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        <name>Canyon Capital CLO 2014-1 Ltd.</name>
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        <name>CANYON CAPITAL CLO LTD</name>
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        <name>Carlyle Global Market Strategies CLO 2014-3 Ltd.</name>
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      <invstOrSec>
        <name>Catamaran CLO Ltd. 2014-1 Ltd.</name>
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        <title>CRMN 2014-1A CR</title>
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      <invstOrSec>
        <name>Catamaran Clo 2018-1 Ltd</name>
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        <title>CRMN 2018-1A D</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Cedar Funding V Clo Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cedar Funding VII CLO, Ltd</name>
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          <isin value="US15033AAA43"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>CFMT 2024-HB15 LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DOMINION MORTGAGE TRUST 2025-RTL1</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dryden 50 Senior Loan Fund &amp; LLC</name>
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        <title>DRSLF 2017-49A DR</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EFMT 2023-1</name>
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        <title>EFMT 2023-1 A2</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Eaton Vance Clo 2014-1 Ltd</name>
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        <title>EATON 2014-1RA D</title>
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        <fairValLevel>2</fairValLevel>
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        <name>1828 CLO Ltd/LLC</name>
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        <title>GUGG4 2016-1A CR</title>
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        <name>Elevation Clo 2017-8 LTD/Elevation Clo 2017-8 LLC</name>
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        <name>ELLINGTON CLO I LTD</name>
        <lei>254900TQC62LFRK4R517</lei>
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        <name>Ellington Clo Iv Ltd</name>
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        <name>Fremf 2016-K53 Mortgage Trust</name>
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        <name>Fremf 2012 Kf01 Mortgage Trust</name>
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        <name>Fremf 2018-K78 Mtg Tr</name>
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      <invstOrSec>
        <name>Fremf 2018-K733 Mtg Tr</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Fremf Mortgage Trust 2019-K736</name>
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      <invstOrSec>
        <name>Fremf 2017-K68 Mortgage Trust</name>
        <lei>N/A</lei>
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        <balance>2000000.00000000</balance>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>FREMF MORTGAGE TRUST</name>
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        <title>FREMF 2020-KF76 B</title>
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          <isin value="US30316EAE59"/>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNR 2024-20 CV</title>
        <cusip>3136BRU88</cusip>
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          <isin value="US3136BRU889"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNR 2024-63 HA</title>
        <cusip>3136BSRA5</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNR 2025-6 DL</title>
        <cusip>3136BUUF5</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHR 5438 H</title>
        <cusip>3137HFDS1</cusip>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>First American Funds Inc.</name>
        <lei>549300J5J5SJCZ9IA369</lei>
        <title>FRST AM-GV OB-X</title>
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          <isin value="US31846V3362"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fremf 2017 K71 Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2017-K71 C</title>
        <cusip>35708WAU4</cusip>
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      <invstOrSec>
        <name>Fremf 2018 K73 Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2018-K73 B</title>
        <cusip>35708YAS5</cusip>
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          <isin value="US35708YAS54"/>
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      <invstOrSec>
        <name>GSMS TRUST 2024-FAIR</name>
        <lei>N/A</lei>
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        <cusip>36270JAG0</cusip>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2024-76 KA</title>
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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>

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        <name>HARVEST SBA LOAN TRUST 2024-1</name>
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        <title>HSLT 2024-1 B</title>
        <cusip>41756NAB5</cusip>
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        <balance>1450829.14000000</balance>
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        <name>HARVEST SBA LOAN TRUST 2024-1</name>
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        <name>KKR CLO 10 LTD</name>
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        <name>LUXURY LEASE PARTNERS AUTO LEASE TRUST 2024-4</name>
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        <name>MORGAN STANLEY CAPITAL I TRUST 2024-BPR2</name>
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        <name>Ocean Trails CLO Ltd.</name>
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        <name>Octagon Investment Partners 37 Ltd.</name>
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        <name>ONITY LOAN INVESTMENT TRUST 2024-HB2</name>
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        <name>REACH ABS TRUST 2024-1</name>
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        <name>Shackleton 2013-Iii Clo Ltd</name>
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        <name>Shackleton 2017-XI CLO Ltd./LLC</name>
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        <name>Sound Point  Clo Xvi Limited</name>
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        <name>Steele Creek Clo 2017 1 Ltd</name>
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        <name>TCI-FLATIRON CLO LTD</name>
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        <name>Thl Credit Wr 2014-3K Clo Ltd</name>
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      <invstOrSec>
        <name>THL Credit Wind River 2013-2 CLO LLC</name>
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        <name>Venture XVIII CLO Ltd.</name>
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        <name>VERUS SECURITIZATION TRUST 2025-3</name>
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        <name>Voya CLO 2015-3 Ltd.</name>
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        <name>Voya CLO 2014-1 Ltd</name>
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        <name>Voya CLO Limited</name>
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        <name>Wells Fargo Commercial Mortgage Trust 2015-Lc22</name>
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        <name>XCAL 2021-7 MORTGAGE TRUST</name>
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        <name>X-CALI 2021-10 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>XCALI 2021-10 B1</title>
        <cusip>98372NAC7</cusip>
        <identifiers>
          <isin value="US98372NAC74"/>
        </identifiers>
        <balance>471250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>468523.11000000</valUSD>
        <pctVal>0.092905243669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.44364800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 11 09/01/24</title>
        <cusip>98373XAD2</cusip>
        <identifiers>
          <isin value="US98373XAD21"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497432.35000000</valUSD>
        <pctVal>0.098637767699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 25 09/01/25</title>
        <cusip>98373XAE0</cusip>
        <identifiers>
          <isin value="US98373XAE04"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
        <pctVal>0.198293833723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>25.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 11 03/01/25</title>
        <cusip>98373XAY6</cusip>
        <identifiers>
          <isin value="US98373XAY67"/>
        </identifiers>
        <balance>2654000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2639683.79000000</valUSD>
        <pctVal>0.523433018537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2023-MF9 B1</title>
        <cusip>98373XBE9</cusip>
        <identifiers>
          <isin value="US98373XBE94"/>
        </identifiers>
        <balance>61826.76000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61739.91000000</valUSD>
        <pctVal>0.012242643447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.82999900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2023-HOAKS A</title>
        <cusip>98373XBG4</cusip>
        <identifiers>
          <isin value="US98373XBG43"/>
        </identifiers>
        <balance>4600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4586738.66000000</valUSD>
        <pctVal>0.909521993179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.82365000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2023-DMNK B1</title>
        <cusip>98373XBM1</cusip>
        <identifiers>
          <isin value="US98373XBM11"/>
        </identifiers>
        <balance>3335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3321740.04000000</valUSD>
        <pctVal>0.658680567164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.82364800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2024-SURF A</title>
        <cusip>98373XBP4</cusip>
        <identifiers>
          <isin value="US98373XBP42"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5063585.00000000</valUSD>
        <pctVal>1.004077682035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2024-OPAL A</title>
        <cusip>98373XBS8</cusip>
        <identifiers>
          <isin value="US98373XBS80"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4002043.60000000</valUSD>
        <pctVal>0.793580568172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.32365000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2024-OPAL B1</title>
        <cusip>98373XBT6</cusip>
        <identifiers>
          <isin value="US98373XBT63"/>
        </identifiers>
        <balance>2450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2452525.46000000</valUSD>
        <pctVal>0.486320675768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.32365200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2024-MSD B1</title>
        <cusip>98373XBX7</cusip>
        <identifiers>
          <isin value="US98373XBX75"/>
        </identifiers>
        <balance>1748750.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1748223.63000000</valUSD>
        <pctVal>0.346661965798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.32365200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>X-CALI 2020-5 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>XCALI 2020-5 B1</title>
        <cusip>98401JAB3</cusip>
        <identifiers>
          <isin value="US98401JAB35"/>
        </identifiers>
        <balance>374714.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>372917.41000000</valUSD>
        <pctVal>0.073947222891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.69365000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zais Clo 5 Limited</name>
        <lei>5493001XJXUE8BZ0Q137</lei>
        <title>ZAIS5 2016-2A C</title>
        <cusip>98875LAG4</cusip>
        <identifiers>
          <isin value="US98875LAG41"/>
        </identifiers>
        <balance>334545.94000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>335182.92000000</valUSD>
        <pctVal>0.066464706205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.01770800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZAIS CLO 6 Ltd</name>
        <lei>549300ZPQFDVEE67IB71</lei>
        <title>ZAIS6 2017-1A D</title>
        <cusip>98887TAE8</cusip>
        <identifiers>
          <isin value="US98887TAE82"/>
        </identifiers>
        <balance>5595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5589466.55000000</valUSD>
        <pctVal>1.108356750669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.39770900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZAIS CLO 7 LTD</name>
        <lei>549300XFDOUEB0QTZS87</lei>
        <title>ZAIS7 2017-2A D</title>
        <cusip>98887VAG8</cusip>
        <identifiers>
          <isin value="US98887VAG86"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7015092.00000000</valUSD>
        <pctVal>1.391049486603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.26771000</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>2025-05-28</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>
