# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0000940400-25-009541
**Filing Date:** 2025-11
**Character Count:** 121359
**Document Hash:** 4bead3f7d22b046effb087f59d762ada
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009541.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009541

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MANNING & NAPIER FUND, INC.
- **CENTRAL INDEX KEY:** 0000751173

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04087
- **FILM NUMBER:** 251512435

**BUSINESS ADDRESS:**
- **STREET 1:** 290 WOODCLIFF DRIVE
- **CITY:** FAIRPORT
- **STATE:** NY
- **ZIP:** 14450
- **BUSINESS PHONE:** 585-325-6880

**MAIL ADDRESS:**
- **STREET 1:** 290 WOODCLIFF DRIVE
- **CITY:** FAIRPORT
- **STATE:** NY
- **ZIP:** 14450

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANNING & NAPIER FUND, INC /NY/
- **DATE OF NAME CHANGE:** 20060929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXETER FUND INC /NY/
- **DATE OF NAME CHANGE:** 19980226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANNING & NAPIER FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Core Bond Series (Series ID: S000003631)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010097 | Class S      | EXCRX           |
| C000158991 | Class I      | EXCIX           |
| C000206445 | Class Z      | MCBZX           |
| C000206446 | Class W      | MCBWX           |

## Nport-Ex

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CORE BOND SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS - 22.1%** |  |  |
| **Non-Convertible Corporate Bonds- 22.1%** | **Non-Convertible Corporate Bonds- 22.1%** |  |
| **Communication Services - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Entertainment - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 2620000 | $3026594 |
| **Consumer Discretionary - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 3260000 | 3325199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 1080000 | 941806 |
| **Total Consumer Discretionary** |  | 4267005 |
| **Energy - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.302%, 1/15/2035<sup>2</sup> | 2080000 | 1809617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 6.75%, 11/15/2039 | 4905000 | 5420254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>2</sup> | 3395000 | 3546435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 5125000 | 5439974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 2620000 | 2621058 |
| **Total Energy** |  | 18837338 |
| **Financials - 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banks - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>3</sup> | 5580000 | 5082753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>3</sup> | 5170000 | 5071516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>3</sup> | 3330000 | 3348096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>3</sup> | 3465000 | 3611554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 3660000 | 3388218 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>3</sup> | 8300000 | 8377354 |
| &nbsp;&nbsp;&nbsp;&nbsp;KeyBank NA, 5.85%, 11/15/2027 | 3190000 | 3290995 |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.333%), 4.899%, 5/13/2031<sup>3</sup> | 4870000 | 4971143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>3</sup> | 5510000 | 5191072 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>3</sup> | 4920000 | 4973257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>3</sup> | 5260000 | 5384124 |
|  |  | 52690082 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |  |
| **Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 4700000 | $4992902 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>2,3,4</sup> | 1750000 | 1718850 |
|  |  | 6711752 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.860%), 6.377%, 6/8/2034<sup>3</sup> | 6215000 | 6716683 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>2</sup> | 1775000 | 1813193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>2</sup> | 1610000 | 1643621 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>2</sup> | 1620000 | 1651014 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden), 7.00%, 4/5/2029 | 3420000 | 3616046 |
|  |  | 8723874 |
| **Total Financials** |  | 74842391 |
| **Industrials - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>3</sup> | 1550000 | 1550705 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 3490000 | 3364077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 4.00%, 5/1/2028<sup>2</sup> | 3370000 | 3342649 |
|  |  | 6706726 |
| **Total Industrials** |  | 8257431 |
| **Materials - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>2</sup> | 3634557 | 3614156 |
| **Real Estate - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Retail REITs - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.25%, 1/15/2032 | 3720000 | 3266615 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, 6.10%, 4/1/2034 | 3286000 | 3460787 |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>2</sup> | 5225000 | 5364932 |

---

**1** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;CORE BOND SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE | VALUE |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) | **Non-Convertible Corporate Bonds** (continued) |
| **Real Estate** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>2</sup> | 2730000 | $| 2747634 |
|  |  |  | 11573353 |
| **Total Real Estate** |  |  | 14839968 |
| **Utilities - 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>2</sup> | 3355000 |  | 3587256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/2038 | 5880000 |  | 6601572 |
|  |  |  | 10188828 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>2</sup> | 6750000 |  | 7164077 |
| **Total Utilities** |  |  | 17352905 |
| **TOTAL CORPORATE BONDS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $141,032,550) |  |  | **145037788** |
| **ASSET-BACKED SECURITIES - 12.0%** | **ASSET-BACKED SECURITIES - 12.0%** | **ASSET-BACKED SECURITIES - 12.0%** | **ASSET-BACKED SECURITIES - 12.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2024-1A, Class A2, 5.94%, 7/20/2054<sup>2</sup> | 1250000 |  | 1269722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XIV LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 5.19%, 7/21/2031<sup>2</sup> | 3662153 |  | 3709333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class B, 5.20%, 7/21/2031<sup>2</sup> | 3444000 |  | 3513621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/2032<sup>2</sup> | 2513317 |  | 2560403 |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>2</sup> | 1484096 |  | 1033885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B1, 1.98%, 3/15/2061<sup>2</sup> | 1658708 |  | 1281384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/2049<sup>2</sup> | 3250000 |  | 3288321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>2</sup> | 940000 |  | 976732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>2</sup> | 279243 |  | 258989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A1, 5.022%, 8/25/2049<sup>2</sup> | 2250000 |  | 2256628 |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreVest American Finance Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class A, 1.358%, 8/15/2053<sup>2</sup> | 65903 |  | 65069 |
| &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.06%, 2/27/2051<sup>2</sup> | 2400000 |  | 2369384 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **ASSET-BACKED SECURITIES** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>2</sup> | 1180000 | $1177548 |
| &nbsp;&nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.150%), 5.506%, 11/27/2073<sup>2,5</sup> | 2171402 | 2191637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 5.317%, 11/25/2074<sup>2,5</sup> | 3250000 | 3249813 |
| &nbsp;&nbsp;&nbsp;&nbsp;ExteNet Issuer LLC, Series 2024-1A, Class A2, 5.335%, 7/25/2054<sup>2</sup> | 3000000 | 3017869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>2</sup> | 2825000 | 2743291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>2</sup> | 1127316 | 938454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>2</sup> | 2680000 | 2680837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 2023-1A, Class A2, 5.687%, 5/20/2053<sup>2</sup> | 1600000 | 1614675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.604%, 9/20/2065<sup>2</sup> | 3100000 | 3134924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2024-A, Class A, 5.66%, 10/15/2072<sup>2</sup> | 5415432 | 5559571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2025-A, Class A2, 5.878%, 8/14/2034<sup>2</sup> | 2700000 | 2729951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>2</sup> | 1451311 | 1438757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>2</sup> | 2139994 | 2152858 |
| &nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>2</sup> | 448032 | 445821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>2</sup> | 902131 | 922664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>2</sup> | 703669 | 710719 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLC Student Loan Trust, Series 2005-3, Class A4, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.412%), 4.779%, 12/15/2039<sup>5</sup> | 4904383 | 4756062 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A2A1, (1 mo. U.S. Secured Overnight Financing Rate + 0.844%), 4.995%, 1/15/2053<sup>2,5</sup> | 3584840 | 3551916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-D, Class A1A, 5.38%, 7/15/2053<sup>2</sup> | 4715380 | 4813315 |
| &nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A, Class A2FX, 2.54%, 5/15/2046<sup>2</sup> | 2793830 | 2702181 |

---

**2** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;CORE BOND SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE | VALUE |
| **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50%, 8/17/2041<sup>2</sup> | 5472120 | $| 5462084 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $78,861,438) |  |  | **78578418** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>2,6</sup> | 1097388 |  | 1064523 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>2,6</sup> | 8672 |  | 8294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Inc., Series 2021-INV1, Class A3A, 2.50%, 5/25/2051<sup>2,6</sup> | 750081 |  | 622350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class 2A1, 3.50%, 8/25/2043<sup>2,6</sup> | 148568 |  | 137918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR2, Class A2, 3.00%, 4/25/2043<sup>2,6</sup> | 154600 |  | 141545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-IVR3, Class A1, 2.50%, 5/25/2043<sup>2,6</sup> | 44840 |  | 40338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>2,6</sup> | 27571 |  | 24333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1, 1.194%, 8/25/2066<sup>2,6</sup> | 4131254 |  | 3631418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-13, Class PA, 3.00%, 3/25/2048 | 1374550 |  | 1222660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-31, Class KP, 3.50%, 7/25/2047 | 5691 |  | 5645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 1015336 |  | 880832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>2</sup> | 1117589 |  | 1112116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5189, Class CP, 2.50%, 6/25/2049 | 1127260 |  | 997173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5501, Class JL, 3.50%, 6/25/2048 | 3275085 |  | 2694745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-54, Class AH, 2.60%, 12/16/2056 | 34125 |  | 31857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-64, Class BQ, 5.00%, 4/20/2054 | 4144848 |  | 4156347 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ3, Class A14, 3.00%, 10/25/2050<sup>2,6</sup> | 414703 |  | 358759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A9, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 12/25/2051<sup>2,5</sup> | 1416189 |  | 1313010 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>2,6</sup> | 1001768 | $893884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>2,6</sup> | 1004395 | 899709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>2,6</sup> | 1165631 | 995745 |
| &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>2,6</sup> | 13268 | 13014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A3, 3.50%, 12/25/2048<sup>2,6</sup> | 12917 | 11692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A3B, 2.00%, 8/25/2051<sup>2,6</sup> | 1538653 | 1213825 |
| &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, 4.415%, 1/25/2063<sup>2,6</sup> | 1850400 | 1779807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A3, 3.692%, 1/25/2063<sup>2,6</sup> | 2410804 | 2175467 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1A, Class A, 3.75%, 1/25/2054<sup>2,6</sup> | 71854 | 70498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup>2,6</sup> | 34334 | 33147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>2,6</sup> | 62695 | 61013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1, 3.75%, 11/25/2056<sup>2,6</sup> | 57401 | 55179 |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1, Class B21A, 5.022%, 2/25/2060<sup>2,6</sup> | 7726980 | 7796034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1, Class A1, 3.00%, 12/25/2051<sup>2,6</sup> | 1134291 | 979258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1A, 2.783%, 1/25/2062<sup>2,7</sup> | 2597920 | 2506727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>2,7</sup> | 1045955 | 1051792 |
| &nbsp;&nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 10.158%, 7/25/2029 (Acquired 07/24/2023, cost $177,166)<sup>5,8</sup> | 177166 | 177149 |
| &nbsp;&nbsp;&nbsp;&nbsp;PMT Loan Trust, Series 2013-J1, Class A9, 3.50%, 9/25/2043<sup>2,6</sup> | 536354 | 498100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup>2,6</sup> | 1325658 | 1144977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>2,6</sup> | 2279457 | 1886503 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A1, 2.50%, 12/25/2051<sup>2,6</sup> | 1397550 | 1159071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4, Class A1, 2.325%, 4/25/2043<sup>6</sup> | 1231706 | 1080306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>6</sup> | 334164 | 304546 |

---

**3** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;CORE BOND SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>6</sup> | 25024 | $| 22804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>6</sup> | 70078 |  | 64022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>2,6</sup> | 325345 |  | 311197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019-HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.272%, 10/25/2048<sup>2,5</sup> | 45224 |  | 45272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2024-R1, Class A2, 5.47%, 9/25/2069<sup>2,7</sup> | 2046567 |  | 2049466 |
| &nbsp;&nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>2,6</sup> | 13027 |  | 12200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2, Class A11, 3.50%, 2/20/2045<sup>2,6</sup> | 371597 |  | 344022 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $49,799,590) |  |  | **48080289** |
| **FOREIGN GOVERNMENT BONDS - 0.6%** | **FOREIGN GOVERNMENT BONDS - 0.6%** | **FOREIGN GOVERNMENT BONDS - 0.6%** | **FOREIGN GOVERNMENT BONDS - 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $3,775,681) | 3785000 |  | **3842419** |
| **MUNICIPAL BONDS - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, Revenue Bond, 2.329%, 12/1/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $600,000) | 600000 |  | **570562** |
| **U.S. TREASURY SECURITIES - 39.4%** |  |  |  |
| **U.S. Treasury Bonds - 15.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 2/15/2042 | 34984000 |  | 25915492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2047 | 52536000 |  | 39993030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 2/15/2053 | 41411000 |  | 34235250 |
| **Total U.S. Treasury Bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $101,602,648) |  |  | 100143772 |
| **U.S. Treasury Notes - 24.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Note (3 mo. U.S. Treasury Bill Yield + 0.159%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.057%, 7/31/2027<sup>5</sup> | 13268000 |  | 13259770 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 20083000 |  | 19777048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | 21532000 |  | 19972612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 11/15/2030 | 20373000 |  | 17665619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 20702000 |  | 17920169 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **U.S. TREASURY SECURITIES** (continued) | **U.S. TREASURY SECURITIES** (continued) | **U.S. TREASURY SECURITIES** (continued) |
| **U.S. Treasury Notes** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | 17040000 | $17237025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 25107000 | 25962207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 25678000 | 25974902 |
| **Total U.S. Treasury Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $155,319,207) |  | 157769352 |
| **TOTAL U.S. TREASURY SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $256,921,855) |  | **257913124** |
| **U.S. GOVERNMENT AGENCIES - 17.7%** |  |  |
| **Mortgage-Backed Securities - 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3463, UMBS, 4.00%, 9/1/2033 | 57802 | 57412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 19947 | 20054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FM1158, UMBS, 3.50%, 6/1/2034 | 245064 | 239505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA2587, UMBS, 3.50%, 4/1/2036 | 137456 | 133343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995876, UMBS, 6.00%, 11/1/2038 | 39831 | 42013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4203, UMBS, 2.50%, 12/1/2040 | 2106001 | 1908024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AI5172, UMBS, 4.00%, 8/1/2041 | 29115 | 28394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AH3858, UMBS, 4.50%, 8/1/2041 | 120782 | 120502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4633, UMBS, 3.50%, 6/1/2042 | 1617155 | 1532689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4687, UMBS, 4.00%, 6/1/2042 | 2183459 | 2126951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4616, UMBS, 5.00%, 5/1/2043 | 3557147 | 3610429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL7729, UMBS, 4.00%, 6/1/2043 | 36016 | 35123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AX1685, UMBS, 3.50%, 11/1/2044 | 314558 | 297544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS4103, UMBS, 4.50%, 12/1/2044 | 106999 | 105986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AY8604, UMBS, 3.50%, 4/1/2045 | 53119 | 49662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BC6764, UMBS, 3.50%, 4/1/2046 | 23421 | 21882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BC8677, UMBS, 4.00%, 5/1/2046 | 18278 | 17507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS8522, UMBS, 3.00%, 12/1/2046 | 7463196 | 6604760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BD1191, UMBS, 3.50%, 1/1/2047 | 138235 | 129150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 27505 | 27249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS8139, UMBS, 2.00%, 4/1/2047 | 11032060 | 8958521 |

---

**4** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CORE BOND SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA3007, UMBS, 3.00%, 4/1/2047 | 553183 | $497835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FM2232, UMBS, 4.00%, 6/1/2048 | 78664 | 75435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AL8674, 5.625%, 1/1/2049 | 172883 | 180003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS1179, UMBS, 3.50%, 12/1/2049 | 2199284 | 2047618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 6002491 | 5428995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #CA5518, UMBS, 3.00%, 4/1/2050 | 3826841 | 3428444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4020, UMBS, 3.00%, 5/1/2050 | 3730282 | 3320791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 2351156 | 2102456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4511, UMBS, 4.00%, 8/1/2051 | 3455004 | 3301775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS2696, UMBS, 3.00%, 12/1/2051 | 2103096 | 1872228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4925, UMBS, 3.50%, 4/1/2052 | 2747629 | 2540058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS7251, UMBS, 3.00%, 5/1/2052 | 8920654 | 7921332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4656, UMBS, 4.50%, 7/1/2052 | 3926753 | 3828632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 2835061 | 2874152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9453, UMBS, 4.50%, 8/1/2053 | 3715763 | 3622805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS7999, UMBS, 5.50%, 4/1/2054 | 16223483 | 16499269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #D98711, 4.50%, 7/1/2031 | 27252 | 27405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91746, 4.50%, 12/1/2033 | 22588 | 22720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91771, 4.50%, 6/1/2034 | 33004 | 33220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91780, 4.50%, 7/1/2034 | 31997 | 32204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #QN0349, UMBS, 3.00%, 8/1/2034 | 228610 | 220247 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91832, 3.50%, 6/1/2035 | 146760 | $142787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G08268, 5.00%, 5/1/2038 | 214601 | 219075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05900, 6.00%, 3/1/2040 | 13343 | 14091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #A92889, 4.50%, 7/1/2040 | 87334 | 87771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #A93451, 4.50%, 8/1/2040 | 243464 | 244683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G60513, 5.00%, 7/1/2041 | 192137 | 196194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G60071, 4.50%, 7/1/2042 | 80811 | 81216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5188, UMBS, 4.00%, 10/1/2042 | 2806722 | 2740249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q17513, 3.50%, 4/1/2043 | 51695 | 49132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q37857, 4.00%, 12/1/2045 | 180952 | 174822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G60855, 4.50%, 12/1/2045 | 75228 | 74601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q38388, 4.00%, 1/1/2046 | 165690 | 160271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q47544, 4.00%, 3/1/2047 | 165581 | 159725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #Q47130, 4.50%, 4/1/2047 | 23847 | 23541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G08786, 4.50%, 10/1/2047 | 53102 | 52420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8044, UMBS, 3.00%, 2/1/2050 | 2337592 | 2083458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1129, UMBS, 4.00%, 8/1/2051 | 1914456 | 1829550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1360, UMBS, 5.50%, 7/1/2052 | 3219571 | 3266323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 6097416 | 6087393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #QG6308, UMBS, 6.00%, 7/1/2053 | 1890876 | 1951663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RJ0062, UMBS, 5.00%, 10/1/2053 | 2859902 | 2864519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD4235, UMBS, 6.00%, 11/1/2053 | 1354710 | 1396122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD5413, UMBS, 5.00%, 5/1/2054 | 6288667 | 6263309 |
| **TOTAL U.S. GOVERNMENT AGENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $115,083,575) |  | **116107239** |
| **SHORT-TERM INVESTMENT - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $3,400,825) | 3400825 | **3400825** |
| **TOTAL INVESTMENTS - 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $649,475,514) |  | **653530664** |
| **OTHER ASSETS, LESS LIABILITIES - 0.3%** |  | **2168695** |
| **NET ASSETS - 100%** |  | $**655699359** |

---

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

<sup>1</sup>Amount is stated in USD unless otherwise noted.

**5** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2025 was $152,110,412, which represented 23.2% of the Series' Net Assets.

<sup>3</sup>Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of September 30, 2025.

<sup>4</sup>Security is perpetual in nature and has no stated maturity date.

<sup>5</sup>Floating rate security. Rate shown is the rate in effect as of September 30, 2025.

<sup>6</sup>Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of September 30, 2025.

<sup>7</sup>Represents a step-up bond that pays initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current coupon as of September 30, 2025.

<sup>8</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be illiquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at September 30, 2025 was $177,149, or less than 0.1% of the Series' Net Assets.

<sup>9</sup>Rate shown is the current yield as of September 30, 2025.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

**Fair Value Information:**

Various inputs are used in determining the value of the Series' assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series' own assumptions in determining the fair value of investments). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of September 30, 2025 in valuing the Series' assets or liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government agencies | $374020363 | $— | $374020363 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(municipals) | 570562 |  | 570562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3026594 |  | 3026594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 4267005 |  | 4267005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 18837338 |  | 18837338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 74842391 |  | 74842391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8257431 |  | 8257431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 3614156 |  | 3614156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 14839968 |  | 14839968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 17352905 |  | 17352905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 78578418 |  | 78578418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | 48080289 |  | 48080289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 3842419 |  | 3842419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 3400825 | 3400825 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $653530664 | $3400825 | $650129839 | $— |

---

There were no Level 3 securities held by the Series as of December 31, 2024 or September 30, 2025.

**6** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

The Investment Portfolio should be read in conjunction with the financial statements and notes to financial statements, which are included in the Series' audited annual report or unaudited semi-annual report. These reports include additional information about the Series' security valuation policies and about certain security types invested in by the Series.

**7**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Manning & Napier Fund, Inc.

- **b. Investment Company Act file number:** 811-04087

- **c. CIK number of Registrant:** 0000751173

- **d. LEI of Registrant:** 549300B31SDCBSJSN672

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 290 Woodcliff Drive

  - **City:** Fairport

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 14450

  - **Telephone number:** 585-325-6880

**Item A.2. Information about the Series.**

- **a. Name of Series:** Core Bond Series

- **b. EDGAR series identifier (if any):** S000003631

- **c. LEI of Series:** 549300QXKQ03P57OC626

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $659169440.89

**Total Liabilities:** $299709.75

**Net Assets:** $658869731.14

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 120.45594000 | **1-Year:** 18979.66004000 | **5-Year:** 110327.33629000 | **10-Year:** 53730.06754000 | **30-Year:** 663.34730000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 55.36624000 | **1-Year:** 1211.37219000 | **5-Year:** 4783.80847000 | **10-Year:** 5032.97939000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206445 | -0.27%               | 1.25%                | 1.03%                |
| Class ID C000206446 | -0.25%               | 1.27%                | 1.05%                |
| Class ID C000158991 | -0.28%               | 1.24%                | 1.02%                |
| Class ID C000010097 | -0.30%               | 1.22%                | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $324373.81               | $-4606726.24                               |
| Month 2  | $-1044706.71             | $6612610.65                                |
| Month 3  | $-535710.37              | $5097568.48                                |

### Schedule of Portfolio Investments

| Name                               | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DataBank Issuer LLC                | DataBank Issuer                                           | CUSIP: 23802WAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180000 | PA      | $1177547.40   | 0.18%             | 2053-02-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) L     | Lyra Music Assets Delaware LP                             | CUSIP: 552339AD5<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |   3100000 | PA      | $3134923.67   | 0.48%             | 2065-09-20      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC Trust 2013-TH1                                       | CUSIP: 22944PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27571 | PA      | $24333.52     | 0.00%             | 2043-02-25      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3128E5VC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27252 | PA      | $27404.54     | 0.00%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Credit Fund III     | Oxford Finance Credit Fund III 2025-A LP                  | CUSIP: 69145VAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2729951.10   | 0.41%             | 2034-08-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP              | Truist Financial Corp                                     | CUSIP: 89788MAE2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   5510000 | PA      | $5191071.83   | 0.79%             | 2029-06-07      | Fixed         | 1.89%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust       | WinWater Mortgage Loan Trust 2015-1                       | CUSIP: 97652TAA1<br>LEI: 5493006H0W2XGUBIBK91 | Long             | ABS-MBS          | CORP              | US        |     13027 | PA      | $12199.84     | 0.00%             | 2045-01-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418EEF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1617155 | PA      | $1532689.04   | 0.23%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                  | Imperial Fund Mortgage Trust 2021-NQM3                    | CUSIP: 452762AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1165631 | PA      | $995744.89    | 0.15%             | 2056-11-25      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| US BANCORP                         | US Bancorp                                                | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   4920000 | PA      | $4973257.35   | 0.75%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                  | Kinder Morgan Inc                                         | CUSIP: 49456BAV3<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2621058.19   | 0.40%             | 2033-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3138EQST0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36016 | PA      | $35123.56     | 0.01%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae REMICS                                         | CUSIP: 3136BJMZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1015336 | PA      | $880832.22    | 0.13%             | 2050-10-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3132DNHE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1914456 | PA      | $1829549.63   | 0.28%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capteris Equipment Finance         | Capteris Equipment Finance 2024-1 LLC                     | CUSIP: 14077AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2513317 | PA      | $2560403.09   | 0.39%             | 2032-07-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3132QVKA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    165690 | PA      | $160271.40    | 0.02%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC            | CF Hippolyta Issuer LLC                                   | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1484096 | PA      | $1033885.10   | 0.16%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Corp Trust 2020-PJ3         | CUSIP: 36258WAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    414703 | PA      | $358759.27    | 0.05%             | 2050-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                | Ashtead Capital Inc                                       | CUSIP: 045054AJ2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   3370000 | PA      | $3342649.58   | 0.51%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140FTWF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27505 | PA      | $27248.99     | 0.00%             | 2047-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20373000 | PA      | $17665619.30  | 2.68%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XKZD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2351156 | PA      | $2102455.97   | 0.32%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3132WML28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    165581 | PA      | $159725.33    | 0.02%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities      | Brean Asset Backed Securities Trust 2021-RM2              | CUSIP: 10638MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1097388 | PA      | $1064522.74   | 0.16%             | 2061-10-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 912828YS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21532000 | PA      | $19972612.19  | 3.03%             | 2029-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC            | Duke Energy Florida LLC                                   | CUSIP: 341099CL1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |   5880000 | PA      | $6601571.62   | 1.00%             | 2038-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3128M73H7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13343 | PA      | $14091.10     | 0.00%             | 2040-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  41411000 | PA      | $34235250.16  | 5.20%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL           | Eagle Funding Luxco Sarl                                  | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   3785000 | PA      | $3842418.77   | 0.58%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust       | WinWater Mortgage Loan Trust 2015-2                       | CUSIP: 97652UAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    371597 | PA      | $344022.14    | 0.05%             | 2045-02-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2013-4                             | CUSIP: 81744YAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1231706 | PA      | $1080305.85   | 0.16%             | 2043-04-25      | Variable      | 2.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3132WL4Q6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23847 | PA      | $23540.80     | 0.00%             | 2047-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr     | JP Morgan Seasoned Mortgage Trust Series 2025-1           | CUSIP: 46659PAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2410804 | PA      | $2175467.08   | 0.33%             | 2063-01-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3132DWFR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6097416 | PA      | $6087392.80   | 0.92%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANK NA/RI                | Citizens Bank NA/Providence RI                            | CUSIP: 75524KPG3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3348095.52   | 0.51%             | 2028-08-09      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Trust 2021-INV1             | CUSIP: 36263KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1416189 | PA      | $1313010.49   | 0.20%             | 2051-12-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                | Fifth Third Bancorp                                       | CUSIP: 316773DJ6<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   3465000 | PA      | $3611554.15   | 0.55%             | 2028-10-27      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                    | Goodgreen 2020-1 Trust                                    | CUSIP: 38217TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1127316 | PA      | $938453.74    | 0.14%             | 2055-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC           | OBX 2020-EXP1 Trust                                       | CUSIP: 67448TBP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7726980 | PA      | $7796034.22   | 1.18%             | 2060-02-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3132DTAN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6288667 | PA      | $6263309.43   | 0.95%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3132J8YK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     51695 | PA      | $49131.76     | 0.01%             | 2043-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC           | OBX 2022-NQM2 Trust                                       | CUSIP: 67448DAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2597920 | PA      | $2506726.61   | 0.38%             | 2062-01-25      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                          | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5260000 | PA      | $5384123.49   | 0.82%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                   | ALLO Issuer LLC                                           | CUSIP: 01983KAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1269722.08   | 0.19%             | 2054-07-20      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| ExteNet Systems                    | ExteNet Issuer LLC                                        | CUSIP: 30227XAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3017869.46   | 0.46%             | 2054-07-25      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2014-1                | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71854 | PA      | $70497.35     | 0.01%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Progr     | SoFi Professional Loan Program 2020-ATrust                | CUSIP: 83406TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2793830 | PA      | $2702181.45   | 0.41%             | 2046-05-15      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2016-4                | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57401 | PA      | $55179.22     | 0.01%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru     | Provident Funding Mortgage Trust 2021-2                   | CUSIP: 74388JAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1325658 | PA      | $1144976.55   | 0.17%             | 2051-04-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru     | SMB Private Education Loan Trust 2024-D                   | CUSIP: 83207QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4715380 | PA      | $4813314.72   | 0.73%             | 2053-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3128MJJN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    214601 | PA      | $219075.23    | 0.03%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2021-4                           | CUSIP: 46652VAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1538653 | PA      | $1213824.68   | 0.18%             | 2051-08-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2013-6                             | CUSIP: 81745BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    334164 | PA      | $304545.93    | 0.05%             | 2043-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3132QUWT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    180952 | PA      | $174821.87    | 0.03%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   3490000 | PA      | $3364076.68   | 0.51%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2014-3                | CUSIP: 64829DAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34334 | PA      | $33147.33     | 0.01%             | 2054-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                 | Energy Transfer LP                                        | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3395000 | PA      | $3546434.94   | 0.54%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 31335A5Q7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     75228 | PA      | $74600.88     | 0.01%             | 2045-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3133G6L60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    228610 | PA      | $220246.94    | 0.03%             | 2034-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XLPK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2747629 | PA      | $2540058.12   | 0.39%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC Trust 2013-6                                         | CUSIP: 12647MBY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    148568 | PA      | $137918.11    | 0.02%             | 2043-08-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2019-HY1                        | CUSIP: 89177EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45224 | PA      | $45271.66     | 0.01%             | 2048-10-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2014-2                           | CUSIP: 46641YAA1<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |     13268 | PA      | $13014.45     | 0.00%             | 2029-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Trust 2021-PJ9              | CUSIP: 36263CAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1004395 | PA      | $899709.13    | 0.14%             | 2052-02-26      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140F2QS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23421 | PA      | $21881.65     | 0.00%             | 2046-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae REMICS                                         | CUSIP: 3136B02X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1374550 | PA      | $1222660.25   | 0.19%             | 2048-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XRQF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3715763 | PA      | $3622805.28   | 0.55%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3138WDRZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106999 | PA      | $105985.71    | 0.02%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Trust 2021-PJ6              | CUSIP: 36262LAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1001768 | PA      | $893883.69    | 0.14%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3138A5JC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120782 | PA      | $120501.83    | 0.02%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XLDW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3557147 | PA      | $3610428.91   | 0.55%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST      | Commonbond Student Loan Trust 2019-A-GS                   | CUSIP: 20268CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    279243 | PA      | $258989.30    | 0.04%             | 2047-01-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3133C7AH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1890876 | PA      | $1951662.65   | 0.30%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3132DV5D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2337592 | PA      | $2083457.63   | 0.32%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3132DNQM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3219571 | PA      | $3266322.93   | 0.50%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I            | Metropolitan Life Global Funding I                        | CUSIP: 59217GFR5<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1643620.93   | 0.25%             | 2029-01-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  34984000 | PA      | $25915491.25  | 3.93%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3132E0V41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1354710 | PA      | $1396122.31   | 0.21%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XPBV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8920654 | PA      | $7921331.70   | 1.20%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3128MJ2U3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     53102 | PA      | $52420.08     | 0.01%             | 2047-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SIRIUSPOINT LTD                    | SiriusPoint Ltd                                           | CUSIP: 82969BAA0<br>LEI: 549300OGXFI85N3YZZ51 | Long             | DBT              | CORP              | BM        |   3420000 | PA      | $3616045.79   | 0.55%             | 2029-04-05      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140QDDY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3826841 | PA      | $3428444.54   | 0.52%             | 2050-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC           | Safehold GL Holdings LLC                                  | CUSIP: 785931AA4<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |   3286000 | PA      | $3460787.46   | 0.53%             | 2034-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PALOMINO FUNDING TRUST I           | Palomino Funding Trust I                                  | CUSIP: 69754AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6750000 | PA      | $7164077.08   | 1.09%             | 2028-05-17      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                      | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5580000 | PA      | $5082752.52   | 0.77%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20083000 | PA      | $19777048.05  | 3.00%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2017-6                           | CUSIP: 46649HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12917 | PA      | $11692.38     | 0.00%             | 2048-12-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru     | Provident Funding Mortgage Trust 2021-INV1                | CUSIP: 74387VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2279457 | PA      | $1886503.07   | 0.29%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3128P76R9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31997 | PA      | $32203.92     | 0.00%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418EKV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2835061 | PA      | $2874152.50   | 0.44%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROSS STORES INC                    | Ross Stores Inc                                           | CUSIP: 778296AG8<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $941806.60    | 0.14%             | 2031-04-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20702000 | PA      | $17920168.75  | 2.72%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Pear LLC                           | PEAR 2021-1 LLC                                           | CUSIP: 70472TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    448032 | PA      | $445821.41    | 0.07%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd      | CoreVest American Finance 2020-3 Trust                    | CUSIP: 21873CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65903 | PA      | $65068.65     | 0.01%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 312941F69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     87334 | PA      | $87770.89     | 0.01%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage     | Deephaven Residential Mortgage Trust 2021-3               | CUSIP: 24381VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4131254 | PA      | $3631417.79   | 0.55%             | 2066-08-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3138YNR25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53119 | PA      | $49661.75     | 0.01%             | 2045-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr     | JP Morgan Seasoned Mortgage Trust Series 2024-1           | CUSIP: 61777HAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1850400 | PA      | $1779806.99   | 0.27%             | 2063-01-25      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust         | Verus Securitization Trust 2024-R1                        | CUSIP: 924926AD0<br>LEI: 213800A8V9BALJ9WKP38 | Long             | ABS-MBS          | CORP              | US        |   2046567 | PA      | $2049465.81   | 0.31%             | 2069-09-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3128P8A92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    146760 | PA      | $142786.73    | 0.02%             | 2035-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust      | ECMC Group Student Loan Trust 2024-1                      | CUSIP: 26828PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2171402 | PA      | $2191637.33   | 0.33%             | 2073-11-27      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                    | DR Horton Inc                                             | CUSIP: 23331ABT5<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   3260000 | PA      | $3325198.63   | 0.50%             | 2030-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                    | SBA Tower Trust                                           | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5225000 | PA      | $5364931.77   | 0.81%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC            | Jefferies Financial Group Inc                             | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   4700000 | PA      | $4992902.14   | 0.76%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418DPE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3730282 | PA      | $3320790.66   | 0.50%             | 2050-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XLAM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3455004 | PA      | $3301774.77   | 0.50%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140X4JC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    245064 | PA      | $239505.10    | 0.04%             | 2034-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140F8KD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    138235 | PA      | $129150.13    | 0.02%             | 2047-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                    | United States Treasury Floating Rate Note                 | CUSIP: 91282CNQ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13268000 | PA      | $13259770.02  | 2.01%             | 2027-07-31      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac REMICS                                        | CUSIP: 3137HJQR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3275085 | PA      | $2694744.82   | 0.41%             | 2048-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 912810RX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  52536000 | PA      | $39993030.00  | 6.07%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC            | CF Hippolyta Issuer LLC                                   | CUSIP: 12530MAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1658708 | PA      | $1281383.55   | 0.19%             | 2061-03-15      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3133KYXR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2806722 | PA      | $2740248.69   | 0.42%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                       | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   8300000 | PA      | $8377354.45   | 1.27%             | 2031-03-24      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES              | Huntington Bancshares Inc/OH                              | CUSIP: 446150AS3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   3660000 | PA      | $3388218.08   | 0.51%             | 2030-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN           | MassMutual Global Funding II                              | CUSIP: 57629W5B2<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1813193.67   | 0.28%             | 2029-01-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3138WJPG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7463196 | PA      | $6604760.19   | 1.00%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES             | PNC Financial Services Group Inc/The                      | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   4870000 | PA      | $4971143.18   | 0.75%             | 2031-05-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                             | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5170000 | PA      | $5071516.08   | 0.77%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XRLN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6002491 | PA      | $5428994.98   | 0.82%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418DU59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2106001 | PA      | $1908024.02   | 0.29%             | 2040-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hageman Capital 2025 Issuer Tr     | Hageman Capital 2025 Issuer Trust                         | CUSIP: 405033AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2680000 | PA      | $2680837.50   | 0.41%             | 2056-08-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC           | OBX 2024-NQM1 Trust                                       | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |   1045955 | PA      | $1051792.42   | 0.16%             | 2063-11-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II            | Alexander Funding Trust II                                | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3355000 | PA      | $3587256.47   | 0.54%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3128P75F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22588 | PA      | $22720.46     | 0.00%             | 2033-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sutherland Commercial Mortgage     | Sutherland Commercial Mortgage Trust 2019-SBC8            | CUSIP: 86935CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325345 | PA      | $311196.59    | 0.05%             | 2041-04-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31416CJV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39831 | PA      | $42012.77     | 0.01%             | 2038-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3138Y22T9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    314558 | PA      | $297543.67    | 0.05%             | 2044-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418EF54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2183459 | PA      | $2126950.98   | 0.32%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWCASTLE COAL INFRASTRU           | Newcastle Coal Infrastructure Group Pty Ltd               | CUSIP: 65106WAA3<br>LEI: 549300YAJ8XYYGW2TZ32 | Long             | DBT              | CORP              | AU        |   3634557 | PA      | $3614156.39   | 0.55%             | 2027-09-29      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XH7J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2103096 | PA      | $1872228.41   | 0.28%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust         | Navient Private Education Refi Loan Trust 2024-A          | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5415432 | PA      | $5559570.58   | 0.84%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 31335ASA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    192137 | PA      | $196194.48    | 0.03%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140X5PS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78664 | PA      | $75434.60     | 0.01%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XGJZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2199284 | PA      | $2047618.08   | 0.31%             | 2049-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                    | SBA Tower Trust                                           | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2730000 | PA      | $2747633.89   | 0.42%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured      | Finance of America Structured Securities Trust 2022-S6    | CUSIP: 31740XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1117589 | PA      | $1112116.04   | 0.17%             | 2061-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DEPOSITORY TRUST & CLEAR           | Depository Trust & Clearing Corp/The                      | CUSIP: 249670AB6<br>LEI: MLDY5N6PZ58ZE60QU102 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1718849.83   | 0.26%             | N/A             | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust      | CITIGROUP MORTGAGE LOAN TRUST 2021-INV1                   | CUSIP: 17329PAY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750081 | PA      | $622349.88    | 0.09%             | 2051-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II,     | Compass Datacenters Issuer II LLC                         | CUSIP: 20469AAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2256627.65   | 0.34%             | 2049-08-25      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| CIM Trust                          | CIM Trust 2019-INV1                                       | CUSIP: 12555DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8672 | PA      | $8294.34      | 0.00%             | 2049-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Flexential Issuer, LLC             | Flexential Issuer 2021-1                                  | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2825000 | PA      | $2743290.81   | 0.42%             | 2051-11-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 31335ACG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     80811 | PA      | $81215.77     | 0.01%             | 2042-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva     | Amur Equipment Finance Receivables XIV LLC                | CUSIP: 03238BAB9<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |   3662153 | PA      | $3709332.69   | 0.56%             | 2031-07-21      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                 | Cenovus Energy Inc                                        | CUSIP: 15135UAF6<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |   4905000 | PA      | $5420254.23   | 0.82%             | 2039-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                | DataBank Issuer                                           | CUSIP: 23802WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2369384.14   | 0.36%             | 2051-02-27      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC Trust 2013-IVR3                                      | CUSIP: 12646XAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     44840 | PA      | $40337.73     | 0.01%             | 2043-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Pear LLC                           | PEAR 2023-1 LLC                                           | CUSIP: 70473AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    902131 | PA      | $922663.72    | 0.14%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3138AJXA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29115 | PA      | $28393.78     | 0.00%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                        | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   3554126 | NS      | $3554125.93   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 3128P76G3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33004 | PA      | $33220.08     | 0.01%             | 2034-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25107000 | PA      | $25962207.19  | 3.94%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418CZ56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57802 | PA      | $57412.11     | 0.01%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                    | Cameron LNG LLC                                           | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |   2080000 | PA      | $1809616.24   | 0.27%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418EE63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3926753 | PA      | $3828631.71   | 0.58%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17040000 | PA      | $17237025.00  | 2.62%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SLC Student Loan Trust             | SLC Student Loan Trust 2005-3                             | CUSIP: 784420AQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4904383 | PA      | $4756062.23   | 0.72%             | 2039-12-15      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XP3H0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16223483 | PA      | $16499269.29  | 2.50%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A     | Government National Mortgage Association                  | CUSIP: 38379RRX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34125 | PA      | $31857.31     | 0.00%             | 2056-12-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                        | KeyBank NA/Cleveland OH                                   | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   3190000 | PA      | $3290995.25   | 0.50%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A     | Government National Mortgage Association                  | CUSIP: 38384MYW1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4144848 | PA      | $4156346.67   | 0.63%             | 2054-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                          | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25678000 | PA      | $25974901.88  | 3.94%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cogent IPv4 LLC                    | Cogent Ipv4 LLC                                           | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $976731.63    | 0.15%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418B2V7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    137456 | PA      | $133343.23    | 0.02%             | 2036-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC           | OBX 2022-INV1 Trust                                       | CUSIP: 67115NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1134291 | PA      | $979257.93    | 0.15%             | 2051-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Pear LLC                           | Pear 2024-1 LLC                                           | CUSIP: 704933AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    703669 | PA      | $710719.10    | 0.11%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG           | New York Life Global Funding                              | CUSIP: 64952WFF5<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1651013.87   | 0.25%             | 2029-01-29      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru     | SMB Private Education Loan Trust 2021-A                   | CUSIP: 78448YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3584840 | PA      | $3551916.11   | 0.54%             | 2053-01-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac REMICS                                        | CUSIP: 3137H5U88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1127260 | PA      | $997173.76    | 0.15%             | 2049-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I               | BNSF Funding Trust I                                      | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1550704.34   | 0.24%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC Trust 2013-IVR2                                      | CUSIP: 12646WAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154600 | PA      | $141544.99    | 0.02%             | 2043-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140F4UB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18278 | PA      | $17507.45     | 0.00%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE            | Walt Disney Co/The                                        | CUSIP: 254687EH5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $3026593.41   | 0.46%             | 2037-11-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418BBC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19947 | PA      | $20053.93     | 0.00%             | 2034-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2013-7                             | CUSIP: 81745CAB9<br>LEI: 549300DFASAA48I36408 | Long             | ABS-MBS          | CORP              | US        |     25024 | PA      | $22804.78     | 0.00%             | 2043-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2013-8                             | CUSIP: 81745EAA7<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     70078 | PA      | $64021.81     | 0.01%             | 2043-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management        | RCKT Mortgage Trust 2021-6                                | CUSIP: 74939KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1397550 | PA      | $1159070.68   | 0.18%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3140XQBH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11032060 | PA      | $8958521.27   | 1.36%             | 2047-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A     | South Carolina Public Service Authority                   | CUSIP: 837151XH7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    600000 | PA      | $570562.55    | 0.09%             | 2028-12-01      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                     | CUSIP: 312941ZQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    243464 | PA      | $244682.93    | 0.04%             | 2040-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 31418CKV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    553183 | PA      | $497834.59    | 0.08%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae REMICS                                         | CUSIP: 3136B1YD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5691 | PA      | $5644.40      | 0.00%             | 2047-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bourzou Issuer LLC, Jamshid Is     | Cloud Capital Holdco LP                                   | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3250000 | PA      | $3288321.22   | 0.50%             | 2049-11-22      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust       | Oxford Finance Funding 2022-1 LLC                         | CUSIP: 69145BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1451311 | PA      | $1438757.56   | 0.22%             | 2030-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                | Hotwire Funding LLC                                       | CUSIP: 44148HAA1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1614675.47   | 0.25%             | 2053-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                     | PMT Loan Trust 2013-J1                                    | CUSIP: 693456AW5<br>LEI: 549300QFMQR379ND0354 | Long             | ABS-MBS          | CORP              | US        |    536354 | PA      | $498099.74    | 0.08%             | 2043-09-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                          | CUSIP: 3142GQB84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2859902 | PA      | $2864519.45   | 0.43%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                           | CUSIP: 3138ETT89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    172883 | PA      | $180002.63    | 0.03%             | 2049-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PCG LLC                            | PCG 2023-1 LLC                                            | CUSIP: 70461JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    177166 | PA      | $177148.97    | 0.03%             | 2029-07-25      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| Tricon Residential                 | Tricon Residential 2024-SFR3 Trust                        | CUSIP: 89616YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5472120 | PA      | $5462083.53   | 0.83%             | 2041-08-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust       | Oxford Finance Funding Trust 2023-1                       | CUSIP: 69145CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2139994 | PA      | $2152857.88   | 0.33%             | 2031-02-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust      | ECMC Group Student Loan Trust 2025-2                      | CUSIP: 26827YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3250000 | PA      | $3249812.84   | 0.49%             | 2074-11-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva     | Amur Equipment Finance Receivables XIV LLC                | CUSIP: 03238BAC7<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |   3444000 | PA      | $3513621.59   | 0.53%             | 2031-07-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                 | Energy Transfer LP                                        | CUSIP: 29273RAR0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   5125000 | PA      | $5439974.28   | 0.83%             | 2042-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP            | Simon Property Group LP                                   | CUSIP: 828807DQ7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   3720000 | PA      | $3266615.11   | 0.50%             | 2032-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   6215000 | PA      | $6716683.11   | 1.02%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2015-2                | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62718 | PA      | $61035.58     | 0.01%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Manning & Napier Fund, Inc.

**Signature:** Jill Peeper

**Name of Signer:** Jill Peeper

**Title:** Principal Financial Officer and Treasurer