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        <name>Comm 2015-CCRE23 Mortgage Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSMC 2021-GATE</name>
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      <invstOrSec>
        <name>Canyon Capital Clo Ltd.</name>
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        <name>Canyon CLO 2016-1 Ltd / Canyon CLO 2016-1 LLC</name>
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        <name>CAPITAL FUNDING MORTGAGE TRUST P-0</name>
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        <name>CAPITAL FUNDING MORTGAGE TRUST-030</name>
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        <name>CAPITAL FUNDING MORTGAGE TRUST-028</name>
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        <name>Carlyle Global Market Strategies CLO 2014-3 Ltd.</name>
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        <name>Catamaran CLO Ltd. 2014-1 Ltd.</name>
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        <name>CFMT 2024-HB15 LLC</name>
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        <name>Cfmt 2025 AB3 LLC</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>First American Funds Inc.</name>
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          <isin value="US31846V3362"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Fortress Cr Bsl Ltd 2022-17</name>
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        <name>Freddie Mac Stacr Remic Trust</name>
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          <isin value="US35564NCX93"/>
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        <balance>3496599.90000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac Stacr Remic Trust</name>
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          <isin value="US35564UAR86"/>
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        <balance>605681.11000000</balance>
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        <name>GSMS 2024-FAIR</name>
        <lei>N/A</lei>
        <title>GSMS 2024-FAIR D</title>
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          <isin value="US36270JAG04"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Hps Loan Management 3-2014 Ltd &amp; Hps Loan Management 3-2014 Llc</name>
        <lei>5493006ZY0SLETMEU160</lei>
        <title>HLM 3A-2014 CR</title>
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        <name>Halcyon Ln Advisors Fdg 2018-2 Ltd/Llc</name>
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        <name>Hps Loan Management 5-2015 Ltd. / Hps Loan Management 5-2015 LLC</name>
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        <name>Hudson's Bay Simon JV Trust</name>
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        <name>JP Morgan Chase Commercial Mortgage Securities Corp.</name>
        <lei>N/A</lei>
        <title>JPMCC 2018-PTC A</title>
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        <name>JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN</name>
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        <name>KKR CLO 10 Ltd.</name>
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        <name>Kkr Financial Clo 18 Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Kkr Financial Clo 18 Ltd.</name>
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        <name>KKR CLO 24 LTD</name>
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      <invstOrSec>
        <name>Lcm XXIII Ltd/ Lcm XXIII Llc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LUXURY LEASE PT AUTO 2021-ARC2</name>
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        <name>Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5</name>
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        <name>MFA 2024-NQM2 TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MOO SECURITIZATION TRUST 2025-RM1</name>
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          <isin value="US614872AE98"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MOO SECURITIZATION TRUST 2025-RM1</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley Bank Of America Merrill Lynch Trust</name>
        <lei>N/A</lei>
        <title>MSBAM 2017-C34 XA</title>
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          <isin value="US61767EAF16"/>
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        <curCd>USD</curCd>
        <valUSD>250833.99000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.76128800</annualizedRt>
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        <name>MORGAN STANLEY CAPTAL 24-BPR2</name>
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          <isin value="US61776EAG89"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>MORGAN STANLEY CAPTAL 24-BPR2</name>
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        <name>MORGAN STANLEY CAPTAL 24-BPR2</name>
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        <name>Morgan Stanley Residential Mortgage Loan Trust 2024-Nqm3</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Mountain View CLO IX Ltd.</name>
        <lei>549300URXZ1TS31FK720</lei>
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      <invstOrSec>
        <name>Newark BSL CLO 2 Ltd</name>
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        <name>OCP CLO 2014-5 Ltd.</name>
        <lei>254900NXH68CRC058O44</lei>
        <title>OCP 2014-5A CR</title>
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      <invstOrSec>
        <name>Ozlm Xvii Limited</name>
        <lei>549300EERMFPZ487P195</lei>
        <title>OZLM 2017-17A C</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ozlm XXI Ltd. / Ozlm XXI LLC</name>
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        <title>OZLM 2017-21A C</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>OCWEN LN INVESTMNT TR2024-HB1</name>
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        <name>ONITY LN INVT TR 2024-HB2</name>
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        <name>PPM Clo 2018 LTD</name>
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        <name>PAGAYA AI DEBT TRUST 2024-1</name>
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        <name>Rockford Tower Clo 2018-1 Ltd/ Llc</name>
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        <name>Saranac CLO VII Ltd.</name>
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        <name>Shackleton 2013-Iii Clo Ltd</name>
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        <name>Shenergy Co Ltd.</name>
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        <name>Shackleton 2017-XI CLO Ltd./LLC</name>
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        <name>Sound Point CLO VIII-R Ltd/Llc</name>
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        <name>Sound Point  Clo Xvi Limited</name>
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        <name>Sound Point CLO XX Ltd / Sound Point CLO XX LLC</name>
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        <name>Steele Creek Clo 2017 1 Ltd</name>
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        <name>Thl Credit Wr 2014-3K Clo Ltd</name>
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        <name>Wind River 2014-3 Clo LLC</name>
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        <name>Wind River 2015-1 CLO Ltd.</name>
        <lei>549300H4V7OE3OL7II20</lei>
        <title>WINDR 2015-1A DR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Trinitas Clo VIII Ltd.</name>
        <lei>5493000JXST1RIX07H55</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Trinitas Clo Ix Ltd/Llc</name>
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        <name>TRINITAS CLO XV LTD</name>
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        <name>Trinitas Clo VIII Ltd.</name>
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        <name>Two Roads Shared Trust</name>
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        <name>Venture 36 Clo Ltd.</name>
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        <name>VERUS SEC TR 2023-4</name>
        <lei>2138008DC17PCNG48R87</lei>
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        <name>VERUS SECURITIZATION TR 2024-9</name>
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        <name>Voya CLO 2016-1 Limited</name>
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        <name>X-Caliber Funding Llc</name>
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        <name>X-Caliber Funding Llc</name>
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        <name>X-Caliber Funding Llc</name>
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        <curCd>USD</curCd>
        <valUSD>5550000.00000000</valUSD>
        <pctVal>0.985173372062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.14999800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-CALI 2020-5 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>XCALI 2020-5 B1</title>
        <cusip>98401JAB3</cusip>
        <identifiers>
          <isin value="US98401JAB35"/>
        </identifiers>
        <balance>188716.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>187848.01000000</valUSD>
        <pctVal>0.033344658999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.08999900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZAIS CLO 13 LTD</name>
        <lei>549300GODB02F7ODZK39</lei>
        <title>ZAIS 2019-13A D1</title>
        <cusip>98876NAL8</cusip>
        <identifiers>
          <isin value="US98876NAL82"/>
        </identifiers>
        <balance>6580000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6592804.68000000</valUSD>
        <pctVal>1.170280291521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.45380100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zais Clo 7 Ltd</name>
        <lei>549300XFDOUEB0QTZS87</lei>
        <title>ZAIS7 2017-2A D</title>
        <cusip>98887VAG8</cusip>
        <identifiers>
          <isin value="US98887VAG86"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7016142.00000000</valUSD>
        <pctVal>1.245426355496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.68380000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Two Roads Shared Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
