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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Genesee Street Re Ltd.</name>
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        <name>Integrity Re III Ltd.</name>
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        <name>Titania Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>London Bridge 2 PCC Limited</name>
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        <name>Lower Ferry Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2023 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-I Class 13</title>
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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-I Class 14</title>
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          <isin value="US76133XAB38"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders Re IV Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US80001WAA80"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Solis Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tomoni Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte 2024-1 Class A</title>
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          <isin value="US89009PAE88"/>
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        <invCountry>SG</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2024-1 Class B</title>
        <cusip>89141WAJ1</cusip>
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          <isin value="US89141WAJ18"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vitality Re XVII Ltd</name>
        <lei>N/A</lei>
        <title>Vitality Re XVII 2026 Class A</title>
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          <isin value="US92853KAA88"/>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Winston Re Ltd.</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston Re 2026-1 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Yosemite Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Hatteras (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>RR-JP US 052226</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2023-1 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Armor Re II Ltd.</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor Re II 2026-1 Class A</title>
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        <invCountry>BM</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 D</title>
        <cusip>45833UAM3</cusip>
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          <isin value="US45833UAM36"/>
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        <balance>8594000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>26.490000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kendall Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Kizuna Re III Pte. Ltd.</name>
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        <invCountry>SG</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Long Point Re IV Ltd</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Lower Ferry Re Ltd.</name>
        <lei>N/A</lei>
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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>Merna Re II Ltd</name>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
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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>Nakama Re Ltd.</name>
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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>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2025-1 Class A</title>
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          <isin value="US74639NAD57"/>
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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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        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2026-1 Class A</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2024 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Residential Re 2021 Limited</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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        <name>3264 Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Foundation Re IV Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MSILF Government Portfolio</name>
        <lei>549300BI6Y5SI6BYPB26</lei>
        <title>MSILF Government Portfolio</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Nature Coast Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nature Coast Re 2026-1 Class A</title>
        <cusip>63901CAF8</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2024-1 Class A</title>
        <cusip>74639NAC7</cusip>
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          <isin value="US74639NAC74"/>
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        <balance>26698000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27518963.500000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.820000000000</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>
        <identifiers>
          <isin value="US76091BAC90"/>
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        <balance>5160000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5109690.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Residential Reinsurance 2025 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2025-II Class 2</title>
        <cusip>76091JAA6</cusip>
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          <isin value="US76091JAA60"/>
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        <balance>5292000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5223733.200000000000</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>2029-12-06</maturityDt>
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          <annualizedRt>13.944000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Peregrine HYR (Peregrine Segregated Account)</name>
        <lei>N/A</lei>
        <title>Peregrine HYR</title>
        <cusip>000000000</cusip>
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          <other otherDesc="USER DEFINED" value="PEREGRINEHYR"/>
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        <balance>1800000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29958256.800000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2024-1 Class C</title>
        <cusip>011395AQ3</cusip>
        <identifiers>
          <isin value="US011395AQ34"/>
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        <balance>45061000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.574000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Matterhorn Re Ltd.</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re 2026-1 Class B</title>
        <cusip>577092BC2</cusip>
        <identifiers>
          <isin value="US577092BC27"/>
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        <balance>2086000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2049703.600000000000</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>2029-02-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.444000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mona Lisa Re Ltd.</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re 2024-1 Class A</title>
        <cusip>608800AH1</cusip>
        <identifiers>
          <isin value="US608800AH11"/>
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        <balance>8658000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9054536.400000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.444000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Mystic Re IV 2026-1 Class B</title>
        <cusip>62865LAK3</cusip>
        <identifiers>
          <isin value="US62865LAK35"/>
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        <balance>6744000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6667455.600000000000</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>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.594000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
          <isin value="US666842AF60"/>
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        <balance>12460000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12488035.000000000000</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>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.694000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ocelot Re Ltd.</name>
        <lei>N/A</lei>
        <title>Ocelot Re 2025-1 Class B</title>
        <cusip>675951AC1</cusip>
        <identifiers>
          <isin value="US675951AC12"/>
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        <balance>2812000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2889189.400000000000</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>2029-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.754000000000</annualizedRt>
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        <securityLending>
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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>5939136.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.194000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Palm Re Ltd.</name>
        <lei>984500D3C66DA10DAP11</lei>
        <title>Palm Re 2026-1 Class A</title>
        <cusip>69664FAC2</cusip>
        <identifiers>
          <isin value="US69664FAC23"/>
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        <balance>14097000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14082903.000000000000</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>2029-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.694000000000</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>
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          <isin value="US76119YAB92"/>
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        <balance>3094000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-06</maturityDt>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-2 Class A-1</title>
        <cusip>80001AAA6</cusip>
        <identifiers>
          <isin value="US80001AAA60"/>
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        <balance>4174000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4315081.200000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Sanders Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re IV 2026-1A Class A-2</title>
        <cusip>80001WAB6</cusip>
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          <isin value="US80001WAB63"/>
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        <balance>29707000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-07</maturityDt>
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      <invstOrSec>
        <name>Stabilitas Re Ltd.</name>
        <lei>N/A</lei>
        <title>Stabilitas Re 2023-1 Class A</title>
        <cusip>85237TAA0</cusip>
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          <isin value="US85237TAA07"/>
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        <balance>8399000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.174000000000</annualizedRt>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2025-1 Class C</title>
        <cusip>89141WAN2</cusip>
        <identifiers>
          <isin value="US89141WAN20"/>
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        <balance>17715000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18182676.000000000000</valUSD>
        <pctVal>0.4096501567</pctVal>
        <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>10.194000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
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        <title>Ursa Re 2023-3 Class AA</title>
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        <name>Taranis Reinsurance DAC</name>
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        <name>Aquila Re I Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Baldwin Re Ltd.</name>
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        <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>Bonanza Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bridge Street Re Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chartwell Re Ltd.</name>
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        <name>Citrus Re Ltd.</name>
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        <name>Eden Re II Segregated Account 2022-1</name>
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        <name>FloodSmart Re Ltd.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Gateway Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Greengrove Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kilimanjaro II Re Limited</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re 2025-1 Class C-1</title>
        <cusip>49407QAL2</cusip>
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          <isin value="US49407QAL23"/>
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        <balance>1684000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1716501.200000000000</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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        <securityLending>
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      <invstOrSec>
        <name>Liongate Re DAC</name>
        <lei>635400XWDC4YQUGGO620</lei>
        <title>Liongate Re DAC</title>
        <cusip>53625HAA4</cusip>
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          <isin value="US53625HAA41"/>
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        <balance>2532000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2543647.200000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-25</maturityDt>
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          <annualizedRt>7.150000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>London Bridge 2 PCC Limited</name>
        <lei>N/A</lei>
        <title>Fuchsia 3 2025-1 Class A</title>
        <cusip>54180EAA6</cusip>
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          <isin value="US54180EAA64"/>
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        <balance>2526000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2505792.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-06</maturityDt>
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      <invstOrSec>
        <name>Fuchsia 2023-1 (London Bridge 2 PCC Protected Cell)</name>
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          <isin value="US54180TAA34"/>
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        <balance>7799000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8035309.700000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merna Re II Ltd</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Re II 2024-1 Class A</title>
        <cusip>59013MAK8</cusip>
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          <isin value="US59013MAK80"/>
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        <balance>23674000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24348709.000000000000</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>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Mystic Re IV 2025-1 Class B</title>
        <cusip>62865LAG2</cusip>
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          <isin value="US62865LAG23"/>
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        <balance>7275000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Nakama Re Pte. Ltd.</name>
        <lei>N/A</lei>
        <title>Nakama Re 2026-1 Class 1</title>
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          <isin value="US62984JAE82"/>
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        <balance>2084000.000000000000</balance>
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        <curCd>USD</curCd>
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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>2031-04-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.820000000000</annualizedRt>
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      <invstOrSec>
        <name>Nature Coast Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nature Coast Re 2025-2 Class A</title>
        <cusip>63901CAE1</cusip>
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          <isin value="US63901CAE12"/>
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        <balance>5273000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.874000000000</annualizedRt>
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      <invstOrSec>
        <name>PoleStar Re Ltd.</name>
        <lei>254900VQQ6V3O4PG3408</lei>
        <title>PoleStar Re 2024-3 Class A</title>
        <cusip>73110JAC6</cusip>
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          <isin value="US73110JAC62"/>
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        <balance>18736000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19558510.400000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Residential Reinsurance 2025 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2025-II Class 5</title>
        <cusip>76091JAB4</cusip>
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          <isin value="US76091JAB44"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Re 2021 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2021-I Class 11</title>
        <cusip>76114NAA0</cusip>
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          <isin value="US76114NAA00"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Residential Reinsurance 2022 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2022-I Class 14</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Magnolia (Artex Segregated Account Company)</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Rondout (Artex Segregated Account Company)</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>MMIFS Re Ltd</name>
        <lei>254900C86PCL10JRTQ88</lei>
        <title>MMIFS Re 2026-1 Class A</title>
        <cusip>000000000</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Acorn Re Ltd.</name>
        <lei>N/A</lei>
        <title>Acorn Re 2023-1 Class A</title>
        <cusip>00485YAD1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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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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        <balance>12029000.000000000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-05</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2024-1 Class B</title>
        <cusip>011395AP5</cusip>
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        <name>Nakama Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Parametric 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>Riverfront Re Ltd</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re III Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sector Re V Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Sutter Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Veraison Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Vitality Re XVI Limited</name>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Vitality Re XIV Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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>Windrose Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Thopas Re Ltd. Segregated Account 2024-2 (S)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</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>Yoho (Artex Segregated Account Company)</name>
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        <fairValLevel>3</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>Merna Re II Ltd</name>
        <lei>549300478X5RX87PYX60</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Montoya Re Ltd.</name>
        <lei>N/A</lei>
        <title>Montoya Re 2025-1 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Mountain Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Coast Re IV Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Fish Pond Re 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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        <invCountry>BM</invCountry>
        
        <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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        <name>Gateway Re Ltd.</name>
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        <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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        <name>Hestia Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Hestia Re Ltd.</name>
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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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        <name>Charles River 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>Commonwealth Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Everglades Re II Ltd.</name>
        <lei>5493000EE11S6ONK0372</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Seawall Re Ltd. Segregated Account 2025-B</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
        <title>Aquila Re I 2023-1 Class B-1</title>
        <cusip>03843AAB8</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Armor Re II Ltd.</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor Re II 2024-2 Class A</title>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>BM</invCountry>
        
        <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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        <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>Cape Lookout Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>High Point Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Integrity Re III Ltd.</name>
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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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        <name>Integrity Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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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>Sanders Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re II Ltd.</name>
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        <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>Residential Reinsurance 2025 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Titania Re Ltd.</name>
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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 2025-1 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Citrus Re Ltd.</name>
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        <name>Everglades Re II Ltd.</name>
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        <name>Gateway Re Ltd.</name>
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        <name>Sanders Re III Ltd.</name>
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        <name>Solomon Re Ltd.</name>
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        <name>Turicum Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Armor Re II Ltd.</name>
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        <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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        <name>Baldwin Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bridge Street Re Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cape Lookout Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citrus Re Ltd.</name>
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        <name>Everglades Re II Ltd.</name>
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        <name>FloodSmart Re Ltd.</name>
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        <name>Kilimanjaro II Re Limited</name>
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        <name>Kilimanjaro II Re Limited</name>
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        <name>Longleaf Pine Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Matterhorn Re Ltd.</name>
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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>MetroCat Re Ltd</name>
        <lei>N/A</lei>
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        <cusip>59165HAD1</cusip>
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          <isin value="US59165HAD17"/>
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        <curCd>USD</curCd>
        <valUSD>2429850.150000000000</valUSD>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mona Lisa Re Ltd.</name>
        <lei>549300R6SO6XBFDC7M25</lei>
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        <cusip>608800AJ7</cusip>
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          <isin value="US608800AJ76"/>
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        <balance>8733000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8818146.750000000000</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>Montoya Re Ltd.</name>
        <lei>N/A</lei>
        <title>Montoya Re 2025-2 Class A</title>
        <cusip>613752AF1</cusip>
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          <isin value="US613752AF11"/>
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        <balance>6150000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6153075.000000000000</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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      <invstOrSec>
        <name>PoleStar Re Ltd.</name>
        <lei>254900VQQ6V3O4PG3408</lei>
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        <cusip>73110JAD4</cusip>
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          <isin value="US73110JAD46"/>
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        <balance>8834000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
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      <invstOrSec>
        <name>Recoletos Re DAC</name>
        <lei>635400FIY9UG8ZHKYH56</lei>
        <title>Recoletos Re DAC 2024-1 Class A</title>
        <cusip>755933AA6</cusip>
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          <isin value="US755933AA66"/>
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        <balance>9943000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.274000000000</annualizedRt>
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      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-II Class 3</title>
        <cusip>76090WAB6</cusip>
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          <isin value="US76090WAB63"/>
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        <balance>7078000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-06</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 14</title>
        <cusip>76091DAB7</cusip>
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          <isin value="US76091DAB73"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>11.444000000000</annualizedRt>
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      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-II Class 3</title>
        <cusip>76112AAD4</cusip>
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          <isin value="US76112AAD46"/>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Lyndhurst (Horseshoe Re)</name>
        <lei>N/A</lei>
        <title>Lyndhurst (Horseshoe Re)</title>
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        <curCd>USD</curCd>
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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>
        <cusip>000000000</cusip>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Baltic PCC Ltd</name>
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        <title>Baltic PCC 2025-1 Class A</title>
        <cusip>000000000</cusip>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Asian Development Bank</name>
        <lei>549300X0MVH42CY8Q105</lei>
        <title>Asian Development Bank Tajikistan Disaster Relief Notes</title>
        <cusip>000000000</cusip>
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          <isin value="XS3356128507"/>
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        <invCountry>TJ</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Aquila Re I Ltd.</name>
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        <title>Aquila Re I 2024-1 Class A-1</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Atlas Capital DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC 2023-1 Class A</title>
        <cusip>049207AA1</cusip>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re 2025-1 Class B</title>
        <cusip>096003AD0</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bonanza Re Ltd.</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza Re 2024-1 Class B</title>
        <cusip>09785EAP6</cusip>
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        <balance>2859000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2856569.850000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.444000000000</annualizedRt>
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        <name>Handshake Re Ltd.</name>
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        <name>Herbie Re Ltd.</name>
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        <name>Hestia Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wrigley Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Athena I Reinsurance DAC</name>
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        <invCountry>IE</invCountry>
        
        <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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        <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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      <invstOrSec>
        <name>Claveau Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</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>Nature Coast 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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        <name>Nature Coast Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Palm Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</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>Residential Reinsurance 2025 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Residential Reinsurance 2024 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sabine Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-1 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
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        <name>Skyline Re II 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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Baltic PCC Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Alamo Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aquila Re I Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Astro Re Pte. 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>Black Kite Re Limited</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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        <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>Citrus Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>East Lane Re VII Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Easton Re Pte. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Eden Re II Segregated Account 2025-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Riverfront Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sutter Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Topanga Re Ltd.</name>
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        <title>Topanga Re 2025-1 Class B</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Vitality Re XV Limited</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>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>Winston 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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        <isRestrictedSec>Y</isRestrictedSec>
        
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        <name>Trouvaille Re Ltd.</name>
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        <title>Trouvaille Re Ltd.</title>
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        <name>Eiffel Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Blue Sky Re DAC</name>
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        <title>Blue Sky Re DAC 2023-1</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>
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        <fairValLevel>2</fairValLevel>
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        <name>Photon Re Ltd.</name>
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        <name>PoleStar Re Ltd.</name>
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        <name>PoleStar Re Ltd.</name>
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        <pctVal>0.0616115870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.194000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2025-1 Class B</title>
        <cusip>74639NAE3</cusip>
        <identifiers>
          <isin value="US74639NAE31"/>
        </identifiers>
        <balance>9514000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9797517.200000000000</valUSD>
        <pctVal>0.2207350808</pctVal>
        <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>11.444000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sabine Re Ltd.</name>
        <lei>254900FU1Z2XK88D3602</lei>
        <title>Sabine Re 2026-1 Class A</title>
        <cusip>785628AB4</cusip>
        <identifiers>
          <isin value="US785628AB47"/>
        </identifiers>
        <balance>3338000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3329321.200000000000</valUSD>
        <pctVal>0.0750085934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.204000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-1 Class B-1</title>
        <cusip>80001TAC1</cusip>
        <identifiers>
          <isin value="US80001TAC18"/>
        </identifiers>
        <balance>8577000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8739963.000000000000</valUSD>
        <pctVal>0.1969087065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.244000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>3264 Re Ltd.</name>
        <lei>N/A</lei>
        <title>3264 Re 2025-1 Class A</title>
        <cusip>88577CAE1</cusip>
        <identifiers>
          <isin value="US88577CAE12"/>
        </identifiers>
        <balance>6730000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6957137.500000000000</valUSD>
        <pctVal>0.1567421906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>24.944000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>King Max Re DAC</name>
        <lei>635400D6MW4WMVI42S36</lei>
        <title>King Max Re DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2723834052"/>
        </identifiers>
        <balance>7406000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".852040000000"/>
        <valUSD>8818549.950000000000</valUSD>
        <pctVal>0.1986792466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.934000000000</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>2026-06-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Stone Ridge Trust</ncom:nameOfApplicant>
      <ncom:signature>Maura Keselowsky</ncom:signature>
      <ncom:signerName>Maura Keselowsky</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
