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        <name>ANCHORAGE CAPITAL CLO 2018-10 LTD</name>
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        <name>HC Government Realty Trust Inc.</name>
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        <name>Elevation clo 2018-10 ltd/llc</name>
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        <name>New Residential Mtg LLC / Nrz Fnt Excess LLC</name>
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        <name>Fidus Investment Corporation</name>
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        <name>Atlanticus Holdings Corp.</name>
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        <name>MADISON PARK FUNDING XL LTD</name>
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        <name>Uirc-Gsa International, Llc</name>
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        <name>SpecialTransportHolding</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Fidus Investment Corporation</name>
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        <name>Allegro CLO VI Ltd</name>
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        <name>SOUND POINT CLO XV LTD</name>
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        <name>Ready Capital Corp.</name>
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        <name>PAGAYA AI DEBT TRUST 2024-3</name>
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        <name>Galaxy XXVIII Clo Ltd / Llc</name>
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        <name>Sound Point CLO III Ltd.</name>
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        <name>Cathedral Lake V Ltd/LLC</name>
        <lei>549300KW0TIFXZTZ9110</lei>
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        <name>Trinity Capital Inc.</name>
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        <name>PennantPark Investment Corporation</name>
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        <name>Monroe</name>
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        <name>OCP CLO 2014-7 Ltd.</name>
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        <title>OCP 2014-7A B1RR</title>
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        <name>United States Treasury Notes</name>
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        <name>Northwoods Capital Ltd.</name>
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        <name>Capital Southwest Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Trinity Capital Inc.</name>
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        <name>Symphony CLO XVI Ltd/Llc</name>
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        <title>SYMP 2015-16A C1RR</title>
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        <name>Sachem Capital Corp</name>
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        <name>Charah Solutions Inc</name>
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        <name>VERUS SECURITIZATION TRUST 2023-5</name>
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        <title>VERUS 2023-5 A1</title>
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        <name>Saranac CLO VII Ltd/ Saranac CLO VII LLC</name>
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        <title>SRANC 2014-2A CR</title>
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        <name>MORGAN STANLEY CAPITAL I TRUST 2024-BPR2</name>
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        <name>ACRES Commercial Realty Corp</name>
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        <name>NewtekOne Inc</name>
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        <name>Atlas Senior Loan Fund Vii. Lt</name>
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        <name>Dryden 50 Senior Loan Fund &amp; LLC</name>
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      <invstOrSec>
        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Halcyon Ln Advisors Fdg 2018-2 Ltd/Llc</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SHELTER GROWTH CRE 2022-FL4 ISSUER LTD</name>
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          <isin value="US82286DAA28"/>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-17</maturityDt>
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          <annualizedRt>7.05506000</annualizedRt>
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      <invstOrSec>
        <name>National Funding Inc</name>
        <lei>N/A</lei>
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        <cusip>636190AA8</cusip>
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          <isin value="US636190AA82"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3786226.88000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
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      <invstOrSec>
        <name>JMP CREDIT ADVISORS CLO V LTD</name>
        <lei>2549000IZRZZJ8TS9W23</lei>
        <title>JMP 2018-1A D</title>
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          <isin value="US466229AG67"/>
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        <balance>9600000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.25905900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nexpoint Real Estate Finance Inc</name>
        <lei>N/A</lei>
        <title>NREF 5 3/4 05/01/26</title>
        <cusip>65342VAA9</cusip>
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          <isin value="US65342VAA98"/>
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        <balance>27703000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saratoga Investment Corp.</name>
        <lei>54930023WJCWPAGSWE41</lei>
        <title>SAR 4 3/8 02/28/26</title>
        <cusip>80349AAD1</cusip>
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          <isin value="US80349AAD19"/>
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        <balance>38827000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37460879.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Briggs &amp; Stratton Corporation</name>
        <lei>549300OYTIWYSPR42284</lei>
        <title>BGG 6 7/8 12/15/20</title>
        <cusip>109043AG4</cusip>
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          <isin value="US109043AG42"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9375.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NewtekOne Inc</name>
        <lei>549300YLU78IA8GKJ688</lei>
        <title>NEWT 8 1/2</title>
        <cusip>652526880</cusip>
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          <isin value="US6525268800"/>
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        <balance>25620.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>645111.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trinity Capital Inc.</name>
        <lei>549300YGT4SBRQYDVU48</lei>
        <title>TRIN 7</title>
        <cusip>896442506</cusip>
        <identifiers>
          <isin value="US8964425065"/>
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        <balance>518495.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13055704.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Voya CLO 2014-4 Ltd</name>
        <lei>549300JHU3YI1LLL3V27</lei>
        <title>VOYA 2014-4A BR2</title>
        <cusip>92914RBC5</cusip>
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          <isin value="US92914RBC51"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2512962.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.00751200</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zais Matrix CDO I</name>
        <lei>N/A</lei>
        <title>ZAIS 2020-14A DR2</title>
        <cusip>98888BBQ8</cusip>
        <identifiers>
          <isin value="US98888BBQ86"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3005586.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.95589900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clear Creek CLO Ltd.</name>
        <lei>254900YU962C7CTRM558</lei>
        <title>CLRCK 2015-1A CR</title>
        <cusip>18452LAL2</cusip>
        <identifiers>
          <isin value="US18452LAL27"/>
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        <balance>8000000.00000000</balance>
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        <valUSD>8015120.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.82900900</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Bluemountain CLO 2013-2 Ltd.</name>
        <lei>549300KGXMRFX2DKIX03</lei>
        <title>BLUEM 2013-2A CR</title>
        <cusip>09626YAU4</cusip>
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          <isin value="US09626YAU47"/>
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        <balance>2337500.00000000</balance>
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        <valUSD>2347908.89000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-22</maturityDt>
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          <annualizedRt>6.84324000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Great Elm Capital Corporation</name>
        <lei>549300JTA9ODXNIVFC33</lei>
        <title>GECC 8 1/8</title>
        <cusip>390320877</cusip>
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          <isin value="US3903208771"/>
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        <balance>30000.00000000</balance>
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        <valUSD>755100.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Venture XIII CLO Ltd./Corp.</name>
        <lei>549300ZVVNSDW7WU0O73</lei>
        <title>VENTR 2013-13A CR</title>
        <cusip>92329NAS9</cusip>
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          <isin value="US92329NAS99"/>
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        <balance>3000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-10</maturityDt>
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      <invstOrSec>
        <name>Venture XVIII CLO Ltd./LLC</name>
        <lei>549300MWRVTJN0X3KI79</lei>
        <title>VENTR 2014-18A DR</title>
        <cusip>92329FAV9</cusip>
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          <isin value="US92329FAV94"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4506633.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.01751000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 0 1/8 04/15/25</title>
        <cusip>912828ZJ2</cusip>
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          <isin value="US912828ZJ22"/>
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        <balance>42000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50480583.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
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        <name>Steele Creek Clo 2017 1 Ltd</name>
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        <name>Galaxy Clo Xix 2015</name>
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        <name>MORGAN STANLEY CAPITAL I TRUST 2024-BPR2</name>
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        <name>Pennantpark Floating Rate Capital Ltd.</name>
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        <name>SOUND POINT CLO XV LTD</name>
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        <name>X-Caliber Funding Llc</name>
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        <name>Ozlm Xviii Limited</name>
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        <name>JPMBB Commercial Mortgage Securities Trust 2014-C25</name>
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        <name>Allegro CLO VI Ltd</name>
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        <name>octagon investment partners 30 2017-30</name>
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        <name>ZAIS CLO 11 LIMITED</name>
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          <isin value="US98887YAS63"/>
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        <name>Greywolf Clo V Ltd/ Llc</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Venture XXVIII CLO Ltd</name>
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        <title>VENTR 2017-28A C2R</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saranac CLO V Ltd.</name>
        <lei>549300DP838DV5NK3Q07</lei>
        <title>SRANC 2013-1A CR</title>
        <cusip>803165AE9</cusip>
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          <isin value="US803165AE93"/>
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        <balance>1137000.00000000</balance>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-26</maturityDt>
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        <name>NexBank Capital, Inc.</name>
        <lei>549300H29S945S4X7A03</lei>
        <title>NEXBAN FLOAT PERP</title>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>New Residential Mtg LLC / Nrz Fnt Excess LLC</name>
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        <title>NZES 2020-FNT1 A</title>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DRYDEN 54 SENIOR LOAN FUND LLC</name>
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        <title>DRSLF 2017-54A C</title>
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        <balance>355000.00000000</balance>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-19</maturityDt>
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        <name>OFS Cap Corp</name>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HPS Loan Management 13-2018 Ltd./HPS Loan Management 13-2018 LLC</name>
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        <title>HLM 13A-18 CR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>United States Treasury Bonds</name>
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      <invstOrSec>
        <name>Sound Point CLO XVII Limited / Sound Point CLO XVII LLC</name>
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        <name>Saratoga Investment Corp.</name>
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        <title>SAR 6</title>
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        <name>First American Funds Inc.</name>
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        <title>FRST AM-GV OB-X</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Atlas Senior Secured Loan Fund VIII Ltd/Llc</name>
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        <title>ATCLO 2017-8A C</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Portman Ridge Finance Corporation</name>
        <lei>254900YM5BVQKA01I468</lei>
        <title>PTMN 4 7/8 04/30/26</title>
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        <invCountry>US</invCountry>

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        <name>Voya Clo 2015-1 Ltd</name>
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        <name>OZLM Ltd</name>
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        <name>BB-UBS Trust 2012-Show</name>
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        <name>Kkr Financial Clo</name>
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        <name>REGATTA XIV FUNDING LTD</name>
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        <name>Investcorp CR Mgmt BDC Inc</name>
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        <name>Medallion Financial Corp.</name>
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        <name>Greystone Sdof Pfd Equity LLC</name>
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        <name>Palmer Square Loan Funding 2021-3 LTD / LLC</name>
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        <name>PennantPark Investment Corporation</name>
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        <name>United States Treasury Notes</name>
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        <name>Saratoga Investment Corp.</name>
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        <name>Pikes Peak Clo 1</name>
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        <name>Barings Clo Limited</name>
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        <name>ZAIS CLO 7 LTD</name>
        <lei>549300XFDOUEB0QTZS87</lei>
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        <name>Bluemountain CLO 2018-3 LTD/LLC</name>
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        <name>Covenant Credit Partner Clo Iii Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>X-Caliber Funding Llc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>XCAL 2019-IL-1 MORTGAGE TRUST</name>
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        <name>OCP CLO 2014-5 Ltd.</name>
        <lei>N/A</lei>
        <title>OCP 2014-5A BR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Barings Clo Limited</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>READY CAPITAL MORTGAGE FINANCING 2023-FL11 LLC</name>
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        <title>RCMT 2023-FL11 A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Galaxy XXI CLO Ltd</name>
        <lei>549300BW4412X0TZDD77</lei>
        <title>GALXY 2015-21A DR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Broadmark Realty Capital Inc</name>
        <lei>N/A</lei>
        <title>BRMK 5 11/15/26</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Gladstone Investment Corporation</name>
        <lei>549300HFFTVIBC98Z362</lei>
        <title>GAIN 5</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Uirc-Gsa International, Llc</name>
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        <name>AMMC CLO XII Ltd.</name>
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        <title>AMMC 2013-12A DR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Horizon Technology Finance Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mountain View Clo Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Trinity Capital Inc.</name>
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        <name>PDOF Msn Issuer LLC</name>
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        <name>GS Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>GSMS 2018-3PCK B</title>
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      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 5 03/01/25</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Betony Clo Ltd/Llc</name>
        <lei>N/A</lei>
        <title>BTNY2 2018-1A B</title>
        <cusip>08763QAE2</cusip>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Cbam 2017-4 Limited</name>
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        <name>Elevation CLO 2014-2 Ltd.</name>
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        <name>PALMER SQUARE LOAN FUNDING LTD</name>
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        <name>Babcock &amp; Wilcox Enterprises Inc.</name>
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        <name>Bluemountain Fuji U.S. CLO I</name>
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        <name>B. Riley Financial Inc</name>
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        <name>VERUS SECURITIZATION TRUST 2023-1</name>
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        <name>Wellfleet Clo 2018-1 Ltd</name>
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        <name>Investco Llc</name>
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        <name>Cbam 2018-6 Ltd / Llc</name>
        <lei>254900FSYLEH1VUJJF28</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JEFFERSON MILL CLO LTD</name>
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        <title>JEFFM 2015-1A CRR</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Steele Creek CLO 2014-1 Ltd./LLC</name>
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        <title>STCR 2014-1RA C</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Babcock &amp; Wilcox Enterprises Inc.</name>
        <lei>5493006H661OZN2C0T54</lei>
        <title>BW 8 1/8</title>
        <cusip>05614L308</cusip>
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          <isin value="US05614L3087"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ozlm Xxi.. Ltd</name>
        <lei>N/A</lei>
        <title>OZLM 2018-20A B</title>
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          <isin value="US67112MAE57"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Crescent Capital BDC, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Hudson's Bay Simon JV Trust</name>
        <lei>N/A</lei>
        <title>HBCT 2015-HB10 B10</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Shenergy Co Ltd.</name>
        <lei>N/A</lei>
        <title>SHACK 2013-4RA B</title>
        <cusip>81882HAE5</cusip>
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          <isin value="US81882HAE53"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MidOcean Credit CLO III/MidOcean Credit CLO III LLC</name>
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        <title>MIDO 2014-3A CR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IMPERIAL FUND MORTGAGE TRUST 2022-NQM7</name>
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        <title>IMPRL 2022-NQM7 A1</title>
        <cusip>452763AA3</cusip>
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          <isin value="US452763AA32"/>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vinebrook Homes Trust Inc</name>
        <lei>5493007VIZSKYNAKUH78</lei>
        <title>VINBRK 6 1/2</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Ellington Financial Inc</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>AAIC 6</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Thl Credit Wr 2014-3K Clo Ltd</name>
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        <title>WINDR 2014-3KRA C</title>
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          <isin value="US88390BAG32"/>
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      <invstOrSec>
        <name>FMC GMSR ISSUER TRUST</name>
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        <title>FMMSR 2022-GT1 A</title>
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        <name>Battalion CLO VIII Ltd.</name>
        <lei>549300WH2OE0BGHQQP83</lei>
        <title>BATLN 2015-8A BR2</title>
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          <isin value="US07132ACG67"/>
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        <name>Nexpoint Real Estate Finance Inc</name>
        <lei>N/A</lei>
        <title>NREF 5 3/4 05/01/26</title>
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      <invstOrSec>
        <name>Atlas Senior Loan Fund XI Ltd</name>
        <lei>635400RPGP64VI1SZW03</lei>
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      <invstOrSec>
        <name>Carlyle Global Market Strategies CLO 2013-3 Ltd.</name>
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        <title>CGMS 2013-3A CR</title>
        <cusip>14310GAW0</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 0 1/8 04/15/26</title>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.12500000</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>Great Elm Capital Corporation</name>
        <lei>549300JTA9ODXNIVFC33</lei>
        <title>GECC 5 7/8</title>
        <cusip>390320604</cusip>
        <identifiers>
          <isin value="US3903206049"/>
        </identifiers>
        <balance>595227.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14600918.31000000</valUSD>
        <pctVal>0.847531112530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sound Point  Clo Xvi Limited</name>
        <lei>549300ZK5CJ7PM7YBH85</lei>
        <title>SNDPT 2017-2A CR</title>
        <cusip>83610KAN3</cusip>
        <identifiers>
          <isin value="US83610KAN37"/>
        </identifiers>
        <balance>2890000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2893109.64000000</valUSD>
        <pctVal>0.167934672313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.08747800</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>RMF PROPRIETARY ISSUANCE TRUST 2022-2</name>
        <lei>N/A</lei>
        <title>RPIT 2022-2 M3</title>
        <cusip>74970CAD6</cusip>
        <identifiers>
          <isin value="US74970CAD65"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3179339.00000000</valUSD>
        <pctVal>0.184549263448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.75000100</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>Eaton Vance CLO 2015-1 Limited/LLC</name>
        <lei>N/A</lei>
        <title>EATON 2015-1A DR</title>
        <cusip>27830KBA1</cusip>
        <identifiers>
          <isin value="US27830KBA16"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501528.50000000</valUSD>
        <pctVal>0.087158361760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.37901000</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>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TSY INFL IX 0 3/8 7/15/25</title>
        <cusip>912828XL9</cusip>
        <identifiers>
          <isin value="US912828XL95"/>
        </identifiers>
        <balance>37000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48509778.01000000</valUSD>
        <pctVal>2.815819200718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</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>Ares XXXVII Clo Limited</name>
        <lei>635400YF4AHA6NB2CU53</lei>
        <title>ARES 2015-4A CRR</title>
        <cusip>04015NAU8</cusip>
        <identifiers>
          <isin value="US04015NAU81"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2506072.50000000</valUSD>
        <pctVal>0.145468549916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.40589800</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>2024-11-28</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>
