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        <name>Trouvaille Re Ltd.</name>
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        <name>Quercus Re DAC</name>
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        <name>Sanders Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>IBRD</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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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Topanga Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Veraison Re Ltd.</name>
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        <name>Vitality Re XVI Limited</name>
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        <name>Wrigley Re Ltd.</name>
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        <name>Yoho (Artex Segregated Account Company)</name>
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        <name>Alamo Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alamo Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Atlas Capital DAC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bayou Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bluebonnet Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Cape Lookout Re Ltd.</name>
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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>Everglades Re II Ltd.</name>
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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>
        
        <fairValLevel>3</fairValLevel>
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        <name>FloodSmart Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Foundation Re VI Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Four Lakes Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Galileo Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Gateway Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Gateway Re Ltd.</name>
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        <title>Gateway Re 2024-1 Class AA</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Kilimanjaro II Re Limited</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <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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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Matterhorn Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Nakama Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nature Coast Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ocelot Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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>Purple Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Re 2021 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2021-I Class 11</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Residential Re 2021 Limited</name>
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        <title>Residential Re 2021-I Class 12</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Sakura Re Ltd.</name>
        <lei>N/A</lei>
        <title>Sakura Re 2025-1 Class A</title>
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          <isin value="US79381MAD65"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re II Ltd.</name>
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        <title>Sanders Re II 2025-2 Class A-1</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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        <name>Sanders Re III Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Skyline Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Peregrine HYR (Peregrine Segregated Account)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>IBRD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Topanga Re Ltd.</name>
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        <title>Topanga Re 2025-1 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2024-1 Class B</title>
        <cusip>89141WAJ1</cusip>
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        <invCountry>BM</invCountry>
        
        <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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        <name>Easton Re Pte. Ltd.</name>
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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>Genesee Street Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Handshake Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>High Point Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Matterhorn Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Mayflower Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Merna Re II Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Mona Lisa Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Mona Lisa Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Montoya Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mystic Re IV Ltd.</name>
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        <name>Palm Re Ltd.</name>
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        <name>Hatteras (Artex Segregated Account Company)</name>
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        <name>Eiffel Re Ltd.</name>
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        <name>Hexagon IV Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MMIFS Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Nature Coast Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PoleStar Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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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        <name>Ursa Re II Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Windrose Re Ltd</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Winston Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Winston Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Phoenix 2 Re Pte. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Pelican IV Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>PoleStar Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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>Residential Reinsurance 2025 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Phoenix 2 Re Pte. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Cape Lookout Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>East Lane Re VII 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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        <name>Logistics Re Ltd.</name>
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        <name>Merna Re II Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Luca Re Ltd.</name>
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        <name>Nakama Re Pte. Ltd.</name>
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        <name>Nature Coast Re Ltd.</name>
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        <name>Armor Re II Ltd.</name>
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        <name>Astro Re Pte. Ltd.</name>
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        <name>Baldwin Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Vitality Re XVII Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bayou Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bayou Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Windrose Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Madison (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Orange Capital Re DAC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Blue Sky Re DAC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Blue Ridge Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bluebonnet Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Lion Re DAC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bonanza Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bridge Street Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Cape Lookout Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Chartwell Re 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>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth Re Ltd.</name>
        <lei>N/A</lei>
        <title>Commonwealth Re 2025-1 Class A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Eden Re II Segregated Account 2025-1</name>
        <lei>549300LKX8PCP3SC3F42</lei>
        <title>Eden Re II 2025-1 Class B</title>
        <cusip>27954JAB3</cusip>
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          <isin value="US27954JAB35"/>
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        <balance>35154000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40214292.450000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Finca Re Ltd</name>
        <lei>N/A</lei>
        <title>Finca Re 2025-1 Class A</title>
        <cusip>31771QAB0</cusip>
        <identifiers>
          <isin value="US31771QAB05"/>
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        <balance>3168000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3252268.800000000000</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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      <invstOrSec>
        <name>1886 Re Ltd.</name>
        <lei>N/A</lei>
        <title>1886 Re 2025-1 Class A</title>
        <cusip>68252UAA3</cusip>
        <identifiers>
          <isin value="US68252UAA34"/>
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        <balance>5760000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5982912.000000000000</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>2029-07-09</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Residential Reinsurance 2025 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2025-I Class 13</title>
        <cusip>76091DAA9</cusip>
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          <isin value="US76091DAA90"/>
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        <balance>3565000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3626674.500000000000</valUSD>
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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>2029-06-06</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>3264 Re Ltd.</name>
        <lei>N/A</lei>
        <title>3264 Re 2025-1 Class A</title>
        <cusip>88577CAE1</cusip>
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          <isin value="US88577CAE12"/>
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        <curCd>USD</curCd>
        <valUSD>7180237.000000000000</valUSD>
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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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        <securityLending>
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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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        <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>7.423000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rondout (Artex Segregated Account Company)</name>
        <lei>N/A</lei>
        <title>Rondout (Artex Segregated Account Company)</title>
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          <other otherDesc="USER DEFINED" value="RONDOUT"/>
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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>
        <securityLending>
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      <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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        <currencyConditional curCd="GBP" exchangeRt=".730810000000"/>
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        <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>9.552000000000</annualizedRt>
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      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-I Class 14</title>
        <cusip>76091BAC9</cusip>
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          <isin value="US76091BAC90"/>
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        <balance>5160000.000000000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Reinsurance 2025 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2025-II Class 2</title>
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          <isin value="US76091JAA60"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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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>
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          <isin value="US76112AAE29"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Reinsurance 2022 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2022-I Class 13</title>
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          <isin value="US76119YAD58"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2022 Limited</name>
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        <title>Residential Re 2022-I Class 14</title>
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          <isin value="US76119YAE32"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sabine Re Ltd.</name>
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        <title>Sabine Re 2024-1 Class A</title>
        <cusip>785628AA6</cusip>
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          <isin value="US785628AA63"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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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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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2024-1 Class A</title>
        <cusip>011395AN0</cusip>
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        <curCd>USD</curCd>
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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>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
        <title>Aquila Re I 2024-1 Class B-1</title>
        <cusip>037987AB0</cusip>
        <identifiers>
          <isin value="US037987AB06"/>
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        <balance>6972000.000000000000</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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      <invstOrSec>
        <name>East Lane Re VII Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Everglades Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Foundation Re IV Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Four Lakes Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2024-2 Class C</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Herbie Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>London Bridge 2 PCC Limited</name>
        <lei>N/A</lei>
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        <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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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Hudson Charles (Mt. Logan Re)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Acorn Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Blue Ridge Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bluebonnet Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Maschpark Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Matterhorn Re Ltd.</name>
        <lei>549300QRZ77PO1BYWT39</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re II Ltd.</name>
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        <title>Sanders Re II 2025-1 Class B-1</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>3264 Re Ltd.</name>
        <lei>N/A</lei>
        <title>3264 Re 2025-1 Class B</title>
        <cusip>88577CAF8</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2024-1 Class C</title>
        <cusip>011395AQ3</cusip>
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        <name>Blue Ridge Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Eden Re II Segregated Account 2024-1</name>
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        <name>Everglades Re II Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fidelity Government Portfolio</name>
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        <name>First Coast Re IV Ltd.</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>Integrity Re III Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Integrity Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Athena I Reinsurance DAC</name>
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        <name>MMIFS Re Ltd.</name>
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        <name>Citrus Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citrus Re Ltd.</name>
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        <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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      <invstOrSec>
        <name>Everglades Re II Ltd.</name>
        <lei>5493000EE11S6ONK0372</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Coast Re IV Ltd.</name>
        <lei>N/A</lei>
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        <cusip>31969UAC1</cusip>
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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>FloodSmart Re Ltd.</name>
        <lei>549300KK1LNVFW95S875</lei>
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        <cusip>33975CAM7</cusip>
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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>Tomoni Re Pte. Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US89009PAE88"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>SG</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Integrity Re Ltd</name>
        <lei>N/A</lei>
        <title>Integrity Re 2024-1 Class B</title>
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          <isin value="US45833UAK79"/>
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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>2026-06-06</maturityDt>
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      <invstOrSec>
        <name>Integrity Re III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity Re III 2025-1 Class A-2</title>
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          <isin value="US45870GAB23"/>
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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>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.653000000000</annualizedRt>
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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>
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          <isin value="US45870GAE61"/>
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        <balance>10577000.000000000000</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>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Kilimanjaro III Re Limited</name>
        <lei>254900T37LD5YQ545V53</lei>
        <title>Kilimanjaro III Re 2021-2 Class B-2</title>
        <cusip>49407PAJ9</cusip>
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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>PoleStar Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-II Class 5</title>
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          <isin value="US76090WAC47"/>
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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 Reinsurance 2025 Limited</name>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2025 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Stabilitas Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sutter Re Ltd.</name>
        <lei>N/A</lei>
        <title>Sutter Re 2023-1 Class B</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sutter Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2023-1 Class A</title>
        <cusip>89141WAF9</cusip>
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          <isin value="US89141WAF95"/>
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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>Veraison Re Ltd.</name>
        <lei>2549007WYB39A966J434</lei>
        <title>Veraison Re 2023-1 Class A</title>
        <cusip>92335TAA7</cusip>
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        <balance>4854000.000000000000</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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        <fairValLevel>2</fairValLevel>
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        <name>Titania Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ursa Re II Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Vitality Re XVI Limited</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Yosemite Re Ltd.</name>
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        <name>Taranis Reinsurance DAC</name>
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        <name>Aquila Re I Ltd.</name>
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        <name>Aquila Re I Ltd.</name>
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        <name>Eden Re II Segregated Account 2023-1</name>
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        <fairValLevel>3</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>FloodSmart Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Galileo Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Re II Ltd.</name>
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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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          <isin value="US39526JAA97"/>
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        <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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        <curCd>USD</curCd>
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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 B</title>
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          <isin value="US42703VAK98"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
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      <invstOrSec>
        <name>Kilimanjaro II Re Limited</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re 2025-1 Class C-1</title>
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          <isin value="US49407QAL23"/>
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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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      <invstOrSec>
        <name>Kizuna Re III Pte. Ltd.</name>
        <lei>984500004749BBB42B88</lei>
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          <isin value="US49835JAB26"/>
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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>London Bridge 2 PCC Limited</name>
        <lei>N/A</lei>
        <title>Fuchsia 2 2024-1 Class A</title>
        <cusip>541917AA8</cusip>
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          <isin value="US541917AA86"/>
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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>Longleaf Pine Re Ltd.</name>
        <lei>N/A</lei>
        <title>Longleaf Pine Re 2024-1 Class A</title>
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          <isin value="US54307MAA62"/>
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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>Lower Ferry Re Ltd.</name>
        <lei>N/A</lei>
        <title>Lower Ferry Re 2023-1 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Mystic Re IV 2026-1 Class A</title>
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          <isin value="US62865LAJ61"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PoleStar Re Ltd.</name>
        <lei>254900VQQ6V3O4PG3408</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Turris Re Ltd.</name>
        <lei>254900AYLTVDMB8FO181</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Windrose Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <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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        <name>Azzurro Re II</name>
        <lei>635400NZWVDIAI82JP08</lei>
        <title>Azzurro Re II DAC 2024-1 Class A</title>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>London Bridge 2 PCC Limited</name>
        <lei>N/A</lei>
        <title>Vision 2039 2025-1 Class A</title>
        <cusip>YQ2208250</cusip>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>9.402000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US76870YAG70"/>
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        <balance>1250000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1292437.500000000000</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>11.423000000000</annualizedRt>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2022-3 Class A</title>
        <cusip>80000YAA5</cusip>
        <identifiers>
          <isin value="US80000YAA55"/>
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        <balance>4607000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4778841.100000000000</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>2027-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.663000000000</annualizedRt>
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      <invstOrSec>
        <name>Northshore Re II Limited</name>
        <lei>N/A</lei>
        <title>Northshore Re II 2025-1 Class A</title>
        <cusip>666842AF6</cusip>
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          <isin value="US666842AF60"/>
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        <balance>12460000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12616373.000000000000</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>8.673000000000</annualizedRt>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2023-1 Class A</title>
        <cusip>74639NAA1</cusip>
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          <isin value="US74639NAA19"/>
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        <balance>8749000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8958976.000000000000</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>2026-04-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.683000000000</annualizedRt>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2023-2 Class A</title>
        <cusip>74639NAB9</cusip>
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          <isin value="US74639NAB91"/>
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        <balance>7888000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8108864.000000000000</valUSD>
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        <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>14.253000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>123914.700000000000</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>2026-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.173000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Montoya Re Ltd.</name>
        <lei>N/A</lei>
        <title>Montoya Re 2025-1 Class A</title>
        <cusip>613752AD6</cusip>
        <identifiers>
          <isin value="US613752AD62"/>
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        <balance>1735000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1747145.000000000000</valUSD>
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        <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>9.423000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Mystic Re IV 2025-1 Class C</title>
        <cusip>62865LAH0</cusip>
        <identifiers>
          <isin value="US62865LAH06"/>
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        <balance>9538000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8822650.000000000000</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>17.803000000000</annualizedRt>
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        <securityLending>
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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>
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          <isin value="US57839MAB46"/>
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        <balance>19779000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20125132.500000000000</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>10.186000000000</annualizedRt>
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      <invstOrSec>
        <name>Meritage Re Ltd.</name>
        <lei>254900TG8PO2J3ZD4Q82</lei>
        <title>Meritage Re 2026-1 Class A</title>
        <cusip>59002JAA0</cusip>
        <identifiers>
          <isin value="US59002JAA07"/>
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        <balance>17875000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17835675.000000000000</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>2029-03-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.622000000000</annualizedRt>
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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>
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          <isin value="US608800AK40"/>
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        <balance>9129000.000000000000</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>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.263000000000</annualizedRt>
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      <invstOrSec>
        <name>Nakama Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nakama Re 2025-1 Class 1</title>
        <cusip>62984JAD0</cusip>
        <identifiers>
          <isin value="US62984JAD00"/>
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        <balance>3650000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3676280.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>SG</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.752000000000</annualizedRt>
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        <name>Recoletos Re DAC</name>
        <lei>635400FIY9UG8ZHKYH56</lei>
        <title>Recoletos Re DAC 2024-1 Class A</title>
        <cusip>755933AA6</cusip>
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        <balance>7030000.000000000000</balance>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-I Class 13</title>
        <cusip>76133XAA5</cusip>
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          <isin value="US76133XAA54"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re 2023-3 Class D</title>
        <cusip>90323WAQ3</cusip>
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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 2025-1 Class A</title>
        <cusip>92335TAD1</cusip>
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        <balance>26769000.000000000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.173000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Veraison Re Ltd.</name>
        <lei>2549007WYB39A966J434</lei>
        <title>Veraison Re 2025-1 Class B</title>
        <cusip>92335TAE9</cusip>
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        <balance>11170000.000000000000</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>
        <debtSec>
          <maturityDt>2028-03-08</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Golden Bear Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Herbie Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Integrity Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Integrity Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Montoya Re Ltd.</name>
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        <name>Mountain Re Ltd.</name>
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        <name>Mystic Re IV Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nature Coast Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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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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        <balance>7078000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7389078.100000000000</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>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-II Class 2</title>
        <cusip>76112AAC6</cusip>
        <identifiers>
          <isin value="US76112AAC62"/>
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        <balance>4876000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5163440.200000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-06</maturityDt>
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      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-I Class 14</title>
        <cusip>76133XAB3</cusip>
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          <isin value="US76133XAB38"/>
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        <balance>23567000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24073690.500000000000</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>2027-06-06</maturityDt>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
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        <title>Sanders Re II 2025-1 Class B-2</title>
        <cusip>80001TAD9</cusip>
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          <isin value="US80001TAD90"/>
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        <balance>25732000.000000000000</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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      <invstOrSec>
        <name>Tomoni Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte 2022-1 Class B-1</title>
        <cusip>89009PAB4</cusip>
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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>Magnolia (Artex Segregated Account Company)</name>
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        <title>Magnolia (Artex Segregated Account Company)</title>
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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>King Max Re DAC</name>
        <lei>635400D6MW4WMVI42S36</lei>
        <title>King Max Re DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2723834052"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IBRD</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>IBRD CAR 133 Class B</title>
        <cusip>000000000</cusip>
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          <isin value="XS2799645606"/>
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        <balance>7616000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hexagon IV Re Ltd.</name>
        <lei>984500B4771ADC9FDE26</lei>
        <title>Hexagon IV Re 2025-1 Class A</title>
        <cusip>000000000</cusip>
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          <isin value="XS3216208689"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-22</maturityDt>
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      <invstOrSec>
        <name>Acorn Re Ltd.</name>
        <lei>N/A</lei>
        <title>Acorn Re 2024-1 Class A</title>
        <cusip>00485YAE9</cusip>
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          <isin value="US00485YAE95"/>
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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>Black Kite Re Limited</name>
        <lei>N/A</lei>
        <title>Black Kite Re 2025-1 Class A</title>
        <cusip>092168AB9</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>HK</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-08</maturityDt>
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      <invstOrSec>
        <name>Bonanza Re Ltd.</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza Re 2025-1 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>Bridge Street Re Ltd</name>
        <lei>2549008NKPLMU6X7ID58</lei>
        <title>Bridge Street Re 2025-1 Class A</title>
        <cusip>10807LAA5</cusip>
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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>FloodSmart Re Ltd.</name>
        <lei>549300KK1LNVFW95S875</lei>
        <title>FloodSmart Re 2024-1 Class B</title>
        <cusip>33975CAQ8</cusip>
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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>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re 2024-1 Class A</title>
        <cusip>35087TAG3</cusip>
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          <isin value="US35087TAG31"/>
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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>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re 2025-1 Class B</title>
        <cusip>35087TAK4</cusip>
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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>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2025-1 Class A</title>
        <cusip>36779CAQ9</cusip>
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        <balance>3457000.000000000000</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>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.173000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hestia Re Ltd.</name>
        <lei>549300QRKQ1ZKOXEMZ38</lei>
        <title>Hestia Re 2025-1 Class B</title>
        <cusip>42815KAD4</cusip>
        <identifiers>
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        <balance>7339000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7522475.000000000000</valUSD>
        <pctVal>0.1820043357</pctVal>
        <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>
          <annualizedRt>11.923000000000</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>2026-04-01</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>
  <documents>XXXX</documents>
</edgarSubmission>
