# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0000940400-25-009536
**Filing Date:** 2025-11
**Character Count:** 163778
**Document Hash:** 5aaaa39ba2ff9460ce8c2c03daaee903
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009536.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009536

**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:** 251512430

**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

### Systematic High Yield Bond Series (Series ID: S000092869)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000260916 | Class Z      |  |
| C000260917 | Class I      |  |
| C000260918 | Class S      |  |
| C000260919 | Class W      |  |

## Nport-Ex

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

---

| | | |
|:---|:---|:---|
| SYSTEMATIC HIGH YIELD BOND<br> SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS - 95.6%** |  |  |
| **Non-Convertible Corporate Bonds- 95.6%** |  |  |
| **Communication Services - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Frontier Florida LLC, 6.86%, 2/1/2028 | 100000 | $104254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 6.875%, 6/30/2033<sup>2</sup> | 100000 | 101953 |
|  |  | 206207 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., 4.279%, 3/15/2032 | 110000 | 100849 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ANGI Group LLC, 3.875%, 8/15/2028<sup>2</sup> | 110000 | 103752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cars.com, Inc., 6.375%, 11/1/2028<sup>2</sup> | 100000 | 99762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap, Inc., 6.875%, 3/15/2034<sup>2</sup> | 100000 | 101345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ziff Davis, Inc., 4.625%, 10/15/2030<sup>2</sup> | 110000 | 103819 |
| &nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC - ZoomInfo Finance Corp., 3.875%, 2/1/2029<sup>2</sup> | 105000 | 99451 |
|  |  | 508129 |
| &nbsp;&nbsp;&nbsp;**Media - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC - CCO Holdings Capital Corp., 4.50%, 8/15/2030<sup>2</sup> | 110000 | 103898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directv Financing LLC - Directv Financing Co-Obligor, Inc., 5.875%, 8/15/2027<sup>2</sup> | 105000 | 104917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gray Media, Inc., 10.50%, 7/15/2029<sup>2</sup> | 95000 | 102772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media, Inc., 5.625%, 7/15/2027<sup>2</sup> | 105000 | 104882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius X.M. Radio LLC, 4.00%, 7/15/2028<sup>2</sup> | 105000 | 101513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/2029<sup>2</sup> | 105000 | 102092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univision Communications, Inc., 8.50%, 7/31/2031<sup>2</sup> | 100000 | 103307 |
|  |  | 723381 |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc. (Canada) (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 3.590%), 5.25%, 3/15/2082<sup>2,3</sup> | 105000 | 104198 |
| **Total Communication Services** |  | 1642764 |
| **Consumer Discretionary - 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Auto Components - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd., 7.00%, 4/15/2028<sup>2</sup> | 100000 | 102525 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc., 6.875%, 7/1/2028 | 105000 | 105012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings, Inc. - Garrett LX I S.A.R.L, 7.75%, 5/31/2032<sup>2</sup> | 95000 | 99625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phinia, Inc., 6.75%, 4/15/2029<sup>2</sup> | 100000 | 103162 |
| &nbsp;&nbsp;&nbsp;The Goodyear Tire & Rubber Co., 5.25%, 7/15/2031 | 110000 | 103479 |
|  |  | 513803 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Consumer Discretionary** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC, 2.45%, 9/15/2028<sup>2</sup> | 115000 | $105565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc., 4.00%, 10/15/2029<sup>2</sup> | 105000 | 99638 |
|  |  | 205203 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 6.125%, 3/15/2032<sup>2</sup> | 100000 | 100118 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc., 4.00%, 3/15/2027 | 105000 | 103381 |
|  |  | 203499 |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc., 5.50%, 3/1/2028<sup>2</sup> | 100000 | 99792 |
| &nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 7.375%, 9/1/2031<sup>2</sup> | 100000 | 103904 |
| &nbsp;&nbsp;&nbsp;&nbsp;The ADT Security Corp., 4.875%, 7/15/2032<sup>2</sup> | 105000 | 101566 |
|  |  | 305262 |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority - MS Digital Entertainment Holdings LLC, 8.25%, 4/15/2030<sup>2</sup> | 100000 | 103948 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., 7.00%, 2/15/2030<sup>2</sup> | 100000 | 102874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 5.75%, 8/1/2032<sup>2</sup> | 100000 | 101828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC - Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/2029<sup>2</sup> | 105000 | 99860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC - Hilton Grand Vacations Borrower, Inc., 5.00%, 6/1/2029<sup>2</sup> | 105000 | 100967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jacobs Entertainment, Inc., 6.75%, 2/15/2029<sup>2</sup> | 105000 | 102435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC, 7.00%, 9/15/2030<sup>2</sup> | 100000 | 101935 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International, 6.50%, 4/15/2032 | 100000 | 101912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ontario Gaming GTA LP - OTG Co-Issuer, Inc. (Canada), 8.00%, 8/1/2030<sup>2</sup> | 100000 | 99378 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp - Canada's Wonderland Co. - Magnum Management Corp., 5.25%, 7/15/2029 | 105000 | 101593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Speedway Motorsports LLC - Speedway Funding II, Inc., 4.875%, 11/1/2027<sup>2</sup> | 105000 | 104012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co., 4.625%, 3/1/2030<sup>2</sup> | 105000 | 101260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028<sup>2</sup> | 105000 | 102571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Las Vegas LLC - Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027<sup>2</sup> | 105000 | 104921 |
|  |  | 1325546 |

---

**1**

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

---

| | | |
|:---|:---|:---|
| SYSTEMATIC HIGH YIELD BOND<br> SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Consumer Discretionary** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Household Durables - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adams Homes, Inc., 9.25%, 10/15/2028<sup>2</sup> | 100000 | $104203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashton Woods USA LLC - Ashton Woods Finance Co., 4.625%, 4/1/2030<sup>2</sup> | 110000 | 104327 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc., 7.25%, 10/15/2029 | 100000 | 101694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Residential Properties, Inc. - Brookfield Residential U.S. LLC (Canada), 6.25%, 9/15/2027<sup>2</sup> | 105000 | 104968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc., 3.875%, 8/15/2029<sup>2</sup> | 110000 | 103496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., 8.25%, 8/15/2028<sup>2</sup> | 100000 | 103892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Empire Communities Corp. (Canada), 9.75%, 5/1/2029<sup>2</sup> | 95000 | 99646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc., 5.75%, 2/1/2028<sup>2</sup> | 105000 | 104920 |
| &nbsp;&nbsp;&nbsp;KB Home, 6.875%, 6/15/2027 | 100000 | 102209 |
| &nbsp;&nbsp;&nbsp;&nbsp;LGI Homes, Inc., 4.00%, 7/15/2029<sup>2</sup> | 110000 | 100324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mattamy Group Corp. (Canada), 5.25%, 12/15/2027<sup>2</sup> | 105000 | 104346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newell Brands, Inc., 8.50%, 6/1/2028<sup>2</sup> | 95000 | 100742 |
| &nbsp;&nbsp;&nbsp;Shea Homes LP - Shea Homes Funding Corp., 4.75%, 2/15/2028 | 105000 | 103918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc., 4.00%, 4/15/2029<sup>2</sup> | 105000 | 100772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc., 5.75%, 1/15/2028<sup>2</sup> | 100000 | 101433 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc., 5.25%, 6/1/2027 | 100000 | 100021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weekley Homes LLC - Weekley Finance Corp., 4.875%, 9/15/2028<sup>2</sup> | 105000 | 103240 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp., 2.40%, 5/15/2031 | 120000 | 101403 |
|  |  | 1845554 |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Match Group Holdings II LLC, 4.625%, 6/1/2028<sup>2</sup> | 105000 | 103184 |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc., 7.00%, 8/1/2030<sup>2</sup> | 100000 | 102994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc., 5.00%, 2/15/2032<sup>2</sup> | 105000 | 100850 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc., 6.95%, 3/1/2033 | 95000 | 99146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc., 6.375%, 1/15/2030<sup>2</sup> | 100000 | 102322 |
| &nbsp;&nbsp;&nbsp;&nbsp;LBM Acquisition LLC, 9.50%, 6/15/2031<sup>2</sup> | 95000 | 100174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc., 4.375%, 1/15/2031<sup>2</sup> | 105000 | 99669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., 4.875%, 11/15/2031<sup>2</sup> | 105000 | 100442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC - SBP Finance Corp., 7.75%, 10/15/2029<sup>2</sup> | 100000 | 101560 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Gap, Inc., 3.625%, 10/1/2029<sup>2</sup> | 110000 | 102905 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Consumer Discretionary** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Specialty Retail** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upbound Group, Inc., 6.375%, 2/15/2029<sup>2</sup> | 105000 | $103734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co., 4.625%, 7/15/2029<sup>2</sup> | 110000 | 105072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings LLC - Victra Finance Corp., 8.75%, 9/15/2029<sup>2</sup> | 100000 | 105188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wayfair LLC, 7.75%, 9/15/2030<sup>2</sup> | 100000 | 105014 |
|  |  | 1329070 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc., 4.125%, 8/15/2031<sup>2</sup> | 110000 | 100757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc., 4.125%, 11/15/2029<sup>2</sup> | 105000 | 99649 |
|  |  | 200406 |
| **Total Consumer Discretionary** |  | 6135475 |
| **Consumer Staples - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Safeway, Inc., 7.25%, 2/1/2031 | 95000 | 102768 |
| &nbsp;&nbsp;&nbsp;**Food Products - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 5.25%, 4/15/2027<sup>2</sup> | 105000 | 104750 |
| &nbsp;&nbsp;&nbsp;**Personal Care Products - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 4.125%, 4/1/2029<sup>2</sup> | 105000 | 99928 |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625%, 3/15/2032<sup>2</sup> | 95000 | 100763 |
| **Total Consumer Staples** |  | 408209 |
| **Energy - 15.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners LP - Archrock Partners Finance Corp., 6.25%, 4/1/2028<sup>2</sup> | 105000 | 105157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristow Group, Inc., 6.875%, 3/1/2028<sup>2</sup> | 100000 | 100452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diamond Foreign Asset Co. - Diamond Finance LLC, 8.50%, 10/1/2030<sup>2</sup> | 95000 | 100747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II LLC, 8.00%, 4/15/2030<sup>2</sup> | 100000 | 103516 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc., 6.00%, 2/1/2028 | 100000 | 101395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Precision Drilling Corp. (Canada), 6.875%, 1/15/2029<sup>2</sup> | 105000 | 105563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc., 9.125%, 7/15/2030<sup>2</sup> | 95000 | 101824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transocean Aquila Ltd., 8.00%, 9/30/2028<sup>2</sup> | 72308 | 74398 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners LP - USA Compression Finance Corp., 7.125%, 3/15/2029<sup>2</sup> | 100000 | 103282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valaris Ltd., 8.375%, 4/30/2030<sup>2</sup> | 95000 | 98585 |

---

**2**

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

---

| | | |
|:---|:---|:---|
| SYSTEMATIC HIGH YIELD BOND<br> SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Energy** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International Ltd., 8.625%, 4/30/2030<sup>2</sup> | 100000 | $102292 |
|  |  | 1097211 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliance Resource Operating Partners LP - Alliance Resource Finance Corp., 8.625%, 6/15/2029<sup>2</sup> | 100000 | 105945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC - ARU Finance Corp., 6.625%, 7/15/2033<sup>2</sup> | 100000 | 101657 |
| &nbsp;&nbsp;&nbsp;&nbsp;California Resources Corp., 8.25%, 6/15/2029<sup>2</sup> | 100000 | 104334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp., 6.75%, 3/15/2033<sup>2</sup> | 100000 | 101291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc., 8.375%, 7/1/2028<sup>2</sup> | 100000 | 103714 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNX Midstream Partners LP, 4.75%, 4/15/2030<sup>2</sup> | 110000 | 105462 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corp., 6.00%, 1/15/2029<sup>2</sup> | 100000 | 100283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources, Inc., 5.875%, 1/15/2030<sup>2</sup> | 105000 | 101190 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVR Energy, Inc., 5.75%, 2/15/2028<sup>2</sup> | 105000 | 103293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP - Delek Logistics Finance Corp., 7.125%, 6/1/2028<sup>2</sup> | 105000 | 105574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelerate Energy LP, 8.00%, 5/15/2030<sup>2</sup> | 95000 | 101152 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP - Genesis Energy Finance Corp., 8.00%, 5/15/2033 | 95000 | 99489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Partners LP - GLP Finance Corp., 7.125%, 7/1/2033<sup>2</sup> | 100000 | 102611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream Operations LP, 5.875%, 3/1/2028<sup>2</sup> | 100000 | 101906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP - Hilcorp Finance Co., 6.25%, 11/1/2028<sup>2</sup> | 100000 | 100239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC, 7.375%, 7/15/2032<sup>2</sup> | 100000 | 103742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC - Magnolia Oil & Gas Finance Corp., 6.875%, 12/1/2032<sup>2</sup> | 100000 | 102947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Midstream Partners LP - Martin Midstream Finance Corp., 11.50%, 2/15/2028<sup>2</sup> | 95000 | 101063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co., 6.50%, 4/15/2032<sup>2</sup> | 100000 | 101146 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc., 5.625%, 5/1/2027 | 105000 | 104997 |
| &nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating LLC - NGL Energy Finance Corp., 8.125%, 2/15/2029<sup>2</sup> | 100000 | 102545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northriver Midstream Finance LP (Canada), 6.75%, 7/15/2032<sup>2</sup> | 100000 | 102267 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 5.625%, 4/28/2027 | 100000 | 100728 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Energy** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parkland Corp. (Canada), 5.875%, 7/15/2027<sup>2</sup> | 100000 | $99817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Operating LLC, 5.875%, 7/1/2029<sup>2</sup> | 100000 | 100036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC, 4.80%, 5/15/2030<sup>2</sup> | 105000 | 102305 |
| &nbsp;&nbsp;&nbsp;&nbsp;SM Energy Co., 6.75%, 8/1/2029<sup>2</sup> | 100000 | 100575 |
| &nbsp;&nbsp;&nbsp;Sunoco LP - Sunoco Finance Corp., 5.875%, 3/15/2028 | 105000 | 105137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tallgrass Energy Partners LP - Tallgrass Energy Finance Corp., 6.00%, 9/1/2031<sup>2</sup> | 105000 | 102726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Talos Production, Inc., 9.00%, 2/1/2029<sup>2</sup> | 100000 | 103742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teine Energy Ltd. (Canada), 6.875%, 4/15/2029<sup>2</sup> | 105000 | 103419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030<sup>2</sup> | 95000 | 99082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 8.125%, 6/1/2028<sup>2</sup> | 100000 | 103544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 7.75%, 5/1/2035<sup>2</sup> | 90000 | 101595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Energy, Inc., 7.75%, 7/31/2029<sup>2</sup> | 100000 | 99535 |
|  |  | 3579088 |
| **Total Energy** |  | 4676299 |
| **Financials - 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Popular, Inc. (Puerto Rico), 7.25%, 3/13/2028 | 100000 | 104508 |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc. - BPR Cumulus LLC - BPR Nimbus LLC - GGSI Sellco LL, 4.50%, 4/1/2027<sup>2</sup> | 105000 | 103216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capstone Borrower, Inc., 8.00%, 6/15/2030<sup>2</sup> | 95000 | 99428 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 5.25%, 5/15/2027 | 105000 | 103289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC, 6.875%, 7/15/2032<sup>2</sup> | 100000 | 103005 |
| &nbsp;&nbsp;&nbsp;&nbsp;VFH Parent LLC - Valor Co-Issuer, Inc., 7.50%, 6/15/2031<sup>2</sup> | 100000 | 103427 |
|  |  | 512365 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc., 9.75%, 3/15/2029<sup>2</sup> | 95000 | 101416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Acceptance Corp., 6.625%, 3/15/2030<sup>2</sup> | 100000 | 100163 |
| &nbsp;&nbsp;&nbsp;&nbsp;goeasy Ltd. (Canada), 9.25%, 12/1/2028<sup>2</sup> | 100000 | 104474 |
| &nbsp;&nbsp;&nbsp;Navient Corp., 4.875%, 3/15/2028 | 105000 | 103082 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/2028 | 105000 | 100942 |

---

**3**

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

---

| | | | |
|:---|:---|:---|:---|
| SYSTEMATIC HIGH YIELD BOND<br> SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE | VALUE |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |  |
| **Financials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Finance** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings, Inc., 6.00%, 11/15/2029<sup>2</sup> | 105000 | $| 103182 |
| &nbsp;&nbsp;&nbsp;SLM Corp., 3.125%, 11/2/2026 | 105000 |  | 103107 |
|  |  |  | 716366 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 4.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Block, Inc., 5.625%, 8/15/2030<sup>2</sup> | 100000 |  | 101290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings LLC, 5.25%, 4/15/2029<sup>2</sup> | 110000 |  | 101785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 6.625%, 1/15/2027<sup>2</sup> | 105000 |  | 105279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 9.50%, 2/15/2029<sup>2</sup> | 100000 |  | 105613 |
| &nbsp;&nbsp;&nbsp;&nbsp;NCR Atleos Corp., 9.50%, 4/1/2029<sup>2</sup> | 95000 |  | 102859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance LLC - Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/2027<sup>2</sup> | 105000 |  | 105006 |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc., 6.75%, 2/15/2034<sup>2</sup> | 100000 |  | 102049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Associates LP - PFG Finance Corp., 9.75%, 9/15/2029<sup>2</sup> | 95000 |  | 100491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Mortgage LLC - Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/1/2029<sup>2</sup> | 105000 |  | 100208 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.75%, 6/15/2027<sup>2</sup> | 105000 |  | 104904 |
| &nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings LLC, 6.625%, 2/1/2030<sup>2</sup> | 100000 |  | 101731 |
| &nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc., 6.50%, 3/15/2033<sup>2</sup> | 100000 |  | 102230 |
|  |  |  | 1233445 |
| &nbsp;&nbsp;&nbsp;**Insurance - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wilton RE Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 5.266%), 6.00%<sup>2,3,4</sup> | 100000 |  | 99424 |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 1.4%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 1.4%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 1.4%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc., 4.625%, 6/15/2029<sup>2</sup> | 105000 |  | 100971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc., 7.75%, 12/1/2029<sup>2</sup> | 100000 |  | 105524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP - Ladder Capital Finance Corp., 4.25%, 2/1/2027<sup>2</sup> | 105000 |  | 104106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 4.375%, 1/15/2027<sup>2</sup> | 105000 |  | 104116 |
|  |  |  | 414717 |
| **Total Financials** |  |  | 3080825 |
| **Health Care - 5.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bausch + Lomb Corp., 8.375%, 10/1/2028<sup>2</sup> | 95000 |  | 99140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embecta Corp., 5.00%, 2/15/2030<sup>2</sup> | 110000 |  | 104108 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Health Care** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neogen Food Safety Corp., 8.625%, 7/20/2030<sup>2</sup> | 95000 | $99556 |
|  |  | 302804 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc., 7.375%, 3/15/2033<sup>2</sup> | 95000 | 98716 |
| &nbsp;&nbsp;&nbsp;&nbsp;AdaptHealth LLC, 4.625%, 8/1/2029<sup>2</sup> | 110000 | 104482 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare, Inc., 4.00%, 4/15/2029<sup>2</sup> | 110000 | 103831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Health Systems, Inc., 5.25%, 5/15/2030<sup>2</sup> | 110000 | 99553 |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., 4.625%, 6/1/2030<sup>2</sup> | 105000 | 100575 |
| &nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., 11.00%, 10/15/2030<sup>2</sup> | 90000 | 99211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc., 4.375%, 6/15/2028<sup>2</sup> | 105000 | 102472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 7/15/2032<sup>2</sup> | 100000 | 104013 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.25%, 2/1/2027 | 100000 | 100030 |
|  |  | 912883 |
| &nbsp;&nbsp;&nbsp;**Life Science Tools & Service - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625%, 7/15/2028<sup>2</sup> | 105000 | 103304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 4.25%, 5/1/2028<sup>2</sup> | 105000 | 102777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 7.375%, 6/1/2031<sup>2</sup> | 95000 | 99718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Star Parent, Inc., 9.00%, 10/1/2030<sup>2</sup> | 95000 | 100622 |
|  |  | 406421 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc., 8.50%, 4/15/2031<sup>2</sup> | 95000 | 101997 |
| **Total Health Care** |  | 1724105 |
| **Industrials - 14.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp., 7.625%, 3/15/2030 | 100000 | 103179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.375%, 11/30/2029<sup>2</sup> | 100000 | 105358 |
|  |  | 208537 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clue Opco LLC, 9.50%, 10/15/2031<sup>2</sup> | 95000 | 101602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC, 7.25%, 3/15/2032<sup>2</sup> | 95000 | 99997 |
|  |  | 201599 |
| &nbsp;&nbsp;&nbsp;**Building Products - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc., 6.75%, 5/15/2035<sup>2</sup> | 95000 | 99362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masterbrand, Inc., 7.00%, 7/15/2032<sup>2</sup> | 100000 | 103490 |

---

**4**

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

---

| | | |
|:---|:---|:---|
| SYSTEMATIC HIGH YIELD BOND<br> SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Industrials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Building Products** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc. - MIWD Borrower LLC, 6.75%, 4/1/2032<sup>2</sup> | 100000 | $102713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/2028<sup>2</sup> | 100000 | 100019 |
|  |  | 405584 |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deluxe Corp., 8.125%, 9/15/2029<sup>2</sup> | 100000 | 104444 |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global Holdings, Inc. (Canada), 6.75%, 3/15/2028<sup>2</sup> | 100000 | 102285 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., 5.125%, 1/18/2029 | 100000 | 99803 |
| &nbsp;&nbsp;&nbsp;The GEO Group, Inc., 10.25%, 4/15/2031 | 90000 | 99045 |
| &nbsp;&nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50%, 8/15/2030<sup>2</sup> | 100000 | 102139 |
|  |  | 507716 |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/2032<sup>2</sup> | 100000 | 101047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Infrastructure Solutions, Inc., 5.625%, 6/1/2029<sup>2</sup> | 105000 | 103556 |
|  |  | 204603 |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc., 4.25%, 6/1/2031<sup>2</sup> | 110000 | 102623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 4.375%, 2/15/2030<sup>2</sup> | 105000 | 101534 |
|  |  | 204157 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC - Avis Budget Finance, Inc., 4.75%, 4/1/2028<sup>2</sup> | 105000 | 101803 |
| &nbsp;&nbsp;&nbsp;&nbsp;RXO, Inc., 7.50%, 11/15/2027<sup>2</sup> | 100000 | 102039 |
| &nbsp;&nbsp;&nbsp;XPO CNW, Inc., 6.70%, 5/1/2034 | 95000 | 101788 |
|  |  | 305630 |
| &nbsp;&nbsp;&nbsp;**Machinery - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ATS Corp. (Canada), 4.125%, 12/15/2028<sup>2</sup> | 105000 | 100700 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>2</sup> | 95000 | 99633 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Flyer Holdings, Inc. (Canada), 9.25%, 7/1/2030<sup>2</sup> | 95000 | 101668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Park-Ohio Industries, Inc., 8.50%, 8/1/2030<sup>2</sup> | 100000 | 103602 |
| &nbsp;&nbsp;&nbsp;&nbsp;TMS International Corp., 6.25%, 4/15/2029<sup>2</sup> | 105000 | 102125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Industries, Inc., 7.75%, 7/15/2028<sup>2</sup> | 100000 | 103507 |
|  |  | 611235 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Co., 7.25%, 8/15/2027<sup>2</sup> | 100000 | 101248 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc., 7.25%, 2/15/2028<sup>2</sup> | 100000 | 102380 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE | VALUE |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |  |
| **Industrials** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OneSky Flight LLC, 8.875%, 12/15/2029<sup>2</sup> | 95000 | $| 100484 |
| &nbsp;&nbsp;&nbsp;&nbsp;VistaJet Malta Finance plc - Vista Management Holding, Inc. (Switzerland), 6.375%, 2/1/2030<sup>2</sup> | 105000 |  | 102371 |
|  |  |  | 406483 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc., 7.25%, 8/1/2032<sup>2</sup> | 100000 |  | 103898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarivate Science Holdings Corp., 4.875%, 7/1/2029<sup>2</sup> | 110000 |  | 103950 |
| &nbsp;&nbsp;&nbsp;&nbsp;TriNet Group, Inc., 3.50%, 3/1/2029<sup>2</sup> | 110000 |  | 103168 |
|  |  |  | 311016 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance Ltd., 7.25%, 1/15/2031<sup>2</sup> | 100000 |  | 104101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dcli Bidco LLC, 7.75%, 11/15/2029<sup>2</sup> | 100000 |  | 103930 |
| &nbsp;&nbsp;&nbsp;&nbsp;GGAM Finance Ltd. (Ireland), 8.00%, 6/15/2028<sup>2</sup> | 95000 |  | 100735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.00%, 6/15/2030<sup>2</sup> | 100000 |  | 103882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Aviation Capital Ltd. (Ireland), 9.25%, 7/15/2030<sup>2</sup> | 95000 |  | 101035 |
| &nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products, Inc., 6.75%, 4/30/2032<sup>2</sup> | 100000 |  | 103832 |
| &nbsp;&nbsp;&nbsp;&nbsp;TrueNoord Capital DAC (Ireland), 8.75%, 3/1/2030<sup>2</sup> | 95000 |  | 100929 |
|  |  |  | 718444 |
| &nbsp;&nbsp;&nbsp;**Transporation Infrastructure - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Railworks Holdings LP - Railworks Rally, Inc., 8.25%, 11/15/2028<sup>2</sup> | 100000 |  | 101270 |
| **Total Industrials** |  |  | 4186274 |
| **Information Technology - 3.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc., 5.625%, 4/15/2027<sup>2</sup> | 105000 |  | 104679 |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Imola Merger Corp., 4.75%, 5/15/2029<sup>2</sup> | 105000 |  | 102186 |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASGN, Inc., 4.625%, 5/15/2028<sup>2</sup> | 105000 |  | 103086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 8.25%, 6/30/2032<sup>2</sup> | 95000 |  | 100835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Software, Inc., 9.00%, 11/28/2028<sup>2</sup> | 100000 |  | 103085 |
|  |  |  | 307006 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.4%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc., 4.375%, 4/15/2028<sup>2</sup> | 105000 |  | 102721 |
| &nbsp;&nbsp;&nbsp;**Software - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00%, 6/15/2028<sup>2</sup> | 105000 |  | 102132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp. (Canada), 3.875%, 2/15/2028<sup>2</sup> | 105000 |  | 102120 |

---

**5**

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

---

| | | | |
|:---|:---|:---|:---|
| SYSTEMATIC HIGH YIELD BOND<br> SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE | VALUE |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |  |
| **Information Technology** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;**Software** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RingCentral, Inc., 8.50%, 8/15/2030<sup>2</sup> | 95000 | $| 101176 |
|  |  |  | 305428 |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate Data Storage Technology Pte Ltd., 4.091%, 6/1/2029<sup>2</sup> | 105000 |  | 101763 |
| **Total Information Technology** |  |  | 1023783 |
| **Materials - 8.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 3.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashland, Inc., 3.375%, 9/1/2031<sup>2</sup> | 115000 |  | 101958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avient Corp., 6.25%, 11/1/2031<sup>2</sup> | 100000 |  | 101544 |
| &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC, 6.665%, 7/15/2027 | 100000 |  | 102557 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSB Industries, Inc., 6.25%, 10/15/2028<sup>2</sup> | 105000 |  | 103625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Methanex U.S. Operations, Inc., 6.25%, 3/15/2032<sup>2</sup> | 100000 |  | 101748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies, Inc., 5.00%, 7/1/2028<sup>2</sup> | 105000 |  | 103558 |
| &nbsp;&nbsp;&nbsp;Olin Corp., 5.00%, 2/1/2030 | 105000 |  | 102442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc., 5.75%, 8/15/2032<sup>2</sup> | 100000 |  | 100868 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chemours Co., 5.75%, 11/15/2028<sup>2</sup> | 105000 |  | 102497 |
| &nbsp;&nbsp;&nbsp;&nbsp;WR Grace Holdings LLC, 6.625%, 8/15/2032<sup>2</sup> | 105000 |  | 103831 |
|  |  |  | 1024628 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.625%, 8/15/2033<sup>2</sup> | 100000 |  | 104169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Industries, Inc., 4.375%, 7/15/2030<sup>2</sup> | 105000 |  | 100695 |
|  |  |  | 204864 |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ball Corp., 6.875%, 3/15/2028 | 100000 |  | 101877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cascades, Inc. - Cascades USA, Inc. (Canada), 5.375%, 1/15/2028<sup>2</sup> | 105000 |  | 104081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/2032<sup>2</sup> | 100000 |  | 102712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.75%, 2/1/2030<sup>2</sup> | 110000 |  | 102849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 7.875%, 4/15/2027<sup>2</sup> | 100000 |  | 101106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 6.625%, 5/13/2027<sup>2</sup> | 105000 |  | 104882 |
|  |  |  | 617507 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 4.625%, 3/1/2029<sup>2</sup> | 105000 |  | 101243 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co., 4.125%, 1/15/2030 | 105000 |  | 100846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury Pty Ltd. (Australia), 6.125%, 4/15/2032<sup>2</sup> | 100000 |  | 103351 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Materials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Metals & Mining** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources Ltd. (Australia), 8.50%, 5/1/2030<sup>2</sup> | 100000 | $103904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp., 4.75%, 1/30/2030<sup>2</sup> | 105000 | 101332 |
|  |  | 510676 |
| **Total Materials** |  | 2357675 |
| **Real Estate - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care REITs - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust, 4.375%, 3/1/2031 | 115000 | 101641 |
| &nbsp;&nbsp;&nbsp;**Hotel & Resort REITs - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC - PK Domestic Property LLC - PK Finance Co-Issuer, 7.00%, 2/1/2030<sup>2</sup> | 100000 | 103050 |
| &nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust LP, 4.00%, 9/15/2029<sup>2</sup> | 110000 | 103869 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust, 5.50%, 12/15/2027 | 105000 | 103270 |
|  |  | 310189 |
| &nbsp;&nbsp;&nbsp;**Office REITs - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP, 8.30%, 3/15/2028 | 95000 | 100918 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties LP, 3.95%, 11/1/2027 | 105000 | 101124 |
|  |  | 202042 |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forestar Group, Inc., 5.00%, 3/1/2028<sup>2</sup> | 105000 | 104088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hunt Companies, Inc., 5.25%, 4/15/2029<sup>2</sup> | 105000 | 102328 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc., 4.75%, 2/1/2030 | 110000 | 102708 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., 7.50%, 1/12/2029 | 95000 | 102066 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Howard Hughes Corp., 4.125%, 2/1/2029<sup>2</sup> | 105000 | 100731 |
|  |  | 511921 |
| &nbsp;&nbsp;&nbsp;**Specialized REITs - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Net Lease, Inc. - Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027<sup>2</sup> | 105000 | 102063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties, Inc., 6.375%, 8/1/2030<sup>2</sup> | 100000 | 101755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rithm Capital Corp., 8.00%, 7/15/2030<sup>2</sup> | 100000 | 102459 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp., 3.875%, 2/15/2027 | 105000 | 103398 |
| &nbsp;&nbsp;&nbsp;Vornado Realty LP, 3.40%, 6/1/2031 | 115000 | 103358 |
|  |  | 513033 |
| **Total Real Estate** |  | 1638826 |
| **Utilities - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC, 4.75%, 3/15/2028<sup>2</sup> | 105000 | 103697 |

---

**6**

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

---

| | | |
|:---|:---|:---|
| SYSTEMATIC HIGH YIELD BOND<br> SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Utilities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Electric Utilities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 5.75%, 7/15/2029<sup>2</sup> | 100000 | $100124 |
| &nbsp;&nbsp;&nbsp;PG&E Corp., 5.25%, 7/1/2030 | 105000 | 103454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC, 8.625%, 6/1/2030<sup>2</sup> | 95000 | 100899 |
|  |  | 408174 |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners LP - AmeriGas Finance Corp., 9.375%, 6/1/2028<sup>2</sup> | 100000 | 102827 |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners LP - Suburban Energy Finance Corp., 5.875%, 3/1/2027 | 105000 | 104881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Superior Plus LP - Superior General Partner, Inc. (Canada), 4.50%, 3/15/2029<sup>2</sup> | 105000 | 101362 |
| &nbsp;&nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029<sup>2</sup> | 105000 | 102787 |
|  |  | 411857 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Utilities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC, 4.25%, 7/1/2029<sup>2</sup> | 110000 | $103713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pattern Energy Operations LP - Pattern Energy Operations, Inc., 4.50%, 8/15/2028<sup>2</sup> | 105000 | 102487 |
| &nbsp;&nbsp;&nbsp;&nbsp;TerraForm Power Operating LLC, 5.00%, 1/31/2028<sup>2</sup> | 105000 | 104383 |
| &nbsp;&nbsp;&nbsp;TransAlta Corp. (Canada), 7.75%, 11/15/2029 | 100000 | 104014 |
|  |  | 414597 |
| **Total Utilities** |  | 1234628 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $28,138,699) |  | **28108863** |
| **SHORT-TERM INVESTMENT - 60.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>5</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $17,777,799) | 17777799 | **17777799** |
| **TOTAL INVESTMENTS - 156.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $45,916,498) |  | **45886662** |
| **LIABILITIES, LESS OTHER ASSETS - (56.0%)** |  | **(16474081)** |
| **NET ASSETS - 100%** |  | $**29412581** |

---

REIT - Real Estate Investment Trust

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

<sup>2</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be liquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2025 was $23,608,151, which represented 80.3% of the Series' Net Assets.

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

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

<sup>5</sup>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

**7**

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

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;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $1642764 | $— | $1642764 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 6135475 |  | 6135475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 408209 |  | 408209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 4676299 |  | 4676299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 3080825 |  | 3080825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1724105 |  | 1724105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4186274 |  | 4186274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 1023783 |  | 1023783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 2357675 |  | 2357675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1638826 |  | 1638826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1234628 |  | 1234628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 17777799 | 17777799 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $45886662 | $17777799 | $28108863 | $— |

---

There were no Level 3 securities held by the Series as of 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:** Systematic High Yield Bond Series

- **b. EDGAR series identifier (if any):** S000092869

- **c. LEI of Series:** 9845008CCCFB5151B369

**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:** $46683767.84

**Total Liabilities:** $17161772.07

**Net Assets:** $29521995.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3.00423000 | **1-Year:** 269.48657000 | **5-Year:** 345.71274000 | **10-Year:** 0.95767000 | **30-Year:** 0.00000000

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

- **3-Month:** 74.65013000 | **1-Year:** 2904.86838000 | **5-Year:** 3481.26326000 | **10-Year:** 205.09234000 | **30-Year:** 15.65438000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000260918 |  |  | -0.10%               |
| Class ID C000260916 |  |  | 0.00%                |
| Class ID C000260917 |  |  | 0.00%                |
| Class ID C000260919 |  |  | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $-29836.30                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AVANTOR FUNDING INC                | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103303.89    | 0.35%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE            | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $101803.59    | 0.34%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                    | Thor Industries Inc                                                              | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |    105000 | PA      | $99637.75     | 0.34%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP           | California Resources Corp                                                        | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104334.06    | 0.35%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC             | Radiology Partners Inc                                                           | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104012.74    | 0.35%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                     | Whirlpool Corp                                                                   | CUSIP: 963320AY2<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    120000 | PA      | $101402.85    | 0.34%             | 2031-05-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                | LBM Acquisition LLC                                                              | CUSIP: 52109SAB5<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100173.42    | 0.34%             | 2031-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC               | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103898.34    | 0.35%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC             | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103543.68    | 0.35%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN           | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101656.92    | 0.34%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                 | Kennedy-Wilson Inc                                                               | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102707.63    | 0.35%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI           | Charles River Laboratories International Inc                                     | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102777.47    | 0.35%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS              | Endo Finance Holdings Inc                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $101997.02    | 0.35%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM               | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101433.47    | 0.34%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SPEEDWAY MOT/SPEEDWAY FD           | Speedway Motorsports LLC / Speedway Funding II Inc                               | CUSIP: 84779MAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $104012.43    | 0.35%             | 2027-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC               | Cascades Inc/Cascades USA Inc                                                    | CUSIP: 14739LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    105000 | PA      | $104081.22    | 0.35%             | 2028-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC           | Park-Ohio Industries Inc                                                         | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103602.55    | 0.35%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                 | Forestar Group Inc                                                               | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104088.49    | 0.35%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL           | Phoenix Aviation Capital Ltd                                                     | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |     95000 | PA      | $101034.82    | 0.34%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC           | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100762.67    | 0.34%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE            | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp         | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105945.11    | 0.36%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC               | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103515.96    | 0.35%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                  | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    105000 | PA      | $101763.10    | 0.34%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP               | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103868.88    | 0.35%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L           | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $103351.11    | 0.35%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC             | Trinity Industries Inc                                                           | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103506.57    | 0.35%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP           | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100238.54    | 0.34%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC              | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103713.91    | 0.35%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                   | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101731.10    | 0.34%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC            | Dream Finders Homes Inc                                                          | CUSIP: 26154DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103891.93    | 0.35%             | 2028-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                 | Rithm Capital Corp                                                               | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102458.71    | 0.35%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG            | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103948.42    | 0.35%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC           | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    110000 | PA      | $100849.11    | 0.34%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA           | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $102291.62    | 0.35%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KB HOME                            | KB Home                                                                          | CUSIP: 48666KAX7<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102208.68    | 0.35%             | 2027-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                 | New Flyer Holdings Inc                                                           | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $101667.79    | 0.34%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE/GLOBAL            | Global Net Lease Inc / Global Net Lease Operating Partnership LP                 | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $102063.04    | 0.35%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                      | Parkland Corp                                                                    | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99816.87     | 0.34%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC              | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102048.72    | 0.35%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                        | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     95000 | PA      | $98584.65     | 0.33%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                | Allegiant Travel Co                                                              | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101248.35    | 0.34%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                  | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     90000 | PA      | $99044.65     | 0.34%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS           | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    110000 | PA      | $99553.31     | 0.34%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEOGEN FOOD SAFE CORP              | Neogen Food Safety Corp                                                          | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $99555.95     | 0.34%             | 2030-07-20      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                | Somnigroup International Inc                                                     | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100772.07    | 0.34%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VICTRA HLDG/VICTRA FIN             | Victra Holdings LLC / Victra Finance Corp                                        | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105188.19    | 0.36%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                 | Mattamy Group Corp                                                               | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $104346.37    | 0.35%             | 2027-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                          | Olin Corp                                                                        | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102442.32    | 0.35%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                        | Gap Inc/The                                                                      | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102904.51    | 0.35%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                     | Azorra Finance Ltd                                                               | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $104101.12    | 0.35%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                   | Leeward Renewable Energy Operations LLC                                          | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103713.08    | 0.35%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP             | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102827.05    | 0.35%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU           | Installed Building Products Inc                                                  | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104919.79    | 0.36%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI           | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100971.26    | 0.34%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP            | Asbury Automotive Group Inc                                                      | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100850.28    | 0.34%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                   | MGM Resorts International                                                        | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101912.37    | 0.35%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL           | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104904.16    | 0.36%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO               | Commercial Metals Co                                                             | CUSIP: 201723AQ6<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100846.43    | 0.34%             | 2030-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CROCS INC                          | Crocs Inc                                                                        | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    110000 | PA      | $100757.23    | 0.34%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC           | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     95000 | PA      | $98715.67     | 0.33%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN           | Jefferson Capital Holdings LLC                                                   | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105612.38    | 0.36%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS           | Wyndham Hotels & Resorts Inc                                                     | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102571.42    | 0.35%             | 2028-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                     | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     95000 | PA      | $102771.57    | 0.35%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC              | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $104917.42    | 0.36%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC            | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105012.17    | 0.36%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                       | Cars.com Inc                                                                     | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99762.27     | 0.34%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                        | Wayfair LLC                                                                      | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105013.86    | 0.36%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS             | Methanex US Operations Inc                                                       | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101747.61    | 0.34%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC               | Oceaneering International Inc                                                    | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101394.75    | 0.34%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                | Rocket Software Inc                                                              | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103085.14    | 0.35%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS           | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                          | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99378.11     | 0.34%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                   | Teine Energy Ltd                                                                 | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $103418.73    | 0.35%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                     | NRG Energy Inc                                                                   | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100124.01    | 0.34%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP           | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $104105.84    | 0.35%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP               | OneMain Finance Corp                                                             | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100941.62    | 0.34%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STEELCASE INC                      | Steelcase Inc                                                                    | CUSIP: 858155AE4<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99803.08     | 0.34%             | 2029-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                 | CNX Resources Corp                                                               | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100283.04    | 0.34%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                     | Ziff Davis Inc                                                                   | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103818.48    | 0.35%             | 2030-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                | Travel + Leisure Co                                                              | CUSIP: 98310WAQ1<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101259.85    | 0.34%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                       | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101331.91    | 0.34%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC              | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102873.69    | 0.35%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                      | Carnival Corp                                                                    | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    100000 | PA      | $101827.76    | 0.34%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                       | Entegris Inc                                                                     | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102721.33    | 0.35%             | 2028-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WILTON RE LTD                      | Wilton RE Ltd                                                                    | CUSIP: 97263CAA9<br>LEI: 5493004VQ9VSL29MT373 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99423.67     | 0.34%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC             | Group 1 Automotive Inc                                                           | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102322.06    | 0.35%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                 | Howard Hughes Corp/The                                                           | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100730.99    | 0.34%             | 2029-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC              | Qnity Electronics Inc                                                            | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100868.58    | 0.34%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP             | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $103897.87    | 0.35%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN           | Minerals Technologies Inc                                                        | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103557.95    | 0.35%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC            | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100117.76    | 0.34%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS             | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103050.33    | 0.35%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                   | Vital Energy Inc                                                                 | CUSIP: 516806AH9<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99535.19     | 0.34%             | 2029-07-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN           | TerraForm Power Operating LLC                                                    | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104382.62    | 0.35%             | 2028-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS HOMES INC                    | Adams Homes Inc                                                                  | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104202.79    | 0.35%             | 2028-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| XPO CNW INC                        | XPO CNW Inc                                                                      | CUSIP: 12612WAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $101787.89    | 0.34%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION           | Adtalem Global Education Inc                                                     | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99792.46     | 0.34%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN              | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $103289.25    | 0.35%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN           | Rogers Communications Inc                                                        | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $104197.85    | 0.35%             | 2082-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA                   | Beazer Homes USA Inc                                                             | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101694.02    | 0.34%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP              | Tenet Healthcare Corp                                                            | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100029.54    | 0.34%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC             | Comstock Resources Inc                                                           | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101189.96    | 0.34%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE            | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102610.68    | 0.35%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                    | Fair Isaac Corp                                                                  | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102132.21    | 0.35%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP            | Empire Communities Corp                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $99645.96     | 0.34%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC              | Bath & Body Works Inc                                                            | CUSIP: 532716AK3<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99146.28     | 0.34%             | 2033-03-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                         | DaVita Inc                                                                       | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100575.43    | 0.34%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC           | Celanese US Holdings LLC                                                         | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102557.54    | 0.35%             | 2027-07-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                 | Murphy Oil USA Inc                                                               | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104997.19    | 0.36%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC              | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99428.03     | 0.34%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WEX INC                            | WEX Inc                                                                          | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102230.01    | 0.35%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP               | Excelerate Energy LP                                                             | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     95000 | PA      | $101152.21    | 0.34%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE           | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAA4<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101124.34    | 0.34%             | 2027-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP            | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                 | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $104920.51    | 0.36%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP             | TMS International Corp/DE                                                        | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102124.98    | 0.35%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  17857909 | NS      | $17857908.63  | 60.49%            |  |  |  | No            |                  1 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC           | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100035.67    | 0.34%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                  | OneSky Flight LLC                                                                | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100483.48    | 0.34%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN           | Weekley Homes LLC / Weekley Finance Corp                                         | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $103240.61    | 0.35%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE             | Edgewell Personal Care Co                                                        | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    105000 | PA      | $99928.10     | 0.34%             | 2029-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC             | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99632.71     | 0.34%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLUE OPCO LLC                      | Clue Opco LLC                                                                    | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $101602.47    | 0.34%             | 2031-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ASHLAND INC                        | Ashland Inc                                                                      | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |    115000 | PA      | $101957.76    | 0.35%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                      | Nordstrom Inc                                                                    | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103381.27    | 0.35%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC             | RB Global Holdings Inc                                                           | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102285.30    | 0.35%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                     | TransAlta Corp                                                                   | CUSIP: 89346DAH0<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $104013.83    | 0.35%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC            | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99718.02     | 0.34%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                         | Viasat Inc                                                                       | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104678.62    | 0.35%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS            | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    105000 | PA      | $102371.38    | 0.35%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COMPASS GROUP DIVERSIFIE           | Compass Group Diversified Holdings LLC                                           | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |    110000 | PA      | $101784.75    | 0.34%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                        | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101543.65    | 0.34%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HUNT COS INC                       | Hunt Cos Inc                                                                     | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102328.05    | 0.35%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC           | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $100966.78    | 0.34%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU           | Specialty Building Products Holdings LLC / SBP Finance Corp                      | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101560.14    | 0.34%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                         | Phinia Inc                                                                       | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103162.24    | 0.35%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO             | Victoria's Secret & Co                                                           | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105072.19    | 0.36%             | 2029-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                       | Embecta Corp                                                                     | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    110000 | PA      | $104108.56    | 0.35%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC            | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101755.38    | 0.34%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $103949.94    | 0.35%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SNAP INC                           | Snap Inc                                                                         | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101345.12    | 0.34%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON               | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp   | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $101592.93    | 0.34%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATS CORP                           | ATS Corp                                                                         | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $100700.30    | 0.34%             | 2028-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC               | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $99210.94     | 0.34%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| PRECISION DRILLING CORP            | Precision Drilling Corp                                                          | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $105563.30    | 0.36%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY               | Carpenter Technology Corp                                                        | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103178.63    | 0.35%             | 2030-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                  | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104882.15    | 0.36%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN           | Northriver Midstream Finance LP                                                  | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102267.00    | 0.35%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                  | Imola Merger Corp                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $102185.94    | 0.35%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN           | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $105157.56    | 0.36%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                      | LGI Homes Inc                                                                    | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    110000 | PA      | $100323.91    | 0.34%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD              | Transocean Aquila Ltd                                                            | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     72308 | PA      | $74398.27     | 0.25%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                   | GGAM Finance Ltd                                                                 | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     95000 | PA      | $100734.59    | 0.34%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                  | Vornado Realty LP                                                                | CUSIP: 929043AL1<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    115000 | PA      | $103357.86    | 0.35%             | 2031-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE            | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAD7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    115000 | PA      | $105565.36    | 0.36%             | 2028-09-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN           | Graphic Packaging International LLC                                              | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102848.35    | 0.35%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC                  | PROG Holdings Inc                                                                | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103182.41    | 0.35%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                | NuStar Logistics LP                                                              | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100728.28    | 0.34%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP              | Freedom Mortgage Corp                                                            | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105279.20    | 0.36%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC                  | Newmark Group Inc                                                                | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $102065.80    | 0.35%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP              | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102545.34    | 0.35%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN           | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103282.43    | 0.35%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                  | Lithia Motors Inc                                                                | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    105000 | PA      | $99668.93     | 0.34%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                     | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104882.27    | 0.36%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                   | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100162.88    | 0.34%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                  | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100742.07    | 0.34%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN           | TGNR Intermediate Holdings LLC                                                   | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102787.13    | 0.35%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                 | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102993.56    | 0.35%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MRT MID PART/MRT MID FIN           | Martin Midstream Partners LP / Martin Midstream Finance Corp                     | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $101063.18    | 0.34%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| SHEA HOMES LP/FNDG CP              | Shea Homes LP / Shea Homes Funding Corp                                          | CUSIP: 82088KAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $103918.17    | 0.35%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                        | Chemours Co/The                                                                  | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102496.77    | 0.35%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED           | AmeriTex HoldCo Intermediate LLC                                                 | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104168.87    | 0.35%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET           | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100018.82    | 0.34%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP              | CNX Midstream Partners LP                                                        | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $105461.57    | 0.36%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| POPULAR INC                        | Popular Inc                                                                      | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104508.51    | 0.35%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT              | Stonepeak Nile Parent LLC                                                        | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99996.98     | 0.34%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                     | Open Text Corp                                                                   | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $102119.91    | 0.35%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC              | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101952.50    | 0.35%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT             | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101105.61    | 0.34%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC             | Match Group Holdings II LLC                                                      | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103183.58    | 0.35%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS           | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103306.96    | 0.35%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN              | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $99489.41     | 0.34%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN              | Provident Funding Associates LP / PFG Finance Corp                               | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $100491.23    | 0.34%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC           | Builders FirstSource Inc                                                         | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99362.05     | 0.34%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC               | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101242.60    | 0.34%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                         | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $104474.48    | 0.35%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR             | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105523.78    | 0.36%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL            | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $99624.89     | 0.34%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO              | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103426.54    | 0.35%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE              | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $101594.88    | 0.34%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                    | AdaptHealth LLC                                                                  | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $104481.69    | 0.35%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC             | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105358.14    | 0.36%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| SUPERIOR PLUS/GEN PRTNR            | Superior Plus LP / Superior General Partner Inc                                  | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    105000 | PA      | $101362.28    | 0.34%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT INC           | Jacobs Entertainment Inc                                                         | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102434.71    | 0.35%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KONTOOR BRANDS INC                 | Kontoor Brands Inc                                                               | CUSIP: 50050NAA1<br>LEI: 549300M0CPXV65RFF271 | Long             | DBT              | CORP              | US        |    105000 | PA      | $99648.97     | 0.34%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT             | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $99859.70     | 0.34%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN           | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp               | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102946.59    | 0.35%             | 2032-12-01      | Fixed         | 6.88%                 | 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        |    105000 | PA      | $105006.34    | 0.36%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                       | VT Topco Inc                                                                     | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102138.68    | 0.35%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                  | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101291.29    | 0.34%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                       | Navient Corp                                                                     | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103082.34    | 0.35%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS           | Brandywine Operating Partnership LP                                              | CUSIP: 105340AR4<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100917.65    | 0.34%             | 2028-03-15      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| TRI POINTE HOMES INC               | Tri Pointe Homes Inc                                                             | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100020.84    | 0.34%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FRONTIER FLORIDA LLC               | Frontier Florida LLC                                                             | CUSIP: 362333AH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104254.26    | 0.35%             | 2028-02-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| ATKORE INC                         | Atkore Inc                                                                       | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102623.03    | 0.35%             | 2031-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC               | WR Grace Holdings LLC                                                            | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103830.80    | 0.35%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN            | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $102726.14    | 0.35%             | 2031-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR            | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                          | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102712.85    | 0.35%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                  | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103882.46    | 0.35%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                    | Masterbrand Inc                                                                  | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103490.54    | 0.35%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                   | TriNet Group Inc                                                                 | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103167.84    | 0.35%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T           | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $101640.63    | 0.34%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE             | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $105574.20    | 0.36%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC                  | Bristow Group Inc                                                                | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100451.84    | 0.34%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC              | Molina Healthcare Inc                                                            | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102472.29    | 0.35%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                    | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100621.77    | 0.34%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE             | Brundage-Bone Concrete Pumping Holdings Inc                                      | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101046.72    | 0.34%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU           | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99082.35     | 0.34%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP             | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $105136.59    | 0.36%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                       | ADT Security Corp/The                                                            | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101565.55    | 0.34%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC            | Talen Energy Supply LLC                                                          | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100898.69    | 0.34%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION           | Hess Midstream Operations LP                                                     | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101906.49    | 0.35%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION              | McGraw-Hill Education Inc                                                        | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103904.38    | 0.35%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC           | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $103216.22    | 0.35%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                     | LSB Industries Inc                                                               | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103624.94    | 0.35%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO           | Global Infrastructure Solutions Inc                                              | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103555.93    | 0.35%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC             | Clearway Energy Operating LLC                                                    | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103697.23    | 0.35%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RXO INC                            | RXO Inc                                                                          | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102038.99    | 0.35%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BALL CORP                          | Ball Corp                                                                        | CUSIP: 058498AY2<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101877.26    | 0.35%             | 2028-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                 | AMN Healthcare Inc                                                               | CUSIP: 00175PAC7<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103830.58    | 0.35%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST           | Service Properties Trust                                                         | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103270.09    | 0.35%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC              | TrueNoord Capital DAC                                                            | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     95000 | PA      | $100928.73    | 0.34%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                      | Tidewater Inc                                                                    | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     95000 | PA      | $101823.59    | 0.34%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN           | Diamond Foreign Asset Co / Diamond Finance LLC                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     95000 | PA      | $100747.03    | 0.34%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                       | SM Energy Co                                                                     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100575.02    | 0.34%             | 2029-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP            | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                  | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $99451.24     | 0.34%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC           | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101935.42    | 0.35%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC                     | ANGI Group LLC                                                                   | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $103752.15    | 0.35%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ASGN INCORPORATED                  | ASGN Inc                                                                         | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103086.03    | 0.35%             | 2028-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION             | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102712.05    | 0.35%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS           | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $104880.33    | 0.36%             | 2027-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R            | Railworks Holdings LP / Railworks Rally Inc                                      | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101269.63    | 0.34%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                | Century Communities Inc                                                          | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103495.92    | 0.35%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY           | Standard Industries Inc/NY                                                       | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $100695.78    | 0.34%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST            | Starwood Property Trust Inc                                                      | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104116.00    | 0.35%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                     | Dcli Bidco LLC                                                                   | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103930.00    | 0.35%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101512.91    | 0.34%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO               | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101146.41    | 0.34%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                   | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101534.00    | 0.34%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS              | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103832.24    | 0.35%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC            | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102092.44    | 0.35%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER             | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103478.56    | 0.35%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP            | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103398.41    | 0.35%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY            | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103742.31    | 0.35%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC           | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $100207.53    | 0.34%             | 2029-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT           | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    105000 | PA      | $104967.81    | 0.36%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                 | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $99139.66     | 0.34%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SLM CORP                           | SLM Corp                                                                         | CUSIP: 78442PGE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $103107.09    | 0.35%             | 2026-11-02      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                          | Block Inc                                                                        | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101290.10    | 0.34%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RINGCENTRAL INC                    | RingCentral Inc                                                                  | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |     95000 | PA      | $101175.78    | 0.34%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC            | Darling Ingredients Inc                                                          | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104749.94    | 0.35%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC               | Talos Production Inc                                                             | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103741.50    | 0.35%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS             | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $102525.31    | 0.35%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC              | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102379.63    | 0.35%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD              | Mineral Resources Ltd                                                            | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $103903.75    | 0.35%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC           | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103004.77    | 0.35%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE           | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAT4<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102304.58    | 0.35%             | 2030-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                     | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     95000 | PA      | $102859.18    | 0.35%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                     | CVR Energy Inc                                                                   | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103292.83    | 0.35%             | 2028-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT           | Pattern Energy Operations LP / Pattern Energy Operations Inc                     | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $102487.09    | 0.35%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS              | Bread Financial Holdings Inc                                                     | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     95000 | PA      | $101415.76    | 0.34%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                          | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103454.41    | 0.35%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAFEWAY INC                        | Safeway Inc                                                                      | CUSIP: 786514BA6<br>LEI: 549300NKZ6VCN5P3K723 | Long             | DBT              | CORP              | US        |     95000 | PA      | $102767.87    | 0.35%             | 2031-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                        | Deluxe Corp                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104444.38    | 0.35%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                  | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103734.04    | 0.35%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC             | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100834.49    | 0.34%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE           | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $104327.00    | 0.35%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC               | Sonic Automotive Inc                                                             | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100442.08    | 0.34%             | 2031-11-15      | Fixed         | 4.88%                 | 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