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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2025-1 Class AAA</title>
        <cusip>36779CAM8</cusip>
        <identifiers>
          <isin value="US36779CAM82"/>
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        <balance>5693000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5650282.570000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.330000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2025-1 Class A</title>
        <cusip>36779CAQ9</cusip>
        <identifiers>
          <isin value="US36779CAQ96"/>
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        <balance>3457000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3443023.350000000000</valUSD>
        <pctVal>0.0973037550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.330000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Integrity Re Ltd</name>
        <lei>N/A</lei>
        <title>Integrity Re 2024-1 Class A</title>
        <cusip>45833UAJ0</cusip>
        <identifiers>
          <isin value="US45833UAJ07"/>
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        <balance>5694000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5686879.650000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.778000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kizuna Re III Pte. Ltd.</name>
        <lei>984500004749BBB42B88</lei>
        <title>Kizuna Re III 2024-1 Class A</title>
        <cusip>49835JAB2</cusip>
        <identifiers>
          <isin value="US49835JAB26"/>
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        <balance>3081000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3143849.320000000000</valUSD>
        <pctVal>0.0888487567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.080000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re 2024-1 Class B</title>
        <cusip>35087TAH1</cusip>
        <identifiers>
          <isin value="US35087TAH14"/>
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        <balance>4756000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4724227.540000000000</valUSD>
        <pctVal>0.1335120423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.559000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Long Walk Reinsurance Ltd.</name>
        <lei>N/A</lei>
        <title>Long Walk Re 2024-1 Class A</title>
        <cusip>54289CAA0</cusip>
        <identifiers>
          <isin value="US54289CAA09"/>
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        <balance>3158000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3197103.940000000000</valUSD>
        <pctVal>0.0903537928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.549000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Matterhorn Re Ltd.</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re SR2021-1 Class A</title>
        <cusip>577092AN9</cusip>
        <identifiers>
          <isin value="US577092AN90"/>
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        <balance>12920000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12664028.960000000000</valUSD>
        <pctVal>0.3578998589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.110000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Integrity Re Ltd</name>
        <lei>N/A</lei>
        <title>Integrity Re 2024-1 Class D</title>
        <cusip>45833UAM3</cusip>
        <identifiers>
          <isin value="US45833UAM36"/>
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        <balance>8594000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8275519.250000000000</valUSD>
        <pctVal>0.2338755842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>27.278000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Integrity Re III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity Re III 2025-1 Class D</title>
        <cusip>45870GAF3</cusip>
        <identifiers>
          <isin value="US45870GAF37"/>
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        <balance>6509000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6395609.970000000000</valUSD>
        <pctVal>0.1807472103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.830000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Matterhorn Re Ltd.</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re SR2023-1 Class CYB-A</title>
        <cusip>577092AV1</cusip>
        <identifiers>
          <isin value="US577092AV17"/>
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        <balance>13956000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14197243.420000000000</valUSD>
        <pctVal>0.4012302430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.278000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Palm Re Ltd.</name>
        <lei>984500D3C66DA10DAP11</lei>
        <title>Palm Re 2024-1 Class A</title>
        <cusip>69664FAA6</cusip>
        <identifiers>
          <isin value="US69664FAA66"/>
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        <balance>10494000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10914347.660000000000</valUSD>
        <pctVal>0.3084518757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.809000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mayflower Re 2023-1 Class A</title>
        <cusip>57839MAA6</cusip>
        <identifiers>
          <isin value="US57839MAA62"/>
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        <balance>8009000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8116849.190000000000</valUSD>
        <pctVal>0.2293913879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.021000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mayflower Re 2023-1 Class B</title>
        <cusip>57839MAB4</cusip>
        <identifiers>
          <isin value="US57839MAB46"/>
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        <balance>19779000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20164690.500000000000</valUSD>
        <pctVal>0.5698770831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.345000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merna Re II Ltd</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Re II 2023-2 Class A</title>
        <cusip>59013MAJ1</cusip>
        <identifiers>
          <isin value="US59013MAJ18"/>
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        <balance>10600000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10946985.700000000000</valUSD>
        <pctVal>0.3093742639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.664000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Mystic Re IV 2025-1 Class A</title>
        <cusip>62865LAF4</cusip>
        <identifiers>
          <isin value="US62865LAF40"/>
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        <balance>6206000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6160522.430000000000</valUSD>
        <pctVal>0.1741033691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.309000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Queen Street 2023 Re DAC</name>
        <lei>635400VHHVVMXL5BJI05</lei>
        <title>Queen Street 2023 Re DAC</title>
        <cusip>747977AA4</cusip>
        <identifiers>
          <isin value="US747977AA45"/>
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        <balance>12723000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12731549.860000000000</valUSD>
        <pctVal>0.3598080763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.810000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2022 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2022-I Class 12</title>
        <cusip>76119YAC7</cusip>
        <identifiers>
          <isin value="US76119YAC75"/>
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        <balance>4421000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1547350.000000000000</valUSD>
        <pctVal>0.0437298705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.104000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Riverfront Re Ltd</name>
        <lei>N/A</lei>
        <title>Riverfront Re 2025 Class B</title>
        <cusip>76870YAG7</cusip>
        <identifiers>
          <isin value="US76870YAG70"/>
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        <balance>1250000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Palm Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Parametric Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Lion III Re DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>King Max Re DAC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>IBRD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Purple Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Hatteras (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>RR-JP US</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IBRD</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Eden Re II Segregated Account 2023-1</name>
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        <name>Finca Re Ltd</name>
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        <invCountry>BM</invCountry>

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        <name>Merna Re II Ltd</name>
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        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Ashera Re Ltd.</name>
        <lei>N/A</lei>
        <title>Ashera Re 2024-1 Class A</title>
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          <isin value="US04401RAA59"/>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>

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        <name>Caelus Re V Ltd</name>
        <lei>N/A</lei>
        <title>Caelus Re 2018-1 Class B</title>
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          <ticker value="CAELUS"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Cape Lookout Re Ltd.</name>
        <lei>N/A</lei>
        <title>Cape Lookout Re 2023-1 Class A</title>
        <cusip>13947LAE2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Eden Re II Segregated Account 2022-1</name>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Fidelity Government Portfolio</name>
        <lei>549300FQDFZGLUOCWN51</lei>
        <title>Fidelity Government Portfolio</title>
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          <isin value="US3161751082"/>
          <ticker value="FIGXX"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Integrity Re Ltd</name>
        <lei>N/A</lei>
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        <cusip>45833UAF8</cusip>
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          <isin value="US45833UAF84"/>
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        <balance>5968000.000000000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Integrity Re Ltd</name>
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          <isin value="US45833UAK79"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Integrity Re Ltd</name>
        <lei>N/A</lei>
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        <cusip>45833UAL5</cusip>
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          <isin value="US45833UAL52"/>
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        <balance>5694000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5829574.140000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Fuchsia 2023-1 (London Bridge 2 PCC Protected Cell)</name>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lower Ferry Re Ltd.</name>
        <lei>N/A</lei>
        <title>Lower Ferry Re 2023-1 Class A</title>
        <cusip>547915AA6</cusip>
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          <isin value="US547915AA69"/>
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        <balance>7458000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.708000000000</annualizedRt>
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      <invstOrSec>
        <name>Matterhorn Re Ltd.</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re SR2020-2 Class A</title>
        <cusip>577092AD1</cusip>
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          <isin value="US577092AD19"/>
          <ticker value="MATTRE"/>
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        <balance>4183480.630000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3346784.500000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.409000000000</annualizedRt>
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      <invstOrSec>
        <name>MetroCat Re Ltd</name>
        <lei>N/A</lei>
        <title>Metrocat Re 2023-1 Class A</title>
        <cusip>59165HAD1</cusip>
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          <isin value="US59165HAD17"/>
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        <balance>2429000.000000000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-08</maturityDt>
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      <invstOrSec>
        <name>Mona Lisa Re Ltd.</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re 2021-1 Class A</title>
        <cusip>608800AE8</cusip>
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        <balance>10320000.000000000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Northshore Re II Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ocelot Re Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US675951AB39"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Residential Re 2021 Limited</name>
        <lei>N/A</lei>
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          <isin value="US76114NAB82"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-06</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Sanders Re III Ltd.</name>
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          <isin value="US80000YAA55"/>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-07</maturityDt>
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        <name>Sanders Re II Ltd.</name>
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        <title>Sanders Re II 2021-2 Class B</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-07</maturityDt>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2023-1 Class A</title>
        <cusip>80001QAA1</cusip>
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          <isin value="US80001QAA13"/>
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        <balance>3162000.000000000000</balance>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-07</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stabilitas Re Ltd.</name>
        <lei>N/A</lei>
        <title>Stabilitas Re 2023-1 Class A</title>
        <cusip>85237TAA0</cusip>
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          <isin value="US85237TAA07"/>
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        <balance>8399000.000000000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tomoni Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte 2024-1 Class A</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2022-1 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
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          <isin value="US89141WAH51"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
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        <balance>4543000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-06</maturityDt>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re 2025-1 Class F</title>
        <cusip>90323WAR1</cusip>
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          <isin value="US90323WAR16"/>
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        <balance>32693000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32931675.250000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-22</maturityDt>
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      <invstOrSec>
        <name>Vitality Re XV Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XV 2024 Class B</title>
        <cusip>92847CAB3</cusip>
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          <isin value="US92847CAB37"/>
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        <balance>2615000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.835000000000</annualizedRt>
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      <invstOrSec>
        <name>Vitality Re XVI Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XVI 2025 Class A</title>
        <cusip>92849FAA6</cusip>
        <identifiers>
          <isin value="US92849FAA66"/>
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        <balance>4893000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.059000000000</annualizedRt>
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      <invstOrSec>
        <name>Winston Re Ltd</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston Re 2024-1 Class B</title>
        <cusip>975660AB7</cusip>
        <identifiers>
          <isin value="US975660AB76"/>
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        <balance>4051000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4223307.260000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.064000000000</annualizedRt>
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      <invstOrSec>
        <name>Yosemite Re Ltd.</name>
        <lei>N/A</lei>
        <title>Yosemite Re 2022-1 Class A</title>
        <cusip>98740RAA7</cusip>
        <identifiers>
          <isin value="US98740RAA77"/>
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        <balance>4421000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4454159.710000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.909000000000</annualizedRt>
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      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-II Class 3</title>
        <cusip>76090WAB6</cusip>
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          <isin value="US76090WAB63"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
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        <title>Residential Re 2024-II Class 2</title>
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          <isin value="US76112AAC62"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-II Class 3</title>
        <cusip>76112AAD4</cusip>
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          <isin value="US76112AAD46"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Residential Reinsurance 2022 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2022-I Class 14</title>
        <cusip>76119YAE3</cusip>
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          <isin value="US76119YAE32"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Riverfront Re Ltd</name>
        <lei>N/A</lei>
        <title>Riverfront Re 2025 Class A</title>
        <cusip>76870YAF9</cusip>
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          <isin value="US76870YAF97"/>
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        <balance>9116000.000000000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Sakura Re Ltd.</name>
        <lei>N/A</lei>
        <title>Sakura Re 2025-1 Class A</title>
        <cusip>79381MAD6</cusip>
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          <isin value="US79381MAD65"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-05</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2024-1 Class A</title>
        <cusip>799927AA6</cusip>
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          <isin value="US799927AA62"/>
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        <balance>16206000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.044000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2022-1 Class A</title>
        <cusip>80000XAA7</cusip>
        <identifiers>
          <isin value="US80000XAA72"/>
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        <balance>17697000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17423245.110000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Titania Re Ltd.</name>
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        <name>Tomoni Re Pte. Ltd.</name>
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        <name>Torrey Pines Re Ltd</name>
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        <name>Ursa Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Totara Re Pte. Ltd.</name>
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        <name>Eiffel Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IBRD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aquila Re I Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Citrus Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Eden Re II Segregated Account 2022-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Gateway Re II Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>London Bridge 2 PCC Limited</name>
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        <name>3264 Re Ltd.</name>
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        <name>3264 Re Ltd.</name>
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        <name>Matterhorn Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Merna Re II Ltd</name>
        <lei>549300478X5RX87PYX60</lei>
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        <name>Veraison Re Ltd.</name>
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        <name>Winston Re Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rondout (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Quercus Re DAC</name>
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        <name>Kendall Re Ltd.</name>
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        <name>IBRD</name>
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        <name>Merna Re II Ltd</name>
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        <name>Mystic Re IV Ltd.</name>
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        <name>Nakama Re Ltd.</name>
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        <name>Nature Coast Re Ltd.</name>
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        <name>Fish Pond Re Ltd.</name>
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        <title>Fish Pond Re 2024-1 Class A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FloodSmart Re Ltd.</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2025-1 Class AA</title>
        <cusip>36779CAP1</cusip>
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          <isin value="US36779CAP14"/>
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        <balance>9353000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8784201.980000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2022-1 Class A</title>
        <cusip>42703VAF0</cusip>
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          <isin value="US42703VAF04"/>
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        <balance>2306000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2479027.250000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2024-2 Class A</title>
        <cusip>42703VAJ2</cusip>
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          <isin value="US42703VAJ26"/>
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        <balance>6413000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6397826.840000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.559000000000</annualizedRt>
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      <invstOrSec>
        <name>Hestia Re Ltd.</name>
        <lei>549300QRKQ1ZKOXEMZ38</lei>
        <title>Hestia Re 2025-1 Class A</title>
        <cusip>42815KAC6</cusip>
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          <isin value="US42815KAC62"/>
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        <balance>15901000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15808837.800000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.080000000000</annualizedRt>
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      <invstOrSec>
        <name>Integrity Re Ltd</name>
        <lei>N/A</lei>
        <title>Integrity Re 2023-1 Class A</title>
        <cusip>45833UAH4</cusip>
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          <isin value="US45833UAH41"/>
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        <balance>5139000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5187165.280000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>17.138000000000</annualizedRt>
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      <invstOrSec>
        <name>Integrity Re III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity Re III 2025-1 Class A-1</title>
        <cusip>45870GAA4</cusip>
        <identifiers>
          <isin value="US45870GAA40"/>
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        <balance>1948000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1934133.160000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.830000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Integrity Re III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity Re III 2025-1 Class A-2</title>
        <cusip>45870GAB2</cusip>
        <identifiers>
          <isin value="US45870GAB23"/>
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        <balance>4272000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4243668.100000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.830000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Kilimanjaro III Re Limited</name>
        <lei>254900T37LD5YQ545V53</lei>
        <title>Kilimanjaro III Re 2021-2 Class C-2</title>
        <cusip>49407PAK6</cusip>
        <identifiers>
          <isin value="US49407PAK66"/>
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        <balance>2431000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2435042.750000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.838000000000</annualizedRt>
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      <invstOrSec>
        <name>Kilimanjaro III Re Limited</name>
        <lei>254900T37LD5YQ545V53</lei>
        <title>Kilimanjaro III Re 2022-1 Class A</title>
        <cusip>49407PAL4</cusip>
        <identifiers>
          <isin value="US49407PAL40"/>
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        <balance>7515000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7520489.710000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.128000000000</annualizedRt>
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      <invstOrSec>
        <name>Maschpark Re Ltd.</name>
        <lei>N/A</lei>
        <title>Maschpark Re 2024-1 Class A</title>
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          <isin value="US574591AA15"/>
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        <balance>2412000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Mountain Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mountain Re 2023-1 Class A</title>
        <cusip>62426LAA7</cusip>
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          <isin value="US62426LAA70"/>
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        <balance>7804000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Nakama Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Nakama Re Pte. 2021-1 Class 1</title>
        <cusip>62984JAA6</cusip>
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          <isin value="US62984JAA60"/>
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        <balance>22838000.000000000000</balance>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nature Coast Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nature Coast Re 2024-1 Class A</title>
        <cusip>63901CAC5</cusip>
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          <isin value="US63901CAC55"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>19.064000000000</annualizedRt>
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      <invstOrSec>
        <name>Nature Coast Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nature Coast Re 2025-1 Class A</title>
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          <isin value="US63901CAD39"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-16</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Nature Coast Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nature Coast Re 2025-2 Class A</title>
        <cusip>63901CAE1</cusip>
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          <isin value="US63901CAE12"/>
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        <balance>5273000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.059000000000</annualizedRt>
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      <invstOrSec>
        <name>Pelican IV Re Ltd.</name>
        <lei>N/A</lei>
        <title>Pelican IV Re 2021-1 Class B</title>
        <cusip>705809AD3</cusip>
        <identifiers>
          <isin value="US705809AD36"/>
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        <balance>2873000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>143.940000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.378000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2022-1 Class B</title>
        <cusip>80000XAB5</cusip>
        <identifiers>
          <isin value="US80000XAB55"/>
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        <balance>6189000.000000000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Solomon Re Ltd.</name>
        <lei>N/A</lei>
        <title>Solomon Re 2023-1 Class A</title>
        <cusip>83427GAA3</cusip>
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          <isin value="US83427GAA31"/>
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        <balance>4719000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4816600.720000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Tomoni Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte 2022-1 Class B-1</title>
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          <isin value="US89009PAB40"/>
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        <curCd>USD</curCd>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Topanga Re Ltd.</name>
        <lei>N/A</lei>
        <title>Topanga Re 2021-1 Class A</title>
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          <isin value="US89055TAA16"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-08</maturityDt>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2025-1 Class A</title>
        <cusip>89141WAL6</cusip>
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          <isin value="US89141WAL63"/>
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        <balance>12288000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-07</maturityDt>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re 2023-3 Class AA</title>
        <cusip>90323WAP5</cusip>
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          <isin value="US90323WAP59"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-07</maturityDt>
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      <invstOrSec>
        <name>Hexagon IV Re Ltd.</name>
        <lei>984500B4771ADC9FDE26</lei>
        <title>Hexagon IV Re 2023-1 Class B</title>
        <cusip>000000000</cusip>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-21</maturityDt>
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      <invstOrSec>
        <name>Baldwin Re Ltd.</name>
        <lei>N/A</lei>
        <title>Baldwin Re 2021-1 Class A</title>
        <cusip>05826BAA4</cusip>
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          <isin value="US05826BAA44"/>
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        <balance>13779000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.339000000000</annualizedRt>
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      <invstOrSec>
        <name>Bonanza Re Ltd.</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza Re 2024-1 Class B</title>
        <cusip>09785EAP6</cusip>
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          <isin value="US09785EAP60"/>
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        <balance>2859000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.064000000000</annualizedRt>
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      <invstOrSec>
        <name>Bowline Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bowline Re 2022-1 Class A</title>
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          <isin value="US10260PAD06"/>
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        <balance>2652000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.659000000000</annualizedRt>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
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        <title>Citrus Re 2024-1 Class A</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Everglades Re II Ltd.</name>
        <lei>5493000EE11S6ONK0372</lei>
        <title>Everglades Re II 2024-1 Class A</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>First Coast Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>First Coast Re IV 2023-1 Class A</title>
        <cusip>31969UAA5</cusip>
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          <isin value="US31969UAA51"/>
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        <balance>2000000.000000000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-07</maturityDt>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2024-3 Class A</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sutter Re Ltd.</name>
        <lei>N/A</lei>
        <title>Sutter Re 2023-1 Class E</title>
        <cusip>86944RAF5</cusip>
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          <isin value="US86944RAF55"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-19</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2025-1 Class C</title>
        <cusip>89141WAN2</cusip>
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          <isin value="US89141WAN20"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ursa Re II Ltd.</name>
        <lei>N/A</lei>
        <title>Ursa Re II 2022-2 Class C</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-06</maturityDt>
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      <invstOrSec>
        <name>Taranis Reinsurance DAC</name>
        <lei>635400FQ9HHTLYKADZ22</lei>
        <title>Taranis Re DAC 2023-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2721087653"/>
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        <balance>2384000.000000000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-21</maturityDt>
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          <annualizedRt>11.173000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bayou Re 2023-1 Class B</title>
        <cusip>07304LAB7</cusip>
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          <isin value="US07304LAB71"/>
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        <balance>8335000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8913332.310000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>23.978000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Bonanza Re Ltd.</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza Re 2024-1 Class A</title>
        <cusip>09785EAN1</cusip>
        <identifiers>
          <isin value="US09785EAN13"/>
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        <balance>3516000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2853371.120000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.297271000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bonanza Re Ltd.</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza Re 2024-1 Class C</title>
        <cusip>09785EAQ4</cusip>
        <identifiers>
          <isin value="US09785EAQ44"/>
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        <balance>10729000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10738693.650000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.814000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bridge Street Re Ltd</name>
        <lei>2549008NKPLMU6X7ID58</lei>
        <title>Bridge Street Re 2025-1 Class A</title>
        <cusip>10807LAA5</cusip>
        <identifiers>
          <isin value="US10807LAA52"/>
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        <balance>13052000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12986785.680000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.278000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Catahoula II Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Catahoula Re II 2022-1 Class A</title>
        <cusip>148805AA2</cusip>
        <identifiers>
          <isin value="US148805AA28"/>
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        <balance>12678000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12766726.980000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.518000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Foundation Re VI Ltd.</name>
        <lei>N/A</lei>
        <title>Foundation Re 2023-1 Class A</title>
        <cusip>349939AA6</cusip>
        <identifiers>
          <isin value="US349939AA62"/>
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        <balance>9848000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9991593.690000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.559000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Frontline Re Ltd</name>
        <lei>N/A</lei>
        <title>Frontline 2018-1 Class A</title>
        <cusip>35922QAA1</cusip>
        <identifiers>
          <isin value="US35922QAA13"/>
          <ticker value="FRNTRE"/>
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        <balance>203937.080000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86816.010000000000</valUSD>
        <pctVal>0.0024535192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.409000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re 2023-1 Class A</title>
        <cusip>36354TAN2</cusip>
        <identifiers>
          <isin value="US36354TAN28"/>
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        <balance>11633000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11955111.950000000000</valUSD>
        <pctVal>0.3378650580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.325000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2023-3 Class A</title>
        <cusip>36779CAF3</cusip>
        <identifiers>
          <isin value="US36779CAF32"/>
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        <balance>5404000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5385212.990000000000</valUSD>
        <pctVal>0.1521922427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.330000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Integrity Re III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity Re III 2025-1 Class B-1</title>
        <cusip>45870GAC0</cusip>
        <identifiers>
          <isin value="US45870GAC06"/>
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        <balance>1500000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1487250.750000000000</valUSD>
        <pctVal>0.0420313974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.830000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Integrity Re III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity Re III 2025-1 Class C</title>
        <cusip>45870GAE6</cusip>
        <identifiers>
          <isin value="US45870GAE61"/>
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        <balance>10577000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10539943.480000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.830000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lower Ferry Re Ltd.</name>
        <lei>N/A</lei>
        <title>Lower Ferry Re 2023-1 Class B</title>
        <cusip>547915AB4</cusip>
        <identifiers>
          <isin value="US547915AB43"/>
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        <balance>11219000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11406783.620000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.548000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mona Lisa Re Ltd.</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re 2025-1 Class B</title>
        <cusip>608800AK4</cusip>
        <identifiers>
          <isin value="US608800AK40"/>
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        <balance>9129000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9227757.520000000000</valUSD>
        <pctVal>0.2607869205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.809000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Recoletos Re DAC</name>
        <lei>635400FIY9UG8ZHKYH56</lei>
        <title>Recoletos Re DAC 2024-1 Class A</title>
        <cusip>755933AA6</cusip>
        <identifiers>
          <isin value="US755933AA66"/>
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        <balance>7030000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7000793.870000000000</valUSD>
        <pctVal>0.1978503955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.330000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-II Class 5</title>
        <cusip>76090WAC4</cusip>
        <identifiers>
          <isin value="US76090WAC47"/>
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        <balance>15862000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.234000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-II Class 4</title>
        <cusip>76112AAE2</cusip>
        <identifiers>
          <isin value="US76112AAE29"/>
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        <balance>9952000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10086600.800000000000</valUSD>
        <pctVal>0.2850588082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.564000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-I Class 13</title>
        <cusip>76133XAA5</cusip>
        <identifiers>
          <isin value="US76133XAA54"/>
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        <balance>13105000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4259125.000000000000</valUSD>
        <pctVal>0.1203677156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.474000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sabine Re Ltd.</name>
        <lei>254900FU1Z2XK88D3602</lei>
        <title>Sabine Re 2024-1 Class A</title>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sakura Re Ltd.</name>
        <lei>N/A</lei>
        <title>Sakura Re 2022-1 Class A</title>
        <cusip>79381MAC8</cusip>
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          <isin value="US79381MAC82"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2023-2 Class A</title>
        <cusip>799925AA0</cusip>
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          <isin value="US799925AA07"/>
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        <balance>21069000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2022-2 Class A</title>
        <cusip>80001EAA8</cusip>
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          <isin value="US80001EAA82"/>
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        <balance>9737000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-07</maturityDt>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2023-1 Class B</title>
        <cusip>80001QAB9</cusip>
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          <isin value="US80001QAB95"/>
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        <balance>3954000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-07</maturityDt>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-1 Class A-2</title>
        <cusip>80001TAB3</cusip>
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          <isin value="US80001TAB35"/>
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        <curCd>USD</curCd>
        <valUSD>13056093.520000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.544000000000</annualizedRt>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-1 Class B-1</title>
        <cusip>80001TAC1</cusip>
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          <isin value="US80001TAC18"/>
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        <balance>8577000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8557513.060000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Tomoni Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte 2022-1 Class A-1</title>
        <cusip>89009PAA6</cusip>
        <identifiers>
          <isin value="US89009PAA66"/>
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        <balance>4678000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4671825.040000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.399000000000</annualizedRt>
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      <invstOrSec>
        <name>Ursa Re II Ltd.</name>
        <lei>N/A</lei>
        <title>Ursa Re II 2022-1 Class E</title>
        <cusip>91734PAE6</cusip>
        <identifiers>
          <isin value="US91734PAE60"/>
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        <balance>3094000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3101021.830000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.064000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Vita Capital VI Ltd</name>
        <lei>549300LLF863700IF088</lei>
        <title>Vita Capital VI 2021-1 Class B</title>
        <cusip>92846DAB2</cusip>
        <identifiers>
          <isin value="US92846DAB29"/>
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        <balance>9107000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>.910000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.360000000000</annualizedRt>
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      <invstOrSec>
        <name>Vitality Re XVI Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XVI 2025 Class C</title>
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        <identifiers>
          <isin value="US92849FAC23"/>
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        <balance>2385000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.059000000000</annualizedRt>
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      <invstOrSec>
        <name>Vitality Re XIII Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XIII 2022 Class A</title>
        <cusip>92849MAA1</cusip>
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          <isin value="US92849MAA18"/>
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        <balance>3880000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Vitality Re XIII Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XIII 2022 Class B</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Vitality Re XIV Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XIV 2023 Class A</title>
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          <isin value="US92851QAA76"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Winston Re Ltd</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston Re 2025-1 Class A</title>
        <cusip>975660AC5</cusip>
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          <isin value="US975660AC59"/>
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        <balance>9395000.000000000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-21</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Wrigley Re Ltd.</name>
        <lei>N/A</lei>
        <title>Wrigley Re 2023-1 Class B</title>
        <cusip>982533AC5</cusip>
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          <isin value="US982533AC50"/>
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        <balance>12297000.000000000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Yosemite Re Ltd.</name>
        <lei>N/A</lei>
        <title>Yosemite Re 2025-1 Class A</title>
        <cusip>98740RAB5</cusip>
        <identifiers>
          <isin value="US98740RAB50"/>
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        <balance>6891000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.294000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lyndhurst (Horseshoe Re)</name>
        <lei>N/A</lei>
        <title>Lyndhurst (Horseshoe Re)</title>
        <cusip>000000000</cusip>
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          <other otherDesc="USER DEFINED" value="LYNDHURST"/>
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        <name>Phoenix 2 Re Pte. Ltd.</name>
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        <name>IBRD</name>
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        <name>London Bridge 2 PCC Limited</name>
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        <name>Yoho (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Sector Re V Limited</name>
        <lei>549300QS6XPZQHTCEJ97</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2025-1 Class B</title>
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        <name>Ursa Re II Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Thopas Re Ltd. Segregated Account 2024-2 (S)</name>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Acorn Re Ltd.</name>
        <lei>N/A</lei>
        <title>Acorn Re 2023-1 Class A</title>
        <cusip>00485YAD1</cusip>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Alamo Re Ltd.</name>
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        <name>Aquila Re I Ltd.</name>
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        <invCountry>BM</invCountry>

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        <name>Armor Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Black Kite Re Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bowline Re Ltd.</name>
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        <name>Caelus Re V Ltd</name>
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        <invCountry>KY</invCountry>

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        <name>Cape Lookout Re Ltd.</name>
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        <title>Cape Lookout Re 2025-1 Class A</title>
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        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re 2022-1 Class A</title>
        <cusip>177510AK0</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2020-2 Class C</title>
        <cusip>42703VAD5</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2024-2 Class B</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hestia Re Ltd.</name>
        <lei>549300QRKQ1ZKOXEMZ38</lei>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Veraison Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Veraison Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vitality Re XVI Limited</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wrigley Re Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US982533AB77"/>
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        <balance>5603000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Azzurro Re II</name>
        <lei>635400NZWVDIAI82JP08</lei>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Athena I Reinsurance DAC</name>
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        <title>Athena I Re DAC</title>
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          <isin value="XS2937685795"/>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-21</maturityDt>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2024-1 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Baldwin Re Ltd.</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Everglades Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FloodSmart Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2023-1 Class A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2025-1 Class C2</title>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2025-2 Class A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Genesee Street Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Greengrove Re Ltd.</name>
        <lei>254900WH3CK41D9L7T70</lei>
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        <balance>5887000.000000000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2021-1 Class A</title>
        <cusip>42703VAE3</cusip>
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          <isin value="US42703VAE39"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2024-2 Class C</title>
        <cusip>42703VAL7</cusip>
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          <isin value="US42703VAL71"/>
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        <balance>5586000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5425991.820000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-08</maturityDt>
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      <invstOrSec>
        <name>Hestia Re Ltd.</name>
        <lei>549300QRKQ1ZKOXEMZ38</lei>
        <title>Hestia Re 2025-1 Class B</title>
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          <isin value="US42815KAD46"/>
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        <balance>7339000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7289410.380000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-13</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>High Point Re Ltd.</name>
        <lei>N/A</lei>
        <title>High Point Re 2023-1 Class A</title>
        <cusip>429932AA4</cusip>
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          <isin value="US429932AA44"/>
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        <balance>22886000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23047025.900000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.949000000000</annualizedRt>
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      <invstOrSec>
        <name>Hypatia Ltd.</name>
        <lei>98450041F85DB4C2C372</lei>
        <title>Hypatia Ltd. 2023-1 Class A</title>
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          <isin value="US44914CAC01"/>
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        <balance>2761000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2860535.430000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.830000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Integrity Re III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity Re III 2025-1 Class B-2</title>
        <cusip>45870GAD8</cusip>
        <identifiers>
          <isin value="US45870GAD88"/>
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        <balance>3458000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3430681.800000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.830000000000</annualizedRt>
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      <invstOrSec>
        <name>Kilimanjaro III Re Limited</name>
        <lei>254900T37LD5YQ545V53</lei>
        <title>Kilimanjaro III Re 2021-2 Class A-2</title>
        <cusip>49407PAH3</cusip>
        <identifiers>
          <isin value="US49407PAH38"/>
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        <balance>5968000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5975236.200000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.638000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Locke Tavern Re Ltd.</name>
        <lei>N/A</lei>
        <title>Locke Tavern Re 2023-1 Class A</title>
        <cusip>539694AA7</cusip>
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          <isin value="US539694AA71"/>
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        <balance>12134000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.060000000000</annualizedRt>
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      <invstOrSec>
        <name>Logistics Re Ltd.</name>
        <lei>N/A</lei>
        <title>Logistics Re 2024-1 Class A</title>
        <cusip>54143LAB4</cusip>
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          <isin value="US54143LAB45"/>
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        <balance>1750000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1770248.380000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-21</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Long Point Re IV Ltd</name>
        <lei>N/A</lei>
        <title>Long Point Re IV 2022-1 Class A</title>
        <cusip>54279PAA3</cusip>
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          <isin value="US54279PAA30"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.549000000000</annualizedRt>
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      <invstOrSec>
        <name>Longleaf Pine Re Ltd.</name>
        <lei>N/A</lei>
        <title>Longleaf Pine Re 2024-1 Class A</title>
        <cusip>54307MAA6</cusip>
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          <isin value="US54307MAA62"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Matterhorn Re Ltd.</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Argon 2022-1 Class A</title>
        <cusip>577092AR0</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Matterhorn Re Ltd.</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re 2025-1 Class A</title>
        <cusip>577092AW9</cusip>
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          <isin value="US577092AW99"/>
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        <balance>3875000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Mona Lisa Re Ltd.</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re 2024-1 Class A</title>
        <cusip>608800AH1</cusip>
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        <balance>8658000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Mystic Re IV 2025-1 Class B</title>
        <cusip>62865LAG2</cusip>
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          <isin value="US62865LAG23"/>
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        <balance>3931000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3968191.190000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.559000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nakama Re Ltd.</name>
        <lei>2549003ZFVVVVKMRJ633</lei>
        <title>Nakama Re 2023-1 Class 2</title>
        <cusip>62983QAP8</cusip>
        <identifiers>
          <isin value="US62983QAP81"/>
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        <balance>6781000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6940278.910000000000</valUSD>
        <pctVal>0.1961401739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.297610000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nakama Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Nakama Re Pte. 2021-1 Class 2</title>
        <cusip>62984JAB4</cusip>
        <identifiers>
          <isin value="US62984JAB44"/>
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        <balance>9754000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9756887.180000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.059000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nature Coast Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nature Coast Re 2023-1 Class B</title>
        <cusip>63901CAB7</cusip>
        <identifiers>
          <isin value="US63901CAB72"/>
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        <balance>4156000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4255124.760000000000</valUSD>
        <pctVal>0.1202546643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>17.814000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northshore Re II Limited</name>
        <lei>N/A</lei>
        <title>Northshore Re II 2025-1 Class A</title>
        <cusip>666842AF6</cusip>
        <identifiers>
          <isin value="US666842AF60"/>
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        <balance>12460000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12410764.310000000000</valUSD>
        <pctVal>0.3507423119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.310000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ocelot Re Ltd.</name>
        <lei>N/A</lei>
        <title>Ocelot Re 2025-1 Class B</title>
        <cusip>675951AC1</cusip>
        <identifiers>
          <isin value="US675951AC12"/>
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        <balance>2812000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2791527.230000000000</valUSD>
        <pctVal>0.0788917338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.559000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2023-2 Class A</title>
        <cusip>74639NAB9</cusip>
        <identifiers>
          <isin value="US74639NAB91"/>
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        <balance>7888000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8113470.590000000000</valUSD>
        <pctVal>0.2292959048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.809000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-I Class 14</title>
        <cusip>76091BAC9</cusip>
        <identifiers>
          <isin value="US76091BAC90"/>
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        <balance>5160000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4953571.620000000000</valUSD>
        <pctVal>0.1399935668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.064000000000</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>Residential Re 2021 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2021-I Class 11</title>
        <cusip>76114NAA0</cusip>
        <identifiers>
          <isin value="US76114NAA00"/>
        </identifiers>
        <balance>8094000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202754.700000000000</valUSD>
        <pctVal>0.0057300784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.244000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2022 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2022-I Class 11</title>
        <cusip>76119YAB9</cusip>
        <identifiers>
          <isin value="US76119YAB92"/>
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        <balance>3094000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77504.700000000000</valUSD>
        <pctVal>0.0021903710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.824000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential Re 2019 Ltd</name>
        <lei>N/A</lei>
        <title>Residential Re 2019-I Class 12</title>
        <cusip>76120FAA9</cusip>
        <identifiers>
          <isin value="US76120FAA93"/>
          <ticker value="RESID"/>
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        <balance>183217.470000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104479.760000000000</valUSD>
        <pctVal>0.0029527168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.814000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudson Charles (Mt. Logan Re)</name>
        <lei>N/A</lei>
        <title>Hudson Charles 2 (Mt. Logan Re)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="HUDSONC2"/>
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        <balance>25376.943000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25791853.480000000000</valUSD>
        <pctVal>0.7289071077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Madison (Artex Segregated Account Company)</name>
        <lei>N/A</lei>
        <title>Madison (Artex Segregated Account Company)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="MADISON"/>
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        <balance>5011.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>960768.210000000000</valUSD>
        <pctVal>0.0271524021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Peregrine HYR (Peregrine Segregated Account)</name>
        <lei>N/A</lei>
        <title>Peregrine HYR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PEREGRINEHYR"/>
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        <balance>1800000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21821079.600000000000</valUSD>
        <pctVal>0.6166885226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phoenix 2 Re Pte. Ltd.</name>
        <lei>254900BAVIFK6NATLK85</lei>
        <title>Phoenix 2 Re Pte. Ltd. 2022-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2423597801"/>
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        <balance>75000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80130.000000000000</valUSD>
        <pctVal>0.0022645649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hexagon IV Re Ltd.</name>
        <lei>984500B4771ADC9FDE26</lei>
        <title>Hexagon IV Re 2023-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2710192464"/>
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        <balance>6684000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".882730000000"/>
        <valUSD>7691120.460000000000</valUSD>
        <pctVal>0.2173598099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.611000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Acorn Re Ltd.</name>
        <lei>N/A</lei>
        <title>Acorn Re 2024-1 Class B</title>
        <cusip>00485YAF6</cusip>
        <identifiers>
          <isin value="US00485YAF60"/>
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        <balance>22505000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22535302.980000000000</valUSD>
        <pctVal>0.6368732875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.430000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2022-1 Class A</title>
        <cusip>011395AH3</cusip>
        <identifiers>
          <isin value="US011395AH35"/>
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        <balance>16903000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16951274.970000000000</valUSD>
        <pctVal>0.4790623062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.852000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aragonite Re Ltd.</name>
        <lei>254900LF29LPMNPHA287</lei>
        <title>Aragonite Re 2024-1 Class A</title>
        <cusip>03851YAA7</cusip>
        <identifiers>
          <isin value="US03851YAA73"/>
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        <balance>7442000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7691954.450000000000</valUSD>
        <pctVal>0.2173833794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.560000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astro Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Astro Re 2021-1 Class A</title>
        <cusip>04638WAA9</cusip>
        <identifiers>
          <isin value="US04638WAA99"/>
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        <fairValLevel>3</fairValLevel>
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        <name>Atlas Capital Reinsurance 2022 DAC</name>
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        <invCountry>IE</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Bayou Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
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          <isin value="US096003AA60"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Blue Ridge Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bowline Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Catahoula II Re Pte. Ltd.</name>
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          <isin value="US148805AB01"/>
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        <balance>7073000.000000000000</balance>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-16</maturityDt>
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      <invstOrSec>
        <name>East Lane Re VII Ltd.</name>
        <lei>N/A</lei>
        <title>East Lane Re VII 2024-1 Class A</title>
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          <isin value="US27332EAA91"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-31</maturityDt>
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      <invstOrSec>
        <name>Eden Re II Segregated Account 2025-1</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Kilimanjaro III Re Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Lightning Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re II Ltd.</name>
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        <title>Sanders Re II 2024-3 Class B</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re II Ltd.</name>
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        <name>Sanders Re II Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sector Re V Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Sutter Re Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Titania Re Ltd.</name>
        <lei>5493008E73M6FH2NSB56</lei>
        <title>Titania Re 2024-1 Class A</title>
        <cusip>888329AE9</cusip>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Veraison Re Ltd.</name>
        <lei>2549007WYB39A966J434</lei>
        <title>Veraison Re 2024-1 Class A</title>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Veraison Re Ltd.</name>
        <lei>2549007WYB39A966J434</lei>
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        <balance>26769000.000000000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vitality Re XV Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XV 2024 Class A</title>
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          <isin value="US92847CAA53"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arenal (Artex Segregated Account Company)</name>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Magnolia (Artex Segregated Account Company)</name>
        <lei>N/A</lei>
        <title>Magnolia (Artex Segregated Account Company)</title>
        <cusip>000000000</cusip>
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          <other otherDesc="USER DEFINED" value="MAGNOLIA"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Trouvaille Re Ltd.</name>
        <lei>N/A</lei>
        <title>Trouvaille Re Ltd.</title>
        <cusip>000000000</cusip>
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          <other otherDesc="USER DEFINED" value="TROUVAILLERE"/>
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        <balance>60.196933000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Armor Re II Ltd.</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor Re II 2024-2 Class A</title>
        <cusip>04227FAF2</cusip>
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          <isin value="US04227FAF27"/>
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        <balance>7651000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7683390.510000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.809000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atlas Capital DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC 2023-1 Class A</title>
        <cusip>049207AA1</cusip>
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          <isin value="US049207AA14"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.010000000000</annualizedRt>
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      <invstOrSec>
        <name>Cape Lookout Re Ltd.</name>
        <lei>N/A</lei>
        <title>Cape Lookout Re 2024-1 Class A</title>
        <cusip>13947LAF9</cusip>
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          <isin value="US13947LAF94"/>
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        <balance>47978000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.330000000000</annualizedRt>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re 2023-1 Class B</title>
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        <balance>6655000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.100000000000</annualizedRt>
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      <invstOrSec>
        <name>Claveau Re Ltd.</name>
        <lei>N/A</lei>
        <title>Claveau Re 2021-1 Class A</title>
        <cusip>182896AA8</cusip>
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          <isin value="US182896AA84"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2025-07-08</maturityDt>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re 2024-1 Class B</title>
        <cusip>177510AP9</cusip>
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        <balance>5980000.000000000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-07</maturityDt>
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          <annualizedRt>14.830000000000</annualizedRt>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re 2025-1 Class A</title>
        <cusip>177510AQ7</cusip>
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          <isin value="US177510AQ74"/>
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        <balance>6735000.000000000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-07</maturityDt>
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      <invstOrSec>
        <name>Easton Re Pte. Ltd.</name>
        <lei>N/A</lei>
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        <balance>250000.000000000000</balance>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-08</maturityDt>
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        <name>Eden Re II Segregated Account 2024-1</name>
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        <title>Eden Re II 2024-1 Class B</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2028-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
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      <invstOrSec>
        <name>Commonwealth Re Ltd.</name>
        <lei>N/A</lei>
        <title>Commonwealth Re 2023-1 Class A</title>
        <cusip>203235AB2</cusip>
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          <isin value="US203235AB20"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Everglades Re II Ltd.</name>
        <lei>5493000EE11S6ONK0372</lei>
        <title>Everglades Re II 2024-1 Class B</title>
        <cusip>30014LAN4</cusip>
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        <balance>36978000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38548048.900000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-13</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Hestia Re Ltd.</name>
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        <name>Four Lakes Re Ltd.</name>
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        <name>Hudson Charles (Mt. Logan Re)</name>
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        <name>Blue Sky Re DAC</name>
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        <name>Four Lakes Re Ltd.</name>
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        <name>Gateway Re Ltd.</name>
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        <name>Gateway Re Ltd.</name>
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        <name>Mona Lisa Re Ltd.</name>
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        <name>Montoya Re Ltd.</name>
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        <name>Montoya Re Ltd.</name>
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        <name>PoleStar Re Ltd.</name>
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        <name>PoleStar Re Ltd.</name>
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        <name>Purple Re Ltd.</name>
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        <curCd>USD</curCd>
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        <pctVal>0.7683612043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.278000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential Re 2021 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2021-I Class 13</title>
        <cusip>76114NAC6</cusip>
        <identifiers>
          <isin value="US76114NAC65"/>
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        <balance>5305000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4775030.500000000000</valUSD>
        <pctVal>0.1349477917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.194000000000</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>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-I Class 14</title>
        <cusip>76133XAB3</cusip>
        <identifiers>
          <isin value="US76133XAB38"/>
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        <balance>23567000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23010347.460000000000</valUSD>
        <pctVal>0.6502985846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.844000000000</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>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2022-2 Class B</title>
        <cusip>80001EAB6</cusip>
        <identifiers>
          <isin value="US80001EAB65"/>
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        <balance>9894000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9906382.340000000000</valUSD>
        <pctVal>0.2799656296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.754000000000</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>Sector Re V Limited</name>
        <lei>549300QS6XPZQHTCEJ97</lei>
        <title>Sector Re V Series 2023-Dec Class GL-R</title>
        <cusip>81369AEN8</cusip>
        <identifiers>
          <isin value="US81369AEN81"/>
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        <balance>4920.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>109698.150000000000</valUSD>
        <pctVal>0.0031001945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</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>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2023-1 Class A</title>
        <cusip>89141WAF9</cusip>
        <identifiers>
          <isin value="US89141WAF95"/>
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        <balance>8393000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8548241.120000000000</valUSD>
        <pctVal>0.2415830144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.278000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2024-1 Class C</title>
        <cusip>89141WAK8</cusip>
        <identifiers>
          <isin value="US89141WAK80"/>
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        <balance>7541000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7730252.710000000000</valUSD>
        <pctVal>0.2184657318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.278000000000</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>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re 2023-1 Class AA</title>
        <cusip>90323WAL4</cusip>
        <identifiers>
          <isin value="US90323WAL46"/>
        </identifiers>
        <balance>4722000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4792048.510000000000</valUSD>
        <pctVal>0.1354287400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.799000000000</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>Ursa Re II Ltd.</name>
        <lei>N/A</lei>
        <title>Ursa Re II 2022-1 Class A</title>
        <cusip>91734PAD8</cusip>
        <identifiers>
          <isin value="US91734PAD87"/>
        </identifiers>
        <balance>14166000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14168089.490000000000</valUSD>
        <pctVal>0.4004063197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.314000000000</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>Vista Re Ltd.</name>
        <lei>N/A</lei>
        <title>Vista Re 2022-1 Class A</title>
        <cusip>92840DAB8</cusip>
        <identifiers>
          <isin value="US92840DAB82"/>
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        <balance>3979000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4002515.890000000000</valUSD>
        <pctVal>0.1131156504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>18.820000000000</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>Vitality Re XIV Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XIV 2023 Class B</title>
        <cusip>92851QAB5</cusip>
        <identifiers>
          <isin value="US92851QAB59"/>
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        <balance>2416000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2458610.990000000000</valUSD>
        <pctVal>0.0694831423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.809000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hexagon III Re Pte. Ltd.</name>
        <lei>9845003Q740XB9CF0598</lei>
        <title>Hexagon III Re Pte. Class B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2411653293"/>
        </identifiers>
        <balance>2000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".882730000000"/>
        <valUSD>1642631.380000000000</valUSD>
        <pctVal>0.0464226307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.156000000000</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>Orange Capital Re DAC</name>
        <lei>635400PXTZAPQFEPH515</lei>
        <title>Orange Capital Re 2023-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2722275190"/>
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        <balance>1957000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".882730000000"/>
        <valUSD>2249699.790000000000</valUSD>
        <pctVal>0.0635790742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.103000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baltic PCC Ltd</name>
        <lei>549300GX6EH3ZRCQFX14</lei>
        <title>Baltic PCC 2025-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3037721118"/>
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        <balance>7494000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt=".750360000000"/>
        <valUSD>9987206.140000000000</valUSD>
        <pctVal>0.2822498021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.194000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Acorn Re Ltd.</name>
        <lei>N/A</lei>
        <title>Acorn Re 2024-1 Class A</title>
        <cusip>00485YAE9</cusip>
        <identifiers>
          <isin value="US00485YAE95"/>
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        <balance>12029000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12104163.210000000000</valUSD>
        <pctVal>0.3420774161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.430000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>3264 Re Ltd.</name>
        <lei>N/A</lei>
        <title>3264 Re 2025-1 Class A</title>
        <cusip>88577CAE1</cusip>
        <identifiers>
          <isin value="US88577CAE12"/>
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        <balance>6730000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6700808.630000000000</valUSD>
        <pctVal>0.1893724715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>25.559000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Stone Ridge Trust</ncom:nameOfApplicant>
      <ncom:signature>Maura Keselowsky</ncom:signature>
      <ncom:signerName>Maura Keselowsky</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
