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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>EVERGLADES RE II LTD</name>
        <lei>5493000EE11S6ONK0372</lei>
        <title>Everglades Re II Ltd.</title>
        <cusip>30014LAT1</cusip>
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          <isin value="US30014LAT17"/>
          <ticker value="30014LAT"/>
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        <balance>18500000</balance>
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        <curCd>USD</curCd>
        <valUSD>18808950</valUSD>
        <pctVal>2.0403886210</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EVERGLADES RE II LTD</name>
        <lei>5493000EE11S6ONK0372</lei>
        <title>Everglades Re II Ltd.</title>
        <cusip>30014LAX2</cusip>
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          <isin value="US30014LAX29"/>
          <ticker value="30014LAX"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4123600</valUSD>
        <pctVal>0.4473267523</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.50</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FINCA RE LTD</name>
        <lei>N/A</lei>
        <title>Finca RE Ltd.</title>
        <cusip>31771QAB0</cusip>
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          <isin value="US31771QAB05"/>
          <ticker value="31771QAB"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3047400</valUSD>
        <pctVal>0.3305809353</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>5.25</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>FIRST COAST RE IV LTD</name>
        <lei>N/A</lei>
        <title>First Coast Re IV Ltd.</title>
        <cusip>31969UAB3</cusip>
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          <isin value="US31969UAB35"/>
          <ticker value="31969UAB"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1257250</valUSD>
        <pctVal>0.1363860606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.50</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>
        <name>HEXAGON IV RE Ltd. CAT VAR RT 01/22/30   /</name>
        <lei>N/A</lei>
        <title>HEXAGON IV RE Ltd. CAT VAR RT 01/22/30   /</title>
        <cusip>321620868</cusip>
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          <ticker value="32162086"/>
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        <balance>4500000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HEXAGON IV RE Ltd. CAT VAR RT 01/21/28   /</name>
        <lei>N/A</lei>
        <title>HEXAGON IV RE Ltd. CAT VAR RT 01/21/28   /</title>
        <cusip>321749917</cusip>
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          <ticker value="32174991"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.75</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MERNA REINSURANCE II LTD</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd.</title>
        <cusip>59013MAK8</cusip>
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          <isin value="US59013MAK80"/>
          <ticker value="59013MAK"/>
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        <balance>7150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7378800</valUSD>
        <pctVal>0.8004497623</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>7.47</annualizedRt>
          <isDefault>N</isDefault>
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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>
        <name>MERNA REINSURANCE II LTD</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd.</title>
        <cusip>59013MAL6</cusip>
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          <isin value="US59013MAL63"/>
          <ticker value="59013MAL"/>
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        <balance>250000</balance>
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        <curCd>USD</curCd>
        <valUSD>256325</valUSD>
        <pctVal>0.0278060505</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>8.75</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RECOLETOS RE DAC CAT VAR RT 12/08/28   /</name>
        <lei>N/A</lei>
        <title>RECOLETOS RE DAC CAT VAR RT 12/08/28   /</title>
        <cusip>323065039</cusip>
        <identifiers>
          <ticker value="32306503"/>
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        <balance>4500000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
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        <pctVal>0.5698935241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50</annualizedRt>
          <isDefault>N</isDefault>
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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>
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          <isin value="US33774EAA29"/>
          <ticker value="33774EAA"/>
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        <balance>3250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3256825</valUSD>
        <pctVal>0.3532992895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.02</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>MERNA REINSURANCE II LTD</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd.</title>
        <cusip>59013MAM4</cusip>
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          <isin value="US59013MAM47"/>
          <ticker value="59013MAM"/>
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        <balance>4250000</balance>
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        <curCd>USD</curCd>
        <valUSD>4415750</valUSD>
        <pctVal>0.4790190868</pctVal>
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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>
          <annualizedRt>8.50</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>MERNA REINSURANCE II LTD</name>
        <lei>549300478X5RX87PYX60</lei>
        <title>Merna Reinsurance II Ltd.</title>
        <cusip>59013MAP7</cusip>
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          <isin value="US59013MAP77"/>
          <ticker value="59013MAP"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>790800</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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        <name>MONA LISA RE LTD</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re Ltd.</title>
        <cusip>608800AH1</cusip>
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          <isin value="US608800AH11"/>
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        <balance>8250000</balance>
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        <curCd>USD</curCd>
        <valUSD>8511525</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MONA LISA RE LTD</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re Ltd.</title>
        <cusip>608800AL2</cusip>
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          <isin value="US608800AL23"/>
          <ticker value="608800AL"/>
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        <curCd>USD</curCd>
        <valUSD>16472625</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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        <name>EURO FORWARD EMBASSY CONTRACT 11/02/2026   /</name>
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        <cusip>999999999</cusip>
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          <ticker value="8EUR1126"/>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TURRIS RE LTD</name>
        <lei>254900AYLTVDMB8FO181</lei>
        <title>Turris RE Ltd.</title>
        <cusip>900442AA2</cusip>
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          <isin value="US900442AA21"/>
          <ticker value="900442AA"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3996400</valUSD>
        <pctVal>0.4335281387</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>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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        <name>URSA RE LTD</name>
        <lei>549300O8X4DWGDJZ6W59</lei>
        <title>Ursa Re Ltd.</title>
        <cusip>90323WAP5</cusip>
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          <isin value="US90323WAP59"/>
          <ticker value="90323WAP"/>
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        <balance>3750000</balance>
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        <curCd>USD</curCd>
        <valUSD>3777750</valUSD>
        <pctVal>0.4098090597</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>VERAISON RE LTD</name>
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        <title>Veraison Re Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VERAISON RE LTD</name>
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        <title>Veraison Re Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WINDROSE RE LTD</name>
        <lei>N/A</lei>
        <title>Windrose Re Ltd.</title>
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          <isin value="US972917AB41"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-13</maturityDt>
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        <name>WINSTON RE LTD</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston RE Ltd.</title>
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          <isin value="US975660AA93"/>
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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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          <maturityDt>2027-02-26</maturityDt>
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        <name>WINSTON RE LTD</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston RE Ltd.</title>
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          <isin value="US975660AC59"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-21</maturityDt>
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          <annualizedRt>6.50</annualizedRt>
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      <invstOrSec>
        <name>WINSTON RE LTD</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston RE Ltd.</title>
        <cusip>975660AD3</cusip>
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          <isin value="US975660AD33"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-04</maturityDt>
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          <annualizedRt>4.75</annualizedRt>
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      <invstOrSec>
        <name>WINSTON RE LTD</name>
        <lei>2549001Q4VX5Y31QFJ88</lei>
        <title>Winston RE Ltd.</title>
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          <isin value="US975660AF80"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6</annualizedRt>
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        <name>WRIGLEY RE LTD</name>
        <lei>N/A</lei>
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          <isin value="US982533AB77"/>
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        <fairValLevel>2</fairValLevel>
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        <name>WRIGLEY RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-07</maturityDt>
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        <name>YOSEMITE RE LTD</name>
        <lei>N/A</lei>
        <title>Yosemite Re Ltd.</title>
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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>EUR FORWARD EMBASSY CONTRACT 01/28/2027   /</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EURO FORWARD EMBASSY CONTRACT 11/04/2026   /</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHOENIX 3 RE PTE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AZZURRO RE II DAC</name>
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        <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 2026-10 PREFERRED NOTE   /</name>
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        <fairValLevel>3</fairValLevel>
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        <name>CONSULATE RE 2026-29 PREFERRED NOTE   /</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CONSULATE RE 2026-31 PREFERRED NOTE   /</name>
        <lei>N/A</lei>
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          <ticker value="CONS2631"/>
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        <fairValLevel>3</fairValLevel>
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        <name>CONSULATE RE 2026-32 PREFERRED NOTE   /</name>
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          <ticker value="CONS2632"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CONSULATE RE 2026-37 PREFERRED NOTE   /</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CONSULATE RE 2026-38 PREFERRED NOTE   /</name>
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          <ticker value="CONS2638"/>
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        <fairValLevel>3</fairValLevel>
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          <annualizedRt>0</annualizedRt>
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      <invstOrSec>
        <name>CONSULATE RE 2026-39 PREFERRED NOTE   /</name>
        <lei>N/A</lei>
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          <ticker value="CONS2639"/>
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        <fairValLevel>3</fairValLevel>
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          <annualizedRt>0</annualizedRt>
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      <invstOrSec>
        <name>HESTIA RE LTD</name>
        <lei>549300QRKQ1ZKOXEMZ38</lei>
        <title>Hestia Re Ltd.</title>
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          <isin value="US42815KAH59"/>
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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>2029-04-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.75</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HIGH POINT RE LTD</name>
        <lei>N/A</lei>
        <title>High Point Re Ltd.</title>
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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>1500000</valUSD>
        <pctVal>0.1627194996</pctVal>
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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>2027-01-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.64</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CONSULATE RE 2026-12 PREFERRED NOTE   /</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CONS2612"/>
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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>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0</annualizedRt>
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      <invstOrSec>
        <name>CONSULATE RE 2026-13 PREFERRED NOTE   /</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CONS2613"/>
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        <curCd>USD</curCd>
        <valUSD>5120400</valUSD>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0</annualizedRt>
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      <invstOrSec>
        <name>HYPATIA LTD</name>
        <lei>98450041F85DB4C2C372</lei>
        <title>Hypatia Ltd.</title>
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          <isin value="US44914CAD83"/>
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        <curCd>USD</curCd>
        <valUSD>2067800</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>2028-07-05</maturityDt>
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          <annualizedRt>8.50</annualizedRt>
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        <name>HYPATIA LTD</name>
        <lei>98450041F85DB4C2C372</lei>
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          <isin value="US44914CAE66"/>
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        <curCd>USD</curCd>
        <valUSD>8510200</valUSD>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-14</maturityDt>
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          <annualizedRt>5</annualizedRt>
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        <name>INTEGRITY RE III</name>
        <lei>254900VWHVNG2WMBWC74</lei>
        <title>Integrity RE III Ltd.</title>
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          <isin value="US45870GAA40"/>
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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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          <isin value="US45870GAB23"/>
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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>45870GAH9</cusip>
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          <isin value="US45870GAH92"/>
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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"/>
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        <curCd>USD</curCd>
        <valUSD>1240125</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>11</annualizedRt>
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        <securityLending>
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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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        <balance>10750000</balance>
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        <curCd>USD</curCd>
        <valUSD>10941350</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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          <maturityDt>2027-04-30</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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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        <balance>250000</balance>
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        <curCd>USD</curCd>
        <valUSD>252825</valUSD>
        <pctVal>0.0274263717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.7380</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>KILIMANJARO III RE LTD</name>
        <lei>254900T37LD5YQ545V53</lei>
        <title>Kilimanjaro III Re Ltd.</title>
        <cusip>49407PAQ3</cusip>
        <identifiers>
          <isin value="US49407PAQ37"/>
          <ticker value="49407PAQ"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3509800</valUSD>
        <pctVal>0.3807419331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>KILIMANJARO III RE LTD</name>
        <lei>254900T37LD5YQ545V53</lei>
        <title>Kilimanjaro III Re Ltd.</title>
        <cusip>49407PAU4</cusip>
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          <isin value="US49407PAU49"/>
          <ticker value="49407PAU"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3512600</valUSD>
        <pctVal>0.3810456761</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.75</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re Ltd.</title>
        <cusip>49407QAG3</cusip>
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          <isin value="US49407QAG38"/>
          <ticker value="49407QAG"/>
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        <balance>250000</balance>
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        <curCd>USD</curCd>
        <valUSD>259175</valUSD>
        <pctVal>0.0281152175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.25</annualizedRt>
          <isDefault>N</isDefault>
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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>
        <name>KILIMANJARO II RE LTD</name>
        <lei>N/A</lei>
        <title>Kilimanjaro II Re Ltd.</title>
        <cusip>49407QAH1</cusip>
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          <isin value="US49407QAH11"/>
          <ticker value="49407QAH"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2083200</valUSD>
        <pctVal>0.2259848410</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.25</annualizedRt>
          <isDefault>N</isDefault>
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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>
        <name>TITANIA RE LTD</name>
        <lei>5493008E73M6FH2NSB56</lei>
        <title>Titania RE Ltd.</title>
        <cusip>888329AE9</cusip>
        <identifiers>
          <isin value="US888329AE97"/>
          <ticker value="888329AE"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3027000</valUSD>
        <pctVal>0.3283679501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-26</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>TOMONI RE PTE LTD</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte Ltd.</title>
        <cusip>89009PAE8</cusip>
        <identifiers>
          <isin value="US89009PAE88"/>
          <ticker value="89009PAE"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2022200</valUSD>
        <pctVal>0.2193675814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-05</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>TOMONI RE PTE LTD</name>
        <lei>N/A</lei>
        <title>Tomoni Re Pte Ltd.</title>
        <cusip>89009PAF5</cusip>
        <identifiers>
          <isin value="US89009PAF53"/>
          <ticker value="89009PAF"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3068700</valUSD>
        <pctVal>0.3328915522</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4</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>TOPANGA RE LIMITED</name>
        <lei>N/A</lei>
        <title>Topanga Re Ltd.</title>
        <cusip>89055TAD5</cusip>
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          <isin value="US89055TAD54"/>
          <ticker value="89055TAD"/>
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        <balance>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8118400</valUSD>
        <pctVal>0.8806813235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75</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>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"/>
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        <balance>1875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1921125</valUSD>
        <pctVal>0.2084029991</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd.</title>
        <cusip>89141WAP7</cusip>
        <identifiers>
          <isin value="US89141WAP77"/>
          <ticker value="89141WAP"/>
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        <balance>7500000</balance>
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        <curCd>USD</curCd>
        <valUSD>7538250</valUSD>
        <pctVal>0.8177468451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRIDGE STREET RE LTD</name>
        <lei>2549008NKPLMU6X7ID58</lei>
        <title>Bridge Street Re Ltd.</title>
        <cusip>10807LAB3</cusip>
        <identifiers>
          <isin value="US10807LAB36"/>
          <ticker value="10807LAB"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5081500</valUSD>
        <pctVal>0.5512394247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BUTTONWOOD RE LTD</name>
        <lei>254900LIULF6LIE6J986</lei>
        <title>Buttonwood RE Ltd.</title>
        <cusip>12423PAA6</cusip>
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          <isin value="US12423PAA66"/>
          <ticker value="12423PAA"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5024500</valUSD>
        <pctVal>0.5450560837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BUTTONWOOD RE LTD</name>
        <lei>254900LIULF6LIE6J986</lei>
        <title>Buttonwood RE Ltd.</title>
        <cusip>12423PAD0</cusip>
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          <isin value="US12423PAD06"/>
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        <curCd>USD</curCd>
        <valUSD>2077000</valUSD>
        <pctVal>0.2253122671</pctVal>
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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>2029-05-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.50</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAPE LOOKOUT RE LTD</name>
        <lei>N/A</lei>
        <title>Cape Lookout Re Ltd.</title>
        <cusip>13947LAG7</cusip>
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          <isin value="US13947LAG77"/>
          <ticker value="13947LAG"/>
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        <balance>15950000</balance>
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        <curCd>USD</curCd>
        <valUSD>16750690</valUSD>
        <pctVal>1.8171092628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.90</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CONSULATE RE 2026-15 PREFERRED NOTE   /</name>
        <lei>N/A</lei>
        <title>CONSULATE RE 2026-15 PREFERRED NOTE   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CONS2615"/>
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        <curCd>USD</curCd>
        <valUSD>4380000</valUSD>
        <pctVal>0.4751409387</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONSULATE RE 2026-28 PREFERRED NOTE   /</name>
        <lei>N/A</lei>
        <title>CONSULATE RE 2026-28 PREFERRED NOTE   /</title>
        <cusip>999999999</cusip>
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          <ticker value="CONS2628"/>
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        <balance>9780000</balance>
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        <valUSD>9262638</valUSD>
        <pctVal>1.0048078800</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0</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>
      <invstOrSec>
        <name>ABACAB RE LTD</name>
        <lei>9845002DUR87O96E9B80</lei>
        <title>Abacab Re Ltd.</title>
        <cusip>00258FAA3</cusip>
        <identifiers>
          <isin value="US00258FAA30"/>
          <ticker value="00258FAA"/>
        </identifiers>
        <balance>12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11942400</valUSD>
        <pctVal>1.2955075678</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALAMO RE LTD</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd.</title>
        <cusip>011395AR1</cusip>
        <identifiers>
          <isin value="US011395AR17"/>
          <ticker value="011395AR"/>
        </identifiers>
        <balance>7500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7528500</valUSD>
        <pctVal>0.8166891683</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>5.25</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>ALAMO RE LTD</name>
        <lei>5493003E22VRD25G0S03</lei>
        <title>Alamo Re Ltd.</title>
        <cusip>011395AS9</cusip>
        <identifiers>
          <isin value="US011395AS99"/>
          <ticker value="011395AS"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>252150</valUSD>
        <pctVal>0.0273531479</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>7.25</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>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>4750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4850225</valUSD>
        <pctVal>0.5261507899</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AQUILA RE LTD 2026-1</name>
        <lei>N/A</lei>
        <title>Aquila Re I Ltd. Series 2024-1</title>
        <cusip>037987AC8</cusip>
        <identifiers>
          <isin value="US037987AC88"/>
          <ticker value="037987AC"/>
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        <balance>3250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3241550</valUSD>
        <pctVal>0.3516422626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.5</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>ARMOR RE II LTD</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor RE II Ltd.</title>
        <cusip>04227FAE5</cusip>
        <identifiers>
          <isin value="US04227FAE51"/>
          <ticker value="04227FAE"/>
        </identifiers>
        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4128800</valUSD>
        <pctVal>0.4478908466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.20</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>ARMOR RE II LTD</name>
        <lei>549300X573KDIHEJL317</lei>
        <title>Armor RE II Ltd.</title>
        <cusip>04227FAF2</cusip>
        <identifiers>
          <isin value="US04227FAF27"/>
          <ticker value="04227FAF"/>
        </identifiers>
        <balance>7750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8125875</valUSD>
        <pctVal>0.8814922090</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>8.50</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>TRANQUIL RE - ARTHUR</name>
        <lei>N/A</lei>
        <title>Tranquil Re Ltd. 2026-1 - Arthur Re Ltd.</title>
        <cusip>042951AA1</cusip>
        <identifiers>
          <isin value="US042951AA17"/>
          <ticker value="042951AA"/>
        </identifiers>
        <balance>5750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5816125</valUSD>
        <pctVal>0.6309312996</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>12</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>ASHERA RE</name>
        <lei>N/A</lei>
        <title>Ashera Re</title>
        <cusip>04401RAA5</cusip>
        <identifiers>
          <isin value="US04401RAA59"/>
          <ticker value="04401RAA"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3011700</valUSD>
        <pctVal>0.3267082112</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>5.19</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>ATELA RE LTD</name>
        <lei>2549006VU6TMK735XN50</lei>
        <title>Atela Re Ltd.</title>
        <cusip>04681FAA2</cusip>
        <identifiers>
          <isin value="US04681FAA21"/>
          <ticker value="04681FAA"/>
        </identifiers>
        <balance>7275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7640205</valUSD>
        <pctVal>0.8288068895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.25</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>ATLAS CAPITAL DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC</title>
        <cusip>049207AB9</cusip>
        <identifiers>
          <isin value="US049207AB96"/>
          <ticker value="049207AB"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>267525</valUSD>
        <pctVal>0.0290210227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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>ATLAS CAPITAL DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC</title>
        <cusip>049207AC7</cusip>
        <identifiers>
          <isin value="US049207AC79"/>
          <ticker value="049207AC"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10182000</valUSD>
        <pctVal>1.1045399631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.25</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>ATLAS CAPITAL DAC</name>
        <lei>635400CBPJFGGWD2AH20</lei>
        <title>Atlas Capital DAC</title>
        <cusip>049207AD5</cusip>
        <identifiers>
          <isin value="US049207AD52"/>
          <ticker value="049207AD"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2757150</valUSD>
        <pctVal>0.2990947122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.00</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAYOU RE LTD</name>
        <lei>N/A</lei>
        <title>Bayou Re Ltd.</title>
        <cusip>07304LAC5</cusip>
        <identifiers>
          <isin value="US07304LAC54"/>
          <ticker value="07304LAC"/>
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        <balance>5750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5906400</valUSD>
        <pctVal>0.6407243015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.3320</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAYOU RE LTD</name>
        <lei>N/A</lei>
        <title>Bayou Re Ltd.</title>
        <cusip>07304LAE1</cusip>
        <identifiers>
          <isin value="US07304LAE11"/>
          <ticker value="07304LAE"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5025000</valUSD>
        <pctVal>0.5451103236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-08</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
        <cusip>096003AA6</cusip>
        <identifiers>
          <isin value="US096003AA60"/>
          <ticker value="096003AA"/>
        </identifiers>
        <balance>11500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11543700</valUSD>
        <pctVal>1.2522567248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
        <cusip>096003AB4</cusip>
        <identifiers>
          <isin value="US096003AB44"/>
          <ticker value="096003AB"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4050000</valUSD>
        <pctVal>0.4393426488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.99</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>BLUE RIDGE RE LTD</name>
        <lei>N/A</lei>
        <title>Blue Ridge Re Ltd.</title>
        <cusip>096003AC2</cusip>
        <identifiers>
          <isin value="US096003AC27"/>
          <ticker value="096003AC"/>
        </identifiers>
        <balance>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7982400</valUSD>
        <pctVal>0.8659280889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.50</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>BLUE SKY RE DAC</name>
        <lei>N/A</lei>
        <title>Blue Sky Re DAC</title>
        <cusip>09605UAA1</cusip>
        <identifiers>
          <isin value="XS2728630596"/>
          <ticker value="09605UAA"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
        <valUSD>5875230.63</valUSD>
        <pctVal>0.6373430586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.0110</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>BRIDGE STREET RE LTD</name>
        <lei>N/A</lei>
        <title>Bridge Street Re Ltd.</title>
        <cusip>10807LAA5</cusip>
        <identifiers>
          <isin value="US10807LAA52"/>
          <ticker value="10807LAA"/>
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        <balance>12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12050400</valUSD>
        <pctVal>1.3072233717</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>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>
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      </invstOrSec>
      <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>3143385</valUSD>
        <pctVal>0.3409933561</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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>514150</valUSD>
        <pctVal>0.0557748205</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FOUR LAKES RE LTD</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd.</title>
        <cusip>35087TAG3</cusip>
        <identifiers>
          <isin value="US35087TAG31"/>
          <ticker value="35087TAG"/>
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        <balance>6500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6547450</valUSD>
        <pctVal>0.7102651916</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>5.50</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>
        <name>GALILEO RE LTD</name>
        <lei>549300MXI75DHMS7JH38</lei>
        <title>Galileo Re Ltd.</title>
        <cusip>36354TAQ5</cusip>
        <identifiers>
          <isin value="US36354TAQ58"/>
          <ticker value="36354TAQ"/>
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        <balance>3750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3746625</valUSD>
        <pctVal>0.4064326301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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>36354TAR3</cusip>
        <identifiers>
          <isin value="US36354TAR32"/>
          <ticker value="36354TAR"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1464450</valUSD>
        <pctVal>0.1588630474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1018600</valUSD>
        <pctVal>0.1104973882</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>
        <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>4750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4786575</valUSD>
        <pctVal>0.5192460591</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>
        <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>3648414.90</valUSD>
        <pctVal>0.3957788312</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>
        <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>1026100</valUSD>
        <pctVal>0.1113109857</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>
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          <isLoanByFund>N</isLoanByFund>
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      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3994400</valUSD>
        <pctVal>0.4333111794</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>3.5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GATEWAY RE LTD</name>
        <lei>549300ZYFWQV9RCIN520</lei>
        <title>Gateway Re Ltd.</title>
        <cusip>36779CAV8</cusip>
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          <isin value="US36779CAV81"/>
          <ticker value="36779CAV"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>748875</valUSD>
        <pctVal>0.0812377102</pctVal>
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        <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>4.25</annualizedRt>
          <isDefault>N</isDefault>
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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>6500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6520800</valUSD>
        <pctVal>0.7073742085</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RAMBLE RE LTD</name>
        <lei>254900X8K5BTBY971F92</lei>
        <title>Ramble RE Ltd.</title>
        <cusip>751443AB8</cusip>
        <identifiers>
          <isin value="US751443AB83"/>
          <ticker value="751443AB"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1008000</valUSD>
        <pctVal>0.1093475037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5</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>RECOLETOS RE DAC</name>
        <lei>635400FIY9UG8ZHKYH56</lei>
        <title>Recoletos RE DAC</title>
        <cusip>755933AA6</cusip>
        <identifiers>
          <isin value="US755933AA66"/>
          <ticker value="755933AA"/>
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        <balance>10950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10989420</valUSD>
        <pctVal>1.1921286153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5</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>RECOLETOS RE DAC</name>
        <lei>635400FIY9UG8ZHKYH56</lei>
        <title>Recoletos RE DAC</title>
        <cusip>755933AB4</cusip>
        <identifiers>
          <isin value="US755933AB40"/>
          <ticker value="755933AB"/>
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        <balance>3750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3740625</valUSD>
        <pctVal>0.4057817521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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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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        <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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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CONSULATE RE 2026-47 PREFERRED NOTE   /</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NATURE COAST RE LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NORTHSHORE RE II LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>1886 RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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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>CONSULATE RE 2026-54 PREFERRED NOTE   /</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Fidelity Government Portfolio</name>
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          <isin value="US3161751082"/>
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        <fairValLevel>1</fairValLevel>
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        <name>EUR FORWARD EMBASSY CONTRACT 03/10/2027   /</name>
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        <cusip>999999999</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HESTIA RE LTD</name>
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        <title>Hestia Re Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>KILIMANJARO II 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>LOCKE TAVERN RE LTD</name>
        <lei>N/A</lei>
        <title>Locke Tavern Re Ltd.</title>
        <cusip>539694AB5</cusip>
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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>FUCHSIA 2024-1 LONDON BR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LONG POINT RE IV LTD</name>
        <lei>254900AFEMV23AH77Q24</lei>
        <title>Long Point Re IV Ltd.</title>
        <cusip>54279PAB1</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>LOWER FERRY RE LTD</name>
        <lei>N/A</lei>
        <title>Lower Ferry Re Ltd.</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092AX7</cusip>
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          <isin value="US577092AX72"/>
          <ticker value="577092AX"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2963700</valUSD>
        <pctVal>0.3215011873</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>
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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>
      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092AY5</cusip>
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          <isin value="US577092AY55"/>
          <ticker value="577092AY"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2048600</valUSD>
        <pctVal>0.2222314445</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>12.25</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092AZ2</cusip>
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          <isin value="US577092AZ21"/>
          <ticker value="577092AZ"/>
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        <balance>1750000</balance>
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        <curCd>USD</curCd>
        <valUSD>1750700</valUSD>
        <pctVal>0.1899153519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.50</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092BC2</cusip>
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          <isin value="US577092BC27"/>
          <ticker value="577092BC"/>
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        <balance>2500000</balance>
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        <curCd>USD</curCd>
        <valUSD>2478250</valUSD>
        <pctVal>0.2688397332</pctVal>
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        <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>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092BD0</cusip>
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          <isin value="US577092BD00"/>
          <ticker value="577092BD"/>
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        <balance>2500000</balance>
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        <curCd>USD</curCd>
        <valUSD>2413750</valUSD>
        <pctVal>0.2618427947</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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092BE8</cusip>
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          <isin value="US577092BE82"/>
          <ticker value="577092BE"/>
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        <balance>4250000</balance>
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        <curCd>USD</curCd>
        <valUSD>4250425</valUSD>
        <pctVal>0.4610846860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.50</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>
        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
        <title>Matterhorn Re Ltd.</title>
        <cusip>577092BK4</cusip>
        <identifiers>
          <isin value="US577092BK43"/>
          <ticker value="577092BK"/>
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        <balance>5750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5741375</valUSD>
        <pctVal>0.6228224446</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>6</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>MAYFLOWER RE LTD</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd.</title>
        <cusip>57839MAD0</cusip>
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          <isin value="US57839MAD02"/>
          <ticker value="57839MAD"/>
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        <balance>4500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4563900</valUSD>
        <pctVal>0.4950903494</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MAYFLOWER RE LTD</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd.</title>
        <cusip>57839MAE8</cusip>
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          <isin value="US57839MAE84"/>
          <ticker value="57839MAE"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3510500</valUSD>
        <pctVal>0.3808178688</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>3.0</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>RESIDENTIAL REINSUR 2025</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2025 Ltd.</title>
        <cusip>76091DAC5</cusip>
        <identifiers>
          <isin value="US76091DAC56"/>
          <ticker value="76091DAC"/>
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        <balance>7250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7605250</valUSD>
        <pctVal>0.8250149827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.75</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>RESIDENTIAL REINSUR 2025</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2025 Ltd.</title>
        <cusip>76091JAB4</cusip>
        <identifiers>
          <isin value="US76091JAB44"/>
          <ticker value="76091JAB"/>
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        <balance>4500000</balance>
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        <curCd>USD</curCd>
        <valUSD>4502700</valUSD>
        <pctVal>0.4884513938</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.25</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>RESIDENTIAL REIN 2024</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2004 Ltd.</title>
        <cusip>76112AAE2</cusip>
        <identifiers>
          <isin value="US76112AAE29"/>
          <ticker value="76112AAE"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1019000</valUSD>
        <pctVal>0.1105407800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.38</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>RESIDENTIAL RE 2022 LTD</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2022 Ltd.</title>
        <cusip>76119YAG8</cusip>
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          <isin value="US76119YAG89"/>
          <ticker value="76119YAG"/>
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        <balance>875000</balance>
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        <curCd>USD</curCd>
        <valUSD>866337.50</valUSD>
        <pctVal>0.0939800030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.59</annualizedRt>
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      <invstOrSec>
        <name>RESIDENTIAL REINSUR 2026</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2026 Ltd.</title>
        <cusip>76134YAB0</cusip>
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          <isin value="US76134YAB02"/>
          <ticker value="76134YAB"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3503850</valUSD>
        <pctVal>0.3800964790</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5</annualizedRt>
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      <invstOrSec>
        <name>RESIDENTIAL REINSUR 2026</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2026 Ltd.</title>
        <cusip>76134YAC8</cusip>
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          <isin value="US76134YAC84"/>
          <ticker value="76134YAC"/>
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        <balance>6500000</balance>
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        <curCd>USD</curCd>
        <valUSD>6485700</valUSD>
        <pctVal>0.7035665722</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.75</annualizedRt>
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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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          <isin value="US76870YAF97"/>
          <ticker value="76870YAF"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1549500</valUSD>
        <pctVal>0.1680892431</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>5.50</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>
      <invstOrSec>
        <name>SABINE RE LTD</name>
        <lei>N/A</lei>
        <title>Sabine Re Ltd.</title>
        <cusip>785628AA6</cusip>
        <identifiers>
          <isin value="US785628AA63"/>
          <ticker value="785628AA"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2516000</valUSD>
        <pctVal>0.2729348406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.25</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>SABINE RE LTD</name>
        <lei>254900FU1Z2XK88D3602</lei>
        <title>Sabine Re Ltd.</title>
        <cusip>785628AB4</cusip>
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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>SANDERS RE III LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <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>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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    </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>2026-08-13</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>
  <documents>XXXX</documents>
</edgarSubmission>
