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        <name>Morgan Stanley</name>
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        <name>B. Riley Financial Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Cadence Financial Corporation</name>
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        <name>Bank of America Corporation</name>
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        <name>Oxford Square Cap Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hc Govt Rlty Tr Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Newtek  Business Services Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>International Bank for Reconstruction and Development</name>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>New York Mortgage Trust, Inc.</name>
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        <title>NYMT 6 1/4 01/15/22</title>
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        <isRestrictedSec>N</isRestrictedSec>

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              <title>New York Mortgage Trust, Inc. COM PAR $.02</title>
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        <name>Citigroup Inc.</name>
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        <title>C FLOAT 05/30/29</title>
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        <name>Gladstone Capital Corporation</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 08/30/28</title>
        <cusip>61760QDG6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>W &amp; T Offshore Inc.</name>
        <lei>549300Q7EOY2YIO3YK85</lei>
        <title>WTI 9 3/4 11/01/23</title>
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        <name>Jefferies Group LLC/Jefferies Group Capital Finance Inc</name>
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        <title>JEF 10 05/31/34</title>
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        <name>Bank of Nova Scotia</name>
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        <invCountry>CA</invCountry>

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        <name>Hercules Capital Inc</name>
        <lei>549300UJ5OC256GR2B73</lei>
        <title>HTGC 4 5/8 10/23/22</title>
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        <name>Credit Suisse, Nassau Branch</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>CS Float 02/27/30</title>
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        <name>Credit Suisse, Nassau Branch</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>CS 10 08/28/30</title>
        <cusip>22546VJG2</cusip>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gladstone Capital Corporation</name>
        <lei>549300AWMOT9JR1SIJ74</lei>
        <title>GLAD 6 1/8</title>
        <cusip>376535605</cusip>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MVC Capital Inc</name>
        <lei>5493003AXRTRR491J673</lei>
        <title>MVC 6 1/4</title>
        <cusip>553829409</cusip>
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          <isin value="US5538294092"/>
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        <balance>86149.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cadence Financial Corporation</name>
        <lei>5493005W0IKYDE6MWK10</lei>
        <title>CADE 7 1/4 06/28/29</title>
        <cusip>12738AAC5</cusip>
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          <isin value="US12738AAC53"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1901500.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-28</maturityDt>
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      <invstOrSec>
        <name>Horizon Tech Fin C</name>
        <lei>N/A</lei>
        <title>HRZN 6 1/4</title>
        <cusip>44045A300</cusip>
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          <isin value="US44045A3005"/>
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        <balance>9004.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225910.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capital Southwest Corporation</name>
        <lei>54930023YZ4YEJEDBO56</lei>
        <title>CSWC 5 3/8 10/01/24</title>
        <cusip>140501AA5</cusip>
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          <isin value="US140501AA55"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3099375.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saratoga Investment Corp.</name>
        <lei>54930023WJCWPAGSWE41</lei>
        <title>SAR 6 1/4</title>
        <cusip>80349A505</cusip>
        <identifiers>
          <isin value="US80349A5056"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stellus Capital Investment Corporation</name>
        <lei>5493001DZV6QC1KUSC43</lei>
        <title>SCM 5 3/4</title>
        <cusip>858568306</cusip>
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          <isin value="US8585683068"/>
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        <balance>18200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>450268.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Dean Witter Discover</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 07/07/26</title>
        <cusip>61745EZ87</cusip>
        <identifiers>
          <isin value="US61745EZ872"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>280751.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.43600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIDUS INVESTMENT CORPORATION</name>
        <lei>549300836CRWCROFBC02</lei>
        <title>FDUS 6</title>
        <cusip>316500305</cusip>
        <identifiers>
          <isin value="US3165003050"/>
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        <balance>100984.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2517531.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jefferies Group LLC/Jefferies Group Capital Finance Inc</name>
        <lei>NY9Q8VBNB6D1L6YV0J84</lei>
        <title>JEF 10 06/30/37</title>
        <cusip>47233JAQ1</cusip>
        <identifiers>
          <isin value="US47233JAQ13"/>
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        <balance>1579000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1425047.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.65999800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 02/28/34</title>
        <cusip>61760QDY7</cusip>
        <identifiers>
          <isin value="US61760QDY70"/>
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        <balance>195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152471.48000000</valUSD>
        <pctVal>0.096496437452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.06667000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Dean Witter Discover</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 08/12/31</title>
        <cusip>61745E4S7</cusip>
        <identifiers>
          <isin value="US61745E4S78"/>
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        <balance>2519000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2701627.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.99999800</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Credit Suisse AG London Branch</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>CS 10 04/29/31</title>
        <cusip>22548Q2R5</cusip>
        <identifiers>
          <isin value="US22548Q2R55"/>
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        <balance>103000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95018.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.12999900</annualizedRt>
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      <invstOrSec>
        <name>Fidelity Institutional Cash Portfolios</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>FID-MM GOVT-I</title>
        <cusip>316175108</cusip>
        <identifiers>
          <isin value="US3161751082"/>
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        <balance>7571158.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7571158.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>READY CAP CORP</name>
        <lei>549300MYWGZUG7ZUYO87</lei>
        <title>RC 6 1/2</title>
        <cusip>75574U309</cusip>
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          <isin value="US75574U3095"/>
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        <balance>104550.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2621591.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>B. Riley Financial Inc</name>
        <lei>N/A</lei>
        <title>RILY 6 3/4</title>
        <cusip>05580M702</cusip>
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          <isin value="US05580M7020"/>
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        <balance>24550.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>601475.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Investcorp CR Mgmt BDC Inc</name>
        <lei>549300ZRNRCSKPLGYQ55</lei>
        <title>CMFN 6 1/8</title>
        <cusip>12574Q202</cusip>
        <identifiers>
          <isin value="US12574Q2021"/>
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        <balance>233157.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5423231.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Finance LLC.</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>MS 10 12/30/36</title>
        <cusip>61766YAY7</cusip>
        <identifiers>
          <isin value="US61766YAY77"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>203037.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.46994300</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 11/30/30</title>
        <cusip>61760QJB1</cusip>
        <identifiers>
          <isin value="US61760QJB14"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85574.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.14972600</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Halcyon Loan Advisors Funding Ltd</name>
        <lei>549300U92YP85EMXX728</lei>
        <title>HLA 2014-1A D</title>
        <cusip>40538CAN0</cusip>
        <identifiers>
          <isin value="US40538CAN02"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1870000.00000000</valUSD>
        <pctVal>1.183489122268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.71774900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>SARANAC CLO VIII LIMITED</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Z Capital Credit Partners CLO 2019-1 Ltd</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Natixis US Medium Term Note Program LLC</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-27</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Gladstone Investment Corporation</name>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Natixis US Medium Term Note Program LLC</name>
        <lei>549300MPTYP2BAQOK371</lei>
        <title>KNFP FLOAT 02/28/29</title>
        <cusip>63873HLX0</cusip>
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          <isin value="US63873HLX07"/>
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        <balance>1725000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-28</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C Float 06/18/34</title>
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          <isin value="US1730T0R502"/>
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        <balance>1086000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-18</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MONROE</name>
        <lei>549300RZ898DGFGWKV04</lei>
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        <cusip>610335200</cusip>
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          <isin value="US6103352000"/>
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        <balance>235121.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Priority Income Fund Inc</name>
        <lei>549300QXQ3QH1Z59TL58</lei>
        <title>PRIORT 6 1/4</title>
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          <isin value="US74274W2026"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Priority Income Fund Inc</name>
        <lei>549300QXQ3QH1Z59TL58</lei>
        <title>PRIORT 6 3/8</title>
        <cusip>74274W830</cusip>
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          <isin value="US74274W8304"/>
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        <balance>8473.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C Float 10/31/34</title>
        <cusip>1730T02P3</cusip>
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          <isin value="US1730T02P37"/>
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        <balance>429000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.63599800</annualizedRt>
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      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Float 04/30/33</title>
        <cusip>05574LHU5</cusip>
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          <isin value="US05574LHU52"/>
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        <balance>217000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>159390.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00010100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS Float 03/30/27</title>
        <cusip>61760QAP9</cusip>
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          <isin value="US61760QAP90"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-30</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Natixis US Medium Term Note Program LLC</name>
        <lei>549300MPTYP2BAQOK371</lei>
        <title>KNFP FLOAT 07/31/34</title>
        <cusip>63873HLU6</cusip>
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        <balance>483000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley Finance LLC.</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>MS FLOAT 09/29/37</title>
        <cusip>61766YBX8</cusip>
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        <balance>1033000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-29</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <cusip>05574LHR2</cusip>
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        <balance>1683000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-30</maturityDt>
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      <invstOrSec>
        <name>NASSAU LTD</name>
        <lei>N/A</lei>
        <title>NCC 2018-IIA C</title>
        <cusip>63152PAE8</cusip>
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        <balance>2000000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Medley Capital Corporation</name>
        <lei>549300JJH1QEB0RKNO53</lei>
        <title>MCC 6 1/8</title>
        <cusip>58503F304</cusip>
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          <isin value="US58503F3047"/>
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        <balance>97908.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 08/19/33</title>
        <cusip>61760QDB7</cusip>
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          <isin value="US61760QDB77"/>
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        <balance>388000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>341440.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-19</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>OFS Cap Corp</name>
        <lei>549300XTK3HSWPDBJD13</lei>
        <title>OFS 5.95</title>
        <cusip>67103B506</cusip>
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          <isin value="US67103B5066"/>
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        <balance>34500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>740370.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Medallion Finl Cor</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Natixis US Medium Term Note Program LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Newtek  Business Services Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harvest Capital Credit Corporation</name>
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        <title>HCAP 6 1/8</title>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Greywolf CLO II Ltd.</name>
        <lei>N/A</lei>
        <title>GWOLF 2013-1A CR</title>
        <cusip>398079AS2</cusip>
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        <balance>2000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Royal Bank of Canada</name>
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        <title>RY Float 06/30/29</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-30</maturityDt>
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      <invstOrSec>
        <name>Gulfport Energy Corporation</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>GPOR 6 5/8 05/01/23</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LUXURY LEASE PARTNERS AUTO LEASE TRUST 2019-ARC1</name>
        <lei>549300J5XQIZMR9LLR50</lei>
        <title>LLP 2019-ARC1 B</title>
        <cusip>55069RAB8</cusip>
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          <isin value="US55069RAB87"/>
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        <balance>500000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PennantPark Investment Corporation</name>
        <lei>529900OK432R4C6NQQ73</lei>
        <title>PNNT 5 1/2</title>
        <cusip>708062401</cusip>
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          <isin value="US7080624015"/>
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        <balance>179352.00000000</balance>
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        <valUSD>4237191.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ofs Credit Company Inc</name>
        <lei>549300A7A6U0QNX5FB55</lei>
        <title>OCCI 6 7/8</title>
        <cusip>67111Q206</cusip>
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        <assetCat>EP</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jefferies Group LLC/Jefferies Group Capital Finance Inc</name>
        <lei>NY9Q8VBNB6D1L6YV0J84</lei>
        <title>JEF 8 09/30/37</title>
        <cusip>47233JAY4</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-30</maturityDt>
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      <invstOrSec>
        <name>Trinity Capital Inc</name>
        <lei>N/A</lei>
        <title>TRNCAP 7</title>
        <cusip>896442407</cusip>
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        <balance>170000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Capital Southwest Corporation</name>
        <lei>54930023YZ4YEJEDBO56</lei>
        <title>CSWC 5.95</title>
        <cusip>140501206</cusip>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley Finance LLC.</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>MS 9 04/28/37</title>
        <cusip>61766YBH3</cusip>
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        <name>Capitala Finance Corp</name>
        <lei>5493007DZ22O2I4VJ124</lei>
        <title>CPTA 5 3/4</title>
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        <name>Medley LLC</name>
        <lei>5493004BP5XOV8UGHN68</lei>
        <title>MEDCAP 7 1/4</title>
        <cusip>58503Y204</cusip>
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        <name>B. Riley Financial Inc</name>
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        <title>RILY 7 3/8</title>
        <cusip>05580M504</cusip>
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        <name>SOUND POINT CLO IX  LTD</name>
        <lei>549300W2FX6HEXN27U70</lei>
        <title>SNDPT 2015-2A DRR</title>
        <cusip>83609GBC8</cusip>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C 9 07/30/34</title>
        <cusip>1730T0U98</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2034-07-30</maturityDt>
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      <invstOrSec>
        <name>International Bank for Reconstruction and Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>IBRD FLOAT 08/28/34</title>
        <cusip>45905UPV0</cusip>
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        <name>Citigroup Inc.</name>
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        <name>AmTrust Financial Services Inc.</name>
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        <name>International Bank for Reconstruction and Development</name>
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        <name>Citigroup Inc.</name>
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        <name>Bank of Nova Scotia</name>
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        <balance>405000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>348740.24000000</valUSD>
        <pctVal>0.220711379966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.37999900</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>Natixis US Medium Term Note Program LLC</name>
        <lei>549300MPTYP2BAQOK371</lei>
        <title>KNFP Float 07/31/28</title>
        <cusip>63873HKA1</cusip>
        <identifiers>
          <isin value="US63873HKA13"/>
        </identifiers>
        <balance>1553000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1544630.88000000</valUSD>
        <pctVal>0.977568900748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.09200000</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>JPMorgan Chase Financial Company LLC</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM FLOAT 11/28/31</title>
        <cusip>46646E5E8</cusip>
        <identifiers>
          <isin value="US46646E5E81"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250930.00000000</valUSD>
        <pctVal>0.158809051043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.90000000</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>OFS Cap Corp</name>
        <lei>549300XTK3HSWPDBJD13</lei>
        <title>OFS 6 1/2</title>
        <cusip>67103B407</cusip>
        <identifiers>
          <isin value="US67103B4077"/>
        </identifiers>
        <balance>7000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>160545.00000000</valUSD>
        <pctVal>0.101606021997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS FLOAT 08/19/28</title>
        <cusip>61760QDA9</cusip>
        <identifiers>
          <isin value="US61760QDA94"/>
        </identifiers>
        <balance>306000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254013.66000000</valUSD>
        <pctVal>0.160760643592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.35599800</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>SACHEM CAPITAL CORP</name>
        <lei>N/A</lei>
        <title>SACH 6 7/8</title>
        <cusip>78590A307</cusip>
        <identifiers>
          <isin value="US78590A3077"/>
        </identifiers>
        <balance>74152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1736639.84000000</valUSD>
        <pctVal>1.099087893015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlas Financial Holdings, Inc.</name>
        <lei>549300Z9YLIPI6RZNO23</lei>
        <title>AFH 6 5/8</title>
        <cusip>G06207123</cusip>
        <identifiers>
          <isin value="KYG062071231"/>
        </identifiers>
        <balance>49618.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>339387.12000000</valUSD>
        <pctVal>0.214791959763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SACHEM CAPITAL CORP</name>
        <lei>N/A</lei>
        <title>SACH 7 1/8</title>
        <cusip>78590A208</cusip>
        <identifiers>
          <isin value="US78590A2087"/>
        </identifiers>
        <balance>60680.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1490300.80000000</valUSD>
        <pctVal>0.943184377384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="ISO country code is not applicable for supra/multinational securities." noteItem="C.5.a"/>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-11-27</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>
</edgarSubmission>
