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        <name>Cwalt Incorporation</name>
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        <name>Caesars Entertainment Inc.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Citigroup Inc.</name>
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        <name>Citigroup Mortgage Loan Trust Inc.</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>Credit Suisse First Boston Mortgage Securities Corp.</name>
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        <name>Electricite de France SA</name>
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        <name>Enbridge Inc.</name>
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        <name>Energy Transfer LP</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>General Motors Financial Company  Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>GNR 2013-4 ID</title>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <title>GNR 2016-163 KI</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2017-114 CI</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Conseco Finance Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Icg Us Clo 2021-3 Ltd / Icg Us Clo 2021-3 Llc</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ILFC E-Capital Trust I</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation</name>
        <lei>549300T0G4GS0SINS786</lei>
        <title>IEP 4 3/8 02/01/29</title>
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        <balance>495000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Impac CMB Trust</name>
        <lei>N/A</lei>
        <title>IMM 2004-4 1M3</title>
        <cusip>45254NHX8</cusip>
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          <isin value="US45254NHX84"/>
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        <balance>441.36000000</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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        <name>Impac CMB Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Brightstar Lottery PLC</name>
        <lei>549300UQ6KHRCZDRGZ76</lei>
        <title>IGT 5 1/4 01/15/29</title>
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        <balance>500000.00000000</balance>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>466247NJ8</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEY 5 PERP</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Light &amp; Wonder International Inc.</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>LNW 7 1/2 09/01/31</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Long Beach Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>LBMLT 2003-2 M2</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB 3 1/2 PERP</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>MALT 2007-HF1 4AX</title>
        <cusip>55291YAP2</cusip>
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          <isin value="US55291YAP25"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Madison Park Funding XLV Ltd/Llc</name>
        <lei>N/A</lei>
        <title>MDPK 2020-45A CRR</title>
        <cusip>55820BAW7</cusip>
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        <balance>500000.00000000</balance>
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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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          <maturityDt>2034-07-15</maturityDt>
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        <name>MASTR Alternative Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New Century Home Equity Loan Trust 2005-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Novastar Mortgage Funding Trust Series 2005-1</name>
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        <name>Wind River CLO I Ltd.</name>
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        <name>Octagon Investment Partners 32 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Trimaran Cavu 2019-1 Ltd / LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>U.S. Bancorp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Bills</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Univision Communications Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vici Properties Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Voya CLO 2018-3 Ltd.</name>
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        <name>WIND RIVER CLOLTD 2021-3</name>
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        <name>ANFIELD BBH SWEEP</name>
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        <name>Six Flags</name>
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        <name>Restaurant Brands International</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Penn Entertainment (fka Penn National Gaming)</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MKS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Great American Outdoors (Bass Pro Shops)</name>
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          <isin value="US07014QAP63"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>American Airlines</name>
        <lei>N/A</lei>
        <title>AAL TL B 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Aramark</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OUTFRONT Media</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Air Canada</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Graham Packaging</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Light &amp; Wonder (Scientific Games)</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Garda World Security</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MKS Instruments</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CHARTER NEXT GENERATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole S.A.</name>
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        <name>Societe Generale S.A.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
              <counterpartyLei>50OBSE5T5521O6SMZR28</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT 2 Year US Treasury Note F</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-04-01</expDate>
            <notionalAmt>4178437.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-8593.74000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 10YR NOTE (CBT)Mar26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYH6 COMDTY"/>
        </identifiers>
        <balance>20.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-34687.50000000</valUSD>
        <pctVal>-0.02241313853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
              <counterpartyLei>50OBSE5T5521O6SMZR28</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT 10 Year US Treasury Note</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-23</expDate>
            <notionalAmt>2271250.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-34687.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US LONG BOND(CBT) Mar26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USH6 COMDTY"/>
        </identifiers>
        <balance>20.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-54375.00000000</valUSD>
        <pctVal>-0.03513410905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
              <counterpartyLei>50OBSE5T5521O6SMZR28</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT US Treasure Bond Futures</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-23</expDate>
            <notionalAmt>2356875.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-54375.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Two Roads Shared Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
