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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>Mayflower Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aquila Re I Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Veraison Re Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ONE SHIELD RE LTD</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>2001 CAT Re, Ltd</name>
        <lei>5493007NG10QO60NSO35</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HANDSHAKE RE LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
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        <title>SANDERS RE III LTD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Windrose Re Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Veraison Re Ltd.</name>
        <lei>2549007WYB39A966J434</lei>
        <title>VERAISON RE LTD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Long Point Re IV Ltd</name>
        <lei>254900AFEMV23AH77Q24</lei>
        <title>LONG POINT RE IV LTD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PURPLE RE LTD</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RESIDENTIAL REINSURANCE LIMITED</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL REINSURANCE 2026 LTD</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Meadows Ltd.</name>
        <lei>254900W9CHL6SO5U0P81</lei>
        <title>MEADOWS LTD</title>
        <cusip>58320RAC5</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Maschpark Re Ltd.</name>
        <lei>N/A</lei>
        <title>MASCHPARK RE LTD</title>
        <cusip>574591AA1</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Charles River Re Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>HERBIE RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>3264 Re Ltd.</name>
        <lei>N/A</lei>
        <title>3264 RE LTD</title>
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        <valUSD>508200.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WRIGLEY RE LTD</name>
        <lei>N/A</lei>
        <title>WRIGLEY RE LTD</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Kilimanjaro II Re Limited</name>
        <lei>N/A</lei>
        <title>KILIMANJARO II RE LTD</title>
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          <isin value="US49407QAM06"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>764475.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.01875960</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KILIMANJARO III RE LTD</name>
        <lei>N/A</lei>
        <title>KILIMANJARO III RE LTD</title>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-09</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Montoya Re Ltd.</name>
        <lei>N/A</lei>
        <title>MONTOYA RE LTD</title>
        <cusip>613752AC8</cusip>
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          <isin value="US613752AC89"/>
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        <valUSD>764025.00000000</valUSD>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>15.31849050</annualizedRt>
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      <invstOrSec>
        <name>PHOTON RE LTD</name>
        <lei>N/A</lei>
        <title>PHOTON RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NAKAMA RE LTD.</name>
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        <title>NAKAMA RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aquila Re I Ltd.</name>
        <lei>N/A</lei>
        <title>AQUILA RE I LTD SERIES 2024 1</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-10</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>CITRUS RE LTD.</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>CITRUS RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RESIDENTIAL REINSURANCE LIMITED</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL REINSURANCE 2026 LTD</title>
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          <isin value="US76134YAB02"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Riverfront Re Ltd.</name>
        <lei>N/A</lei>
        <title>RIVERFRONT RE LTD</title>
        <cusip>76870YAF9</cusip>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-08</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Baldwin Re Ltd.</name>
        <lei>N/A</lei>
        <title>BALDWIN RE LTD</title>
        <cusip>05826BAB2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.57277640</annualizedRt>
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      <invstOrSec>
        <name>Torrey Pines Re Ltd</name>
        <lei>N/A</lei>
        <title>TORREY PINES RE LTD</title>
        <cusip>89141WAN2</cusip>
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          <isin value="US89141WAN20"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>516950.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.18624090</annualizedRt>
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      <invstOrSec>
        <name>SUTTER RE LTD</name>
        <lei>N/A</lei>
        <title>SUTTER RE LTD</title>
        <cusip>86944RAH1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Kite Re Limited</name>
        <lei>N/A</lei>
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        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Parametric Re Ltd.</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Winston Re Ltd.</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SOLOMON RE LTD</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kendall Re Ltd.</name>
        <lei>N/A</lei>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>507200.00000000</valUSD>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAYOU RE LTD</name>
        <lei>N/A</lei>
        <title>BAYOU RE LTD</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>ATLAS CAPITAL DESIGNATED ACTIVITY COMPANY</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>ATLAS CAPITAL DAC</title>
        <cusip>049207AC7</cusip>
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          <isin value="US049207AC79"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>PURPLE RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>ABACAB RE LTD</name>
        <lei>N/A</lei>
        <title>ABACAB RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-13</maturityDt>
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      <invstOrSec>
        <name>Turicum Re Ltd</name>
        <lei>N/A</lei>
        <title>TURICUM RE LTD</title>
        <cusip>90009JAA8</cusip>
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          <isin value="US90009JAA88"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-11</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Foundation Re IV Ltd.</name>
        <lei>N/A</lei>
        <title>FOUNDATION RE IV LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WINSTON RE LTD</name>
        <lei>N/A</lei>
        <title>WINSTON RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>FOUR LAKES RE LTD</title>
        <cusip>35087TAG3</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-07</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>HESTIA RE LTD</name>
        <lei>N/A</lei>
        <title>HESTIA RE LTD</title>
        <cusip>42815KAE2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.78764000</annualizedRt>
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      <invstOrSec>
        <name>RESIDENTIAL REINSURANCE LIMITED</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL REINSURANCE 2025 LTD</title>
        <cusip>76091JAA6</cusip>
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          <isin value="US76091JAA60"/>
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        <balance>750000.00000000</balance>
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        <valUSD>738225.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-06</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Herbie Re Ltd.</name>
        <lei>N/A</lei>
        <title>HERBIE RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gateway Re Ltd.</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>GATEWAY RE LTD</title>
        <cusip>36779CAN6</cusip>
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          <isin value="US36779CAN65"/>
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        <valUSD>773850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>13.29472916</annualizedRt>
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      <invstOrSec>
        <name>Purple Re Ltd.</name>
        <lei>N/A</lei>
        <title>PURPLE RE LTD</title>
        <cusip>74639NAE3</cusip>
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          <isin value="US74639NAE31"/>
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        <curCd>USD</curCd>
        <valUSD>512350.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>11.46699290</annualizedRt>
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      <invstOrSec>
        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>TORREY PINES RE LTD</title>
        <cusip>89141WAP7</cusip>
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          <isin value="US89141WAP77"/>
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        <curCd>USD</curCd>
        <valUSD>1006550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.78573000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanders Re III Ltd.</name>
        <lei>2549000GJLHSUST2YF91</lei>
        <title>SANDERS RE III LTD</title>
        <cusip>80001QAA1</cusip>
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          <isin value="US80001QAA13"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>253512.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.90568508</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EVERGLADES RE II LTD</name>
        <lei>N/A</lei>
        <title>EVERGLADES RE II LTD</title>
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          <isin value="US30014LAX29"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>749400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.28896000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALAMO RE LTD.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>ALAMO RE LTD</title>
        <cusip>011395AR1</cusip>
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          <isin value="US011395AR17"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>749475.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.76977616</annualizedRt>
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          <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>Winston Re Ltd.</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>WINSTON RE LTD</title>
        <cusip>975660AA9</cusip>
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          <isin value="US975660AA93"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256625.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>13.49205495</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FISH POND RE LTD</name>
        <lei>N/A</lei>
        <title>FISH POND RE LTD</title>
        <cusip>33774EAA2</cusip>
        <identifiers>
          <isin value="US33774EAA29"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251562.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.57000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FloodSmart Re Ltd</name>
        <lei>549300KK1LNVFW95S875</lei>
        <title>FLOODSMART RE LTD</title>
        <cusip>33975CAQ8</cusip>
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          <isin value="US33975CAQ87"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>21.81686632</annualizedRt>
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      <invstOrSec>
        <name>TITANIA RE LTD</name>
        <lei>N/A</lei>
        <title>TITANIA RE LTD</title>
        <cusip>54180BAB0</cusip>
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          <isin value="US54180BAB09"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247787.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BUTTONWOOD RE LTD</name>
        <lei>N/A</lei>
        <title>BUTTONWOOD RE LTD</title>
        <cusip>12423PAA6</cusip>
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          <isin value="US12423PAA66"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.55000000</annualizedRt>
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      <invstOrSec>
        <name>ALAMO RE LTD.</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>ALAMO RE LTD</title>
        <cusip>011395AS9</cusip>
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          <isin value="US011395AS99"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Variable</couponKind>
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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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          <isin value="US13947LAH50"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.15287529</annualizedRt>
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      <invstOrSec>
        <name>Bonanza Re Ltd</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>BONANZA RE LTD</title>
        <cusip>09785EAQ4</cusip>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-19</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Armor Re II Ltd.</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>ARMOR RE II LTD</title>
        <cusip>04227FAF2</cusip>
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          <isin value="US04227FAF27"/>
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        <valUSD>1055400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>12.09327280</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Palm Re Ltd.</name>
        <lei>984500D3C66DA10DAP11</lei>
        <title>PALM RE LTD</title>
        <cusip>69664FAA6</cusip>
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          <isin value="US69664FAA66"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>516500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>12.77638839</annualizedRt>
          <isDefault>N</isDefault>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BRIDGE STREET RE LTD</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMMONWEALTH RE LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FloodSmart Re Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NAKAMA RE PTE. LTD.</name>
        <lei>N/A</lei>
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        <invCountry>SG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ALAMO RE LTD.</name>
        <lei>5493003E22VRD25G0S03</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ARMOR RE II LTD</name>
        <lei>N/A</lei>
        <title>ARMOR RE II LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>INTEGRITY RE III LTD</name>
        <lei>N/A</lei>
        <title>INTEGRITY RE III LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Blue Ridge Re Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>WINSTON RE LTD</name>
        <lei>N/A</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Winston Re Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>URSA RE LTD.</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MOUNTAIN RE LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SABINE RE LTD</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hestia Re Ltd.</name>
        <lei>549300QRKQ1ZKOXEMZ38</lei>
        <title>HESTIA RE LTD</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GWS RE LTD</name>
        <lei>N/A</lei>
        <title>GWS RE LTD</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-07</maturityDt>
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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>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Logistics Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Purple Re Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BAYOU RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Meadows Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PALM RE LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>8.55000000</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>89141WAS1</cusip>
        <identifiers>
          <isin value="US89141WAS17"/>
          <other otherDesc="Internal" value="89141WAS1"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>749962.50000000</valUSD>
        <pctVal>0.978138000443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.53656000</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>Integrity Re III Ltd.</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>INTEGRITY RE III LTD</title>
        <cusip>45870GAF3</cusip>
        <identifiers>
          <isin value="US45870GAF37"/>
          <other otherDesc="Internal" value="45870GAF3"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1569075.00000000</valUSD>
        <pctVal>2.046464833968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>29.76750929</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>Montoya Re Ltd.</name>
        <lei>N/A</lei>
        <title>MONTOYA RE LTD</title>
        <cusip>613752AE4</cusip>
        <identifiers>
          <isin value="US613752AE46"/>
          <other otherDesc="Internal" value="613752AE4"/>
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        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1276187.50000000</valUSD>
        <pctVal>1.664466542581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.87483600</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>Cape Lookout Re Ltd.</name>
        <lei>N/A</lei>
        <title>CAPE LOOKOUT RE LTD</title>
        <cusip>13947LAG7</cusip>
        <identifiers>
          <isin value="US13947LAG77"/>
          <other otherDesc="Internal" value="13947LAG7"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>783300.00000000</valUSD>
        <pctVal>1.021618408583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.19557174</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>Residential Reinsurance 2023 Limited</name>
        <lei>N/A</lei>
        <title>RESIDENTIAL REINSURANCE 2023 LTD</title>
        <cusip>76090WAC4</cusip>
        <identifiers>
          <isin value="US76090WAC47"/>
          <other otherDesc="Internal" value="76090WAC4"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>259712.50000000</valUSD>
        <pctVal>0.338729823744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.60732939</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>SUTTER RE LTD</name>
        <lei>N/A</lei>
        <title>SUTTER RE LTD</title>
        <cusip>86944RAG3</cusip>
        <identifiers>
          <isin value="US86944RAG39"/>
          <other otherDesc="Internal" value="86944RAG3"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
        <pctVal>0.652124606525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.28896000</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>BUTTONWOOD RE LTD</name>
        <lei>N/A</lei>
        <title>BUTTONWOOD RE LTD</title>
        <cusip>12423PAB4</cusip>
        <identifiers>
          <isin value="US12423PAB40"/>
          <other otherDesc="Internal" value="12423PAB4"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249950.00000000</valUSD>
        <pctVal>0.325997090802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.05000000</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>PHOTON RE LTD</name>
        <lei>N/A</lei>
        <title>PHOTON RE LTD</title>
        <cusip>71937RAB5</cusip>
        <identifiers>
          <isin value="US71937RAB50"/>
          <other otherDesc="Internal" value="71937RAB5"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246212.50000000</valUSD>
        <pctVal>0.321122459368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.30000000</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>FUCHSIA 2023 1 LONDON BRIDGE 2 PCC LTD</name>
        <lei>N/A</lei>
        <title>FUCHSIA 2023 1 LONDON BRIDGE 2 PCC LTD</title>
        <cusip>54180TAA3</cusip>
        <identifiers>
          <isin value="US54180TAA34"/>
          <other otherDesc="Internal" value="54180TAA3"/>
        </identifiers>
        <balance>1290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1324443.00000000</valUSD>
        <pctVal>1.727403740481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.83000000</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>MATTERHORN RE LTD</name>
        <lei>N/A</lei>
        <title>MATTERHORN RE LTD</title>
        <cusip>577092AX7</cusip>
        <identifiers>
          <isin value="US577092AX72"/>
          <other otherDesc="Internal" value="577092AX7"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494750.00000000</valUSD>
        <pctVal>0.645277298157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.94000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Golden Bear Re Ltd.</name>
        <lei>N/A</lei>
        <title>GOLDEN BEAR RE LTD SERIES 2026 1</title>
        <cusip>38090EAB6</cusip>
        <identifiers>
          <isin value="US38090EAB65"/>
          <other otherDesc="Internal" value="38090EAB6"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>252137.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>12.79151040</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>80001RAB7</cusip>
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          <isin value="US80001RAB78"/>
          <other otherDesc="Internal" value="80001RAB7"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254262.50000000</valUSD>
        <pctVal>0.331621665533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.67914022</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>ETF Opportunities Trust</ncom:nameOfApplicant>
      <ncom:signature>Karen Shupe</ncom:signature>
      <ncom:signerName>Karen Shupe</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
