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        <isRestrictedSec>Y</isRestrictedSec>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>MSILF Government Portfolio</name>
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        <name>Nakama Re Pte. Ltd.</name>
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        <name>One Shield Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Palm Re Ltd.</name>
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        <name>Purple Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Residential Reinsurance 2025 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Residential Reinsurance 2023 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Riverfront Re Ltd</name>
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        <name>Torrey Pines Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Ursa Re Ltd.</name>
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        <name>Ursa Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Veraison Re Ltd.</name>
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        <title>Veraison Re 2024-1 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>POINT DUME LLP</name>
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        <name>Series 2021-A Segregated Account (Sussex Re Limited)</name>
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        <name>Totara Re Pte. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Baltic PCC Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Acorn Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Aquila Re I Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Aquila Re I Ltd.</name>
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        <name>Armor Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Armor Re II Ltd.</name>
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        <name>Blue Ridge Re Ltd.</name>
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        <name>Bluebonnet Re Ltd.</name>
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        <name>Cape Lookout Re Ltd.</name>
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        <name>Cape Lookout Re Ltd.</name>
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        <name>Charles River Re Ltd.</name>
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        <name>Citrus Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Everglades Re II Ltd.</name>
        <lei>5493000EE11S6ONK0372</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Gateway Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Golden Bear Re Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US38090EAA82"/>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Hestia Re Ltd.</name>
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        <balance>611000.000000000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2029-04-16</maturityDt>
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      <invstOrSec>
        <name>Integrity Re Ltd</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Titania Re Ltd.</name>
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        <title>Titania Re 2026-1 Class B</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mayflower Re 2023-1 Class B</title>
        <cusip>57839MAB4</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Merna Re II Ltd</name>
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        <title>Merna Re II 2023-1 Class A</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <couponKind>Floating</couponKind>
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        <name>1886 Re Ltd.</name>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Residential Reinsurance 2025 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2025-I Class 15</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Residential Reinsurance 2025 Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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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>
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        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2024-3 Class B</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-1 Class A-2</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-1 Class B-2</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2026-1B Class B-1</title>
        <cusip>80001UAA2</cusip>
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        <curCd>USD</curCd>
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        <name>Sanders Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Sanders Re IV Ltd.</name>
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        <name>Sutter Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Titania Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Tomoni Re Pte. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Tomoni Re Pte. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Torrey Pines Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Turicum Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Ursa Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Ursa Re II Ltd.</name>
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        <name>Vitality Re XIV Limited</name>
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        <name>Winston Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Winston Re Ltd</name>
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        <name>Winston Re Ltd.</name>
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        <name>Wrigley Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Brighton (Horseshoe Re)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Hudson Charles (Mt. Logan Re)</name>
        <lei>N/A</lei>
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          <other otherDesc="USER DEFINED" value="HUDSONC2"/>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Sheepshead (Horseshoe Re)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>SR0005 (Horseshoe Re)</name>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Sussex 2022-A Segregated Account (Sussex Re Limited)</name>
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        <title>Sussex Re 2022-A</title>
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          <other otherDesc="USER DEFINED" value="SUSSEX 2022-A"/>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Azzurro Re II</name>
        <lei>635400NZWVDIAI82JP08</lei>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>IBRD</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>IBRD CAR 134 Class C</title>
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          <isin value="XS2799645788"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>London Bridge 2 PCC Limited</name>
        <lei>N/A</lei>
        <title>Vision 2039 2025-1 Class A</title>
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          <isin value="XS3019877813"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Asian Development Bank</name>
        <lei>549300X0MVH42CY8Q105</lei>
        <title>Asian Development Bank Tajikistan Disaster Relief Notes</title>
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          <isin value="XS3356128507"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TJ</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Yoho (Artex Segregated Account Company)</name>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Vitality Re XV Limited</name>
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        <title>Vitality Re XV 2024 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Vitality Re XV Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Wrigley Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Golden Bear Re Ltd.</name>
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        <title>Golden Bear Re 2026-2 Class A</title>
        <cusip>38090EAB6</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2024-2 Class B</title>
        <cusip>42703VAK9</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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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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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2025-1 Class B</title>
        <cusip>74639NAE3</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.444000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Recoletos Re DAC</name>
        <lei>635400FIY9UG8ZHKYH56</lei>
        <title>Recoletos Re DAC 2024-1 Class A</title>
        <cusip>755933AA6</cusip>
        <identifiers>
          <isin value="US755933AA66"/>
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        <balance>501000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500624.250000000000</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>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.274000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-II Class 3</title>
        <cusip>76090WAB6</cusip>
        <identifiers>
          <isin value="US76090WAB63"/>
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        <balance>817000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>838323.700000000000</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>2027-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.394000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-II Class 4</title>
        <cusip>76112AAE2</cusip>
        <identifiers>
          <isin value="US76112AAE29"/>
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        <balance>888000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>905005.200000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.074000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Residential Re 2021 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2021-I Class 12</title>
        <cusip>76114NAB8</cusip>
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          <isin value="US76114NAB82"/>
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        <balance>301000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>206937.500000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.194000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2024-1 Class A</title>
        <cusip>799927AA6</cusip>
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          <isin value="US799927AA62"/>
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        <balance>1627000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1680935.050000000000</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>9.184000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2022-3 Class A</title>
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          <isin value="US80000YAA55"/>
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        <balance>789000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>807738.750000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.674000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Harambee Re Segregated Account 2019-1</name>
        <lei>N/A</lei>
        <title>Harambee Re 2019</title>
        <cusip>000000000</cusip>
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          <other otherDesc="USER DEFINED" value="HARAMBEE19"/>
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        <balance>2198.880000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <pctVal>0.0000000000</pctVal>
        <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>Peregrine LCA (Peregrine Segregated Account)</name>
        <lei>N/A</lei>
        <title>Peregrine LCA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PEREGRINELCA"/>
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        <balance>2252060.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Peregrine LCA2 (Peregrine Segregated Account)</name>
        <lei>N/A</lei>
        <title>Peregrine LCA2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PEREGRINELCA2"/>
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        <balance>2990240.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45291404.030000000000</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>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re 2023-1 Class B</title>
        <cusip>177510AM6</cusip>
        <identifiers>
          <isin value="US177510AM60"/>
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        <balance>876000.000000000000</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>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.404000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Commonwealth Re Ltd.</name>
        <lei>N/A</lei>
        <title>Commonwealth Re 2023-1 Class A</title>
        <cusip>203235AB2</cusip>
        <identifiers>
          <isin value="US203235AB20"/>
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        <balance>783000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>784487.700000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.551000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Everglades Re II Ltd.</name>
        <lei>5493000EE11S6ONK0372</lei>
        <title>Everglades Re II 2025-1 Class A</title>
        <cusip>30014LAT1</cusip>
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          <isin value="US30014LAT17"/>
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        <balance>2126000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2208701.400000000000</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>2028-05-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.444000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FloodSmart Re Ltd.</name>
        <lei>549300KK1LNVFW95S875</lei>
        <title>FloodSmart Re 2022-1 Class B</title>
        <cusip>33975CAK1</cusip>
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          <isin value="US33975CAK18"/>
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        <balance>52645.320000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2029-02-26</maturityDt>
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      <invstOrSec>
        <name>FloodSmart Re Ltd.</name>
        <lei>549300KK1LNVFW95S875</lei>
        <title>FloodSmart Re 2024-1 Class A</title>
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        <balance>4099000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2027-03-12</maturityDt>
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      <invstOrSec>
        <name>FloodSmart Re Ltd.</name>
        <lei>549300KK1LNVFW95S875</lei>
        <title>FloodSmart Re 2024-1 Class B</title>
        <cusip>33975CAQ8</cusip>
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        <balance>967000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <debtSec>
          <maturityDt>2027-03-12</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re 2023-1 Class A</title>
        <cusip>35087TAE8</cusip>
        <identifiers>
          <isin value="US35087TAE82"/>
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        <balance>314000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>315679.900000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.214000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Galileo Re Ltd.</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re 2023-1 Class A</title>
        <cusip>36354TAN2</cusip>
        <identifiers>
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        <balance>1313000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1352783.900000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.694000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2024-2 Class A</title>
        <cusip>42703VAJ2</cusip>
        <identifiers>
          <isin value="US42703VAJ26"/>
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        <balance>462000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>461630.400000000000</valUSD>
        <pctVal>0.0303156376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Hestia Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Integrity Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Seawall Re Ltd. Segregated Account 2025-B</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>London Bridge 2 PCC Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Merna Re II Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Nakama Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Nature Coast Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Sanders Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Skyline Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Torrey Pines Re Ltd</name>
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        <name>Turris Re Ltd.</name>
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        <name>Vitality Re XVII Ltd</name>
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        <name>Seawall Re II (Artex Segregated Account Company)</name>
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        <name>Thopas Re Ltd. Segregated Account 2024-2 (S)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Viribus Re Ltd. Series 2018 Segregated Account</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Taranis Reinsurance DAC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>IBRD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Madison (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Magnolia (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Bridge Street Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Everglades Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Fidelity Government Portfolio</name>
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      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Herbie Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Integrity Re Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Integrity Re III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Mayflower Re Ltd.</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Mystic Re IV Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Mystic Re IV Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Nature Coast Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Nature Coast Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Palm Re Ltd.</name>
        <lei>984500D3C66DA10DAP11</lei>
        <title>Palm Re 2025-1 Class A</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2026-1 Class A</title>
        <cusip>74639NAF0</cusip>
        <identifiers>
          <isin value="US74639NAF06"/>
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        <balance>3059000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3053799.700000000000</valUSD>
        <pctVal>0.2005454687</pctVal>
        <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>6.194000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-II Class 2</title>
        <cusip>76112AAC6</cusip>
        <identifiers>
          <isin value="US76112AAC62"/>
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        <balance>418000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>434761.800000000000</valUSD>
        <pctVal>0.0285511551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>17.114000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>304000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>314275.200000000000</valUSD>
        <pctVal>0.0206387037</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>10.694000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Emerald Lake (Artex Segregated Account Company)</name>
        <lei>N/A</lei>
        <title>Emerald Lake (Artex Segregated Account Company)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="EMERALDLAKE"/>
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        <balance>504899.106500000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>.000000000000</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Iseo (Artex Segregated Account Company)</name>
        <lei>N/A</lei>
        <title>Iseo (Artex Segregated Account Company)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="ISEO"/>
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        <balance>183543.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>.000000000000</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kensington</name>
        <lei>N/A</lei>
        <title>Kensington (Horseshoe Re)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="KENSINGTON"/>
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        <balance>954585.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>396.150000000000</valUSD>
        <pctVal>0.0000260155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lion Re DAC</name>
        <lei>635400VAABXOBOWHZR32</lei>
        <title>Lion Re DAC 2025-1 Class B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3075450471"/>
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        <balance>406000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".852040000000"/>
        <valUSD>480315.480000000000</valUSD>
        <pctVal>0.0315427017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.704000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2023-1 Class A</title>
        <cusip>011395AJ9</cusip>
        <identifiers>
          <isin value="US011395AJ90"/>
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        <balance>6270000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6297901.500000000000</valUSD>
        <pctVal>0.4135882284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.774000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2024-1 Class B</title>
        <cusip>011395AP5</cusip>
        <identifiers>
          <isin value="US011395AP50"/>
        </identifiers>
        <balance>5434000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5538876.200000000000</valUSD>
        <pctVal>0.3637424299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.128000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2024-1 Class C</title>
        <cusip>011395AQ3</cusip>
        <identifiers>
          <isin value="US011395AQ34"/>
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        <balance>3851000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3868329.500000000000</valUSD>
        <pctVal>0.2540362921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.574000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
        <title>Aquila Re I 2023-1 Class A-1</title>
        <cusip>03843AAA0</cusip>
        <identifiers>
          <isin value="US03843AAA07"/>
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        <balance>265000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>265662.500000000000</valUSD>
        <pctVal>0.0174462688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.034000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aragonite Re Ltd.</name>
        <lei>254900LF29LPMNPHA287</lei>
        <title>Aragonite Re 2024-1 Class A</title>
        <cusip>03851YAA7</cusip>
        <identifiers>
          <isin value="US03851YAA73"/>
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        <balance>627000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>637533.600000000000</valUSD>
        <pctVal>0.0418673414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.944000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Armor Re II Ltd.</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor Re II 2026-1 Class A</title>
        <cusip>04227FAG0</cusip>
        <identifiers>
          <isin value="US04227FAG00"/>
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        <balance>493000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493000.000000000000</valUSD>
        <pctVal>0.0323757043</pctVal>
        <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>3.694000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bayou Re 2023-1 Class A</title>
        <cusip>07304LAA9</cusip>
        <identifiers>
          <isin value="US07304LAA98"/>
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        <balance>750000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>754162.500000000000</valUSD>
        <pctVal>0.0495264545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.084000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bayou Re 2024-1 Class A</title>
        <cusip>07304LAC5</cusip>
        <identifiers>
          <isin value="US07304LAC54"/>
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        <balance>1257000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1304011.800000000000</valUSD>
        <pctVal>0.0856354978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.026000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bayou Re 2024-1 Class B</title>
        <cusip>07304LAD3</cusip>
        <identifiers>
          <isin value="US07304LAD38"/>
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        <balance>419000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>447764.350000000000</valUSD>
        <pctVal>0.0294050430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>21.618000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re 2025-1 Class A</title>
        <cusip>096003AC2</cusip>
        <identifiers>
          <isin value="US096003AC27"/>
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        <balance>587000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>589993.700000000000</valUSD>
        <pctVal>0.0387453581</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>7.194000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bluebonnet Re Ltd.</name>
        <lei>2549007DQLA6K2ACFN15</lei>
        <title>Bluebonnet Re 2025-2 Class A</title>
        <cusip>09610NAD4</cusip>
        <identifiers>
          <isin value="US09610NAD49"/>
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        <balance>1145000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1172193.750000000000</valUSD>
        <pctVal>0.0769789011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.694000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re 2026-1 Class B</title>
        <cusip>177510AT1</cusip>
        <identifiers>
          <isin value="US177510AT14"/>
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        <balance>540000.000000000000</balance>
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        <curCd>USD</curCd>
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        <name>Foundation Re VI Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Gateway Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Handshake Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Hestia Re Ltd.</name>
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        <name>Kendall Re Ltd.</name>
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        <name>Lower Ferry Re Ltd.</name>
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        <name>Matterhorn Re Ltd.</name>
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        <name>Mayflower Re Ltd.</name>
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        <name>Mayflower Re Ltd.</name>
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          <annualizedRt>7.194000000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Meritage Re Ltd.</name>
        <lei>254900TG8PO2J3ZD4Q82</lei>
        <title>Meritage Re 2026-1 Class A</title>
        <cusip>59002JAA0</cusip>
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        <balance>1347000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1328344.050000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.194000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Merna Re II Ltd</name>
        <lei>N/A</lei>
        <title>Merna Re II 2025-4 Class A</title>
        <cusip>59013HAA1</cusip>
        <identifiers>
          <isin value="US59013HAA14"/>
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        <balance>2004000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2036665.200000000000</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>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.444000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merna Re II Ltd</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Re II 2023-2 Class A</title>
        <cusip>59013MAJ1</cusip>
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          <isin value="US59013MAJ18"/>
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        <balance>1279000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1297161.800000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.164000000000</annualizedRt>
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        <securityLending>
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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>
        <identifiers>
          <isin value="US59013MAK80"/>
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        <balance>1980000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2036430.000000000000</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>2027-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.164000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <identifiers>
          <isin value="US613752AF11"/>
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        <balance>446000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>446223.000000000000</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>2030-04-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.964000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mountain Re Ltd.</name>
        <lei>N/A</lei>
        <title>Mountain Re 2023-1 Class A</title>
        <cusip>62426LAA7</cusip>
        <identifiers>
          <isin value="US62426LAA70"/>
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        <balance>804000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>807216.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.434000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mystic Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>Mystic Re IV 2025-1 Class C</title>
        <cusip>62865LAH0</cusip>
        <identifiers>
          <isin value="US62865LAH06"/>
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        <balance>714000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>680656.200000000000</valUSD>
        <pctVal>0.0446992370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>17.824000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nakama Re Ltd.</name>
        <lei>2549003ZFVVVVKMRJ633</lei>
        <title>Nakama Re 2023-1 Class 2</title>
        <cusip>62983QAP8</cusip>
        <identifiers>
          <isin value="US62983QAP81"/>
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        <balance>802000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>823132.700000000000</valUSD>
        <pctVal>0.0540557827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.691750000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nature Coast Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nature Coast Re 2025-2 Class A</title>
        <cusip>63901CAE1</cusip>
        <identifiers>
          <isin value="US63901CAE12"/>
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        <balance>382000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>393593.700000000000</valUSD>
        <pctVal>0.0258476131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.874000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>Purple Re 2024-1 Class A</title>
        <cusip>74639NAC7</cusip>
        <identifiers>
          <isin value="US74639NAC74"/>
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        <balance>2373000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2445969.750000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.820000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-I Class 14</title>
        <cusip>76091BAC9</cusip>
        <identifiers>
          <isin value="US76091BAC90"/>
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        <balance>439000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>434719.750000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.674000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Residential Reinsurance 2025 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2025-I Class 13</title>
        <cusip>76091DAA9</cusip>
        <identifiers>
          <isin value="US76091DAA90"/>
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        <balance>266000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>266598.500000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>16.694000000000</annualizedRt>
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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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        <balance>725000.000000000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.444000000000</annualizedRt>
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      <invstOrSec>
        <name>Residential Re 2019 Ltd</name>
        <lei>N/A</lei>
        <title>Residential Re 2019-I Class 12</title>
        <cusip>76120FAA9</cusip>
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          <isin value="US76120FAA93"/>
          <ticker value="RESID"/>
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        <balance>84166.670000000000</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>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.194000000000</annualizedRt>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-1 Class B-1</title>
        <cusip>80001TAC1</cusip>
        <identifiers>
          <isin value="US80001TAC18"/>
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        <balance>618000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>629742.000000000000</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>8.244000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <identifiers>
          <isin value="US80001WAB63"/>
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        <balance>2273000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2263908.000000000000</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>2031-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.194000000000</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>3264 Re Ltd.</name>
        <lei>N/A</lei>
        <title>3264 Re 2025-1 Class B</title>
        <cusip>88577CAF8</cusip>
        <identifiers>
          <isin value="US88577CAF86"/>
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        <balance>491000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>493528.650000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.694000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        <name>Veraison Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Winston Re Ltd</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Excelsa Re Ltd. Segregated Account 6</name>
        <lei>N/A</lei>
        <title>Excelsa Re Ltd.</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Hatteras (Artex Segregated Account Company)</name>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Kauai (Artex Segregated Account Company)</name>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Mulholland (Artex Segregated Account Company)</name>
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        <title>Mulholland (Artex Segregated Account Company)</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Riverdale (Horseshoe Re)</name>
        <lei>N/A</lei>
        <title>Riverdale (Horseshoe Re)</title>
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        <balance>251610.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Blue Sky Re DAC</name>
        <lei>N/A</lei>
        <title>Blue Sky Re DAC 2023-1</title>
        <cusip>000000000</cusip>
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          <isin value="XS2728630596"/>
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        <balance>353000.000000000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".852040000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2027-01-26</maturityDt>
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      <invstOrSec>
        <name>MMIFS Re Ltd.</name>
        <lei>254900C86PCL10JRTQ88</lei>
        <title>MMIFS Re 2025-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2969300081"/>
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        <balance>942000.000000000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Baltic PCC Ltd</name>
        <lei>549300GX6EH3ZRCQFX14</lei>
        <title>Baltic PCC 2025-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3037721118"/>
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        <balance>847000.000000000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt=".734890000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-06</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Hexagon IV Re Ltd.</name>
        <lei>984500B4771ADC9FDE26</lei>
        <title>Hexagon IV Re 2025-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3216208689"/>
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        <balance>666000.000000000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".852040000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-22</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Alamo Re Ltd.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re 2024-1 Class A</title>
        <cusip>011395AN0</cusip>
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        <balance>4208000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4257654.400000000000</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>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
        <title>Aquila Re I 2024-1 Class B-1</title>
        <cusip>037987AB0</cusip>
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          <isin value="US037987AB06"/>
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        <balance>299000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>309659.350000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2027-06-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
        <title>Aquila Re I 2023-1 Class C-1</title>
        <cusip>03843AAC6</cusip>
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          <isin value="US03843AAC62"/>
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        <balance>1530000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1539486.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Baldwin Re Ltd.</name>
        <lei>N/A</lei>
        <title>Baldwin Re 2023-1 Class A</title>
        <cusip>05826BAB2</cusip>
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          <isin value="US05826BAB27"/>
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        <balance>423000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>432009.900000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2027-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.744000000000</annualizedRt>
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      <invstOrSec>
        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bayou Re 2026-1 Class A</title>
        <cusip>07304LAF8</cusip>
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          <isin value="US07304LAF85"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2029-05-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
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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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          <isin value="US096003AD00"/>
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        <balance>587000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>579192.900000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re 2026-1 Class A</title>
        <cusip>177510AS3</cusip>
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        <balance>480000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>478320.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.694000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Residential Reinsurance 2024 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2024-II Class 3</title>
        <cusip>76112AAD4</cusip>
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          <isin value="US76112AAD46"/>
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        <balance>1096000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1108604.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>N/A</lei>
        <title>Sanders Re III 2023-2 Class A</title>
        <cusip>799925AA0</cusip>
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          <isin value="US799925AA07"/>
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        <balance>2129000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2138261.150000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Armor Re II Ltd.</name>
        <lei>549300X573KDIHEJL317</lei>
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        <cusip>04227FAH8</cusip>
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          <isin value="US04227FAH82"/>
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        <balance>539000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>539000.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Baldwin Re Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US05826BAC00"/>
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        <balance>1024000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1037824.000000000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
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          <isin value="US80001QAB95"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Rondout (Artex Segregated Account Company)</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Bayou Re Ltd.</name>
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        <cusip>07304LAB7</cusip>
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          <isin value="US07304LAB71"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Bayou Re Ltd.</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2028-05-08</maturityDt>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re 2023-1 Class A</title>
        <cusip>096003AA6</cusip>
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          <isin value="US096003AA60"/>
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        <balance>2068000.000000000000</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>
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          <maturityDt>2027-01-08</maturityDt>
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      <invstOrSec>
        <name>Cape Lookout Re Ltd.</name>
        <lei>N/A</lei>
        <title>Cape Lookout Re 2025-1 Class A</title>
        <cusip>13947LAG7</cusip>
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          <isin value="US13947LAG77"/>
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        <balance>4143000.000000000000</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>
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          <maturityDt>2028-03-13</maturityDt>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Bonanza Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Bridge Street Re Ltd</name>
        <lei>2549008NKPLMU6X7ID58</lei>
        <title>Bridge Street Re 2025-2 Class A</title>
        <cusip>10807LAB3</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Cape Lookout Re Ltd.</name>
        <lei>N/A</lei>
        <title>Cape Lookout Re 2026-1 Class A</title>
        <cusip>13947LAH5</cusip>
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          <isin value="US13947LAH50"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Chartwell Re Ltd.</name>
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        <title>Chartwell Re 2025-1 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re 2023-1 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Everglades Re II Ltd.</name>
        <lei>5493000EE11S6ONK0372</lei>
        <title>Everglades Re II 2025-1 Class D</title>
        <cusip>30014LAW4</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2028-05-19</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2025-1 Class C2</title>
        <cusip>36779CAN6</cusip>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-07</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re 2026-1 Class AAAA</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Genesee Street Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Citrus Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Greengrove Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Winston Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Bowery (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Latigo (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>King Max Re DAC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Mystic Re IV Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Hudson Charles (Mt. Logan Re)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>Herbie Re 2022-1 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Titania Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Solis Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Solomon Re Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Stabilitas Re Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Sutter Re Ltd.</name>
        <lei>N/A</lei>
        <title>Sutter Re 2023-1 Class E</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>3264 Re Ltd.</name>
        <lei>N/A</lei>
        <title>3264 Re 2025-1 Class A</title>
        <cusip>88577CAE1</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re 2025-1 Class B</title>
        <cusip>89141WAM4</cusip>
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        <balance>1016000.000000000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2028-06-07</maturityDt>
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        <name>Vitality Re XIV Limited</name>
        <lei>N/A</lei>
        <title>Vitality Re XIV 2023 Class A</title>
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        <name>St Kevins (Artex Segregated Account Company)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Viribus Re Ltd. Series 2019 Segregated Account</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Citrus Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Commonwealth Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Everglades Re II Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Fish Pond Re Ltd.</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2029-07-06</maturityDt>
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      <invstOrSec>
        <name>Merna Re II Ltd</name>
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        <title>Merna Re II 2024-2 Class A</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Merna Re II Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Mona Lisa Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Mystic Re IV Ltd.</name>
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        <title>Mystic Re IV 2026-1 Class B</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Nature Coast Re Ltd.</name>
        <lei>N/A</lei>
        <title>Nature Coast Re 2024-1 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Ocelot Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>Palm Re Ltd.</name>
        <lei>984500D3C66DA10DAP11</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
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        <title>Residential Re 2023-II Class 5</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>Residential Re 2023-I Class 13</title>
        <cusip>76133XAA5</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Sabine Re Ltd.</name>
        <lei>254900FU1Z2XK88D3602</lei>
        <title>Sabine Re 2024-1 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanders Re II Ltd.</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders Re II 2025-1 Class A</title>
        <cusip>80001TAA5</cusip>
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          <isin value="US80001TAA51"/>
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        <curCd>USD</curCd>
        <valUSD>1094835.600000000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <securityLending>
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      <invstOrSec>
        <name>Titania Re Ltd.</name>
        <lei>5493008E73M6FH2NSB56</lei>
        <title>Titania Re 2024-1 Class B</title>
        <cusip>888329AF6</cusip>
        <identifiers>
          <isin value="US888329AF62"/>
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        <balance>535000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>528767.250000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ursa Re Ltd.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re 2023-3 Class AA</title>
        <cusip>90323WAP5</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Vitality Re XVI Limited</name>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Windrose Re Ltd</name>
        <lei>N/A</lei>
        <title>Windrose Re 2026-1 Class A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Cypress (Horseshoe Re)</name>
        <lei>N/A</lei>
        <title>Cypress (Horseshoe Re)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="CYPRESS"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Trouvaille Re Ltd.</name>
        <lei>N/A</lei>
        <title>Trouvaille Re Ltd.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="TROUVAILLERE"/>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eiffel Re Ltd.</name>
        <lei>5493000KHTJQAOS8QP53</lei>
        <title>Eiffel Re 2023-1 Class A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2641776773"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hexagon IV Re Ltd.</name>
        <lei>984500B4771ADC9FDE26</lei>
        <title>Hexagon IV Re 2023-1 Class A</title>
        <cusip>000000000</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Yorkville (Artex Segregated Account Company)</name>
        <lei>N/A</lei>
        <title>Yorkville (Artex Segregated Account Company)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="YORKVILLE"/>
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        <balance>143393.900000000000</balance>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Stone Ridge Trust II</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>
