# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0000940400-25-009537
**Filing Date:** 2025-11
**Character Count:** 135433
**Document Hash:** 2af631d1a26cca293b3ffee997578bce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009537.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009537

**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:** 251512431

**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

### Unconstrained Bond Series (Series ID: S000003632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010098 | Class S      | EXCPX           |
| C000129800 | Class I      | MNCPX           |
| C000206448 | Class W      | MUBWX           |

## Nport-Ex

**Investment Portfolio - September 30, 2025**<br> (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **LOAN ASSIGNMENTS - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WestJet Loyalty LP, Initial Term Loan (Canada) (3 mo. U.S. Secured Overnight Financing Rate + 3.250%), 7.252%, 2/14/2031<sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $4,884,203) |  | 4925000 | $**4927660** |
| **CORPORATE BONDS - 20.6%** |  |  |  |
| **Non-Convertible Corporate Bonds- 20.6%** |  |  |  |
| **Communication Services - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Media - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 |  | 3800000 | 3778654 |
| **Consumer Discretionary - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North Investment Group AB (Sweden) (3 mo. STIB + 9.000%), 11.156%, 12/31/2027 (Acquired 04/22/2021, cost $2,818,941)<sup>2,3</sup> | SEK | 23750000 | 1387502 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Carnival Corp., 7.875%, 6/1/2027 |  | 800000 | 840000 |
| &nbsp;&nbsp;&nbsp;&nbsp;SP Cruises Intermediate Ltd. (Bermuda), 11.50%, 3/14/2030<sup>4</sup> |  | 4000000 | 3791790 |
|  |  |  | **4631790** |
| **Total Consumer Discretionary** |  |  | 6019292 |
| **Energy - 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Aberdeen Products, Inc., 12.25%, 4/7/2028 |  | 3375000 | 3053700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borr IHC Ltd. - Borr Finance LLC (Mexico), 10.00%, 11/15/2028<sup>4</sup> |  | 3382927 | 3366120 |
|  |  |  | **6419820** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brooge Petroleum and Gas Investment Co. FZE (United Arab Emirates), 8.50%, 11/30/2025 (Acquired 09/10/2020-09/24/2025, cost $7,621,750)<sup>3</sup> |  | 8274632 | 7870335 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc., 7.125%, 9/23/2030 |  | 4000000 | 3978359 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029 (Acquired 03/05/2024-03/06/2024, cost $4,205,813)<sup>3</sup> |  | 4195000 | 701348 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 5.625%, 4/28/2027 |  | 927000 | 933751 |
|  |  |  | **13483793** |
| **Total Energy** |  |  | 19903613 |
| **Financials - 8.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., (3 mo. U.S. Secured Overnight Financing Rate + 1.022%), 5.059%, 9/15/2026<sup>2</sup> |  | 3561000 | 3577943 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS (continued)** |  |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Banks (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;The Bancorp, Inc., 7.375%, 9/1/2030 |  | 2800000 | $2873253 |
|  |  |  | 6451196 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., 4.375%, 12/15/2025 |  | 4460000 | 4450240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Special Opportunities Fund LP - Drawbridge Special Opportunities Finance, 5.95%, 9/17/2030<sup>4</sup> |  | 4000000 | 3904265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>4</sup> |  | 4000000 | 4022088 |
|  |  |  | 12376593 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Encore Capital Group, Inc., 6.625%, 4/15/2031<sup>4</sup> |  | 4000000 | 3987057 |
| &nbsp;&nbsp;&nbsp;Navient Corp., 6.75%, 6/15/2026 |  | 4000000 | 4043755 |
| &nbsp;&nbsp;&nbsp;SLM Corp., 6.50%, 1/31/2030 |  | 4325000 | 4508292 |
|  |  |  | 12539104 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Street Holdings LLC, 8.00%, 9/30/2030<sup>4</sup> |  | 4000000 | 3982120 |
| &nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 |  | 1200000 | 1279089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legres AB (Sweden) (3 mo. STIB + 9.000%), 11.107%, 12/30/2025 (Acquired 06/15/2023-06/28/2023, cost $3,048,944)<sup>3</sup> | SEK | 32500000 | 2761727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance LLC - Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/2027<sup>4</sup> |  | 4500000 | 4500272 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHH Escrow Issuer LLC - PHH Corp., 9.875%, 11/1/2029<sup>4</sup> |  | 2000000 | 2026658 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $1,375,000)<sup>3</sup> |  | 1375000 | 1177831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Portfolio Group, Inc., 9.75%, 3/1/2033 (Acquired 02/07/2025, cost $4,000,000)<sup>3</sup> |  | 4000000 | 4097530 |
|  |  |  | 19825227 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 6.50%, 6/4/2029 |  | 3039000 | 3170326 |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc., 9.00%, 10/15/2027<sup>4</sup> |  | 4000000 | 3963123 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc., 5.00%, 4/30/2026 |  | 9506000 | 9380494 |
| &nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Holdings LLC, 9.375%, 3/1/2028<sup>4</sup> |  | 4250000 | 4227025 |
|  |  |  | 17570642 |
| **Total Financials** |  |  | 71933088 |

---

**1**

**Investment Portfolio - September 30, 2025**<br> (unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS (continued)** |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |
| **Industrials - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cartiga LLC, 9.00%, 6/15/2026 (Acquired 06/14/2021, cost $4,000,000)<sup>3</sup> | 4000000 | $3996979 |
| &nbsp;&nbsp;&nbsp;**Marine Transportation - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Contships Logistics Corp. (Greece), 9.00%, 2/11/2030 | 4500000 | 4548692 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc. - AAdvantage Loyalty IP Ltd., 5.50%, 4/20/2026<sup>4</sup> | 5249999 | 5252617 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class B, 4.60%, 3/1/2026 | 2010842 | 2003225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class B, 3.50%, 5/1/2028 | 2128918 | 2057965 |
|  |  | **9313807** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Airborne Capital USA LLC, 10.50%, 8/2/2029 | 4000000 | 3326939 |
| **Total Industrials** |  | 21186417 |
| **Materials - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 plc (United Kingdom), 14.75%, 1/13/2029 | 4050000 | 4409064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>4</sup> | 1700662 | 1691116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nickel Industries Ltd. (Indonesia), 9.00%, 9/30/2030<sup>4</sup> | 4000000 | 4061849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/06/2017-09/12/2019, cost $4,353,936)<sup>3,5</sup> | 5870000 | 59 |
| **Total Materials** |  | 10162088 |
| **Real Estate - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Industrial REITs - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 4320000 | 4278053 |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Point Operating Co. LP, 8.00%, 10/1/2030<sup>4</sup> | 4000000 | 4059632 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 09/21/2021-07/08/2022, cost $4,218,250)<sup>3</sup> | 4345000 | 4328598 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.884%, 1/15/2026<sup>4</sup> | 2750000 | 2729138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>4</sup> | 6110000 | 6273633 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS (continued)** |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |
| **Real Estate (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Specialized REITs (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>4</sup> | 3630000 | $3653447 |
|  |  | **16984816** |
| **Total Real Estate** |  | 25322501 |
| **Utilities - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>4</sup> | 8250000 | 8821122 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>4</sup> | 1105000 | 1172786 |
| **Total Utilities** |  | 9993908 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $178,188,272) |  | **168299561** |
| **ASSET-BACKED SECURITIES - 25.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.937%, 8/15/2046<sup>4</sup> | 4500000 | 4394257 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>4</sup> | 4400000 | 4466281 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRSP Ltd., Series 2021-FL1, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.264%), 5.398%, 8/19/2038<sup>2,4</sup> | 1098800 | 1097421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/2032<sup>4</sup> | 2964009 | 3019538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2024-1A, Class A2, 5.20%, 10/26/2054<sup>4</sup> | 6000000 | 5947684 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 1.69%, 7/15/2060<sup>4</sup> | 3670695 | 3152918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>4</sup> | 1798904 | 1253194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/2049<sup>4</sup> | 8250000 | 8347277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>4</sup> | 2380000 | 2473001 |
| &nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2021-A, Class A2, 1.60%, 7/25/2051<sup>4</sup> | 1080792 | 985205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>4</sup> | 1210051 | 1122287 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A, 2.705%, 10/15/2052<sup>4</sup> | 774550 | 770882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class A, 1.358%, 8/15/2053<sup>4</sup> | 87871 | 86758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4, Class A, 1.174%, 12/15/2052<sup>4</sup> | 119551 | 119122 |

---

**2**

**Investment Portfolio - September 30, 2025**<br> (unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;DataBank Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.06%, 2/27/2051<sup>4</sup> | 5200000 | $5133666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>4</sup> | 3345000 | 3338047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/2049<sup>4</sup> | 5000000 | 4795281 |
| &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>2,4</sup> | 3865096 | 3901115 |
| &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>2,4</sup> | 7900000 | 7899545 |
| &nbsp;&nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A, 3.58%, 11/25/2038<sup>4</sup> | 615511 | 603139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2024-S2, Class A1, 3.50%, 4/25/2074<sup>4,6</sup> | 4053002 | 3955395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>4</sup> | 4760000 | 4622324 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS RIALTO, Series 2021-FL2, Class A, (Cayman Islands) (1 mo. U.S. Secured Overnight Financing Rate + 1.334%), 5.481%, 5/16/2038<sup>2,4</sup> | 1419021 | 1418943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners ABS Funding, Series 2024-1A, Class A2, 6.885%, 1/25/2034 (Acquired 02/14/2024, cost $4,000,000)<sup>3</sup> | 4000000 | 4000516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>4</sup> | 2348575 | 1955112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2025-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.500%), 5.854%, 8/15/2028<sup>2,4</sup> | 3000000 | 3005596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>4</sup> | 3230000 | 3231009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, (Cayman Islands), 5.375%, 9/15/2049<sup>4</sup> | 7030000 | 7096654 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A2, 2.311%, 11/20/2051<sup>4</sup> | 3500000 | 3409738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.893%, 6/20/2054<sup>4</sup> | 1000000 | 1015780 |
| &nbsp;&nbsp;&nbsp;&nbsp;HTS Fund II LLC, Series 2025-1, Class A, 5.351%, 6/23/2045<sup>4</sup> | 3650000 | 3667525 |
| &nbsp;&nbsp;&nbsp;&nbsp;KREF Ltd., Series 2021-FL2, Class AS, (1 mo. U.S. Secured Overnight Financing Rate + 1.414%), 5.557%, 2/15/2039<sup>2,4</sup> | 3500000 | 3430012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2024-1A, Class A, 5.88%, 9/30/2038<sup>4</sup> | 5000000 | 4990581 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/2064<sup>4</sup> | 3994267 | $4051220 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.624%), 4.981%, 6/25/2031<sup>2</sup> | 1915655 | 1893901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-BA, Class A3, (1 mo. U.S. Secured Overnight Financing Rate + 1.564%), 5.715%, 7/16/2040<sup>2,4</sup> | 657287 | 658953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.164%), 5.521%, 12/27/2066<sup>2,4</sup> | 2385083 | 2401330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.164%), 5.521%, 6/25/2069<sup>2,4</sup> | 3029893 | 3050005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GA, Class A, 1.17%, 9/16/2069<sup>4</sup> | 298005 | 279103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1A, 1.31%, 12/26/2069<sup>4</sup> | 3258557 | 2919374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 0.84%, 5/15/2069<sup>4</sup> | 502887 | 460437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A, 2.23%, 7/15/2070<sup>4</sup> | 2350124 | 2152085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA, Class A1A, 6.48%, 3/15/2072<sup>4</sup> | 352878 | 362556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.700%), 6.072%, 3/15/2072<sup>2,4</sup> | 823381 | 830877 |
| &nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>4</sup> | 2700000 | 2735929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class A2, 5.878%, 8/14/2034<sup>4</sup> | 3400000 | 3437716 |
| &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>4</sup> | 2546639 | 2524612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>4</sup> | 3646221 | 3668139 |
| &nbsp;&nbsp;&nbsp;PEAR LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>4</sup> | 530738 | 528120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A2, 7.25%, 10/15/2034<sup>4</sup> | 1647138 | 1669139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>4</sup> | 4789498 | 4898506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>4</sup> | 2297101 | 2320116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Slam Ltd., Series 2021-1A, Class A, (Cayman Islands), 2.434%, 6/15/2046<sup>4</sup> | 4693120 | 4426618 |

---

**3**

**Investment Portfolio - September 30, 2025**<br> (unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3, Class A3, (U.S. Secured Overnight Financing Rate 90 Day Average + 1.262%), 5.602%, 10/25/2021<sup>2</sup> | 3314126 | $3317906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-4, Class A4, (U.S. Secured Overnight Financing Rate 90 Day Average + 1.912%), 6.252%, 7/25/2022<sup>2</sup> | 1769554 | 1792597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-1, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.064%), 5.421%, 9/25/2028<sup>2</sup> | 5315830 | 5290382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-7, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 5.121%, 5/26/2026<sup>2</sup> | 8498501 | 8358267 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B, Class A2A, 2.84%, 6/15/2037<sup>4</sup> | 980363 | 959708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-D, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.100%), 5.474%, 7/15/2053<sup>2,4</sup> | 4518191 | 4493016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.877%, 3/26/2046<sup>4</sup> | 3400000 | 3351487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonepeak, Series 2021-1A, Class AA, 2.301%, 2/28/2033<sup>4</sup> | 355281 | 343267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Store Master Funding I-VII and XIV, Series 2019-1, Class A1, 2.82%, 11/20/2049<sup>4</sup> | 2349169 | 2293987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.436%, 6/25/2054<sup>4</sup> | 4000000 | 4016163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes, Series 2020-SFR1, Class C, 2.249%, 7/17/2038<sup>4</sup> | 2500000 | 2452346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30%, 11/17/2041<sup>4</sup> | 2986777 | 2955468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Rail Leasing 2018 LLC, Series 2020-1A, Class A, 1.96%, 10/17/2050<sup>4</sup> | 1261164 | 1196688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Rail Leasing 2021 LLC, Series 2021-1A, Class A, 2.26%, 7/19/2051<sup>4</sup> | 1658621 | 1553709 |
| &nbsp;&nbsp;&nbsp;&nbsp;TRP LLC, Series 2021-1, Class A, 2.07%, 6/19/2051<sup>4</sup> | 2576130 | 2466840 |
| &nbsp;&nbsp;&nbsp;&nbsp;USQ Rail II LLC, Series 2021-3A, Class A, 2.21%, 6/28/2051<sup>4</sup> | 5052176 | 4843018 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $205,764,169) |  | **203659388** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2019-2, Class A3, 3.50%, 10/25/2044<sup>4,7</sup> | 1737548 | 1661483 |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>4,7</sup> | 2194775 | 2129045 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RM8, Class A1, 4.50%, 5/25/2064<sup>4</sup> | 3527923 | $3466664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RM11, Class A1, 4.75%, 5/25/2065<sup>4,7</sup> | 2992915 | 2937101 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2024-VLT4, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.491%), 5.642%, 6/15/2041<sup>2,4</sup> | 5100000 | 5099352 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, 4.00%, 2/25/2049<sup>4,7</sup> | 35280 | 33745 |
| &nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2021-4, Class A1, 1.397%, 10/25/2066<sup>4,7</sup> | 6506496 | 5574008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>4,7</sup> | 96042 | 84766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, 1.194%, 8/25/2066<sup>4,7</sup> | 5765030 | 5067525 |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS, Series 2018-31, Class KP, 3.50%, 7/25/2047 | 26585 | 26368 |
| &nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>4</sup> | 3906906 | 3887772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-S1, Class A1, 3.50%, 2/25/2075<sup>4</sup> | 4617944 | 4462923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.450%), 5.600%, 12/15/2039<sup>2,4</sup> | 5000000 | 4999859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass-Through Certificates, Series K106, Class X1 (IO), 1.437%, 1/25/2030<sup>7</sup> | 50292789 | 2371253 |
| &nbsp;&nbsp;&nbsp;GCAT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 4.348%, 4/25/2067<sup>4,7</sup> | 7741127 | 7603888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 6.007%, 1/25/2059<sup>4,6</sup> | 3063761 | 3092761 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GR3, Class A6, 2.50%, 4/25/2052<sup>4,7</sup> | 4222736 | 3776552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>4,7</sup> | 2678388 | 2399224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ1, Class A15, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.850%), 5.00%, 5/28/2052<sup>2,4</sup> | 3946032 | 3656589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ3, Class A24, 3.00%, 8/25/2052<sup>4,7</sup> | 7209722 | 6582572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.393%), 5.543%, 3/15/2042<sup>2,4</sup> | 4050000 | 4050140 |

---

**4**

**Investment Portfolio - September 30, 2025**<br> (unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.638%, 3/25/2067<sup>4,6</sup> | 5513416 | $5252076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 4.38%, 5/25/2067<sup>4,6</sup> | 3162767 | 3125555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4, Class A1, 4.767%, 6/25/2067<sup>4,6</sup> | 7231268 | 7202337 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>4,7</sup> | 109460 | 107369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A11, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.650%), 4.998%, 6/25/2051<sup>2,4</sup> | 3094878 | 2875806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A3B, 2.00%, 8/25/2051<sup>4,7</sup> | 3815618 | 3010096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5, Class A4, 2.50%, 8/25/2051<sup>4,7</sup> | 7641259 | 6897997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV5, Class A3A, 2.50%, 12/25/2051<sup>4,7</sup> | 2567468 | 2315964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2, Class A1, 2.520%, 5/25/2052<sup>4,7</sup> | 4033198 | 3326660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV3, Class A4B, 3.00%, 9/25/2052<sup>4,7</sup> | 5499848 | 4934700 |
| &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A4, 4.415%, 1/25/2063<sup>4,7</sup> | 4276265 | 4188168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A4, 3.692%, 1/25/2063<sup>4,7</sup> | 3851191 | 3620921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Series 2019-1A, Class A, 3.75%, 4/25/2058<sup>4,7</sup> | 562748 | 539709 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2021-INV2, Class A1, 1.906%, 11/25/2056<sup>4,7</sup> | 3100526 | 2772427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2021-4, Class A4, 2.50%, 7/25/2051<sup>4,7</sup> | 8953619 | 8022350 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup>4,7</sup> | 170719 | 164818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>4,7</sup> | 229880 | 223715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2A, Class A1, 4.25%, 12/25/2057<sup>4,7</sup> | 1093151 | 1070053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.079%, 3/27/2062<sup>4,7</sup> | 7520607 | 7096278 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2022-CP1, Class A1, 2.042%, 7/25/2061<sup>4</sup> | 1377406 | 1299755 |
| &nbsp;&nbsp;&nbsp;OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1A, 2.783%, 1/25/2062<sup>4,6</sup> | 2967184 | 2863029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>4,6</sup> | 2614888 | 2629481 |
| &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 $181,192)<sup>2,3</sup> | 181192 | 181175 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A5, 2.50%, 12/25/2051<sup>4,7</sup> | 4211332 | $3730719 |
| &nbsp;&nbsp;&nbsp;&nbsp;ROCK Trust, Series 2024-CNTR, Class A, 5.388%, 11/13/2041<sup>4</sup> | 4250000 | 4377332 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 3/25/2067<sup>4</sup> | 2644389 | 2647191 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-2, Class A, 1.874%, 2/25/2043<sup>7</sup> | 90243 | 78608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>7</sup> | 956260 | 871503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>7</sup> | 92051 | 83889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>7</sup> | 119511 | 109182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, Series 2014-STAR, Class A, (Prime Rate + 0.000%), 7.50%, 11/15/2027<sup>2,4</sup> | 1533785 | 941849 |
| &nbsp;&nbsp;&nbsp;&nbsp;SUA LLC, Series 2025-1, Class A, 5.875%, 5/25/2040<sup>4</sup> | 4500000 | 4532531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>4,7</sup> | 1407741 | 1346524 |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.443%), 5.593%, 2/15/2042<sup>2,4</sup> | 3500000 | 3479783 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class A1, 3.25%, 3/25/2058<sup>4,7</sup> | 152351 | 150266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 5.272%, 10/25/2048<sup>2,4</sup> | 538668 | 539236 |
| &nbsp;&nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Series 2021-1, Class A15, 2.50%, 6/25/2051<sup>4,7</sup> | 2120619 | 1750455 |
| &nbsp;&nbsp;&nbsp;&nbsp;WBHT Commercial Mortgage Trust, Series 2025-WBM, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.742%), 5.892%, 6/15/2042<sup>2,4</sup> | 3650000 | 3651054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2020-1, Class A1, 3.00%, 12/25/2049<sup>4,7</sup> | 2020209 | 1778560 |
| &nbsp;&nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>4,7</sup> | 65134 | 60999 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $177,808,393) |  | **176813710** |
| **FOREIGN GOVERNMENT BONDS - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>4</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $4,618,600) | 4630000 | **4700237** |

---

**5**

**Investment Portfolio - September 30, 2025**<br> (unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **U.S. TREASURY SECURITIES - 24.4%** |  |  |
| **U.S. Treasury Notes - 24.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3 mo. U.S. Treasury Bill Yield + 0.205%), 4.103%, 10/31/2026<sup>2</sup> | 22948000 | $22950711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3 mo. U.S. Treasury Bill Yield + 0.159%), 4.057%, 7/31/2027<sup>2</sup> | 16925000 | 16914502 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2027 | 79974000 | 77755971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 82777000 | 81515944 |
| **TOTAL U.S. TREASURY SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $197,372,318) |  | **199137128** |
| **U.S. GOVERNMENT AGENCIES - 5.9%** |  |  |
| **Mortgage-Backed Securities - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0115, UMBS, 4.50%, 7/1/2029 | 11513 | 11538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 77254 | 77667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995876, UMBS, 6.00%, 11/1/2038 | 140279 | 147964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4047, UMBS, 3.50%, 12/1/2042 | 6409969 | 6078879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AW5338, UMBS, 4.50%, 6/1/2044 | 381676 | 378762 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **U.S. GOVERNMENT AGENCIES (continued)** |  |  |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS3878, UMBS, 4.50%, 11/1/2044 | 221301 | $219502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 76402 | 75692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4841, UMBS, 5.00%, 12/1/2052 | 7212257 | 7189103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS6206, UMBS, 5.50%, 10/1/2053 | 7075405 | 7208678 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91359, 4.50%, 2/1/2031 | 36731 | 36924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #D98711, 4.50%, 7/1/2031 | 124150 | 124843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91746, 4.50%, 12/1/2033 | 99979 | 100565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05900, 6.00%, 3/1/2040 | 25656 | 27095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5264, UMBS, 5.50%, 11/1/2043 | 6020049 | 6149565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RA8208, UMBS, 5.00%, 1/1/2053 | 6044889 | 6031437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #QG6308, UMBS, 6.00%, 7/1/2053 | 6951986 | 7175474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RJ0062, UMBS, 5.00%, 10/1/2053 | 7526057 | 7538209 |
| **TOTAL U.S. GOVERNMENT AGENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $46,727,131) |  | **48571897** |
| **SHORT-TERM INVESTMENT - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>8</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $8,969,268) | 8969268 | **8969268** |
| **TOTAL INVESTMENTS -99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $824,332,354) |  | **815078849** |
| **OTHER ASSETS, LESS LIABILITIES - 0.1%** |  | **1029372** |
| **NET ASSETS - 100%** |  | $**816108221** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS: LONG POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT SEPTEMBER 30, 2025 |
| CONTRACTS<br> PURCHASED | ISSUE | EXCHANGE | EXPIRATION | NOTIONAL VALUE <sup>1</sup> | VALUE/UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION) |
| 140 | EUR Currency | CME | December 2025 | 20636000 | $210823 |
| 240 | JPY Currency | CME | December 2025 | 20442000 | (58889) |
| 350 | U.K. Gilt (10 Year) | ICE | December 2025 | 42759751 | 211280 |
| 1000 | U.S. Treasury Notes (2 Year) | CME | December 2025 | 208398438 | (56640) |
| **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** |  | **$306574** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT SEPTEMBER 30, 2025 |
| CONTRACTS SOLD | | ISSUE | | EXCHANGE | | EXPIRATION | | NOTIONAL VALUE <sup>1</sup> | VALUE/UNREALIZED<br> DEPRECIATION |
| 350 |  | Euro-BUND (10 Year) |  | EUREX |  | December 2025 |  | 52831663 | $(46080) |
| 460 |  | U.S. Ultra Treasury Notes (10 Year) |  | CME |  | December 2025 |  | 52935940 | (482402) |
| **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** | **$(528482)** |

---

**6**

**Investment Portfolio - September 30, 2025**<br> (unaudited)

ABS - Asset-Backed Security

CME - Chicago Mercantile Exchange

EUR - Euro

EUREX - Eurex Exchange

ICE - Intercontinental Exchange

IO - Interest only

JPY - Japanese Yen

No. - Number

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

SEK - Swedish Krona

STIB - Stockholm Interbank Offered Rate

UMBS - Uniform Mortgage-Backed Securities

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

<sup>2</sup>Floating rate security. Rate shown is the rate in effect as of September 30, 2025.

<sup>3</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 $30,503,600, or 3.7% of the Series' Net Assets.

<sup>4</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 $432,283,646, which represented 53.0% of the Series' Net Assets.

<sup>5</sup>Issuer filed for bankruptcy and/or is in default of interest payments.

<sup>6</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>7</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>8</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;Loan Assignments | $4927660 | $— | $4927660 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S.<br> Government agencies | 247709025 |  | 247709025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3778654 |  | 3778654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 6019292 |  | 6019292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 19903613 |  | 19903613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 71933088 |  | 71933088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 21186417 |  | 21186417 |  |

---

**7**

**Investment Portfolio - September 30, 2025**<br> (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | $10162088 | $— | $10162088 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 25322501 |  | 25322501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 9993908 |  | 9993908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 203659388 |  | 203659388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 176813710 |  | 176813710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 4700237 |  | 4700237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 8969268 | 8969268 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial instruments:<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | 210823 | 210823 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 211280 | 211280 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 815500952 | 9391371 | 806109581 |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial instruments:<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (58889) | (58889) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | (585122) | (585122) |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | (644011) | (644011) |  |  |
| &nbsp;&nbsp;&nbsp;Total | $814856941 | $8747360 | $806109581 | $— |

---

<sup>\*</sup>Other financial instruments are futures (Level 1). Futures are valued at the unrealized appreciation (depreciation) on the instrument.

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

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.

**8**

## 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:** Unconstrained Bond Series

- **b. EDGAR series identifier (if any):** S000003632

- **c. LEI of Series:** 5493008PRHULZPPT8B05

**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:** $823073145.46

**Total Liabilities:** $5345330.51

**Net Assets:** $817727814.95

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 394.68627000 | **1-Year:** 16333.27598000 | **5-Year:** 106718.86275000 | **10-Year:** 47946.61794000 | **30-Year:** 225.25692000

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

- **3-Month:** 1094.07022000 | **1-Year:** 15365.78382000 | **5-Year:** 34834.08645000 | **10-Year:** 12079.65826000 | **30-Year:** 184.59221000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010098 | -0.26%               | 1.03%                | 0.39%                |
| Class ID C000206448 | -0.27%               | 1.09%                | 0.45%                |
| Class ID C000129800 | -0.30%               | 1.06%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $71449.71                | $-2594205.69                               |
| Month 2  | $10821.71                | $4887901.45                                |
| Month 3  | $404084.86               | $517722.92                                 |

**Designated Index Information**

- **Index Name:** Unconstrained Bond Series_Ex Derivatives BM

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2019-B                                         | CUSIP: 83192CAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    980363 | PA      | $959707.70    | 0.12%             | 2037-06-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Credit Fund III              | Oxford Finance Credit Fund III 2024-A LP                                        | CUSIP: 69145DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2735928.90   | 0.33%             | 2032-01-14      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Hawaii Hotel Trust                          | Hawaii Hotel Trust 2025-MAUI                                                    | CUSIP: 419909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4050000 | PA      | $4050140.48   | 0.50%             | 2042-03-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -460 | NC      | $-482402.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Sequoia Mortgage Trust                      | Sequoia Mortgage Trust 2013-6                                                   | CUSIP: 81745BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    956260 | PA      | $871503.17    | 0.11%             | 2043-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| HTS Funding DE LLC                          | HTS Fund II LLC                                                                 | CUSIP: 40456GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3650000 | PA      | $3667525.11   | 0.45%             | 2045-06-23      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                  | MFA 2021-INV2 Trust                                                             | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3100526 | PA      | $2772427.24   | 0.34%             | 2056-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-5                                                 | CUSIP: 46592LAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7641259 | PA      | $6897997.59   | 0.84%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2019-NQM2                                       | CUSIP: 10568LAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1737548 | PA      | $1661483.20   | 0.20%             | 2044-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| LEGAL BUSINESS SVC                          | Cartiga LLC                                                                     | CUSIP: 52474DAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3996979.48   | 0.49%             | 2026-06-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  10270640 | NS      | $10270639.83  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PCG LLC                                     | PCG 2023-1 LLC                                                                  | CUSIP: 70461JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181192 | PA      | $181175.10    | 0.02%             | 2029-07-25      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II                     | Alexander Funding Trust II                                                      | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8250000 | PA      | $8821122.46   | 1.08%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust                                                      | CUSIP: 63942TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    823381 | PA      | $830876.63    | 0.10%             | 2072-03-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| CONTSHIPS LOGISTICS CORP                    | Contships Logistics Corp                                                        | CUSIP: 000000000<br>LEI: 5299008CWR6YALKEN578 | Long             | DBT              | CORP              | MH        |   4500000 | PA      | $4548691.45   | 0.56%             | 2030-02-11      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS LCC/PHH C                    | PHH Escrow Issuer LLC/PHH Corp                                                  | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2026657.94   | 0.25%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                   | College Ave Student Loans 2021-A LLC                                            | CUSIP: 19424KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080792 | PA      | $985205.24    | 0.12%             | 2051-07-25      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| ABERDEEN PRODUCTS INC                       | Aberdeen Products Inc                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3375000 | PA      | $3053699.91   | 0.37%             | 2028-04-07      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    562748 | PA      | $539708.57    | 0.07%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2022-PJ3                                    | CUSIP: 362924BK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7209722 | PA      | $6582571.73   | 0.80%             | 2052-08-25      | Variable      | 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        |    170719 | PA      | $164817.99    | 0.02%             | 2054-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2022-PJ1                                    | CUSIP: 36263NAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3946032 | PA      | $3656588.67   | 0.45%             | 2052-05-28      | Floating      | 5.00%                 | 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        |   5765030 | PA      | $5067525.22   | 0.62%             | 2066-08-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31418BBC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77254 | PA      | $77667.19     | 0.01%             | 2034-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing 2018 LLC               | Trinity Rail Leasing 2018 LLC                                                   | CUSIP: 89657AAC0<br>LEI: 549300JQ2JIV94ZI1045 | Long             | ABS-O            | CORP              | US        |   1261164 | PA      | $1196687.70   | 0.15%             | 2050-10-17      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd               | Corevest American Finance 2019-3 Trust                                          | CUSIP: 21872NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    774550 | PA      | $770881.93    | 0.09%             | 2052-10-15      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured               | Finance Of America Structured Securities Trust Series 2025-S1                   | CUSIP: 31741BAB0<br>LEI: 254900W0S6GNEJ457023 | Long             | ABS-MBS          | CORP              | US        |   4617944 | PA      | $4462922.73   | 0.55%             | 2075-02-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust Series 2025-1                                 | CUSIP: 46659PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3851191 | PA      | $3620921.14   | 0.44%             | 2063-01-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                     | NYMT Loan Trust 2022-CP1                                                        | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1377406 | PA      | $1299754.67   | 0.16%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | Gracie Point International Funding 2025-1 LLC                                   | CUSIP: 38411WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3005595.90   | 0.37%             | 2028-08-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                    | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   4630000 | PA      | $4700237.49   | 0.57%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                     | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3670695 | PA      | $3152918.19   | 0.39%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                         | NuStar Logistics LP                                                             | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    927000 | PA      | $933751.14    | 0.11%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EDvestinU Private Education Lo              | EDvestinU Private Education Loan Issue No 1 LLC                                 | CUSIP: 28166GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    615511 | PA      | $603139.08    | 0.07%             | 2038-11-25      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 59022CAA1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3561000 | PA      | $3577943.42   | 0.44%             | 2026-09-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2022-NQM2 Trust                                                             | CUSIP: 67448DAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2967184 | PA      | $2863028.63   | 0.35%             | 2062-01-25      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| WestJet Loyalty LP                          | WESTJET LOYALTY LP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   4925000 | PA      | $4927659.50   | 0.60%             | 2031-02-14      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| BROOGE PETROLEUM AND GAS                    | Brooge Petroleum and Gas Investment Co FZE                                      | CUSIP: 000000000<br>LEI: 213800T6YBVV45KTOC07 | Long             | DBT              | CORP              | AE        |   8274632 | PA      | $7870334.84   | 0.96%             | 2025-11-30      | Fixed         | 8.50%                 | 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        |   3646221 | PA      | $3668138.62   | 0.45%             | 2031-02-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| SUA 2025-1 LLC                              | SUA 2025-1 LLC                                                                  | CUSIP: 78485NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4532530.95   | 0.55%             | 2040-05-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                    | American Airlines Inc/AAdvantage Loyalty IP Ltd                                 | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   5249999 | PA      | $5252617.06   | 0.64%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Starwood Retail Property Trust              | Starwood Retail Property Trust 2014-STAR                                        | CUSIP: 85571XAA5<br>LEI: 5493007115G809OI4R97 | Long             | ABS-MBS          | CORP              | US        |   1533785 | PA      | $941849.13    | 0.12%             | 2027-11-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4022087.93   | 0.49%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Private Education Refi Loan Trust 2021-A                                | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    502887 | PA      | $460436.65    | 0.06%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3138WDJY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    221301 | PA      | $219502.15    | 0.03%             | 2044-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Stonepeak                                   | Stonepeak 2021-1 ABS                                                            | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355281 | PA      | $343266.55    | 0.04%             | 2033-02-28      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| THE BANCORP INC                             | Bancorp Inc/The                                                                 | CUSIP: 05969AAB1<br>LEI: 894500FP2ICT1B019Y71 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2873252.70   | 0.35%             | 2030-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust 2014-1                                               | CUSIP: 63938EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1915655 | PA      | $1893900.59   | 0.23%             | 2031-06-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                             | Goodgreen 2020-1 Trust                                                          | CUSIP: 38217TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2348575 | PA      | $1955111.97   | 0.24%             | 2055-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust 2020-1                                               | CUSIP: 63942FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3029893 | PA      | $3050005.59   | 0.37%             | 2069-06-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2018-1 B PTT                     | United Airlines 2018-1 Class B Pass Through Trust                               | CUSIP: 90932NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2010842 | PA      | $2003225.44   | 0.24%             | 2026-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2021-1 LLC                                                                 | CUSIP: 70472TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530738 | PA      | $528120.13    | 0.06%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| OXFORD FIN LLC/CO-ISS II                    | Oxford Finance LLC / Oxford Finance Co-Issuer II Inc                            | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4500271.57   | 0.55%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                      | Sequoia Mortgage Trust 2013-7                                                   | CUSIP: 81745CAB9<br>LEI: 549300DFASAA48I36408 | Long             | ABS-MBS          | CORP              | US        |     92051 | PA      | $83888.99     | 0.01%             | 2043-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured               | Finance Of America Structured Securities Trust Series 2024-S2                   | CUSIP: 31739VAA2<br>LEI: 2549004CLYOCOW3IBQ95 | Long             | ABS-O            | CORP              | US        |   4053002 | PA      | $3955395.00   | 0.48%             | 2074-04-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Diamond Infrastructure Funding              | Diamond Infrastructure Funding LLC                                              | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4795281.00   | 0.59%             | 2049-04-15      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS                       | CLEAR STREET HOLDINGS LLC                                                       | CUSIP: 18469LAE9<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3982120.38   | 0.49%             | 2030-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152351 | PA      | $150266.36    | 0.02%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| VELOCITY PORTFOLIO GROUP                    | Velocity Portfolio Group Inc                                                    | CUSIP: 92257EAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4097529.98   | 0.50%             | 2033-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                      | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAA7<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |    119511 | PA      | $109182.11    | 0.01%             | 2043-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                             | SBA Tower Trust                                                                 | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3630000 | PA      | $3653447.26   | 0.45%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd               | Corevest American Finance 2020-4 Trust                                          | CUSIP: 21873AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119551 | PA      | $119122.33    | 0.01%             | 2052-12-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                               | BGC Group Inc                                                                   | CUSIP: 088929AB0<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |   4460000 | PA      | $4450240.59   | 0.54%             | 2025-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                       | Tricon American Homes 2020-SFR1                                                 | CUSIP: 89613GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2452345.70   | 0.30%             | 2038-07-17      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3138XU4Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    381676 | PA      | $378762.40    | 0.05%             | 2044-06-01      | Fixed         | 4.50%                 | 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        |   7900000 | PA      | $7899545.06   | 0.97%             | 2074-11-25      | Floating      | 5.32%                 | 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        |     87871 | PA      | $86758.20     | 0.01%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                           | Imperial Fund Mortgage Trust 2022-NQM4                                          | CUSIP: 45276NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7231268 | PA      | $7202337.16   | 0.88%             | 2067-06-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2022-INV3                                            | CUSIP: 46593FAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5499848 | PA      | $4934699.76   | 0.60%             | 2052-09-25      | Variable      | 3.00%                 | 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        |   3865096 | PA      | $3901114.45   | 0.48%             | 2073-11-27      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| USQ Rail                                    | USQ Rail II LLC                                                                 | CUSIP: 90354PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5052176 | PA      | $4843017.63   | 0.59%             | 2051-06-28      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2023-1 LLC                                                                 | CUSIP: 70473AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4789498 | PA      | $4898505.57   | 0.60%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                           | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3162767 | PA      | $3125555.41   | 0.38%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                               | CUSIP: 3136B1YD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26585 | PA      | $26368.02     | 0.00%             | 2047-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                             | SBA Tower Trust                                                                 | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6110000 | PA      | $6273633.13   | 0.77%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| LEGRES AB                                   | Legres AB                                                                       | CUSIP: 000000000<br>LEI: 5493004FBCZN6ATKYD40 | Long             | DBT              | CORP              | SE        |  32500000 | PA      | $2761726.72   | 0.34%             | 2025-12-30      | Floating      | 11.11%                | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                      | SLM Student Loan Trust 2012-1                                                   | CUSIP: 78446WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5315830 | PA      | $5290381.92   | 0.65%             | 2028-09-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| RUN NQM TRUST                               | RUN 2022-NQM1 Trust                                                             | CUSIP: 74981CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2644389 | PA      | $2647190.89   | 0.32%             | 2067-03-25      | Fixed         | 4.00%                 | 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        |   3815618 | PA      | $3010095.76   | 0.37%             | 2051-08-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| AIRBORNE CAPITAL USA LLC                    | Airborne Capital USA LLC                                                        | CUSIP: 009263AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3326938.96   | 0.41%             | 2029-08-02      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust 2021-1                                               | CUSIP: 63942NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3258557 | PA      | $2919374.41   | 0.36%             | 2069-12-26      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                            | ALLO Issuer LLC                                                                 | CUSIP: 01983KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4400000 | PA      | $4466281.26   | 0.55%             | 2053-06-20      | Fixed         | 6.20%                 | 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        |   3400000 | PA      | $3437716.20   | 0.42%             | 2034-08-14      | Fixed         | 5.88%                 | 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        |   2964009 | PA      | $3019538.37   | 0.37%             | 2032-07-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                          | Tricon Residential 2024-SFR4 Trust                                              | CUSIP: 895975AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2986777 | PA      | $2955468.39   | 0.36%             | 2041-11-17      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Cogent IPv4 LLC                             | Cogent Ipv4 LLC                                                                 | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2380000 | PA      | $2473001.36   | 0.30%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XKP95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6409969 | PA      | $6078879.49   | 0.74%             | 2042-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3133KYZ51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6020049 | PA      | $6149564.70   | 0.75%             | 2043-11-01      | Fixed         | 5.50%                 | 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        |   1210051 | PA      | $1122286.97   | 0.14%             | 2047-01-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                         | DataBank Issuer                                                                 | CUSIP: 23802WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5200000 | PA      | $5133665.63   | 0.63%             | 2051-02-27      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                     | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1798904 | PA      | $1253194.06   | 0.15%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC Trust 2013-TH1                                                             | CUSIP: 22944PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96042 | PA      | $84766.20     | 0.01%             | 2043-02-25      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7212257 | PA      | $7189103.10   | 0.88%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust 2017-2                                               | CUSIP: 63939RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2385083 | PA      | $2401329.66   | 0.29%             | 2066-12-27      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                             | United States Treasury Floating Rate Note                                       | CUSIP: 91282CLT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22948000 | PA      | $22950711.03  | 2.81%             | 2026-10-31      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | JAPAN YEN CURR                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       240 | NC      | $-58888.80    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-1                                                 | CUSIP: 46592EBC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3094878 | PA      | $2875806.06   | 0.35%             | 2051-06-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                           | CUSIP: 3128E5VC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    124150 | PA      | $124842.92    | 0.02%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3133C7AH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6951986 | PA      | $7175474.58   | 0.88%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      1000 | NC      | $-56640.20    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                    | BX Trust 2024-VLT4                                                              | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5100000 | PA      | $5099351.54   | 0.62%             | 2041-06-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31417YDV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11513 | PA      | $11537.77     | 0.00%             | 2029-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                    | SLM Corp                                                                        | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4325000 | PA      | $4508291.99   | 0.55%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3133KQDM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6044889 | PA      | $6031436.82   | 0.74%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                             | SBA Tower Trust                                                                 | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2729137.68   | 0.33%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing L.P.                   | Trinity Rail Leasing 2021 LLC                                                   | CUSIP: 89656GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1658621 | PA      | $1553708.99   | 0.19%             | 2051-07-19      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se              | Wells Fargo Mortgage Backed Securities 2020-1 Trust                             | CUSIP: 95002KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2020209 | PA      | $1778559.86   | 0.22%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SLAM 2021-1 LLC                             | Slam 2021-1 Ltd                                                                 | CUSIP: 78449AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4693120 | PA      | $4426617.90   | 0.54%             | 2046-06-15      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                    | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3904264.87   | 0.48%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Flexential Issuer, LLC                      | Flexential Issuer 2021-1                                                        | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4760000 | PA      | $4622323.63   | 0.57%             | 2051-11-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                      | SLM Student Loan Trust 2012-7                                                   | CUSIP: 78447KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8498501 | PA      | $8358267.00   | 1.02%             | 2026-05-26      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2022-NQM2                                   | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7520607 | PA      | $7096277.76   | 0.87%             | 2062-03-27      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                    | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3039000 | PA      | $3170325.78   | 0.39%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding              | Golub Capital Partners ABS Funding 2024-1                                       | CUSIP: 38179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4000516.00   | 0.49%             | 2034-01-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 9128283F5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  79974000 | PA      | $77755971.09  | 9.51%             | 2027-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                             | United States Treasury Floating Rate Note                                       | CUSIP: 91282CNQ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16925000 | PA      | $16914501.62  | 2.07%             | 2027-07-31      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Centersquare Issuer LLC                     | Centersquare Issuer LLC                                                         | CUSIP: 15201EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5947684.25   | 0.73%             | 2054-10-26      | Fixed         | 5.20%                 | 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        |    538668 | PA      | $539235.75    | 0.07%             | 2048-10-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                           | KREF 2021-FL2 Ltd                                                               | CUSIP: 48275RAC1<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3430011.55   | 0.42%             | 2039-02-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                         | Hotwire Funding LLC                                                             | CUSIP: 44148JAA7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3409738.05   | 0.42%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                                               | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1098800 | PA      | $1097421.47   | 0.13%             | 2038-08-19      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| PALOMINO FUNDING TRUST I                    | Palomino Funding Trust I                                                        | CUSIP: 69754AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1172785.95   | 0.14%             | 2028-05-17      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | EURO FX CURR                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       140 | NC      | $210823.20    | 0.03%             |  |  |  | No            |                  1 | 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        |   2194775 | PA      | $2129045.48   | 0.26%             | 2061-10-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS RIALTO                                                                       | CUSIP: 30319YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1419021 | PA      | $1418942.68   | 0.17%             | 2038-05-16      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) L              | Lyra Music Assets Delaware LP                                                   | CUSIP: 552339AA1<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |   3994267 | PA      | $4051219.96   | 0.50%             | 2064-12-22      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2024-D                                         | CUSIP: 83207QAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4518191 | PA      | $4493016.21   | 0.55%             | 2053-07-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3142GQB84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7526057 | PA      | $7538209.09   | 0.92%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                    | Encore Capital Group Inc                                                        | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3987056.49   | 0.49%             | 2031-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4016163.21   | 0.49%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                         | Arbor Realty SR Inc                                                             | CUSIP: 03881NAG2<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3963123.04   | 0.48%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                        | Libra Solutions 2024-1 LLC                                                      | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4990580.50   | 0.61%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC               | UWM Mortgage Trust 2021-1                                                       | CUSIP: 91824NBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2120619 | PA      | $1750454.52   | 0.21%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Private Education Refi Loan Trust 2020-G                                | CUSIP: 63941UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    298005 | PA      | $279103.01    | 0.03%             | 2069-09-16      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Store Master Funding I - VII,               | Store Master Funding I-VII and XIV                                              | CUSIP: 86212XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2349169 | PA      | $2293986.74   | 0.28%             | 2049-11-20      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                | Navient Corp                                                                    | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4043754.92   | 0.49%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities               | Brean Asset Backed Securities Trust 2024-RM8                                    | CUSIP: 10637YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3527923 | PA      | $3466663.91   | 0.42%             | 2064-05-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust              | SWCH Commercial Mortgage Trust 2025-DATA                                        | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3479783.17   | 0.43%             | 2042-02-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2021-GR3                                    | CUSIP: 36263TAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4222736 | PA      | $3776552.27   | 0.46%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                               | Carnival Corp                                                                   | CUSIP: 693070AD6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    800000 | PA      | $839999.85    | 0.10%             | 2027-06-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2019-2                                      | CUSIP: 64830DAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1094696 | PA      | $1071565.81   | 0.13%             | 2057-12-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities               | Brean Asset Backed Securities Trust 2025-RM11                                   | CUSIP: 10638GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2992915 | PA      | $2937100.51   | 0.36%             | 2065-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL SEAWAYS IN                    | International Seaways Inc                                                       | CUSIP: 46032VAC0<br>LEI: 549300YUFDGFRNGBWF46 | Long             | DBT              | CORP              | MH        |   4000000 | PA      | $3978359.36   | 0.49%             | 2030-09-23      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                         | DataBank Issuer                                                                 | CUSIP: 23802WAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3345000 | PA      | $3338047.50   | 0.41%             | 2053-02-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust                                                      | CUSIP: 63942TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352878 | PA      | $362556.21    | 0.04%             | 2072-03-15      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                          | LONG GILT                                                                       | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |       350 | NC      | $211280.43    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BUND                                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |      -350 | NC      | $-46080.29    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM1 Trust                                                             | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |   2614888 | PA      | $2629481.06   | 0.32%             | 2063-11-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| NORTHWEST ACQ/DOMINION                      | Northwest Acquisitions ULC / Dominion Finco Inc                                 | CUSIP: 66727WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5870000 | PA      | $58.70        | 0.00%             | 2022-11-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Private Education Loan Trust 2015-B                                     | CUSIP: 63939KAC3<br>LEI: 549300GZIQGXPYGM8M95 | Long             | ABS-O            | CORP              | US        |    657287 | PA      | $658953.37    | 0.08%             | 2040-07-16      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| GCAT                                        | GCAT 2022-NQM3 Trust                                                            | CUSIP: 36168MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7741127 | PA      | $7603887.48   | 0.93%             | 2067-04-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN                     | Borr IHC Ltd / Borr Finance LLC                                                 | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   3382927 | PA      | $3366119.39   | 0.41%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2021-4 Mortgage Loan Trust                                                 | CUSIP: 19688GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6506496 | PA      | $5574007.96   | 0.68%             | 2066-10-25      | Variable      | 1.40%                 | 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        |   3906906 | PA      | $3887772.31   | 0.48%             | 2061-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PELORUS FUND REIT LLC                       | Pelorus Fund REIT LLC                                                           | CUSIP: 70615PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4345000 | PA      | $4328598.25   | 0.53%             | 2026-09-30      | Fixed         | 7.00%                 | 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        |     65134 | PA      | $60999.17     | 0.01%             | 2045-01-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                         | Hotwire Funding LLC                                                             | CUSIP: 44148JAH2<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1015780.41   | 0.12%             | 2054-06-20      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| NORTH INVST GROUP                           | North Investment Group AB                                                       | CUSIP: 000000000<br>LEI: 254900NLPIHD51XJYE02 | Long             | DBT              | CORP              | SE        |  23750000 | PA      | $1387502.12   | 0.17%             | 2027-12-31      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                   | CIM Trust 2019-INV1                                                             | CUSIP: 12555DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35280 | PA      | $33745.45     | 0.00%             | 2049-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Private Education Refi Loan Trust 2022-A                                | CUSIP: 63942MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2350124 | PA      | $2152084.82   | 0.26%             | 2070-07-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                     | Five Point Operating Co LP                                                      | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4059632.20   | 0.50%             | 2030-10-01      | Fixed         | 8.00%                 | 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        |   3230000 | PA      | $3231009.38   | 0.40%             | 2056-08-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                           | CUSIP: 3128P75F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     99979 | PA      | $100564.94    | 0.01%             | 2033-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SP CRUISES INTERMEDIATE                     | SP Cruises Intermediate Ltd                                                     | CUSIP: 000000000<br>LEI: 2549001UGAS65A7Y0678 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $3791790.27   | 0.46%             | 2030-03-14      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31416CJV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    140279 | PA      | $147963.61    | 0.02%             | 2038-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trus              | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                              | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4999858.90   | 0.61%             | 2039-12-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                           | Imperial Fund Mortgage Trust 2022-NQM2                                          | CUSIP: 45276PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5513416 | PA      | $5252075.73   | 0.64%             | 2067-03-25      | Variable      | 3.64%                 | 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        |   1407741 | PA      | $1346523.71   | 0.16%             | 2041-04-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance                    | Horizon Aircraft Finance IV Ltd                                                 | CUSIP: 43990EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7030000 | PA      | $7096653.54   | 0.87%             | 2049-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                           | CUSIP: 3128M73H7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25656 | PA      | $27094.65     | 0.00%             | 2040-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2019-2 B PTT                     | United Airlines 2019-2 Class B Pass Through Trust                               | CUSIP: 90932KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2128918 | PA      | $2057964.61   | 0.25%             | 2028-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                      | SLM Student Loan Trust 2008-3                                                   | CUSIP: 78444GAC8<br>LEI: 549300OORAXMFXOHG132 | Long             | ABS-O            | CORP              | US        |   3314126 | PA      | $3317905.82   | 0.41%             | 2021-10-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                 | RCKT Mortgage Trust 2021-6                                                      | CUSIP: 74939KAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4211332 | PA      | $3730719.40   | 0.46%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FRUV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  50292789 | PA      | $2371253.18   | 0.29%             | 2030-01-25      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2021-4                           | CUSIP: 61772MAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8953619 | PA      | $8022349.65   | 0.98%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4250000 | PA      | $4377331.56   | 0.54%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| OPEN INFRA US ASSETS AB                     | Open Infra US Assets AB                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |   3800000 | PA      | $3778654.13   | 0.46%             | 2027-02-22      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140FTWF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     76402 | PA      | $75691.63     | 0.01%             | 2047-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRP LLC                                     | TRP 2021 LLC                                                                    | CUSIP: 87267CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2576130 | PA      | $2466840.35   | 0.30%             | 2051-06-19      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2021-LTV2                                            | CUSIP: 46654VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4033198 | PA      | $3326659.67   | 0.41%             | 2052-05-25      | Variable      | 2.52%                 | 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        |    109460 | PA      | $107369.21    | 0.01%             | 2029-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LL              | Aligned Data Centers Issuer LLC                                                 | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4394257.50   | 0.54%             | 2046-08-15      | Fixed         | 1.94%                 | 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        |   2546639 | PA      | $2524612.33   | 0.31%             | 2030-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ACG HOLDCO 1 PLC                            | ACG Holdco 1 PLC                                                                | CUSIP: 000000000<br>LEI: 9845008FS09985054W54 | Long             | DBT              | CORP              | GB        |   4050000 | PA      | $4409064.19   | 0.54%             | 2029-01-13      | Fixed         | 14.75%                | 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        |    229964 | PA      | $223797.12    | 0.03%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| US CLAIMS LIT FNDG LLC                      | US Claims Litigation Funding LLC                                                | CUSIP: 91735CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1177831.47   | 0.14%             | 2028-03-17      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2022-1 LLC                                                                 | CUSIP: 70472XAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1647138 | PA      | $1669138.85   | 0.20%             | 2034-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GCAT                                        | GCAT 2024-NQM1 Trust                                                            | CUSIP: 36169HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3063761 | PA      | $3092761.22   | 0.38%             | 2059-01-25      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Waikiki Beach Hotel Trust                   | WBHT Commercial Mortgage Trust 2025-WBM                                         | CUSIP: 92943QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3650000 | PA      | $3651053.70   | 0.45%             | 2042-06-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  82777000 | PA      | $81515944.14  | 9.97%             | 2028-11-15      | Fixed         | 3.12%                 | 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        |   2678388 | PA      | $2399224.35   | 0.29%             | 2052-02-26      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC                     | New Fortress Energy Inc                                                         | CUSIP: 644393AC4<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |   4195000 | PA      | $701347.82    | 0.09%             | 2029-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                           | CUSIP: 3128P7QL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     36730 | PA      | $36924.02     | 0.00%             | 2031-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                      | Sequoia Mortgage Trust 2013-2                                                   | CUSIP: 81745MAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90243 | PA      | $78607.32     | 0.01%             | 2043-02-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2021-INV5                                            | CUSIP: 46653XAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2567468 | PA      | $2315964.09   | 0.28%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| NEWCASTLE COAL INFRASTRU                    | Newcastle Coal Infrastructure Group Pty Ltd                                     | CUSIP: 65106WAA3<br>LEI: 549300YAJ8XYYGW2TZ32 | Long             | DBT              | CORP              | AU        |   1700662 | PA      | $1691115.96   | 0.21%             | 2027-09-29      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LL              | Stack Infrastructure Issuer LLC                                                 | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |   3400000 | PA      | $3351487.03   | 0.41%             | 2046-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                      | SLM Student Loan Trust 2008-4                                                   | CUSIP: 78445AAD8<br>LEI: 549300EQOYJZL2D96G46 | Long             | ABS-O            | CORP              | US        |   1769554 | PA      | $1792597.18   | 0.22%             | 2022-07-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust Series 2024-1                                 | CUSIP: 61777HAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4276265 | PA      | $4188168.27   | 0.51%             | 2063-01-25      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XM3Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7075405 | PA      | $7208678.12   | 0.88%             | 2053-10-01      | Fixed         | 5.50%                 | 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        |   8250000 | PA      | $8347276.94   | 1.02%             | 2049-11-22      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| GOLDEN PEAR FUND HOLDCO                     | Golden Pear Funding HoldCo LLC                                                  | CUSIP: 38116FAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1279089.36   | 0.16%             | 2028-03-02      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Pear LLC                                    | Pear 2024-1 LLC                                                                 | CUSIP: 704933AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2297101 | PA      | $2320116.06   | 0.28%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| IIP OPERATING PARTNER                       | IIP Operating Partnership LP                                                    | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4320000 | PA      | $4278052.58   | 0.52%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC                      | Arbor Realty Trust Inc                                                          | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   9506000 | PA      | $9380493.69   | 1.15%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| READYCAP HOLDINGS LLC                       | ReadyCap Holdings LLC                                                           | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4227024.91   | 0.52%             | 2028-03-01      | Fixed         | 9.38%                 | 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