Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
March 30 2020 - 12:55PM
Edgar (US Regulatory)
united
states
securities and exchange commission
washington, d.c. 20549
form n-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22718
Two Roads Shared Trust
(Exact name of registrant as specified in charter)
225 Pictoria Drive, Suite 450, Cincinnati, OH 45246
(Address of principal executive offices) (Zip
code)
Richard Malinowski, 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: 402-895-1600
Date of fiscal year end: 10/31
Date of reporting period: 1/31/20
Form N-Q is to be used by management investment
companies, other than small business investment companies registered on Form N-5 (§§239.24 and 274.5 of this chapter),
to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to
rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form
N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information
specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection
of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB")
control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions
for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The
OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
Conductor Global Equity Value Fund
|
PORTFOLIO OF INVESTMENTS (Unaudited)
|
January 31, 2020
|
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Shares
|
|
|
|
|
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Value
|
|
|
COMMON STOCKS - 84.3%
|
|
|
|
|
|
AUTO PARTS & EQUIPMENT - 5.8%
|
|
|
|
17,100
|
|
Faurecia SE
|
|
|
|
$ 814,757
|
40,700
|
|
NGK Spark Plug Co. Ltd.
|
|
|
|
715,156
|
29,200
|
|
Stanley Electric Co. Ltd.
|
|
|
|
752,047
|
51,900
|
|
Toyota Boshoku Corp.
|
|
|
|
749,293
|
26,900
|
|
TS Tech Co. Ltd. *
|
|
|
|
739,276
|
23,115
|
|
Valeo SA
|
|
|
|
686,543
|
|
|
|
|
|
|
4,457,072
|
|
|
CHEMICALS - 4.4%
|
|
|
|
|
35,500
|
|
Lintec Corp. *
|
|
|
|
767,387
|
14,100
|
|
Nitto Denko Corp.
|
|
|
|
783,793
|
24,000
|
|
Taiyo Holdings Co. Ltd. *
|
|
|
|
1,015,243
|
71,600
|
|
Toagosei Co. Ltd.
|
|
|
|
800,534
|
|
|
|
|
|
|
3,366,957
|
|
|
COMMERCIAL SERVICES - 3.4%
|
|
|
|
8,470
|
|
ManpowerGroup, Inc.
|
|
|
|
774,920
|
188,300
|
|
Qualicorp Consultoria e Corratora de Seguros SA
|
|
|
1,818,542
|
|
|
|
|
|
|
2,593,462
|
|
|
COMPUTERS - 5.5%
|
|
|
|
|
388,000
|
|
Foxconn Technology Co. Ltd.
|
|
|
|
770,059
|
37,100
|
|
HP, Inc.
|
|
|
|
790,972
|
40,000
|
|
NEC Networks & System Integration Corp. *
|
|
|
1,495,055
|
115,000
|
|
Phison Electronics Corp. *
|
|
|
|
1,199,246
|
|
|
|
|
|
|
4,255,332
|
|
|
DIVERSIFIED FINANCIAL SERVICES - 2.3%
|
|
|
|
16,600
|
|
Deluxe Corp.
|
|
|
|
800,120
|
29,000
|
|
Synchrony Financial
|
|
|
|
939,890
|
|
|
|
|
|
|
1,740,010
|
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 2.1%
|
|
|
18,145
|
|
LS Industrial Systems Co. Ltd. *
|
|
|
793,046
|
21,600
|
|
Mabuchi Motor Co. Ltd.
|
|
|
|
787,042
|
|
|
|
|
|
|
1,580,088
|
|
|
ELECTRONICS - 12.0%
|
|
|
|
|
28,050
|
|
Benchmark Electronics, Inc.
|
|
|
|
863,379
|
315,000
|
|
FLEXium Interconnect, Inc. *
|
|
|
|
1,086,553
|
24,000
|
|
Hitachi High-Technologies Corp.
|
|
|
1,715,999
|
40,000
|
|
Inaba Denki Sangyo Co. Ltd. *
|
|
|
|
1,000,806
|
45,600
|
|
Japan Aviation Electronics Industry Ltd.
|
|
|
808,349
|
49,500
|
|
Nitto Kogyo Corp.
|
|
|
|
1,024,723
|
466,000
|
|
Pegatron Corp.
|
|
|
|
966,184
|
25,250
|
|
Sanmina Corp. *
|
|
|
|
803,960
|
27,800
|
|
Tokyo Seimitsu Co. Ltd. *
|
|
|
|
967,269
|
|
|
|
|
|
|
9,237,222
|
|
|
ENGINEERING & CONSTRUCTION - 2.0%
|
|
|
|
24,452
|
|
KEPCO Plant Service & Engineering Co. Ltd. *
|
|
|
766,088
|
169,800
|
|
TAV Havalimanlari Holdings AS
|
|
|
772,420
|
|
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|
1,538,508
|
|
|
FOOD - 1.6%
|
|
|
|
|
46,146
|
|
Pilgrim's Pride Corp. *
|
|
|
|
1,202,103
|
|
|
|
|
|
|
|
|
|
GAS - 3.8%
|
|
|
|
|
63,058
|
|
Cia de Gas de Sao Paulo *
|
|
|
|
2,946,319
|
|
|
|
|
|
|
|
|
|
HOME BUILDERS - 5.9%
|
|
|
|
|
150,010
|
|
Barratt Developments PLC
|
|
|
|
1,588,238
|
154,300
|
|
Crest Nicholson Holdings PLC
|
|
|
|
1,017,081
|
66,300
|
|
Haseko Corp.
|
|
|
|
864,416
|
383,888
|
|
Taylor Wimpey PLC
|
|
|
|
1,088,871
|
|
|
|
|
|
|
4,558,606
|
|
|
HOME FURNISHINGS - 2.3%
|
|
|
|
41,600
|
|
Canon Marketing Japan, Inc. *
|
|
|
|
991,534
|
50,600
|
|
Kokuyo Co. Ltd.
|
|
|
|
747,909
|
|
|
|
|
|
|
1,739,443
|
|
|
IRON/STEEL - 3.6%
|
|
|
|
|
80,000
|
|
BlueScope Steel Ltd.
|
|
|
|
748,718
|
273,190
|
|
Fortescue Metals Group Ltd. ^
|
|
|
|
2,023,745
|
|
|
|
|
|
|
2,772,463
|
|
|
MACHINERY - CONSTRUCTION & MINING - 1.3%
|
|
|
25,600
|
|
Hitachi Ltd.
|
|
|
|
975,040
|
|
|
|
|
|
|
|
|
|
MACHINERY - DIVERSIFIED - 0.8%
|
|
|
|
14,000
|
|
Okuma Corp. *
|
|
|
|
637,873
|
|
|
|
|
|
|
|
|
|
MEDIA - 1.0%
|
|
|
|
|
77,555
|
|
Modern Times Group *
|
|
|
|
773,000
|
|
|
|
|
|
|
|
|
|
MISCELLANEOUS MANUFACTURING - 2.2%
|
|
|
|
111,300
|
|
AECI Ltd. *
|
|
|
|
773,625
|
32,400
|
|
Glory Ltd.
|
|
|
|
924,157
|
|
|
|
|
|
|
1,697,782
|
|
|
OIL & GAS - 3.4%
|
|
|
|
|
331,400
|
|
Qatar Fuel QSC
|
|
|
|
2,009,923
|
2,265,000
|
|
Star Petroleum Refining PLC *
|
|
|
|
612,417
|
|
|
|
|
|
|
2,622,340
|
|
|
PHARMACEUTICALS - 0.9%
|
|
|
|
795,000
|
|
China Shineway Pharmaceutical Group Ltd. *
|
|
|
687,637
|
|
|
|
|
|
|
|
|
|
REAL ESTATE - 3.5%
|
|
|
|
|
207,755
|
|
EZ TEC Empreendimentos e Participacoes SA
|
|
|
2,709,848
|
|
|
|
|
|
|
|
|
|
RETAIL - 6.9%
|
|
|
|
|
63,750
|
|
Bed Bath & Beyond, Inc. ^
|
|
|
|
908,437
|
42,800
|
|
Buckle, Inc. (The)
|
|
|
|
1,044,748
|
3,078,400
|
|
Matahari Department Store
|
|
|
|
661,213
|
20,373
|
|
Pandora A/S
|
|
|
|
1,051,570
|
40,500
|
|
Saizeriya Co. Ltd.
|
|
|
|
886,128
|
9,500
|
|
Shimamura Co. Ltd.
|
|
|
|
713,766
|
|
|
|
|
|
|
5,265,862
|
|
|
SEMICONDUCTORS - 4.5%
|
|
|
|
36,900
|
|
Dialog Semiconductor PLC *
|
|
|
|
1,620,903
|
42,330
|
|
Tower Semiconductor Ltd. *
|
|
|
|
950,652
|
340,000
|
|
Transcend Information, Inc. *
|
|
|
|
907,176
|
|
|
|
|
|
|
3,478,731
|
|
|
TELECOMMUNICATIONS - 1.2%
|
|
|
|
32,400
|
|
NTT Docomo, Inc.
|
|
|
|
920,562
|
|
|
|
|
|
|
|
|
|
TRANSPORTATION - 1.6%
|
|
|
|
45,140
|
|
Go-Ahead Group PLC *
|
|
|
|
1,216,645
|
|
|
|
|
|
|
|
|
|
WATER - 2.3%
|
|
|
|
|
123,600
|
|
Cia de Saneamento Basico do Estado de Sao Paulo *
|
|
|
1,763,405
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost - $52,984,545)
|
|
64,736,310
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS - 14.2%
|
|
|
|
|
|
EQUITY FUNDS - 14.2%
|
|
|
|
|
93,161
|
|
iShares Global Financials ETF
|
|
|
|
6,173,779
|
112,950
|
|
Vanguard FTSE Emerging Markets ETF
|
|
|
4,745,030
|
|
|
TOTAL EXCHANGE TRADED FUNDS (Cost - $10,744,543)
|
|
10,918,809
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 4.6%
|
|
|
|
|
|
INVESTMENT PURCHASED AS SECURITIES LENDING COLLATERAL - 3.3%
|
2,549,413
|
|
Dreyfus Cash Management Fund - Institutional Class, 1.72% +
|
|
2,549,413
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND - 1.3%
|
|
|
|
950,960
|
|
Dreyfus Cash Management Fund - Institutional Class, 1.72% +
|
|
951,435
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost - $3,500,373)
|
|
3,500,848
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 103.1% (Cost - $67,229,461)
|
|
$ 79,155,967
|
|
|
OTHER ASSETS AND LIABILITIES - NET - (3.1)%
|
|
(2,372,957)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
$ 76,783,010
|
|
|
|
|
|
|
|
* Non-income producing security.
|
|
|
|
|
^ All or a portion of the security is on loan. Total loaned securities had a value of $2,103,114 at January 31, 2020.
|
+ Money market fund; interest rate reflects seven day effective yield on January 31, 2020.
|
|
|
ETF Exchange Traded Fund
|
|
|
|
|
Conductor International Equity Value Fund
|
PORTFOLIO OF INVESTMENTS (Unaudited)
|
January 31, 2020
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
Value
|
|
|
COMMON STOCKS - 74.7%
|
|
|
|
|
|
AUTO PARTS & EQUIPMENT - 6.4%
|
|
|
|
741
|
|
Faurecia SE
|
|
|
|
$ 35,279
|
1,800
|
|
NGK Spark Plug Co. Ltd.
|
|
|
|
31,620
|
1,300
|
|
Stanley Electric Co. Ltd.
|
|
|
|
33,472
|
2,200
|
|
Toyota Boshoku Corp.
|
|
|
|
31,753
|
1,200
|
|
TS Tech Co. Ltd. *
|
|
|
|
32,970
|
1,002
|
|
Valeo SA
|
|
|
|
29,738
|
|
|
|
|
|
|
194,832
|
|
|
CHEMICALS - 3.6%
|
|
|
|
|
600
|
|
Nitto Denko Corp.
|
|
|
|
33,344
|
1,000
|
|
Taiyo Holdings Co. Ltd. *
|
|
|
|
42,290
|
3,100
|
|
Toagosei Co. Ltd.
|
|
|
|
34,650
|
|
|
|
|
|
|
110,284
|
|
|
COMMERCIAL SERVICES - 2.6%
|
|
|
|
8,200
|
|
Qualicorp SA
|
|
|
|
79,366
|
|
|
|
|
|
|
|
|
|
COMPUTERS - 4.9%
|
|
|
|
|
17,000
|
|
Foxconn Technology Co. Ltd.
|
|
|
|
33,740
|
1,700
|
|
NEC Networks & System Integration Corp. *
|
|
|
63,522
|
5,000
|
|
Phison Electronics Corp. *
|
|
|
|
52,141
|
|
|
|
|
|
|
149,403
|
|
|
ELECTRICAL COMPONENTS & EQUIPMENT - 1.1%
|
|
|
900
|
|
Mabuchi Motor Co. Ltd.
|
|
|
|
32,784
|
|
|
|
|
|
|
|
|
|
ELECTRONICS - 10.7%
|
|
|
|
|
14,000
|
|
FLEXium Interconnect, Inc. *
|
|
|
|
48,291
|
1,000
|
|
Hitachi High-Technologies Corp.
|
|
|
71,480
|
1,700
|
|
Inaba Denki Sangyo Co. Ltd. *
|
|
|
|
42,522
|
2,000
|
|
Japan Aviation Electronics Industry Ltd.
|
|
|
35,444
|
2,100
|
|
Nitto Kogyo Corp.
|
|
|
|
43,461
|
20,000
|
|
Pegatron Corp.
|
|
|
|
41,467
|
1,200
|
|
Tokyo Seimitsu Co. Ltd. *
|
|
|
|
41,741
|
|
|
|
|
|
|
324,406
|
|
|
GAS - 4.2%
|
|
|
|
|
2,700
|
|
Cia de Gas de Sao Paulo *
|
|
|
|
126,431
|
|
|
|
|
|
|
|
|
|
HOME BUILDERS - 6.5%
|
|
|
|
|
6,499
|
|
Barratt Developments PLC
|
|
|
|
68,689
|
6,685
|
|
Crest Nicholson Holdings PLC
|
|
|
|
43,988
|
2,900
|
|
Haseko Corp.
|
|
|
|
37,800
|
16,633
|
|
Taylor Wimpey PLC
|
|
|
|
47,096
|
|
|
|
|
|
|
197,573
|
|
|
HOME FURNISHINGS - 1.4%
|
|
|
|
1,800
|
|
Canon Marketing Japan, Inc. *
|
|
|
|
42,891
|
|
|
|
|
|
|
|
|
|
IRON/STEEL - 4.0%
|
|
|
|
|
3,466
|
|
BlueScope Steel Ltd.
|
|
|
|
32,441
|
11,837
|
|
Fortescue Metals Group Ltd.
|
|
|
|
87,693
|
|
|
|
|
|
|
120,134
|
|
|
MACHINERY - CONSTRUCTION & MINING - 1.4%
|
|
|
1,100
|
|
Hitachi Ltd.
|
|
|
|
41,885
|
|
|
|
|
|
|
|
|
|
MACHINERY - DIVERSIFIED - 1.9%
|
|
|
|
416
|
|
Krones AG
|
|
|
|
31,389
|
600
|
|
Okuma Corp. *
|
|
|
|
27,330
|
|
|
|
|
|
|
58,719
|
|
|
MEDIA - 0.9%
|
|
|
|
|
2,700
|
|
Modern Times Group *
|
|
|
|
26,878
|
|
|
|
|
|
|
|
|
|
METAL FABRICATE/HARDWARE - 0.9%
|
|
|
|
1,000
|
|
Maruichi Steel Tube Ltd. *
|
|
|
|
27,739
|
|
|
|
|
|
|
|
|
|
MISCELLANEOUS MANUFACTURING - 2.4%
|
|
|
|
4,825
|
|
AECI Ltd. *
|
|
|
|
33,558
|
1,400
|
|
Glory Ltd.
|
|
|
|
39,922
|
|
|
|
|
|
|
73,480
|
|
|
OIL & GAS - 0.8%
|
|
|
|
|
87,900
|
|
Star Petroleum Refining PLC *
|
|
|
|
23,767
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS - 1.0%
|
|
|
|
35,000
|
|
China Shineway Pharmaceutical Group Ltd. *
|
|
|
30,280
|
|
|
|
|
|
|
|
|
|
REAL ESTATE - 3.9%
|
|
|
|
|
9,000
|
|
EZ TEC Empreendimentos e Participacoes SA
|
|
|
117,648
|
|
|
|
|
|
|
|
|
|
RETAIL - 5.5%
|
|
|
|
|
102,800
|
|
Matahari Department Store Tbk PT
|
|
|
22,081
|
5,560
|
|
Motus Holdings Ltd.
|
|
|
|
29,784
|
883
|
|
Pandora A/S
|
|
|
|
45,540
|
1,800
|
|
Saizeriya Co. Ltd.
|
|
|
|
39,373
|
400
|
|
Shimamura Co. Ltd.
|
|
|
|
30,045
|
|
|
|
|
|
|
166,823
|
|
|
SEMICONDUCTORS - 5.0%
|
|
|
|
1,599
|
|
Dialog Semiconductor PLC *
|
|
|
|
70,185
|
1,834
|
|
Tower Semiconductor Ltd. *
|
|
|
|
41,216
|
15,000
|
|
Transcend Information, Inc. *
|
|
|
|
40,022
|
|
|
|
|
|
|
151,423
|
|
|
TELECOMMUNICATIONS - 1.3%
|
|
|
|
1,400
|
|
NTT Docomo, Inc.
|
|
|
|
39,766
|
|
|
|
|
|
|
|
|
|
TRANSPORTATION - 1.7%
|
|
|
|
1,956
|
|
Go-Ahead Group PLC *
|
|
|
|
52,628
|
|
|
|
|
|
|
|
|
|
WATER - 2.6%
|
|
|
|
|
5,400
|
|
Cia de Saneamento Basico Ddo Estado de Sao Paulo *
|
|
|
77,211
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost - $2,231,146)
|
|
|
2,266,351
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS - 23.5%
|
|
|
|
|
|
EQUITY FUNDS - 23.5%
|
|
|
|
|
11,096
|
|
Vanguard FTSE Developed Markets ETF
|
|
|
474,243
|
5,667
|
|
Vanguard FTSE Emerging Markets ETF
|
|
|
238,071
|
|
|
TOTAL EXCHANGE TRADED FUNDS (Cost - $717,081)
|
|
712,314
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 2.9%
|
|
|
|
|
|
MONEY MARKET FUND - 2.9%
|
|
|
|
86,767
|
|
Dreyfus Cash Management Fund - Institutional Class, 1.72% + (Cost - $86,767)
|
86,811
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 101.1% (Cost - $3,034,994)
|
|
$ 3,065,476
|
|
|
OTHER ASSETS AND LIABILITIES - NET - (1.1)%
|
|
(32,623)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
$ 3,032,853
|
|
|
|
|
|
|
|
* Non-income producing security.
|
|
|
|
|
+ Money market fund; interest rate reflects seven day effective yield on January 31, 2020.
|
|
|
ETF Exchange Traded Fund
|
|
|
|
|
The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the 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 Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.
|
Security Valuation – Securities, including exchange traded funds, 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 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. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.
|
Securities in which a Fund invests may be traded in markets that close before 4:00 p.m. Eastern Time (“ET”). Normally, developments that occur between the close of the foreign markets and 4:00 p.m. ET will not be reflected in a Fund’s NAV. However, a Fund may determine that such developments are so significant that they will materially affect the value of the Fund’s securities, and the Fund may adjust the previous closing prices to reflect what the Board believes to be the fair value of these securities as of 4:00 p.m. ET. Each Fund utilizes fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange.
|
Valuation of Underlying Funds - A 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-end 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 Funds – A 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. A 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.
|
A 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 committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor. The committee may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board has also engaged a third party valuation firm to, as needed, 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.
|
Fair Valuation Process – The applicable investments are valued collectively via inputs from each group within the fair value committee 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, the prices or values available do not represent the fair value of the instrument; factors which may cause the 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; and (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 committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.
|
The Funds utilize various methods to measure the fair value of all of their 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 a 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 each 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 table summarizes the inputs used as of January 31, 2020 for each Fund’s investments measured at fair value:
|
Conductor Global Equity Value Fund
|
|
|
|
|
Assets *
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Common Stocks
|
$ 17,366,644
|
$ 47,369,666
|
$ -
|
$ 64,736,310
|
Exchange Traded Funds
|
10,918,809
|
-
|
-
|
10,918,809
|
Short-Term Investments
|
3,500,848
|
-
|
-
|
3,500,848
|
Total
|
$ 31,786,301
|
$ 47,369,666
|
$ -
|
$ 79,155,967
|
|
|
|
|
|
|
Conductor International Equity Value Fund
|
|
|
|
Assets *
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Common Stocks
|
$ 400,656
|
$ 1,865,695
|
$ -
|
$ 2,266,351
|
Exchange Traded Funds
|
712,314
|
-
|
-
|
712,314
|
Short-Term Investments
|
86,811
|
-
|
-
|
86,811
|
Total
|
$ 1,199,781
|
$ 1,865,695
|
$ -
|
$ 3,065,476
|
|
|
|
|
|
|
The Funds did not hold any Level 3 securities during the period.
|
|
|
|
* Refer to the Schedule of Investments for industry classifications.
|
|
|
|
Foreign Currency Translations – The accounting records of each Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.
Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investments
.
|
Concentration of Risk - Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region. These conditions could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
|
|
|
|
|
|
|
Aggregate Unrealized Appreciation & Depreciation - Tax Basis
|
|
|
|
|
|
|
|
|
|
|
Tax Cost
|
Gross Unrealized Appreciation
|
Gross Unrealized Depreciation
|
Net Unrealized Appreciation/
(Depreciation)
|
Conductor Global Equity Value Fund
|
|
$ 67,250,474
|
$ 13,868,878
|
$ (1,963,385)
|
$ 11,905,493
|
Conductor International Equity Value Fund
|
|
3,034,994
|
155,442
|
(124,960)
|
30,482
|
Item 2. 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 Investment Company Act of
1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this report that
includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b)
under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There
were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s
last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal
control over financial reporting.
Item 3. Exhibits.
Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) 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
/s/ James Colantino
James Colantino, Principal Executive Officer
Date 3/30/20
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 persons on behalf of the registrant
and in the capacities and on the dates indicated.
By
/s/ James Colantino
James Colantino, Principal Executive Officer
Date 3/30/20
By
/s/ Laura Szalyga
Laura Szalyga, Principal Financial Officer
Date 3/30/20
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