# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0000940400-25-009533
**Filing Date:** 2025-11
**Character Count:** 97783
**Document Hash:** 1cc0c1de28d07e95ecc902c7eaba87f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009533.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009533

**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:** 251512427

**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

### Credit Series (Series ID: S000063205)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000204839 | Class W      | MCDWX           |
| C000253169 | Class I      |  |
| C000253170 | Class S      |  |

## Nport-Ex

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CREDIT SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS - 34.4%** |  |  |
| **Non-Convertible Corporate Bonds- 34.4%** |  |  |
| **Communication Services - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Entertainment - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Walt Disney Co., 6.65%, 11/15/2037 | 1970000 | $2275721 |
| **Consumer Discretionary - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DR Horton, Inc., 4.85%, 10/15/2030 | 2380000 | 2427599 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, 4/15/2031 | 810000 | 706355 |
| **Total Consumer Discretionary** |  | 3133954 |
| **Energy - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.302%, 1/15/2035<sup>2</sup> | 1535000 | 1335462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. (Canada) , 6.75%, 11/15/2039 | 3380000 | 3735058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/1/2031<sup>2</sup> | 2330000 | 2433930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/2042 | 3465000 | 3677953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.80%, 2/1/2033 | 1970000 | 1970796 |
| **Total Energy** |  | 13153199 |
| **Financials - 18.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banks - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.320%), 2.687%, 4/22/2032<sup>3</sup> | 4015000 | 3657213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., (U.S. Secured Overnight Financing Rate + 0.770%), 1.462%, 6/9/2027<sup>3</sup> | 3630000 | 3560852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Bank NA, (U.S. Secured Overnight Financing Rate + 2.000%), 4.575%, 8/9/2028<sup>3</sup> | 2310000 | 2322553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp, (U.S. Secured Overnight Financing Index + 2.192%), 6.361%, 10/27/2028<sup>3</sup> | 2330000 | 2428549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc., 2.55%, 2/4/2030 | 2590000 | 2397673 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., (3 mo. U.S. Secured Overnight Financing Rate + 3.790%), 4.493%, 3/24/2031<sup>3</sup> | 5900000 | 5954987 |
| &nbsp;&nbsp;&nbsp;&nbsp;KeyBank NA, 5.85%, 11/15/2027 | 2200000 | 2269652 |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc., (U.S. Secured Overnight Financing Rate + 1.333%), 4.899%, 5/13/2031<sup>3</sup> | 3600000 | 3674767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., (U.S. Secured Overnight Financing Rate + 0.862%), 1.887%, 6/7/2029<sup>3</sup> | 3795000 | 3575339 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp, (U.S. Secured Overnight Financing Rate + 1.230%), 4.653%, 2/1/2029<sup>3</sup> | 3360000 | 3396371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., (U.S. Secured Overnight Financing Rate + 1.070%), 5.707%, 4/22/2028<sup>3</sup> | 3350000 | 3429052 |
|  |  | 36667008 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **CORPORATE BONDS** (continued) |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/2034 | 3390000 | $3601263 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Depository Trust & Clearing Corp., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.606%), 3.375%<sup>2,3,4</sup> | 1250000 | 1227750 |
|  |  | 4829013 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., (U.S. Secured Overnight Financing Rate + 2.860%), 6.377%, 6/8/2034<sup>3</sup> | 4200000 | 4539030 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.85%, 1/17/2029<sup>2</sup> | 1210000 | 1236036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.85%, 1/8/2029<sup>2</sup> | 1210000 | 1235268 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.70%, 1/29/2029<sup>2</sup> | 1210000 | 1233164 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiriusPoint Ltd. (Sweden) , 7.00%, 4/5/2029 | 2325000 | 2458277 |
|  |  | 6162745 |
| **Total Financials** |  | 52197796 |
| **Industrials - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNSF Funding Trust I, (3 mo. CME Term U.S. Secured Overnight Financing Rate + 2.350%), 6.613%, 12/15/2055<sup>3</sup> | 1220000 | 1220555 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC - AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028 | 2450000 | 2361601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom) , 4.00%, 5/1/2028<sup>2</sup> | 2320000 | 2301171 |
|  |  | 4662772 |
| **Total Industrials** |  | 5883327 |
| **Materials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia) , 4.40%, 9/29/2027<sup>2</sup> | 2346913 | 2333740 |
| **Real Estate - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Retail REITs - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group LP, 2.65%, 2/1/2032 | 2921000 | 2616822 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC, 6.10%, 4/1/2034 | 2150000 | 2264362 |

---

**1** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;CREDIT SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE | VALUE |
| **CORPORATE BONDS** (continued) |  |  |  |
| **Non-Convertible Corporate Bonds** (continued) |  |  |  |
| **Real Estate** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs** (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, 6.599%, 1/15/2028<sup>2</sup> | 3370000 | $| 3460252 |
|  |  |  | 5724614 |
| **Total Real Estate** |  |  | 8341436 |
| **Utilities - 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities - 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>2</sup> | 2290000 |  | 2448530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, 6.40%, 6/15/2038 | 3720000 |  | 4176504 |
|  |  |  | 6625034 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomino Funding Trust I, 7.233%, 5/17/2028<sup>2</sup> | 4245000 |  | 4505409 |
| **Total Utilities** |  |  | 11130443 |
| **TOTAL CORPORATE BONDS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $95,750,315) |  |  | **98449616** |
| **ASSET-BACKED SECURITIES - 18.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>2</sup> | 1600000 |  | 1624102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2024-1A, Class A2, 5.20%, 10/26/2054<sup>2</sup> | 2000000 |  | 1982561 |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>2</sup> | 2113712 |  | 1472503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B1, 1.98%, 3/15/2061<sup>2</sup> | 895325 |  | 691656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/2049<sup>2</sup> | 2000000 |  | 2023582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>2</sup> | 990000 |  | 1028685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AGS, Class A, 1.98%, 8/25/2050<sup>2</sup> | 422399 |  | 379833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A1, 5.022%, 8/25/2049<sup>2</sup> | 1500000 |  | 1504418 |
| &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class A2, 2.40%, 10/25/2051<sup>2</sup> | 900000 |  | 875281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>2</sup> | 1350000 |  | 1347194 |
| &nbsp;&nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, Series 2024-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.150%), 5.506%, 11/27/2073<sup>2,5</sup> | 1129129 |  | 1139651 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **ASSET-BACKED SECURITIES** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 5.317%, 11/25/2074<sup>2,5</sup> | 1900000 | $1899891 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIP Master Funding LLC, Series 2024-1A, Class A1, 4.88%, 10/15/2054<sup>2</sup> | 1995370 | 1985013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>2</sup> | 1525000 | 1480892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>2</sup> | 610629 | 508329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>2</sup> | 1610000 | 1610503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, (Cayman Islands), 5.375%, 9/15/2049<sup>2</sup> | 2470000 | 2493419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotwire Funding LLC, Series 2023-1A, Class A2, 5.687%, 5/20/2053<sup>2</sup> | 2400000 | 2422013 |
| &nbsp;&nbsp;&nbsp;&nbsp;HTS Fund II LLC, Series 2025-1, Class A, 5.351%, 6/23/2045<sup>2</sup> | 1350000 | 1356482 |
| &nbsp;&nbsp;&nbsp;&nbsp;KREF Ltd., Series 2021-FL2, Class AS, (1 mo. U.S. Secured Overnight Financing Rate + 1.414%), 5.557%, 2/15/2039<sup>2,5</sup> | 1500000 | 1470005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.604%, 9/20/2065<sup>2</sup> | 1400000 | 1415772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navient Education Loan Trust, Series 2025-A, Class A, 5.02%, 7/15/2055<sup>2</sup> | 1428343 | 1440379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-DA, Class A, 1.69%, 5/15/2069<sup>2</sup> | 304558 | 289156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 0.84%, 5/15/2069<sup>2</sup> | 233045 | 213373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-2, Class A7, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.842%), 5.182%, 1/26/2037<sup>2,5</sup> | 1713762 | 1699947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.814%), 5.171%, 3/26/2040<sup>2,5</sup> | 401353 | 398467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1, 1.85%, 11/20/2050<sup>2</sup> | 1733968 | 1655438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2025-A, Class A2, 5.878%, 8/14/2034<sup>2</sup> | 1900000 | 1921077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>2</sup> | 1560843 | 1547343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>2</sup> | 1744918 | 1755407 |
| &nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 2.60%, 1/15/2034<sup>2</sup> | 176913 | 176040 |

---

**2** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;CREDIT SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE | VALUE |
| **ASSET-BACKED SECURITIES (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>2</sup> | 1016948 | $| 1040094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>2</sup> | 581545 |  | 587371 |
| &nbsp;&nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust, Series 2016-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.264%), 5.621%, 9/25/2065<sup>2,5</sup> | 301529 |  | 303860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Slam Ltd., Series 2021-1A, Class A, (Cayman Islands), 2.434%, 6/15/2046<sup>2</sup> | 1393270 |  | 1314152 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLC Student Loan Trust, Series 2005-3, Class A4, (U.S. Secured Overnight Financing Rate 90 Day Average + 0.412%), 4.779%, 12/15/2039<sup>5</sup> | 2728063 |  | 2645560 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-2, Class A2, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.314%), 5.671%, 10/25/2034<sup>5</sup> | 309098 |  | 311141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 5.121%, 6/26/2028<sup>5</sup> | 906741 |  | 904550 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B, Class A2A, 2.82%, 10/15/2035<sup>2</sup> | 26813 |  | 26613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B, Class A2B, (1 mo. U.S. Secured Overnight Financing Rate + 0.864%), 5.015%, 10/15/2035<sup>2,5</sup> | 121437 |  | 121309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-E, Class A1A, 5.09%, 10/16/2056<sup>2</sup> | 857148 |  | 868779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 1.877%, 3/26/2046<sup>2</sup> | 1050000 |  | 1035018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes, Series 2020-SFR1, Class A, 1.499%, 7/17/2038<sup>2</sup> | 1389097 |  | 1359277 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $53,024,503) |  |  | **52326136** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 19.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 19.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 19.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 19.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agate Bay Mortgage Trust, Series 2016-2, Class A3, 3.50%, 3/25/2046<sup>2,6</sup> | 750979 |  | 689899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>2,6</sup> | 731592 |  | 709682 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2024-VLT4, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.491%), 5.642%, 6/15/2041<sup>2,5</sup> | 1900000 |  | 1899758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A6, 3.50%, 8/25/2043<sup>2,6</sup> | 197538 |  | 182981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-J1, Class A2, 3.50%, 2/25/2048<sup>2,6</sup> | 3349364 |  | 3018284 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-48, Class DC, 2.50%, 7/25/2050 | 3370177 | $2949599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WJ, 1.50%, 10/25/2050 | 546719 | 474294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-S6, Class A1, 3.00%, 7/25/2061<sup>2</sup> | 1350420 | 1343807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-S1, Class A1, 3.50%, 2/25/2075<sup>2</sup> | 1587418 | 1534130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50%, 9/25/2051<sup>2,6</sup> | 711240 | 589206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass-Through Certificates, Series K106, Class X1 (IO), 1.437%, 1/25/2030<sup>6</sup> | 14901567 | 702593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5189, Class CP, 2.50%, 6/25/2049 | 3584108 | 3170501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5501, Class JL, 3.50%, 6/25/2048 | 1850000 | 1522183 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ3, Class A14, 3.00%, 10/25/2050<sup>2,6</sup> | 207351 | 179380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A6, 2.50%, 12/25/2051<sup>2,6</sup> | 693508 | 616051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ6, Class A8, 2.50%, 11/25/2051<sup>2,6</sup> | 458874 | 409456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>2,6</sup> | 535678 | 479845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ3, Class A6, 3.00%, 8/25/2052<sup>2,6</sup> | 1582108 | 1366735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.393%), 5.543%, 3/15/2042<sup>2,5</sup> | 1640000 | 1640057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A1, 1.595%, 11/25/2056<sup>2,6</sup> | 633349 | 541041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.638%, 3/25/2067<sup>2,7</sup> | 1102683 | 1050415 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3, Class 2A2, 2.50%, 10/25/2046<sup>2,6</sup> | 422715 | 396406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV3, Class A3, 3.50%, 5/25/2050<sup>2,6</sup> | 518257 | 466955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV3, Class A3A, 3.00%, 5/25/2050<sup>2,6</sup> | 389934 | 337430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A3B, 2.00%, 8/25/2051<sup>2,6</sup> | 2274530 | 1794349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV3, Class A3B, 3.00%, 9/25/2052<sup>2,6</sup> | 1531221 | 1323454 |
| &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, 4.415%, 1/25/2063<sup>2,6</sup> | 1619100 | 1557331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A3, 3.692%, 1/25/2063<sup>2,6</sup> | 1108192 | 1000013 |

---

**3** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CREDIT SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Wealth Management, Series 2020-ATR1, Class A3, 3.00%, 2/25/2050<sup>2,6</sup> | 1808675 | $1586957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2020-CNP, Class A, 2.509%, 4/5/2042<sup>2,6</sup> | 1000000 | 882502 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2025-INV1, Class A1, 5.402%, 4/25/2060<sup>2,7</sup> | 1710689 | 1721898 |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>2,7</sup> | 1863107 | 1873505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oceanview Mortgage Loan Trust, Series 2020-1, Class A1A, 1.733%, 5/28/2050<sup>2,6</sup> | 301157 | 279602 |
| &nbsp;&nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 10.158%, 7/25/2029 (Acquired 07/24/2023, cost $181,192)<sup>5,8</sup> | 181192 | 181175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2A, 2.00%, 4/25/2051<sup>2,6</sup> | 580796 | 501636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1, 2.50%, 8/25/2051<sup>2,6</sup> | 1257631 | 1040829 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class A1, 2.50%, 12/25/2051<sup>2,6</sup> | 737596 | 611732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class A5, 2.50%, 12/25/2051<sup>2,6</sup> | 789625 | 699510 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 3/25/2067<sup>2</sup> | 752958 | 753756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-5, Class A1, 2.50%, 5/25/2043<sup>2,6</sup> | 401630 | 357282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class A1, 3.50%, 7/25/2043<sup>2,6</sup> | 3170474 | 2918931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3, Class A19, 3.50%, 4/25/2047<sup>2,6</sup> | 1265081 | 1139283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2, Class A4, 5.00%, 3/25/2053<sup>2,6</sup> | 3007144 | 2982867 |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.443%), 5.593%, 2/15/2042<sup>2,5</sup> | 1500000 | 1491336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2024-R1, Class A2, 5.47%, 9/25/2069<sup>2,7</sup> | 1437290 | 1439326 |
| &nbsp;&nbsp;&nbsp;&nbsp;WBHT Commercial Mortgage Trust, Series 2025-WBM, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.742%), 5.892%, 6/15/2042<sup>2,5</sup> | 1360000 | 1360393 |
| &nbsp;&nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-3, Class A1, 3.50%, 3/20/2045<sup>2,6</sup> | 1004306 | 932423 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $56,815,427) |  | **54700778** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **FOREIGN GOVERNMENT BONDS - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $2,857,946) | 2865000 | $**2908462** |
| **U.S. GOVERNMENT AGENCIES - 25.2%** |  |  |
| **Mortgage-Backed Securities - 22.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS3146, UMBS, 4.50%, 10/1/2042 | 2607779 | 2597536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4851, UMBS, 5.00%, 11/1/2042 | 3011623 | 3057179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS5443, UMBS, 4.50%, 6/1/2043 | 2958142 | 2939695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9332, UMBS, 3.00%, 3/1/2050 | 1939266 | 1753983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4253, UMBS, 3.50%, 3/1/2050 | 2957938 | 2750894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FM6890, UMBS, 3.00%, 6/1/2050 | 1590086 | 1425041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #CA6316, UMBS, 3.00%, 7/1/2050 | 1317241 | 1160865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4339, UMBS, 3.00%, 12/1/2050 | 2116041 | 1892210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS1807, UMBS, 3.50%, 7/1/2051 | 3363197 | 3117456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS1838, UMBS, 3.00%, 12/1/2051 | 3690602 | 3284325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BV5383, UMBS, 3.00%, 4/1/2052 | 2161954 | 1922030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4626, UMBS, 4.00%, 6/1/2052 | 3339630 | 3161800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4737, UMBS, 5.00%, 8/1/2052 | 3171494 | 3163968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4807, UMBS, 5.50%, 11/1/2052 | 2009278 | 2036983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #CB6326, UMBS, 5.50%, 5/1/2053 | 2296865 | 2325206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS9453, UMBS, 4.50%, 8/1/2053 | 2838105 | 2767104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS6206, UMBS, 5.50%, 10/1/2053 | 3537702 | 3604339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SC0393, UMBS, 5.00%, 6/1/2043 | 2584575 | 2615153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8230, UMBS, 4.50%, 6/1/2052 | 4061751 | 3960884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD1360, UMBS, 5.50%, 7/1/2052 | 3001299 | 3044881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #QE9161, UMBS, 4.50%, 9/1/2052 | 3294639 | 3211294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #SD8276, UMBS, 5.00%, 12/1/2052 | 5583863 | 5574685 |

---

**4** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CREDIT SERIES | PRINCIPAL <br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **U.S. GOVERNMENT AGENCIES** (continued) |  |  |
| **Mortgage-Backed Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RJ0062, UMBS, 5.00%, 10/1/2053 | 3541674 | $3547393 |
| **Total Mortgage-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $65,038,223) |  | 64914904 |
| **Other Agencies - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.25%, 7/15/2032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $7,074,027) | 6215000 | 7057019 |
| **TOTAL U.S. GOVERNMENT AGENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $72,112,250) |  | **71971923** |
| **SHORT-TERM INVESTMENT - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $3,821,479) | 3821479 | **3821479** |
| **TOTAL INVESTMENTS - 99.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $284,381,920) |  | **284178394** |
| **OTHER ASSETS, LESS LIABILITIES - 0.7%** |  | **2076731** |
| **NET ASSETS - 100%** |  | $**286255125** |

---

IO - Interest only

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

UMBS - Uniform Mortgage-Backed Securities

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

<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 $120,824,492, which represented 42.2% of the Series' Net Assets.

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

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

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

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

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

<sup>8</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be illiquid under the Fund's Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of such securities at September 30, 2025 was $181,175, or 0.1% of the Series' Net Assets.

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

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

**5** 

**Investment Portfolio - September 30, 2025** 

(unaudited)

**Fair Value Information:**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government agencies | $71971923 | $— | $71971923 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 2275721 |  | 2275721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 3133954 |  | 3133954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 13153199 |  | 13153199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 52197796 |  | 52197796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 5883327 |  | 5883327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 2333740 |  | 2333740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 8341436 |  | 8341436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 11130443 |  | 11130443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 52326136 |  | 52326136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 54700778 |  | 54700778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 2908462 |  | 2908462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 3821479 | 3821479 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $284178394 | $3821479 | $280356915 | $— |

---

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

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

**6**

## 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:** Credit Series

- **b. EDGAR series identifier (if any):** S000063205

- **c. LEI of Series:** 5493007VV3K8SJRA1087

**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:** $286372199.55

**Total Liabilities:** $268686.69

**Net Assets:** $286103512.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 138.75822000 | **1-Year:** 11844.22221000 | **5-Year:** 80319.48540000 | **10-Year:** 38866.13400000 | **30-Year:** 532.37909000

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

- **3-Month:** 94.02600000 | **1-Year:** 1006.27494000 | **5-Year:** 5743.81183000 | **10-Year:** 3262.46532000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253170 | -0.08%               | 1.37%                | 0.58%                |
| Class ID C000204839 | -0.03%               | 1.31%                | 0.73%                |
| Class ID C000253169 | -0.06%               | 1.28%                | 0.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $62497.43                | $-1364954.38                               |
| Month 2  | $-843537.56              | $3669651.81                                |
| Month 3  | $87385.41                | $724183.11                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Imperial Fund LLC                  | Imperial Fund Mortgage Trust 2022-NQM2                        | CUSIP: 45276PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1102683 | PA      | $1050415.15   | 0.37%             | 2067-03-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                    | Goodgreen 2020-1 Trust                                        | CUSIP: 38217TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610629 | PA      | $508329.11    | 0.18%             | 2055-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun     | Oceanview Mortgage Loan Trust 2020-1                          | CUSIP: 676477AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    301157 | PA      | $279601.67    | 0.10%             | 2050-05-28      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| BX Trust                           | BX Trust 2024-VLT4                                            | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900000 | PA      | $1899758.42   | 0.66%             | 2041-06-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Pear LLC                           | PEAR 2023-1 LLC                                               | CUSIP: 70473AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1016948 | PA      | $1040093.65   | 0.36%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Waikiki Beach Hotel Trust          | WBHT Commercial Mortgage Trust 2025-WBM                       | CUSIP: 92943QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1360000 | PA      | $1360392.61   | 0.48%             | 2042-06-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Bourzou Issuer LLC, Jamshid Is     | Cloud Capital Holdco LP                                       | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2023582.29   | 0.71%             | 2049-11-22      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Trust 2021-INV1                 | CUSIP: 36263KAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    693508 | PA      | $616051.18    | 0.22%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                 | Energy Transfer LP                                            | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2330000 | PA      | $2433930.31   | 0.85%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru     | SMB Private Education Loan Trust 2017-B                       | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |    121437 | PA      | $121308.45    | 0.04%             | 2035-10-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Credit Fund III     | Oxford Finance Credit Fund III 2025-A LP                      | CUSIP: 69145VAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1921076.70   | 0.67%             | 2034-08-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Flexential Issuer, LLC             | Flexential Issuer 2021-1                                      | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1525000 | PA      | $1480891.50   | 0.52%             | 2051-11-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                | Fifth Third Bancorp                                           | CUSIP: 316773DJ6<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   2330000 | PA      | $2428548.68   | 0.85%             | 2028-10-27      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC            | Duke Energy Florida LLC                                       | CUSIP: 341099CL1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |   3720000 | PA      | $4176504.49   | 1.46%             | 2038-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | J.P. Morgan Mortgage Trust 2022-INV3                          | CUSIP: 46593FAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1531221 | PA      | $1323453.91   | 0.46%             | 2052-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management      | JPMorgan Wealth Management 2020-ATR1                          | CUSIP: 46652HAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1808675 | PA      | $1586956.68   | 0.55%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                        | Federal Home Loan Mortgage Corp                               | CUSIP: 3134A4KX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   6215000 | PA      | $7057019.15   | 2.47%             | 2032-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL           | Eagle Funding Luxco Sarl                                      | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   2865000 | PA      | $2908462.29   | 1.02%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 31418EL99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3011623 | PA      | $3057178.99   | 1.07%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I               | BNSF Funding Trust I                                          | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1220554.38   | 0.43%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XJP80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2607779 | PA      | $2597535.75   | 0.91%             | 2042-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SLC Student Loan Trust             | SLC Student Loan Trust 2005-3                                 | CUSIP: 784420AQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2728063 | PA      | $2645559.61   | 0.92%             | 2039-12-15      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                        | KeyBank NA/Cleveland OH                                       | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2269651.90   | 0.79%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                           | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5900000 | PA      | $5954986.90   | 2.08%             | 2031-03-24      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| PCG LLC                            | PCG 2023-1 LLC                                                | CUSIP: 70461JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181192 | PA      | $181175.10    | 0.06%             | 2029-07-25      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities      | Brean Asset Backed Securities Trust 2021-RM2                  | CUSIP: 10638MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    731592 | PA      | $709681.83    | 0.25%             | 2061-10-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust         | Verus Securitization Trust 2024-R1                            | CUSIP: 924926AD0<br>LEI: 213800A8V9BALJ9WKP38 | Long             | ABS-MBS          | CORP              | US        |   1437290 | PA      | $1439325.91   | 0.50%             | 2069-09-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2023-2                                 | CUSIP: 81744KAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3007144 | PA      | $2982867.23   | 1.04%             | 2053-03-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                 | Cenovus Energy Inc                                            | CUSIP: 15135UAF6<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |   3380000 | PA      | $3735057.96   | 1.31%             | 2039-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140MJ6V2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2161954 | PA      | $1922030.42   | 0.67%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management        | RCKT Mortgage Trust 2021-6                                    | CUSIP: 74939KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    737596 | PA      | $611731.75    | 0.21%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2013-5                                 | CUSIP: 81745AAA5<br>LEI: 549300671OK77JNRLK28 | Long             | ABS-MBS          | CORP              | US        |    401630 | PA      | $357281.75    | 0.12%             | 2043-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XRLN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1939266 | PA      | $1753983.00   | 0.61%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SIRIUSPOINT LTD                    | SiriusPoint Ltd                                               | CUSIP: 82969BAA0<br>LEI: 549300OGXFI85N3YZZ51 | Long             | DBT              | CORP              | BM        |   2325000 | PA      | $2458276.74   | 0.86%             | 2029-04-05      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II,     | Compass Datacenters Issuer II LLC                             | CUSIP: 20469AAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1504418.43   | 0.53%             | 2049-08-25      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust          | Nelnet Student Loan Trust 2012-3                              | CUSIP: 64032XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    401353 | PA      | $398467.23    | 0.14%             | 2040-03-26      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust     | Morgan Stanley Capital I Trust 2020-CNP                       | CUSIP: 61770YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $882501.56    | 0.31%             | 2042-04-05      | Variable      | 2.51%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Trust 2021-PJ6                  | CUSIP: 36262LAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    458874 | PA      | $409456.40    | 0.14%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANK NA/RI                | Citizens Bank NA/Providence RI                                | CUSIP: 75524KPG3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2322552.75   | 0.81%             | 2028-08-09      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust      | ECMC Group Student Loan Trust 2024-1                          | CUSIP: 26828PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1129129 | PA      | $1139651.42   | 0.40%             | 2073-11-27      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LL     | Stack Infrastructure Issuer LLC                               | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1035018.05   | 0.36%             | 2046-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust       | Oxford Finance Funding Trust 2023-1                           | CUSIP: 69145CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1744918 | PA      | $1755407.20   | 0.61%             | 2031-02-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr     | JP Morgan Seasoned Mortgage Trust Series 2025-1               | CUSIP: 46659PAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1108192 | PA      | $1000013.09   | 0.35%             | 2063-01-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Agate Bay Mortgage Loan Trust      | Agate Bay Mortgage Trust 2016-2                               | CUSIP: 00842EAC5<br>LEI: 549300TSTBCBQ5EBD390 | Long             | ABS-MBS          | CORP              | US        |    750979 | PA      | $689899.11    | 0.24%             | 2046-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae REMICS                                             | CUSIP: 3136BJMZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    546719 | PA      | $474294.28    | 0.17%             | 2050-10-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC           | Safehold GL Holdings LLC                                      | CUSIP: 785931AA4<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2264361.85   | 0.79%             | 2034-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2021-4                               | CUSIP: 46652VAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2274530 | PA      | $1794349.53   | 0.63%             | 2051-08-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XMBM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2958142 | PA      | $2939694.68   | 1.03%             | 2043-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru     | Provident Funding Mortgage Trust 2021-INV1                    | CUSIP: 74387VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1257631 | PA      | $1040829.28   | 0.36%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P     | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137FRUV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14901567 | PA      | $702593.54    | 0.25%             | 2030-01-25      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Trust 2021-PJ9                  | CUSIP: 36263CAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    535678 | PA      | $479844.87    | 0.17%             | 2052-02-26      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru     | SMB Private Education Loan Trust 2017-B                       | CUSIP: 83189DAB6<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |     26813 | PA      | $26613.10     | 0.01%             | 2035-10-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured      | Finance Of America Structured Securities Trust Series 2025-S1 | CUSIP: 31741BAB0<br>LEI: 254900W0S6GNEJ457023 | Long             | ABS-MBS          | CORP              | US        |   1587418 | PA      | $1534129.69   | 0.54%             | 2075-02-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XHBG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3690602 | PA      | $3284324.55   | 1.15%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROSS STORES INC                    | Ross Stores Inc                                               | CUSIP: 778296AG8<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |    810000 | PA      | $706354.95    | 0.25%             | 2031-04-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes              | Tricon American Homes 2020-SFR1                               | CUSIP: 89613GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1389097 | PA      | $1359276.51   | 0.48%             | 2038-07-17      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XRQF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2838105 | PA      | $2767103.61   | 0.97%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Finance of America Structured      | Finance of America Structured Securities Trust 2022-S6        | CUSIP: 31740XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1350420 | PA      | $1343806.88   | 0.47%             | 2061-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE            | Walt Disney Co/The                                            | CUSIP: 254687EH5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $2275721.00   | 0.80%             | 2037-11-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP            | Simon Property Group LP                                       | CUSIP: 828807DT1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   2921000 | PA      | $2616822.05   | 0.91%             | 2032-02-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP              | Truist Financial Corp                                         | CUSIP: 89788MAE2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   3795000 | PA      | $3575338.95   | 1.25%             | 2029-06-07      | Fixed         | 1.89%                 | No            |                  2 | On Loan: No      |
| Hageman Capital 2025 Issuer Tr     | Hageman Capital 2025 Issuer Trust                             | CUSIP: 405033AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1610000 | PA      | $1610503.13   | 0.56%             | 2056-08-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II            | Alexander Funding Trust II                                    | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2290000 | PA      | $2448529.75   | 0.86%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust      | ECMC Group Student Loan Trust 2025-2                          | CUSIP: 26827YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1899890.58   | 0.66%             | 2074-11-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XM3Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3537702 | PA      | $3604339.06   | 1.26%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cogent IPv4 LLC                    | Cogent Ipv4 LLC                                               | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    990000 | PA      | $1028685.44   | 0.36%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XKZD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2116041 | PA      | $1892210.38   | 0.66%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I            | Metropolitan Life Global Funding I                            | CUSIP: 59217GFR5<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1235267.90   | 0.43%             | 2029-01-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| HTS Funding DE LLC                 | HTS Fund II LLC                                               | CUSIP: 40456GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1356481.89   | 0.47%             | 2045-06-23      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Corp Trust 2020-PJ3             | CUSIP: 36258WAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    207351 | PA      | $179379.63    | 0.06%             | 2050-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC            | CF Hippolyta Issuer LLC                                       | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2113712 | PA      | $1472503.03   | 0.51%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                              | CUSIP: 3133BKFA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3294639 | PA      | $3211294.00   | 1.12%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae REMICS                                             | CUSIP: 3136BAUB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3370177 | PA      | $2949599.14   | 1.03%             | 2050-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management        | RCKT Mortgage Trust 2021-6                                    | CUSIP: 74939KAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    789625 | PA      | $699509.88    | 0.24%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust          | Nelnet Student Loan Trust 2006-2                              | CUSIP: 640315AJ6<br>LEI: 549300ICCIKZ4HWN5R47 | Long             | ABS-O            | CORP              | US        |   1713762 | PA      | $1699946.62   | 0.59%             | 2037-01-26      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2017-3                                 | CUSIP: 81746XAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1265081 | PA      | $1139283.25   | 0.40%             | 2047-04-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140QEAS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1317241 | PA      | $1160865.25   | 0.41%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust     | SWCH Commercial Mortgage Trust 2025-DATA                      | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1491335.64   | 0.52%             | 2042-02-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                            | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   3958003 | NS      | $3958002.60   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWCASTLE COAL INFRASTRU           | Newcastle Coal Infrastructure Group Pty Ltd                   | CUSIP: 65106WAA3<br>LEI: 549300YAJ8XYYGW2TZ32 | Long             | DBT              | CORP              | AU        |   2346913 | PA      | $2333740.02   | 0.82%             | 2027-09-29      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC           | OBX 2024-NQM1 Trust                                           | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |   1863107 | PA      | $1873505.26   | 0.65%             | 2063-11-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                | Hotwire Funding LLC                                           | CUSIP: 44148HAA1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2422013.21   | 0.85%             | 2053-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust       | WinWater Mortgage Loan Trust 2015-3                           | CUSIP: 97651JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1004306 | PA      | $932422.77    | 0.33%             | 2045-03-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                    | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $4539029.61   | 1.59%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                              | CUSIP: 3132DWFR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5583863 | PA      | $5574684.58   | 1.95%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                | DataBank Issuer                                               | CUSIP: 23802WAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $875281.23    | 0.31%             | 2051-10-25      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC            | Jefferies Financial Group Inc                                 | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   3390000 | PA      | $3601263.46   | 1.26%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC Trust 2013-7                                             | CUSIP: 12647PAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    197538 | PA      | $182981.11    | 0.06%             | 2043-08-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                              | CUSIP: 3132DWEB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4061751 | PA      | $3960883.86   | 1.38%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust             | SLM Student Loan Trust 2013-6                                 | CUSIP: 78448CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    906741 | PA      | $904550.04    | 0.32%             | 2028-06-26      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) L     | Lyra Music Assets Delaware LP                                 | CUSIP: 552339AD5<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1415771.98   | 0.49%             | 2065-09-20      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| RUN NQM TRUST                      | RUN 2022-NQM1 Trust                                           | CUSIP: 74981CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    752958 | PA      | $753755.95    | 0.26%             | 2067-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                    | SBA Tower Trust                                               | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3370000 | PA      | $3460252.64   | 1.21%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                 | Energy Transfer LP                                            | CUSIP: 29273RAR0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3465000 | PA      | $3677953.34   | 1.29%             | 2042-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pear LLC                           | PEAR 2021-1 LLC                                               | CUSIP: 70472TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    176913 | PA      | $176040.04    | 0.06%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust       | Oxford Finance Funding 2022-1 LLC                             | CUSIP: 69145BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1560843 | PA      | $1547343.04   | 0.54%             | 2030-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PALOMINO FUNDING TRUST I           | Palomino Funding Trust I                                      | CUSIP: 69754AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4245000 | PA      | $4505408.47   | 1.57%             | 2028-05-17      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                          | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4015000 | PA      | $3657213.50   | 1.28%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2013-9                                 | CUSIP: 81745DAE1<br>LEI: 54930005PH54PMVV8351 | Long             | ABS-MBS          | CORP              | US        |   3170474 | PA      | $2918931.23   | 1.02%             | 2043-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                  | KREF 2021-FL2 Ltd                                             | CUSIP: 48275RAC1<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1470004.95   | 0.51%             | 2039-02-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust             | SLM Student Loan Trust 2011-2                                 | CUSIP: 78446JAB2<br>LEI: 549300GQO6PBOYVGSS10 | Long             | ABS-O            | CORP              | US        |    309098 | PA      | $311140.64    | 0.11%             | 2034-10-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust         | Navient Private Education Refi Loan Trust 2020-D              | CUSIP: 63941HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304558 | PA      | $289155.78    | 0.10%             | 2069-05-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Navient Education Loan Trust       | Navient Education Loan Trust 2025-A                           | CUSIP: 63943EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1428343 | PA      | $1440379.02   | 0.50%             | 2055-07-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                    | DR Horton Inc                                                 | CUSIP: 23331ABT5<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   2380000 | PA      | $2427599.00   | 0.85%             | 2030-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru     | SMB Private Education Loan Trust 2024-E                       | CUSIP: 78450XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    857148 | PA      | $868779.19    | 0.30%             | 2056-10-16      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                              | CUSIP: 3142GQB84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3541674 | PA      | $3547392.51   | 1.24%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST      | Commonbond Student Loan Trust 2020-A-GS                       | CUSIP: 20267WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    422399 | PA      | $379833.29    | 0.13%             | 2050-08-25      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC 2018-J1 Trust                                            | CUSIP: 12653TAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3349364 | PA      | $3018283.92   | 1.05%             | 2048-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                              | CUSIP: 3132DNQM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3001299 | PA      | $3044881.08   | 1.06%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                 | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3630000 | PA      | $3560851.72   | 1.24%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities      | GS Mortgage-Backed Securities Trust 2022-PJ3                  | CUSIP: 362924AJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1582108 | PA      | $1366735.35   | 0.48%             | 2052-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust            | NYMT Loan Trust 2025-INV1                                     | CUSIP: 67120YAC3<br>LEI: 254900KJ201MTW2K6G74 | Long             | ABS-MBS          | CORP              | US        |   1710689 | PA      | $1721898.08   | 0.60%             | 2060-04-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Pear LLC                           | Pear 2024-1 LLC                                               | CUSIP: 704933AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    581545 | PA      | $587371.16    | 0.21%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140QSA43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2296865 | PA      | $2325206.14   | 0.81%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr     | JP Morgan Seasoned Mortgage Trust Series 2024-1               | CUSIP: 61777HAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1619100 | PA      | $1557331.12   | 0.54%             | 2063-01-25      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Oak Street Investment Grade Ne     | Oak Street Investment Grade Net Lease Fund Series 2020-1      | CUSIP: 67181DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1733968 | PA      | $1655437.45   | 0.58%             | 2050-11-20      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 31418EKV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2009278 | PA      | $2036983.25   | 0.71%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hawaii Hotel Trust                 | Hawaii Hotel Trust 2025-MAUI                                  | CUSIP: 419909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1640000 | PA      | $1640056.89   | 0.57%             | 2042-03-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2016-3                               | CUSIP: 46647EAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    422715 | PA      | $396405.79    | 0.14%             | 2046-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                | Ashtead Capital Inc                                           | CUSIP: 045054AJ2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   2320000 | PA      | $2301171.22   | 0.80%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XKWP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2957938 | PA      | $2750894.06   | 0.96%             | 2050-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DEPOSITORY TRUST & CLEAR           | Depository Trust & Clearing Corp/The                          | CUSIP: 249670AB6<br>LEI: MLDY5N6PZ58ZE60QU102 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1227749.88   | 0.43%             | N/A             | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance           | Horizon Aircraft Finance IV Ltd                               | CUSIP: 43990EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2470000 | PA      | $2493418.81   | 0.87%             | 2049-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US BANCORP                         | US Bancorp                                                    | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   3360000 | PA      | $3396370.87   | 1.19%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Pool                                              | CUSIP: 3132D9NJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2584575 | PA      | $2615153.35   | 0.91%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                              | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3429052.03   | 1.20%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG           | New York Life Global Funding                                  | CUSIP: 64952WFF5<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1233164.68   | 0.43%             | 2029-01-29      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                    | Cameron LNG LLC                                               | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1335461.98   | 0.47%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                | DataBank Issuer                                               | CUSIP: 23802WAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1347194.06   | 0.47%             | 2053-02-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FIP Master Funding, LLC            | FIP Master Funding LLC                                        | CUSIP: 30332YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1995370 | PA      | $1985013.44   | 0.69%             | 2054-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac REMICS                                            | CUSIP: 3137H5U88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3584108 | PA      | $3170501.18   | 1.11%             | 2049-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES             | PNC Financial Services Group Inc/The                          | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3674767.03   | 1.28%             | 2031-05-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SLAM 2021-1 LLC                    | Slam 2021-1 Ltd                                               | CUSIP: 78449AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1393270 | PA      | $1314152.19   | 0.46%             | 2046-06-15      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                  | Imperial Fund Mortgage Trust 2021-NQM3                        | CUSIP: 452762AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    633349 | PA      | $541040.58    | 0.19%             | 2056-11-25      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust            | Flagstar Mortgage Trust 2021-8INV                             | CUSIP: 33852HAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    711240 | PA      | $589206.09    | 0.21%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust         | Navient Private Education Refi Loan Trust 2021-A              | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233045 | PA      | $213373.08    | 0.07%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Centersquare Issuer LLC            | Centersquare Issuer LLC                                       | CUSIP: 15201EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1982561.42   | 0.69%             | 2054-10-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                   | ALLO Issuer LLC                                               | CUSIP: 01983KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1624102.28   | 0.57%             | 2053-06-20      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 31418EHP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3171494 | PA      | $3163967.74   | 1.11%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA           | AerCap Ireland Capital DAC / AerCap Global Aviation Trust     | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2450000 | PA      | $2361601.10   | 0.83%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XHAH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3363197 | PA      | $3117456.40   | 1.09%             | 2051-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2019-INV3                            | CUSIP: 46591LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    518257 | PA      | $466955.05    | 0.16%             | 2050-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN           | MassMutual Global Funding II                                  | CUSIP: 57629W5B2<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1236036.25   | 0.43%             | 2029-01-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education      | PHEAA Student Loan Trust 2016-1                               | CUSIP: 69343FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    301529 | PA      | $303859.51    | 0.11%             | 2065-09-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC            | CF Hippolyta Issuer LLC                                       | CUSIP: 12530MAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    895325 | PA      | $691655.89    | 0.24%             | 2061-03-15      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3339630 | PA      | $3161800.41   | 1.11%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac REMICS                                            | CUSIP: 3137HJQR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1850000 | PA      | $1522182.76   | 0.53%             | 2048-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2019-INV3                            | CUSIP: 46591LAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    389934 | PA      | $337429.83    | 0.12%             | 2050-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                  | Kinder Morgan Inc                                             | CUSIP: 49456BAV3<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1970795.66   | 0.69%             | 2033-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru     | Provident Funding Mortgage Trust 2021-2                       | CUSIP: 74388JAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580796 | PA      | $501635.77    | 0.18%             | 2051-04-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES              | Huntington Bancshares Inc/OH                                  | CUSIP: 446150AS3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2397673.45   | 0.84%             | 2030-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                               | CUSIP: 3140XAUQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1590086 | PA      | $1425040.51   | 0.50%             | 2050-06-01      | Fixed         | 3.00%                 | 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