Portfolio Turnover Rate		45	%		26	%		22	%		37	% (6)

(1) The Anfield Universal Fixed Income Fund Class I Shares commenced operations on June 28, 2013.

(2) Per share amounts calculated using the average shares method, which more appropriately represents the per share data 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 Advisor 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 Advisor.

(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) Not annualized.

(7) Annualized.

(8) Amount represents less than $0.005.

(9) 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.

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

See accompanying notes to financial statements.

20

Anfield Universal Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS

October 31, 2016

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 not pay any initial sales charge on the purchase. However, purchases of $1,000,000 or more of Class A shares may be subject to a contingent deferred sales charge (“CDSC”) on shares redeemed during the first 18 months after their purchase in the amount of the commissions paid on the shares redeemed. Class C shares of the Fund are sold at NAV without an initial sales charge but may be subject to a CDSC on shares redeemed. Class I shares of the Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees or a CDSC, 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 follows the specialized accounting and reporting requirements under GAAP that are applicable to 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 (“NOCP”). 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. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices 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. 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.

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 will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to a fair value team composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Advisor and/or sub-Advisor. The team may also enlist third party consultants such as valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board has also engaged a third party valuation firm to attend valuation meetings held by the Trust, review minutes of such meetings and report to the Board on a quarterly basis. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

21

Anfield Universal Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2016

Fair Valuation Process – As noted above, the fair value team is composed of one or more representative from each of the (i) Trust, (ii) administrator, and (iii) Advisor and/or Sub-Advisor. The applicable investments are valued collectively via inputs from each of these groups. 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 Advisor or sub-Advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Advisor or sub-Advisor 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; (iv) securities with respect to which an event that will affect 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 via inputs from the Advisor 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 the Advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team 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.

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 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.

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.

22

Anfield Universal Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2016

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 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.

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.

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, 2016, for the Fund’s assets and liabilities measured at fair value:

Assets*	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	391,742	$	—	$	—	$	391,742
Mutual Funds		6,620,094		—		—		6,620,094
Bonds & Notes		—		78,504,408		783,719		79,288,127
Preferred Stock		346,856				—		346,856
Total	$	7,358,692	$	78,504,408	$	783,719	$	86,646,819

There were no transfers between Level 1 and Level 2 during the current period presented. It is the Fund’s policy to recognize transfers into or out of Level 1 and Level 2 at the end of the reporting period.

* Refer to the Schedule of Investments for classifications.

23

Anfield Universal Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2016

The following is a reconciliation of assets in which level 3 inputs were used in determining value of the security Carter Holt Harvey:

	Bonds & Notes		Total
Beginning Balance 11/1/2015	$	697,500	$	697,500
Total realized gain (loss)		—		—
Appreciation		76,562		76,562
Cost of Purchases		—		—
Proceeds from Sales		—		—
Amortization		9,657		9,657
Net transfers in/out of level 3		—		—
Ending Balance 10/31/2016	$	783,719	$	783,719

The unobservable inputs used in the fair value measurement of Carter Holt Harvey, a level 3 security, are as follows: 1) Review the spread in bps to the reference treasury of Weyerhauser 4.625% due 2023 (comparable forest product company). 2) Add the observed spread vs. treasury to the last observed trade spread differential between Weyerhauser and Carter. The last observable trade spread was 635 bps. 3) Check various news sources, industry research, and trade data to validate whether the trade spread differential referenced in step 3 remains valid. 4) Input the resulting total spread (635 + WY spread) into Carter’s Yield adjusted spread screen via Bloomberg terminal to determine the corresponding price for Carter.

The Advisor confirms there was no blockage discount applied.

It is the Fund’s policy to recognize transfers into or out of level 2 and level 3 at the end of the reporting period.

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 to collateralize future contracts.

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.

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, 2013 to October 31, 2015, or expected to be taken in the Fund’s October 31, 2016 year end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, 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.

24

Anfield Universal Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2016

Fixed Income Risk – 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. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Foreign 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 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 securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Counterparty Credit Risk – The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty.

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.

Futures Contracts – The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may purchase or sell futures contracts to hedge against market risk and to reduce return volatility.

As of October 31, 2016 as disclosed in the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for the Fund.

Impact of Derivatives on the Statements of Operations

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations as of October 31, 2016:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Interest Rate Contracts	Net realized loss from futures contracts;
	Net change in unrealized appreciation on futures contracts

The following is a summary of the Fund’s realized gain (loss) on derivative investments recognized in the Statement of Operations categorized by primary risk exposure for the year ended October 31, 2016:

Realized gain/(loss) on derivatives recognized in the Statements of Operations
				Total for the
				year ended
Derivative Investment Type	Interest Rate Risk			October 31, 2016
Futures contracts	$	(54,573	)	$	(54,573	)

25

Anfield Universal Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2016

Net change in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
			Total for the
Derivative Investment Type	Interest Rate Risk		year ended October 31, 2016
Futures contracts	$	125	$	125

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, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

3. INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended October 31,2016, amounted to $74,313,970 and $36,303,582, respectively.

4. ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS

Advisory Fees – Anfield Capital Management, LLC. Serves as the Fund’s Investment Advisor (the “Advisor”). Pursuant to an Investment Advisory Agreement with the Fund, the Advisor, 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 Advisor, the Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Fund’s average daily net assets from November 1, 2015 through February 28, 2016, totaling $164,389. Effective February 29, 2016 the Fund pays the Advisor 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 $495,315.

The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund (The “waiver agreement”), until at least March 1, 2017, to ensure that Total Annual Fund Operating Expenses after fee waiver and/or reimbursement (exclusive of any taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 1.20%, 1.95%, and 0.95% of the Fund’s average daily net assets for Class A, Class C, and Class I shares, respectively; 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 reimbursed) if such recoupment can be achieved within the foregoing expense limits.

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund’s Operating Expenses are subsequently less than 1.20%, 1.95%, and 0.95% of average daily net assets attributable to Class A, C, and I shares, respectively the Advisor shall be entitled to be reimbursed by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund’s expenses to exceed the limitations of average daily net assets for each class respectively. If Fund Operating Expenses attributable to Class A, C, and I shares subsequently exceed the limitations per annum of the average daily net assets, the reimbursements shall be suspended. During the year ended October 31, 2016, the Advisor waived fees in the amount of $323,873 in expenses to the Fund, which is subject to recoupment. The Advisor can recoup waived and reimbursed expenses of $101,506 until October 31, 2017, $269,238 until October 31, 2018, and $323,873 until October 31, 2019.

26

Anfield Universal Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2016

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”), an affiliate of GFS, 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 Advisor.

The Distributor acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s Class A and Class C shares. For the year ended October 31, 2016, the Distributor received $0 in underwriting commissions for sales of Class C shares.

Class C shares of the Fund are not subject to an initial sales charge and may be subject to a 1.00% contingent deferred sales charge (“CDSC”) of the purchase price on shares redeemed during the first twelve months after their purchase. As of October 31, 2016 the amount of CDSC paid by the shareholders of the Fund was $370.

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

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

Northern Lights Compliance Services, LLC (“NLCS”) – an affiliate of GFS 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 GFS 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 GFS under the administrative servicing agreement.

5. REDEMPTION FEES

The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 1 year. The redemption fee is paid directly to the Fund in which the short-term redemption fee occurs. For the year ended, the Fund assessed $0 in redemption fees.

6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the fiscal years ended October 31, 2016 and October 31, 2015 were as follows:

	Fiscal Year Ended		Fiscal Period Ended
	October 31, 2016		October 31, 2015
Ordinary Income	$	2,634,030	$	1,539,866
Long-Term Capital Gain		—		—
Return of Capital		—		—
	$	2,634,030	$	1,539,866

27

Anfield Universal Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2016

As of October 31, 2016, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

Undistributed		Undistributed		Capital Loss			Other		Post October Loss		Unrealized		Total
Ordinary		Long-Term		Carry			Book/Tax		and		Appreciation/		Accumulated
Income		Gains		Forwards			Differences		Late Year Loss		(Depreciation)		Earnings/(Deficits)
$	200,562	$	—	$	(955,402	)	$	—	$	—	$	734,484	$	(20,356	)

The difference between book basis and tax basis accumulated net realized loss, and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales.

At October 31, 2016, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

Non-Expiring		Non-Expiring
Short-Term		Long-Term		Total
$	356,028	$	599,374	$	955,402

Permanent book and tax differences, primarily attributable to adjustments for paydowns, resulted in reclassifications for the year ended October 31, 2016 as follows:

Paid		Undistributed		Accumulated
In		Net Investment		Net Realized
Capital		Income (Loss)		Gains (Loss)
$	—	$	117,605	$	(117,605	)

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, 2016 the following held in excess of 25% of the voting securities of the Funds listed, for the sole benefit of customers and may be deemed to control the applicable Fund. As of October 31, 2016 Charles Schwab & Co. held 43.1% of the voting securities of the Fund for the sole benefit of customers and may be deemed to control the Fund.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”, modifying ASC 946 “Financial Services – Investment Companies”. Under the modifications, investments in affiliated and private investment funds valued at Net Asset Value are no longer included in the fair value hierarchy disclosed in Footnote 2. ASU 2015-07 is effective for fiscal years beginning on or after December 15, 2015, and interim periods within those annual periods. Early application is permitted. Management is currently evaluating the implications of ASU 2015-07 and its impact on financial statement disclosures.

9. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

28

Anfield Universal Fixed Income Fund

ADDITIONAL INFORMATION (Unaudited)

October 31, 2016

Approval of Advisory Agreement – Anfield Universal Fixed Income Fund

At a meeting held on July 19, 2016 (the “Meeting”), the Board of Trustees (the “Board”) of Two Roads Shared Trust (the “Trust”), each of whom is not an “interested person” of the Trust (the “Independent Trustees” or “Trustees”), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940 (the “1940 Act”), considered the approval of an investment advisory agreement (the “Agreement”) between Anfield Capital Management, LLC (“Anfield” or the “Adviser”) and the Trust, on behalf of the Anfield Universal Fixed Income Fund (the “Fund”), a series of the Trust.

In connection with the Board’s consideration of the Agreement, the Board received written materials in advance of the Meeting, which included information regarding: (i) the nature, extent, and quality of services to be provided to the Fund by Anfield; (ii) a description of the Adviser’s investment management personnel; (iii) an overview of the Adviser’s operations and financial condition; (iv) a description of the Adviser’s brokerage practices (including any soft dollar arrangements); (v) a comparison of the Fund’s advisory fee and overall expenses with those of comparable mutual funds; (vi) the level of profitability from the Adviser’s fund-related operations; (vii) the Adviser’s compliance policies and procedures, including policies and procedures for personal securities transactions, business continuity and information security; and (viii) information regarding the performance record of the Fund as compared to other funds with similar investment strategies and various relevant benchmark indices.

Throughout the process, including at the meeting, the Board had numerous opportunities to ask questions of and request additional materials from Anfield. During the Meeting, the Board was advised by, and met, in executive session with, the Board’s independent legal counsel, and received a memorandum from such independent counsel regarding their responsibilities under applicable law.

The evaluation process with respect to the Adviser is an ongoing one. In evaluating the Agreement, the Board also took into account the Board’s knowledge, resulting from their meetings and other interactions throughout the year and past years, of Anfield, its services and the Anfield Fund.

In its consideration of the Agreement, the Board did not identify any single factor as controlling. Matters considered by the Board in connection with its approval of the Agreement included, among others, the following:

Nature, Extent and Quality of Services. The Board reviewed materials provided by Anfield related to the Advisory Agreement with the Trust on behalf of the Anfield Fund, including the Agreement, Anfield’s Form ADV Parts I and II, an overview of the Fund’s investment strategies, including a description of the manner in which investment decisions are made and executed, Anfield’s compliance policies and procedures, inclusive of its business continuity policy and information systems security policy and a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b), a written risk assessment, and an overview of the personnel who perform services for the Anfield Fund.

In reaching its conclusions, the Board considered the experience and qualifications of Anfield’s professional staff and Anfield’s execution of its policies and procedures. The Board considered the allocation of time spent by the Anfield Fund’s portfolio managers on the Anfield Fund as compared to other activities and also Anfield’s description of its practices for executing the Anfield Fund’s investment strategies and the performance of the Anfield Fund. The Board also considered Anfield’s compliance program and marketing efforts, finding that Anfield has dedicated substantial resources to the operation of its compliance program, and is appropriately focused on the development of marketing and distribution programs for the Anfield Fund. The Board also noted that Anfield has not reported any compliance or administrative issues in the prior 12 months of operations. The Board concluded that Anfield had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures required to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services provided by Anfield to the Anfield Fund were satisfactory and reliable.

29

Anfield Universal Fixed Income Fund

ADDITIONAL INFORMATION (Unaudited)(Continued)

October 31, 2016

Performance. The Board considered the Anfield Fund’s performance, including for the one-year period ended December 31, 2015, and the one-year, three-year and year-to-date periods ended June 30, 2016, as compared to a subset of funds from the Anfield Fund’s Morningstar category (Nontraditional Bond) selected by Anfield as the Anfield Fund’s closest competitors. These funds consist of higher quality institutional funds managed by “brand name” investment banks and investment advisers (the “Peer Group”). The Board also considered comparisons to the Fund’s primary benchmark index (BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index) and certain other fixed-income indices. The Board found that for the one-year period ended December 31, 2015 the Anfield Fund outperformed each fund in the Peer Group and the benchmark index. The Board also found that for the one-year, three-year and year-to-date periods ended June 30, 2016, the Anfield Fund performed better than the median of the Peer Group in each period as well as the benchmark index. The Board also took into consideration that Anfield had noted that its small asset base prevented the full implementation of its investment strategies during the earlier stages of the Anfield Fund’s operations. The Board also considered that the Anfield Fund is ranked in the 22^nd percentile of its Morningstar category and has been awarded a 4-star rating by Morningstar. The Board concluded that, based on Anfield’s presentation and the performance of the Anfield Fund, Anfield’s performance was satisfactory and provided an acceptable level of investment returns for the Anfield Fund and its shareholders.

Fees and Expenses. As to the costs of the services provided and profits realized, the Board considered a comparison of the Anfield Fund’s advisory fee and overall expenses to both the Anfield Fund’s Morningstar category and the Peer Group. The Board considered that Anfield charges an advisory fee of 0.80% of the Fund’s average net assets. The Board also considered that Anfield has contractually agreed to waive expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses) to 1.20%, 1.95% and 0.95% for each of the Anfield Fund’s Class A, Class C and Class I shares, respectively

The Board found that with respect to advisory fees, the Anfield Fund’s advisory fee was within the range of the average of advisory fees within the Morningstar Nontraditional Bond category, which is comprised of approximately 90 funds, and slightly above the mean of the Peer Group. The Board also found that as compared to the Morningstar Nontraditional Bond category and Peer Group, the Anfield Fund’s net expense ratio (Class I shares) is within the average range of the expense ratios of each group. The Board took into account that, at least with respect to the Peer Group, the comparable funds had in many instances a substantially larger asset base. The Board also considered Anfield’s decisions to reduce the Anfield Fund’s advisory fee and expense ratios on prior occasions to ensure that the Anfield Fund was attractive to shareholders, as well as that Anfield had contractually agreed to enter into an expense limitation agreement. The Board then concluded that the contractual advisory fee was fair and reasonable and that the overall expected expense ratios were acceptable in light of these factors.

Profitability. The Board considered Anfield’s profitability and whether these profits are reasonable in light of the services provided to the Anfield Fund. The Board reviewed a profitability analysis prepared by Anfield based on current asset levels and the current advisory fee. The Board considered that Anfield’s profitability had been reduced following the reduction in its advisory fee, and that at current asset levels, that the Anfield Fund is currently not generating a profit for Anfield.

Economies of Scale. The Board considered whether Anfield would realize economies of scale with respect to its management of the Anfield Fund. The Board considered Anfield’s profitability analysis and noted the prior reduction in the advisory fee and whether further economies could be gained. The Board considered that Anfield has represented that it will reach full scale at approximately $750 million in assets under management, and therefore, economies of scale was not a relevant consideration at present. The Board noted that it would revisit whether economies of scale exist in the future once the Anfield Fund has achieved sufficient scale.

30

Anfield Universal Fixed Income Fund

ADDITIONAL INFORMATION (Unaudited)(Continued)

October 31, 2016

Other Benefits. The Board also considered the character and amount of other direct and incidental benefits to be received by Anfield from its association with the Fund. The Board noted that Anfield has identified potential “fall-out” benefits that it may receive, including an enhanced firm profile, firm credibility, and reputational benefits, and concluded that such benefits would be expected and appeared to be reasonable.

Conclusion. The Executive Session concluded, and the Meeting was then reconvened. The Chairman reported that the Board, having requested and received such information from Anfield as they believed reasonably necessary to evaluate the terms of the Advisory Agreement, and having been advised by independent counsel that the Board had appropriately considered and weighed all relevant factors, determined that approval of the Advisory Agreement for an additional one-year term is in the best interests of the Anfield Fund and its current and future shareholders. In considering the Advisory Agreement, the Board did not identify any one factor as all important and each Trustee may have considered different factors as more important.

31

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Anfield Universal Fixed Income Fund (the Fund), a series of the Two Roads Shared Trust, as of October 31, 2016, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from June 28, 2013 (commencement of operations) through October 31, 2013. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of October 31, 2016, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Anfield Universal Fixed Income Fund as of October 31, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and for the period from June 28, 2013 (commencement of operations) through October 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

/s/ RSM US LLP

Denver, Colorado

December 30, 2016

32

Anfield Universal Fixed Income Fund

EXPENSE EXAMPLES (Unaudited)

October 31, 2016

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, 2016 through October 31, 2016.

Actual Expenses

The “Actual Expenses” 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), or redemption fees. 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.

	Beginning	Ending	Expenses Paid	Expense Ratio
	Account Value	Account Value	During Period*	During Period**
Actual	5/1/16	10/31/16	5/1/16 – 10/31/16	5/1/16 – 10/31/16
Class A	$ 1,000.00	$ 1,022.60	$ 6.09	1.20%
Class C	1,000.00	1,019.00	9.90	1.95
Class I	1,000.00	1,023.90	4.83	0.95
	Beginning	Ending	Expenses Paid	Expense Ratio
Hypothetical	Account Value	Account Value	During Period*	During Period**
(5% return before expenses)	5/1/16	10/31/16	5/1/16 – 10/31/16	5/1/16 – 10/31/16
Class A	$ 1,000.00	$ 1,019.11	$ 6.08	1.20%
Class C	1,000.00	1,015.33	9.88	1.95
Class I	1,000.00	1,020.36	4.82	0.95

* 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 (366).

**Annualized.

33

Anfield Universal Fixed Income Fund

SUPPLEMENTAL INFORMATION (Unaudited)

October 31, 2016

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 17605 Wright Street, Suite 2, Omaha, Nebraska 68130.

Independent Trustees*

Name, Address, Year of Birth	Position(s) Held with Registrant	Term and Length Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen In The Fund Complex**	Other Directorships Held During Past 5 Years
Mark Garbin Year of Birth: 1951	Trustee, Valuation Committee Chairman	Indefinite, Since 2012	Managing Principal, Coherent Capital Management LLC (since 2008)	117	Forethought Variable Insurance Trust (since 2013); Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013); Altegris KKR Commitments Master Fund (since 2014) and Altegris KKR Commitments Fund (2014-2016); and Oak Hill Advisors Mortgage Strategies Fund (offshore), Ltd. (since 2014)
Mark D. Gersten Year of Birth: 1950	Chairman, Trustee	Indefinite, Since 2012	Independent Consultant (since 2012); Senior Vice President –Global Fund Administration Mutual Funds & Alternative Funds, AllianceBernstein LP (1985-2011)	117	Schroder Global Series Trust (since 2012); Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013); Altegris KKR Commitments Master Fund (since 2014) and Altegris KKR Commitments Fund (2014-2016); Ramius Archview Credit and Distressed Fund (since 2015)
Neil M. Kaufman Year of Birth: 1960	Trustee, Audit Committee Chairman	Indefinite, Since 2012	Partner, Abrams Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, LLP (legal services)(2010-2016)	12	Altegris KKR Commitments Master Fund (since 2014) and Altegris KKR Commitments Fund (2014-2016)
Anita K. Krug Year of Birth: 1969	Trustee	Indefinite, Since 2012	Professor (2016 to present) and Associate Professor, University of Washington School of Law (since 2014); Assistant Professor, University of Washington School of Law (2010-2014)	12	Altegris KKR Commitments Master Fund (since 2014) and Altegris KKR Commitments Fund (2014-2016); Centerstone Investors Trust (since 2016)

* Information is as of October 31, 2016

** The term “Fund Complex” includes the Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust and Two Roads Shared Trust.

34

Anfield Universal Fixed Income Fund

SUPPLEMENTAL INFORMATION (Unaudited)

October 31, 2016

Officers of the Trust*

Name, Address, Year of Birth	Position(s) Held with Registrant	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen In The Fund Complex**	Other Directorships Held During Past 5 Years
Andrew Rogers 80 Arkay Drive Hauppauge, NY 11788 Year of Birth: 1969	President Since Inception	Chief Executive Officer, Gemini Fund Services, LLC (since 2012); President and Manager, Gemini Fund Services, LLC (2006 -2012); and President and Manager, Blu Giant LLC (financial printer)(2004 -2011)	N/A	Northern Lights Fund Trust (since 2013)
Richard A. Malinowski 80 Arkay Drive Hauppauge, NY 11788 Year of Birth: 1983	Secretary Since 2013	Vice President (2016 to Present) and Assistant Vice President, Gemini Fund Services, LLC, (2012 –2016); Vice President and Manager, BNY Mellon Investment Servicing (US), Inc., (2011-2012); Senior Specialist, BNY Mellon Investment Servicing (US), Inc.(formerly PNC Global Investment Servicing (US) Inc.) (2008-2011).	N/A	N/A
James Colantino 80 Arkay Drive Hauppauge, NY 11788 Year of Birth: 1969	Treasurer Since Inception	Senior Vice President (2012-present); Vice President (2004 to 2012); Gemini Fund Services, LLC.	N/A	N/A
William B. Kimme Year of Birth: 1962	Chief Compliance Officer Since Inception	Senior Compliance Officer, Northern Lights Compliance Services, LLC (September 2011 -present).	N/A	N/A

* Information is as of October 31, 2016

** The term “Fund Complex” includes the Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust and Two Roads Shared Trust.

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.

35

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. 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:
	●      Social Security number and income
	●      Account transactions and transaction history
	●      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.

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

Questions? Call 1-402-895-1600

36

What we do

How does Two Roads Shared Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. 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?
	●      open an account or give us contact information
	●      provide account information or give us your income information
	●      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
	●      sharing for affiliates’ everyday business purposes – information about your creditworthiness
	●      affiliates from using your information to market to you
	●      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.
	●      Two Roads Shared Trust has no affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	●      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.
	●      Two Roads Shared Trust does not jointly market.

37

Proxy Voting Policy

Information regarding how the Fund votes proxies relating to portfolio securities for the twelve month period ended June 30th 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 http://www.sec.gov.

Portfolio Holdings

Each Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-866-866-4848.

Adviser

Anfield Capital Management, LLC

4695 MacArthur Court, Suite 430

Newport Beach, CA 92660

Administrator

Gemini Fund Services, LLC

80 Arkay Drive, Suite 110

Hauppauge, NY 11788

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.

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

(c) 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	2015	2016
Anfield Universal Fixed Income Fund	15,000	15,000

(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	2015	2016
Anfield Universal Fixed Income Fund	2,500	3,000

(d)	All Other Fees.   The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended October 31, 2015 and 2016 respectively.
(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, 2015 and 2016 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.

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.

(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.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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. EXHIBITS

(1) Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(3) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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 Andrew Rogers	/s/ Andrew Rogers
Principal Executive Officer/President,
Date:  January 4, 2017

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 Andrew Rogers	/s/ Andrew Rogers
Principal Executive Officer/President,
Date: January 4, 2017

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	/s/ James Colantino
Principal Financial Officer/Treasurer
Date: January 4, 2017