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        <name>TORREY PINES RE LTD</name>
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        <name>FLOODSMART RE LTD</name>
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        <name>SILK ROAD RE LTD</name>
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        <name>LOGISTICS RE LTD</name>
        <lei>N/A</lei>
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        <name>LOWER FERRY RE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>3264 RE LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-07</maturityDt>
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      <invstOrSec>
        <name>CAPE LOOKOUT RE LTD</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-13</maturityDt>
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        <name>MERNA REINSURANCE II LTD</name>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SOLOMON RE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RESIDENTIAL REIN 2024</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>WINSTON RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GATEWAY RE LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TOMONI RE PTE LTD</name>
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        <name>ALAMO RE LTD</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd</title>
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        <name>CITRUS RE LTD</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ATLAS CAPITAL DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC</title>
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        <balance>5000000.00000000</balance>
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      </invstOrSec>
      <invstOrSec>
        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd</title>
        <cusip>89141WAJ1</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LONGLEAF PINE RE LTD</name>
        <lei>N/A</lei>
        <title>Longleaf Pine Re Ltd</title>
        <cusip>54307MAA6</cusip>
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          <isin value="US54307MAA62"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd</title>
        <cusip>096003AB4</cusip>
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          <isin value="US096003AB44"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>512250.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-08</maturityDt>
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      <invstOrSec>
        <name>FUCHSIA 2024-1 LONDON BR</name>
        <lei>N/A</lei>
        <title>Fuchsia 2024-1 - London Bridge 2 PCC Ltd</title>
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          <isin value="US541917AA86"/>
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        <balance>9000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-06</maturityDt>
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      <invstOrSec>
        <name>VITALITY RE XV LTD</name>
        <lei>N/A</lei>
        <title>Vitality Re XV Ltd</title>
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          <isin value="US92847CAA53"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-07</maturityDt>
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      <invstOrSec>
        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd</title>
        <cusip>89141WAF9</cusip>
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          <isin value="US89141WAF95"/>
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        <balance>8125000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-05</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENESEE STREET RE LTD</name>
        <lei>N/A</lei>
        <title>Genesee Street Re Ltd</title>
        <cusip>37173WAA0</cusip>
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          <isin value="US37173WAA09"/>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7500000.00000000</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>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.52913900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITRUS RE LTD</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd</title>
        <cusip>177510AR5</cusip>
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          <isin value="US177510AR57"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1741600.00000000</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>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FOUR LAKES RE LTD</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd</title>
        <cusip>35087TAD0</cusip>
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          <isin value="US35087TAD00"/>
          <other otherDesc="SEDOL" value="BMD48X1"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251925.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>RIVERFRONT RE LTD</name>
        <lei>N/A</lei>
        <title>Riverfront Re Ltd</title>
        <cusip>76870YAG7</cusip>
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          <isin value="US76870YAG70"/>
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        <balance>1500000.00000000</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>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TITANIA RE LTD</name>
        <lei>5493008E73M6FH2NSB56</lei>
        <title>Titania RE Ltd</title>
        <cusip>888329AF6</cusip>
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          <isin value="US888329AF62"/>
          <other otherDesc="SEDOL" value="BTJ0KQ9"/>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3758250.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-26</maturityDt>
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      <invstOrSec>
        <name>PURPLE RE LTD</name>
        <lei>N/A</lei>
        <title>Purple Re Ltd</title>
        <cusip>74639NAB9</cusip>
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          <isin value="US74639NAB91"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1555800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-05</maturityDt>
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      <invstOrSec>
        <name>2001 CAT RE LTD</name>
        <lei>5493007NG10QO60NSO35</lei>
        <title>2001 Cat RE Ltd</title>
        <cusip>90215BAB3</cusip>
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          <isin value="US90215BAB36"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-08</maturityDt>
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      <invstOrSec>
        <name>LAPIS LONDON BRIDGE 2</name>
        <lei>N/A</lei>
        <title>Lapis London Bridge 2 PCC Ltd</title>
        <cusip>54180CAA0</cusip>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-09</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>SANDERS RE III LTD</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd</title>
        <cusip>799925AA0</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-05</maturityDt>
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        <name>FOUNDATION RE IV LTD</name>
        <lei>N/A</lei>
        <title>Foundation Re IV Ltd</title>
        <cusip>349939AA6</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>MARLON LTD</name>
        <lei>98450044CD0YE4DAFC06</lei>
        <title>Marlon Ltd</title>
        <cusip>571253AA1</cusip>
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          <isin value="US571253AA10"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>767550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SANDERS RE II LTD</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd</title>
        <cusip>80001TAC1</cusip>
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          <isin value="US80001TAC18"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MYSTIC RE IV LTD</name>
        <lei>N/A</lei>
        <title>Mystic Re IV Ltd</title>
        <cusip>62865LAH0</cusip>
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          <isin value="US62865LAH06"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-10</maturityDt>
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      <invstOrSec>
        <name>MAYFLOWER RE LTD</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd</title>
        <cusip>57839MAC2</cusip>
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          <isin value="US57839MAC29"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2035000.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-08</maturityDt>
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      <invstOrSec>
        <name>TITANIA RE LTD</name>
        <lei>5493008E73M6FH2NSB56</lei>
        <title>Titania RE Ltd</title>
        <cusip>888329AE9</cusip>
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          <isin value="US888329AE97"/>
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        <balance>4250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-26</maturityDt>
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      <invstOrSec>
        <name>TOMONI RE PTE LTD</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte Ltd</title>
        <cusip>89009PAE8</cusip>
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          <isin value="US89009PAE88"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>753600.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-05</maturityDt>
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      <invstOrSec>
        <name>CITRUS RE LTD</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd</title>
        <cusip>177510AQ7</cusip>
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          <isin value="US177510AQ74"/>
          <other otherDesc="SEDOL" value="BS81BQ3"/>
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        <balance>5350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5306130.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-07</maturityDt>
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          <annualizedRt>12.03122600</annualizedRt>
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      <invstOrSec>
        <name>MAYFLOWER RE LTD</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd</title>
        <cusip>57839MAB4</cusip>
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          <isin value="US57839MAB46"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3315000.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PURPLE RE LTD</name>
        <lei>N/A</lei>
        <title>Purple Re Ltd</title>
        <cusip>74639NAC7</cusip>
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          <isin value="US74639NAC74"/>
          <other otherDesc="SEDOL" value="BPVG625"/>
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        <balance>3600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3688560.00000000</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>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.28122600</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FOUR LAKES RE LTD</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd</title>
        <cusip>35087TAF5</cusip>
        <identifiers>
          <isin value="US35087TAF57"/>
          <other otherDesc="SEDOL" value="BNG12W3"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2848725.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.78122600</annualizedRt>
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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 Ltd</title>
        <cusip>62865LAG2</cusip>
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          <isin value="US62865LAG23"/>
          <other otherDesc="SEDOL" value="BS6XKQ4"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1778700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-10</maturityDt>
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      <invstOrSec>
        <name>NAKAMA RE PTE LTD</name>
        <lei>N/A</lei>
        <title>Nakama Re Pte Ltd</title>
        <cusip>62984JAC2</cusip>
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          <isin value="US62984JAC27"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8070400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-04</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FOUR LAKES RE LTD</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd</title>
        <cusip>35087TAG3</cusip>
        <identifiers>
          <isin value="US35087TAG31"/>
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        <balance>9120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9071664.00000000</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>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HERBIE RE LTD</name>
        <lei>N/A</lei>
        <title>Herbie Re Ltd</title>
        <cusip>42703VAG8</cusip>
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          <isin value="US42703VAG86"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5761800.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>OCELOT RE LTD</name>
        <lei>N/A</lei>
        <title>Ocelot Re Ltd</title>
        <cusip>675951AB3</cusip>
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          <isin value="US675951AB39"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-26</maturityDt>
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        <name>ALAMO RE LTD</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd</title>
        <cusip>011395AJ9</cusip>
        <identifiers>
          <isin value="US011395AJ90"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-07</maturityDt>
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      <invstOrSec>
        <name>TITANIA RE LTD</name>
        <lei>5493008E73M6FH2NSB56</lei>
        <title>Titania RE Ltd</title>
        <cusip>888329AD1</cusip>
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          <isin value="US888329AD15"/>
          <other otherDesc="SEDOL" value="BQT5FJ1"/>
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        <balance>4750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4895350.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-27</maturityDt>
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      <invstOrSec>
        <name>PUERTO RICO PARAMETRIC</name>
        <lei>254900GJDFHQXGUCMO94</lei>
        <title>Puerto Rico Parametric Re Ltd</title>
        <cusip>74528TAA2</cusip>
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          <isin value="US74528TAA25"/>
          <other otherDesc="SEDOL" value="BPBPD43"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517850.00000000</valUSD>
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        <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>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
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        <name>INTEGRITY RE III</name>
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        <name>FOUR LAKES RE LTD</name>
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        <name>SANDERS RE II LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MYSTIC RE IV LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SANDERS RE III LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INTL BK RECON &amp; DEVELOP</name>
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        <name>URSA RE LTD</name>
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        <name>INTEGRITY RE III</name>
        <lei>254900VWHVNG2WMBWC74</lei>
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        <name>MYSTIC RE IV LTD</name>
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        <name>CHARLES RIVER RE LTD</name>
        <lei>N/A</lei>
        <title>Charles River Re Ltd</title>
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      <invstOrSec>
        <name>NORTHSHORE RE II LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>URSA RE II LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OCELOT RE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIRST COAST RE IV LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PALM RE LTD</name>
        <lei>984500D3C66DA10DAP11</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VITALITY RE XIII LTD</name>
        <lei>N/A</lei>
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          <isin value="US92849MAA18"/>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-06</maturityDt>
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      <invstOrSec>
        <name>INTL BK RECON &amp; DEVELOP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WHITE HERON RE 2024</name>
        <lei>N/A</lei>
        <title>WHITE HERON RE 2024</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="XILS00652393"/>
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        <balance>5500000.00000000</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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          <maturityDt>2030-05-31</maturityDt>
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      <invstOrSec>
        <name>HERBIE RE LTD</name>
        <lei>N/A</lei>
        <title>Herbie Re Ltd</title>
        <cusip>42703VAK9</cusip>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2030200.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
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      <invstOrSec>
        <name>SANDERS RE II LTD</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd</title>
        <cusip>80001TAB3</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-08</maturityDt>
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        <name>RAMBLE RE LTD</name>
        <lei>254900X8K5BTBY971F92</lei>
        <title>Ramble RE Ltd</title>
        <cusip>751443AA0</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-05</maturityDt>
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        <name>WINDMILL III RE DAC</name>
        <lei>635400PB5AXUZ6R7CT68</lei>
        <title>Windmill III Re DAC</title>
        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>SANDERS RE II LTD</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd</title>
        <cusip>80001TAD9</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ALAMO RE LTD</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd</title>
        <cusip>011395AN0</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-07</maturityDt>
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        <name>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd</title>
        <cusip>36779CAQ9</cusip>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-07</maturityDt>
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        <name>SAKURA RE LTD</name>
        <lei>N/A</lei>
        <title>Sakura RE Ltd</title>
        <cusip>79381MAD6</cusip>
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        <balance>2750000.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-05</maturityDt>
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        <name>FIRST COAST RE IV LTD</name>
        <lei>N/A</lei>
        <title>First Coast Re IV Ltd</title>
        <cusip>31969UAA5</cusip>
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        <balance>600000.00000000</balance>
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        <valUSD>612780.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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        <name>GALILEO RE LTD</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SANDERS RE III LTD</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>QUEEN STREET 2023 RE DAC</name>
        <lei>635400VHHVVMXL5BJI05</lei>
        <title>Queen Street 2023 RE DAC</title>
        <cusip>747977AA4</cusip>
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          <isin value="US747977AA45"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FOUR LAKES RE LTD</name>
        <lei>549300MG4RRU6DT7MN54</lei>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-07</maturityDt>
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      <invstOrSec>
        <name>NAKAMA RE LTD</name>
        <lei>2549003ZFVVVVKMRJ633</lei>
        <title>Nakama Re Ltd</title>
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          <isin value="US62983QAN34"/>
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        <curCd>USD</curCd>
        <valUSD>252800.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-09</maturityDt>
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      <invstOrSec>
        <name>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd</title>
        <cusip>36779CAP1</cusip>
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          <isin value="US36779CAP14"/>
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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>2025-12-22</maturityDt>
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      <invstOrSec>
        <name>VITALITY RE XV LTD</name>
        <lei>N/A</lei>
        <title>Vitality Re XV Ltd</title>
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          <isin value="US92847CAB37"/>
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        <curCd>USD</curCd>
        <valUSD>515900.00000000</valUSD>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re Ltd</title>
        <cusip>49407QAH1</cusip>
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          <isin value="US49407QAH11"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4730400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-30</maturityDt>
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      <invstOrSec>
        <name>HERBIE RE LTD</name>
        <lei>N/A</lei>
        <title>Herbie Re Ltd</title>
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          <isin value="US42703VAJ26"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4992000.00000000</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
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      <invstOrSec>
        <name>FLOODSMART RE LTD</name>
        <lei>549300KK1LNVFW95S875</lei>
        <title>FloodSmart Re Ltd</title>
        <cusip>33975CAQ8</cusip>
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          <isin value="US33975CAQ87"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-12</maturityDt>
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      <invstOrSec>
        <name>ARMOR RE II LTD</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor RE II Ltd</title>
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          <isin value="US04227FAE51"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-07</maturityDt>
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      <invstOrSec>
        <name>VITALITY RE XVI LTD</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
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        <name>KENDALL RE LTD</name>
        <lei>N/A</lei>
        <title>Kendall Re Ltd</title>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-30</maturityDt>
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        <name>MMIFS RE LTD</name>
        <lei>254900C86PCL10JRTQ88</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>INTEGRITY RE LTD</name>
        <lei>N/A</lei>
        <title>Integrity Re Ltd</title>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HESTIA RE LTD</name>
        <lei>549300QRKQ1ZKOXEMZ38</lei>
        <title>Hestia Re Ltd</title>
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          <isin value="US42815KAD46"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-13</maturityDt>
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        <name>BLACK KITE RE LTD</name>
        <lei>N/A</lei>
        <title>BLACK KITE RE LTD</title>
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        <invCountry>HK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-08</maturityDt>
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      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re Ltd</title>
        <cusip>49407QAG3</cusip>
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        <name>HERBIE RE LTD</name>
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        <name>HESTIA RE LTD</name>
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        <name>AQUILA RE LTD 2023-1</name>
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      <invstOrSec>
        <name>HIGH POINT RE LTD</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NORTHSHORE RE II LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AZZURRO RE II DAC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>URSA RE LTD</name>
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        <name>BALDWIN RE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MONA LISA RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-25</maturityDt>
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        <name>CITRUS RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-07</maturityDt>
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      <invstOrSec>
        <name>RESIDENTIAL REIN 2024</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-06</maturityDt>
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      <invstOrSec>
        <name>CAPE LOOKOUT RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BONANZA RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SANDERS RE III LTD</name>
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        <name>GALILEO RE LTD</name>
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        <title>Galileo Re Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BRIDGE STREET RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GATEWAY RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BLUE SKY RE DAC</name>
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        <name>AQUILA RE LTD 2023-1</name>
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          <maturityDt>2026-06-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.45913900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="ISO country code not reported for supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios IV</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
