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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHARTWELL RE LTD</name>
        <lei>984500FFT645KFFE6F50</lei>
        <title>Chartwell RE Ltd.</title>
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          <isin value="US16140YAA01"/>
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        <curCd>USD</curCd>
        <valUSD>6938325</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITRUS RE LTD</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd.</title>
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          <isin value="US177510AL87"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITRUS RE LTD</name>
        <lei>549300VWWT5SE805NK88</lei>
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          <isin value="US177510AM60"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.71</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>EURO FORWARD EMBASSY CONTRACT 11/04/2026   /</name>
        <lei>N/A</lei>
        <title>EURO FORWARD EMBASSY CONTRACT 11/04/2026   /</title>
        <cusip>999999999</cusip>
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        <assetCat>DFE</assetCat>
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        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UMB</counterpartyName>
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            <amtCurSold>6250000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOENIX 3 RE PTE LTD</name>
        <lei>254900KZ3HFPS3H5FZ50</lei>
        <title>Phoenix 3 RE Pte Ltd.</title>
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          <isin value="XS2954943523"/>
          <ticker value="BMDQC24"/>
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        <curCd>USD</curCd>
        <valUSD>1227600</valUSD>
        <pctVal>0.1465278668</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-04</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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      <invstOrSec>
        <name>AZZURRO RE II DAC</name>
        <lei>635400NZWVDIAI82JP08</lei>
        <title>Azzurro Re II DAC</title>
        <cusip>G07543AB0</cusip>
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          <isin value="XS2788028178"/>
          <ticker value="BRBF530"/>
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        <balance>3750000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.5240</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ATLAS CAPITAL DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC</title>
        <cusip>049207AA1</cusip>
        <identifiers>
          <isin value="US049207AA14"/>
          <ticker value="049207AA"/>
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        <balance>250000</balance>
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        <curCd>USD</curCd>
        <valUSD>252000</valUSD>
        <pctVal>0.0300790342</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.57</annualizedRt>
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        <name>ATLAS CAPITAL DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC</title>
        <cusip>049207AB9</cusip>
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          <isin value="US049207AB96"/>
          <ticker value="049207AB"/>
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        <curCd>USD</curCd>
        <valUSD>269150</valUSD>
        <pctVal>0.0321260796</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.22</annualizedRt>
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        <name>ATLAS CAPITAL DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC</title>
        <cusip>049207AC7</cusip>
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          <isin value="US049207AC79"/>
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        <curCd>USD</curCd>
        <valUSD>8176000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-07</maturityDt>
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        <name>BAYOU RE LTD</name>
        <lei>N/A</lei>
        <title>Bayou Re Ltd.</title>
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        <curCd>USD</curCd>
        <valUSD>5969075</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-30</maturityDt>
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        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>5040500</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-08</maturityDt>
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          <annualizedRt>7</annualizedRt>
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        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
        <cusip>096003AA6</cusip>
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          <isin value="US096003AA60"/>
          <ticker value="096003AA"/>
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        <curCd>USD</curCd>
        <valUSD>11119900</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.25</annualizedRt>
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        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
        <cusip>096003AB4</cusip>
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          <isin value="US096003AB44"/>
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        <curCd>USD</curCd>
        <valUSD>504950</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.99</annualizedRt>
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        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
        <cusip>096003AC2</cusip>
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          <isin value="US096003AC27"/>
          <ticker value="096003AC"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.50</annualizedRt>
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        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
        <cusip>096003AE8</cusip>
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          <isin value="US096003AE82"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BLUE SKY RE DAC</name>
        <lei>N/A</lei>
        <title>Blue Sky Re DAC</title>
        <cusip>09605UAA1</cusip>
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          <isin value="XS2728630596"/>
          <ticker value="09605UAA"/>
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        <balance>7000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>8467370.89</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.0110</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRIDGE STREET RE LTD</name>
        <lei>N/A</lei>
        <title>Bridge Street Re Ltd.</title>
        <cusip>10807LAA5</cusip>
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          <isin value="US10807LAA52"/>
          <ticker value="10807LAA"/>
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        <balance>15250000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BRIDGE STREET RE LTD</name>
        <lei>2549008NKPLMU6X7ID58</lei>
        <title>Bridge Street Re Ltd.</title>
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        <curCd>USD</curCd>
        <valUSD>7025900</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAPE LOOKOUT RE LTD</name>
        <lei>N/A</lei>
        <title>Cape Lookout Re Ltd.</title>
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          <ticker value="13947LAG"/>
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        <curCd>USD</curCd>
        <valUSD>10888500</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CHARLES RIVER RE LTD</name>
        <lei>N/A</lei>
        <title>Charles River Re Ltd.</title>
        <cusip>159873AA6</cusip>
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          <isin value="US159873AA63"/>
          <ticker value="159873AA"/>
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        <balance>2750000</balance>
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        <curCd>USD</curCd>
        <valUSD>2810225</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.6320</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CITRUS RE LTD</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd.</title>
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          <isin value="US177510AT14"/>
          <ticker value="177510AT"/>
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        <balance>5750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5719525</valUSD>
        <pctVal>0.6826896360</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>2</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>EURO FORWARD EMBASSY CONTRACT 11/09/2026   /</name>
        <lei>N/A</lei>
        <title>EURO FORWARD EMBASSY CONTRACT 11/09/2026   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="19EU1126"/>
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        <balance>-1540000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UMB</counterpartyName>
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            <amtCurSold>1540000</amtCurSold>
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        <securityLending>
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      <invstOrSec>
        <name>CAD FORWARD EMBASSY CONTRACT 09/04/26   /</name>
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        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="1CAD0926"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UMB</counterpartyName>
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            <amtCurSold>3250000</amtCurSold>
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        <securityLending>
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      <invstOrSec>
        <name>EUR FORWARD EMBASSY CONTRACT 09/09/2026   /</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="1EUR0926"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UMB</counterpartyName>
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            <amtCurSold>1620000</amtCurSold>
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      <invstOrSec>
        <name>COMMONWEALTH RE LTD</name>
        <lei>N/A</lei>
        <title>Commonwealth RE Ltd.</title>
        <cusip>203235AB2</cusip>
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          <isin value="US203235AB20"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EURO FORWARD EMBASSY CONTRACT 11/24/2026   /</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="20EU1126"/>
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        <fairValLevel>2</fairValLevel>
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        <name>TARANIS REINSURANCE DAC</name>
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        <title>Taranis Reinsurance DAC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>EUR FORWARD EMBASSY CONTRACT 03/02/2027   /</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EUR FORWARD EMBASSY CONTRACT 09/11/2026   /</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MMIFS RE Ltd. CAT BOND 01/10/2028   /</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EVERGLADES RE II LTD</name>
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        <title>Everglades Re II Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>EVERGLADES RE II LTD</name>
        <lei>5493000EE11S6ONK0372</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1521900</valUSD>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>FIRST COAST RE IV LTD</name>
        <lei>N/A</lei>
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        <cusip>31969UAB3</cusip>
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          <isin value="US31969UAB35"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HEXAGON IV RE Ltd. CAT VAR RT 01/22/30   /</name>
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          <ticker value="32162086"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-22</maturityDt>
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      <invstOrSec>
        <name>HEXAGON IV RE Ltd. CAT VAR RT 01/21/28   /</name>
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          <ticker value="32174991"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-21</maturityDt>
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      <invstOrSec>
        <name>RECOLETOS RE DAC CAT VAR RT 12/08/28   /</name>
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        <title>RECOLETOS RE DAC CAT VAR RT 12/08/28   /</title>
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          <ticker value="32306503"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHEONIX 2 RE PTE Ltd. CAT VAR RT 01/04/38   /</name>
        <lei>N/A</lei>
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          <ticker value="32387747"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SG</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>FISH POND RE LTD</name>
        <lei>N/A</lei>
        <title>Fish Pond Re Ltd.</title>
        <cusip>33774EAA2</cusip>
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          <isin value="US33774EAA29"/>
          <ticker value="33774EAA"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3033300</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HESTIA RE LTD</name>
        <lei>549300QRKQ1ZKOXEMZ38</lei>
        <title>Hestia Re Ltd.</title>
        <cusip>42815KAH5</cusip>
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          <isin value="US42815KAH59"/>
          <ticker value="42815KAH"/>
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        <balance>3250000</balance>
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        <curCd>USD</curCd>
        <valUSD>3246750</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HIGH POINT RE LTD</name>
        <lei>N/A</lei>
        <title>High Point Re Ltd.</title>
        <cusip>429932AA4</cusip>
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          <isin value="US429932AA44"/>
          <ticker value="429932AA"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1516950</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.64</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HYPATIA LTD</name>
        <lei>98450041F85DB4C2C372</lei>
        <title>Hypatia Ltd.</title>
        <cusip>44914CAE6</cusip>
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          <isin value="US44914CAE66"/>
          <ticker value="44914CAE"/>
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        <balance>8500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8500000</valUSD>
        <pctVal>1.0145705991</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>0</annualizedRt>
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      <invstOrSec>
        <name>INTEGRITY RE LTD</name>
        <lei>N/A</lei>
        <title>Integrity Re Ltd.</title>
        <cusip>45833UAJ0</cusip>
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          <isin value="US45833UAJ07"/>
          <ticker value="45833UAJ"/>
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        <curCd>USD</curCd>
        <valUSD>5040000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>INTEGRITY RE III</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity RE III Ltd.</title>
        <cusip>45870GAA4</cusip>
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          <isin value="US45870GAA40"/>
          <ticker value="45870GAA"/>
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        <curCd>USD</curCd>
        <valUSD>1265125</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>INTEGRITY RE III</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity RE III Ltd.</title>
        <cusip>45870GAB2</cusip>
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          <isin value="US45870GAB23"/>
          <ticker value="45870GAB"/>
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        <curCd>USD</curCd>
        <valUSD>1016100</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>INTEGRITY RE III</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity RE III Ltd.</title>
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          <ticker value="45870GAH"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>INTEGRITY RE III</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity RE III Ltd.</title>
        <cusip>45870GAJ5</cusip>
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          <isin value="US45870GAJ58"/>
          <ticker value="45870GAJ"/>
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        <curCd>USD</curCd>
        <valUSD>1248125</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>KENDALL RE LTD</name>
        <lei>N/A</lei>
        <title>Kendall Re Ltd.</title>
        <cusip>48878QAD2</cusip>
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          <isin value="US48878QAD25"/>
          <ticker value="48878QAD"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KENDALL RE LTD</name>
        <lei>N/A</lei>
        <title>Kendall Re Ltd.</title>
        <cusip>48878QAE0</cusip>
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          <isin value="US48878QAE08"/>
          <ticker value="48878QAE"/>
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        <curCd>USD</curCd>
        <valUSD>255700</valUSD>
        <pctVal>0.0305206708</pctVal>
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        <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>7.7380</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re Ltd.</title>
        <cusip>49407QAG3</cusip>
        <identifiers>
          <isin value="US49407QAG38"/>
          <ticker value="49407QAG"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>260425</valUSD>
        <pctVal>0.0310846527</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
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          <isin value="US49407QAH11"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
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          <isin value="US49407QAJ76"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
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          <isin value="US49407QAK40"/>
          <ticker value="49407QAK"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>6.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
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        <cusip>49407QAL2</cusip>
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          <isin value="US49407QAL23"/>
          <ticker value="49407QAL"/>
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        <curCd>USD</curCd>
        <valUSD>4844525</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
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          <isin value="US49407QAN88"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-08</maturityDt>
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      <invstOrSec>
        <name>OCELOT RE LTD</name>
        <lei>N/A</lei>
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          <isin value="US675951AB39"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.50</annualizedRt>
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      <invstOrSec>
        <name>OCELOT RE LTD</name>
        <lei>N/A</lei>
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          <isin value="US675951AC12"/>
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        <curCd>USD</curCd>
        <valUSD>5417475</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-26</maturityDt>
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          <annualizedRt>6.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>3264 RE LTD</name>
        <lei>N/A</lei>
        <title>3264 re Ltd.</title>
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          <isin value="US88577CAC55"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-08</maturityDt>
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          <annualizedRt>7</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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          <isin value="US88577CAE12"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-07</maturityDt>
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          <annualizedRt>21.25</annualizedRt>
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        <name>3264 RE LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isin value="US88577CAH43"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LION RE DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CONSULATE RE 2025-24 PREFERRED NOTE   /</name>
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        <cusip>999999999</cusip>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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            <unrealizedAppr>-59933.58</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SANDERS RE III LTD</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd.</title>
        <cusip>80000YAA5</cusip>
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          <isin value="US80000YAA55"/>
          <ticker value="80000YAA"/>
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        <balance>3125000</balance>
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        <curCd>USD</curCd>
        <valUSD>3199375</valUSD>
        <pctVal>0.3818813895</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>6.27</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>SANDERS RE III LTD</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd.</title>
        <cusip>80001QAA1</cusip>
        <identifiers>
          <isin value="US80001QAA13"/>
          <ticker value="80001QAA"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254225</valUSD>
        <pctVal>0.0303446130</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>5.47</annualizedRt>
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          <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 Ltd.</title>
        <cusip>80001RAA9</cusip>
        <identifiers>
          <isin value="US80001RAA95"/>
          <ticker value="80001RAA"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253500</valUSD>
        <pctVal>0.0302580761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANDERS RE II LTD</name>
        <lei>254900VRQU0N0MF3CT92</lei>
        <title>Sanders RE II Ltd.</title>
        <cusip>80001TAB3</cusip>
        <identifiers>
          <isin value="US80001TAB35"/>
          <ticker value="80001TAB"/>
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        <balance>8250000</balance>
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        <curCd>USD</curCd>
        <valUSD>8630325</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>2030-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SANDERS RE III LTD</name>
        <lei>N/A</lei>
        <title>Sanders Re III Ltd.</title>
        <cusip>80001UAA2</cusip>
        <identifiers>
          <isin value="US80001UAA25"/>
          <ticker value="80001UAA"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1998800</valUSD>
        <pctVal>0.2385792604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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 Ltd.</title>
        <cusip>80001WAA8</cusip>
        <identifiers>
          <isin value="US80001WAA80"/>
          <ticker value="80001WAA"/>
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        <balance>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7968000</valUSD>
        <pctVal>0.9510704157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.50</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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 Ltd.</title>
        <cusip>80001WAB6</cusip>
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          <isin value="US80001WAB63"/>
          <ticker value="80001WAB"/>
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        <balance>4250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4233425</valUSD>
        <pctVal>0.5053068869</pctVal>
        <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>3.50</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOLIS RE LTD</name>
        <lei>98450059AF1FA0FE4B29</lei>
        <title>Solis RE Ltd.</title>
        <cusip>83423TAA9</cusip>
        <identifiers>
          <isin value="US83423TAA97"/>
          <ticker value="83423TAA"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2029400</valUSD>
        <pctVal>0.2422317146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.50</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STABILITAS RE LTD</name>
        <lei>N/A</lei>
        <title>Stabilitas Re Ltd.</title>
        <cusip>85237TAA0</cusip>
        <identifiers>
          <isin value="US85237TAA07"/>
          <ticker value="85237TAA"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502000</valUSD>
        <pctVal>0.0599193460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.48</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>ABACAB RE LTD</name>
        <lei>9845002DUR87O96E9B80</lei>
        <title>Abacab Re Ltd.</title>
        <cusip>00258FAA3</cusip>
        <identifiers>
          <isin value="US00258FAA30"/>
          <ticker value="00258FAA"/>
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        <balance>9250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9240750</valUSD>
        <pctVal>1.1029874427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.25</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>AQUILA RE LTD 2024-1</name>
        <lei>N/A</lei>
        <title>Aquila Re I Ltd. Series 2024-1</title>
        <cusip>037987AA2</cusip>
        <identifiers>
          <isin value="US037987AA23"/>
          <ticker value="037987AA"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4086000</valUSD>
        <pctVal>0.4877100550</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>5.39</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>FOUR LAKES RE LTD</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd.</title>
        <cusip>35087TAJ7</cusip>
        <identifiers>
          <isin value="US35087TAJ79"/>
          <ticker value="35087TAJ"/>
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        <balance>3150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3151260</valUSD>
        <pctVal>0.3761383231</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>3.25</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>GALILEO RE LTD</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd.</title>
        <cusip>36354TAN2</cusip>
        <identifiers>
          <isin value="US36354TAN28"/>
          <ticker value="36354TAN"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>515200</valUSD>
        <pctVal>0.0614949144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GALILEO RE LTD</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd.</title>
        <cusip>36354TAQ5</cusip>
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          <isin value="US36354TAQ58"/>
          <ticker value="36354TAQ"/>
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        <balance>3750000</balance>
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        <curCd>USD</curCd>
        <valUSD>3714000</valUSD>
        <pctVal>0.4433076712</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.25</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>GALILEO RE LTD</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd.</title>
        <cusip>36354TAR3</cusip>
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          <isin value="US36354TAR32"/>
          <ticker value="36354TAR"/>
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        <curCd>USD</curCd>
        <valUSD>1474200</valUSD>
        <pctVal>0.1759623503</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd.</title>
        <cusip>36779CAG1</cusip>
        <identifiers>
          <isin value="US36779CAG15"/>
          <ticker value="36779CAG"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1017000</valUSD>
        <pctVal>0.1213903881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.90</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>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd.</title>
        <cusip>36779CAM8</cusip>
        <identifiers>
          <isin value="US36779CAM82"/>
          <ticker value="36779CAM"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3003000</valUSD>
        <pctVal>0.3584418246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.25</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>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd.</title>
        <cusip>36779CAN6</cusip>
        <identifiers>
          <isin value="US36779CAN65"/>
          <ticker value="36779CAN"/>
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        <balance>3557000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3627428.60</valUSD>
        <pctVal>0.4329744009</pctVal>
        <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>9.50</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>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd.</title>
        <cusip>36779CAS5</cusip>
        <identifiers>
          <isin value="US36779CAS52"/>
          <ticker value="36779CAS"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1032700</valUSD>
        <pctVal>0.1232643597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7</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>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd.</title>
        <cusip>36779CAU0</cusip>
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          <isin value="US36779CAU09"/>
          <ticker value="36779CAU"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3994000</valUSD>
        <pctVal>0.4767288203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2</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>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd.</title>
        <cusip>36779CAV8</cusip>
        <identifiers>
          <isin value="US36779CAV81"/>
          <ticker value="36779CAV"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>748875</valUSD>
        <pctVal>0.0893866538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2</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>GENESEE STREET RE LTD</name>
        <lei>N/A</lei>
        <title>Genesee Street Re Ltd.</title>
        <cusip>37173WAA0</cusip>
        <identifiers>
          <isin value="US37173WAA09"/>
          <ticker value="37173WAA"/>
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        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6025800</valUSD>
        <pctVal>0.7192470019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.25</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>FUCHSIA 2024-1 LONDON BR</name>
        <lei>N/A</lei>
        <title>Fuchsia 2024-1 - London Bridge 2 PCC Ltd.</title>
        <cusip>541917AA8</cusip>
        <identifiers>
          <isin value="US541917AA86"/>
          <ticker value="541917AA"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2046600</valUSD>
        <pctVal>0.2442847280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.14</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>LOWER FERRY RE LTD</name>
        <lei>N/A</lei>
        <title>Lower Ferry Re Ltd.</title>
        <cusip>547915AA6</cusip>
        <identifiers>
          <isin value="US547915AA69"/>
          <ticker value="547915AA"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250975</valUSD>
        <pctVal>0.0299566890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6460</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>MARLON LTD</name>
        <lei>98450044CD0YE4DAFC06</lei>
        <title>Marlon Ltd.</title>
        <cusip>571253AA1</cusip>
        <identifiers>
          <isin value="US571253AA10"/>
          <ticker value="571253AA"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1816675</valUSD>
        <pctVal>0.2168405933</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>7.3060</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092AW9</cusip>
        <identifiers>
          <isin value="US577092AW99"/>
          <ticker value="577092AW"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2010600</valUSD>
        <pctVal>0.2399877231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092AX7</cusip>
        <identifiers>
          <isin value="US577092AX72"/>
          <ticker value="577092AX"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2966700</valUSD>
        <pctVal>0.3541090113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092BC2</cusip>
        <identifiers>
          <isin value="US577092BC27"/>
          <ticker value="577092BC"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2466250</valUSD>
        <pctVal>0.2943746753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092BD0</cusip>
        <identifiers>
          <isin value="US577092BD00"/>
          <ticker value="577092BD"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2460250</valUSD>
        <pctVal>0.2936585078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15</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>MAYFLOWER RE LTD</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd.</title>
        <cusip>57839MAD0</cusip>
        <identifiers>
          <isin value="US57839MAD02"/>
          <ticker value="57839MAD"/>
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        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2290500</valUSD>
        <pctVal>0.2733969361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.50</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>MEADOWS LTD</name>
        <lei>254900W9CHL6SO5U0P81</lei>
        <title>Meadows Ltd.</title>
        <cusip>58320RAA9</cusip>
        <identifiers>
          <isin value="US58320RAA95"/>
          <ticker value="58320RAA"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1446450</valUSD>
        <pctVal>0.1726500756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.25</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>MEADOWS LTD</name>
        <lei>254900W9CHL6SO5U0P81</lei>
        <title>Meadows Ltd.</title>
        <cusip>58320RAB7</cusip>
        <identifiers>
          <isin value="US58320RAB78"/>
          <ticker value="58320RAB"/>
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        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2159325</valUSD>
        <pctVal>0.2577397246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.50</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MONTOYA RE LTD</name>
        <lei>N/A</lei>
        <title>Montoya Re Ltd.</title>
        <cusip>613752AH7</cusip>
        <identifiers>
          <isin value="US613752AH76"/>
          <ticker value="613752AH"/>
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        <balance>9500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9578850</valUSD>
        <pctVal>1.1433434803</pctVal>
        <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>5.75</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>MYSTIC RE IV LTD</name>
        <lei>N/A</lei>
        <title>Mystic Re IV Ltd.</title>
        <cusip>62865LAF4</cusip>
        <identifiers>
          <isin value="US62865LAF40"/>
          <ticker value="62865LAF"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3017400</valUSD>
        <pctVal>0.3601606265</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>4</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>MYSTIC RE IV LTD</name>
        <lei>N/A</lei>
        <title>Mystic Re IV Ltd.</title>
        <cusip>62865LAJ6</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NAKAMA RE PTE LTD</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATURE COAST RE LTD</name>
        <lei>N/A</lei>
        <title>Nature Coast Re Ltd.</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NATURE COAST RE LTD</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORTHSHORE RE II LTD</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>1886 RE LTD</name>
        <lei>N/A</lei>
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        <cusip>68252UAA3</cusip>
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          <isin value="US68252UAA34"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-09</maturityDt>
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      <invstOrSec>
        <name>PALM RE LTD</name>
        <lei>984500D3C66DA10DAP11</lei>
        <title>Palm RE Ltd.</title>
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          <isin value="US69664FAC23"/>
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        <curCd>USD</curCd>
        <valUSD>9995000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2</annualizedRt>
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        <name>MEADOWS LTD</name>
        <lei>254900W9CHL6SO5U0P81</lei>
        <title>Meadows Ltd.</title>
        <cusip>58320RAC5</cusip>
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          <isin value="US58320RAC51"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-07</maturityDt>
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        <name>MERITAGE RE LTD</name>
        <lei>254900TG8PO2J3ZD4Q82</lei>
        <title>Meritage RE Ltd.</title>
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        <curCd>USD</curCd>
        <valUSD>6168125</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>PURPLE RE LTD</name>
        <lei>N/A</lei>
        <title>Purple Re Ltd.</title>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EUR FORWARD EMBASSY CONTRACT 03/10/2027   /</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EURO FORWARD EMBASSY CONTRACT 06/09/2026   /</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HESTIA RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TORREY PINES RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TREMONT RE LTD</name>
        <lei>N/A</lei>
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        <cusip>89479VAA4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>EUR FORWARD EMBASSY CONTRACT 01/20/2027   /</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EUR FORWARD EMBASSY CONTRACT 10/13/2026   /</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <lei>2549001Q4VX5Y31QFJ88</lei>
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        <fairValLevel>2</fairValLevel>
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        <title>Winston RE Ltd.</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MONA LISA RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FOUR LAKES RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FOUR LAKES RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LOCKE TAVERN RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FUCHSIA 2025-1 LONDON BR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RECOLETOS RE DAC</name>
        <lei>635400FIY9UG8ZHKYH56</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RESIDENTIAL RE 2023 LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>TOMONI RE PTE LTD</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TOPANGA RE LIMITED</name>
        <lei>N/A</lei>
        <title>Topanga Re Ltd.</title>
        <cusip>89055TAD5</cusip>
        <identifiers>
          <isin value="US89055TAD54"/>
          <ticker value="89055TAD"/>
        </identifiers>
        <balance>9750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9694425</valUSD>
        <pctVal>1.1571386565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd.</title>
        <cusip>89141WAF9</cusip>
        <identifiers>
          <isin value="US89141WAF95"/>
          <ticker value="89141WAF"/>
        </identifiers>
        <balance>4275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4283122.50</valUSD>
        <pctVal>0.5112388424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.3060</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd.</title>
        <cusip>89141WAL6</cusip>
        <identifiers>
          <isin value="US89141WAL63"/>
          <ticker value="89141WAL"/>
        </identifiers>
        <balance>4125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4206675</valUSD>
        <pctVal>0.5021139735</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>3.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-13</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST II</ncom:nameOfApplicant>
      <ncom:signature>/s/ Scott Schulenburg</ncom:signature>
      <ncom:signerName>Scott Schulenburg</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
