# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0000940400-26-021771
**Filing Date:** 2026-5
**Character Count:** 141180
**Document Hash:** 0d897f86acf334fd96ed2e0b8efd5a57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021771.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021771

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261032163

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**Investment Portfolio - March 31, 2026**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **PREFERRED STOCKS - 0.0%##** |  |  |  |
| **Consumer Discretionary - 0.0%##** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail - 0.0%##** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North-Sono Preference<sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $411,852) |  | 647220 | $**416971** |
| **LOAN ASSIGNMENTS - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C&S Wholesale Grocers, Inc., Initial Term Loan B, (3 mo. U.S. Secured Overnight Financing Rate + 5.000%), 8.700%, 9/23/2030<sup>3</sup> |  | 3980000 | 3883803 |
| &nbsp;&nbsp;&nbsp;&nbsp;WestJet Loyalty LP, Initial Term Loan (Canada) (3 mo. U.S. Secured Overnight Financing Rate + 2.750%), 6.450%, 2/14/2031<sup>3</sup> |  | 4900000 | 4748639 |
| **TOTAL LOAN ASSIGNMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $8,774,842) |  |  | **8632442** |
| **CORPORATE BONDS - 20.9%** |  |  |  |
| **Non-Convertible Corporate Bonds- 20.9%** |  |  |  |
| **Communication Services - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open Infra U.S. Assets AB, 11.00%, 2/22/2027 |  | 3600000 | 3558127 |
| **Consumer Discretionary - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North Investment Group AB (Sweden) (3 mo. STIB + 9.000%), 11.156%, 12/31/2027 (Acquired 04/22/2021, cost $2,225,482)<sup>3,4</sup> | SEK | 18750017 | 1537142 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SP Cruises Intermediate Ltd. (Bermuda), 11.50%, 3/14/2030<sup>5</sup> |  | 4000000 | 3989860 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LGI Homes, Inc., 4.00%, 7/15/2029<sup>5</sup> |  | 4000000 | 3569570 |
| **Total Consumer Discretionary** |  |  | 9096572 |
| **Energy - 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SESI LLC, 7.875%, 9/30/2030<sup>5</sup> |  | 4000000 | 4078761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Varel Oil & Gas, Inc, 12.25%, 4/7/2028 |  | 3375000 | 2918692 |
|  |  |  | 6997453 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futura Resources Ltd. (Australia), 13.125%, 1/9/2031 |  | 4000000 | 3720150 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Seaways, Inc., 7.125%, 9/23/2030 |  | 5000000 | 5054230 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE | VALUE |
| **CORPORATE BONDS (continued)** |  |  |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |  |  |
| **Energy (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., 8.75%, 3/15/2029<sup>5</sup> |  | 4195000 | $| 601938 |
|  |  |  |  | 5656168 |
| **Total Energy** |  |  |  | 16373771 |
| **Financials - 8.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banks - 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Bancorp, Inc., 7.375%, 9/1/2030 |  | 2275000 |  | 2360708 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets - 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Special Opportunities Fund LP - Drawbridge Special Opportunities Finance, 5.95%, 9/17/2030<sup>5</sup> |  | 4000000 |  | 3757098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Icahn Enterprises LP - Icahn Enterprises Finance Corp., 10.00%, 11/15/2029<sup>5</sup> |  | 4000000 |  | 3935479 |
|  |  |  |  | 7692577 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance - 1.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Encore Capital Group, Inc., 6.625%, 4/15/2031<sup>5</sup> |  | 4000000 |  | 3997074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navient Corp., 6.75%, 6/15/2026 |  | 4000000 |  | 4008887 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLM Corp., 6.50%, 1/31/2030 |  | 4325000 |  | 4255683 |
|  |  |  |  | 12261644 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 2.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 7.50%, 7/15/2033<sup>5</sup> |  | 4000000 |  | 3329834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Street Holdings LLC, 8.00%, 9/30/2030<sup>5</sup> |  | 4000000 |  | 3869342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Golden Pear Funding HoldCo LLC, 10.00%, 3/2/2028 |  | 1200000 |  | 1219094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legres AB (Sweden) (3 mo. STIB + 9.000%), 10.969%, 4/30/2026 (Acquired 06/15/2023-06/28/2023, cost $3,048,944)<sup>4</sup> | SEK | 32500000 |  | 2746484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance LLC - Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/2027<sup>5</sup> |  | 4500000 |  | 4457502 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Claims Litigation Funding LLC, 10.25%, 3/17/2028 (Acquired 03/14/2023, cost $1,375,000)<sup>4</sup> |  | 1375000 |  | 1211744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Portfolio Group, Inc., 9.75%, 3/1/2033 (Acquired 02/07/2025, cost $4,000,000)<sup>4</sup> |  | 4000000 |  | 4201877 |
|  |  |  |  | 21035877 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 0.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 6.50%, 6/4/2029 |  | 3039000 |  | 3051138 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc., 9.00%, 10/15/2027<sup>5</sup> |  | 4000000 |  | 3992011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc., 5.00%, 4/30/2026 |  | 9506000 |  | 9379897 |

---

**1**

**Investment Portfolio - March 31, 2026**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **CORPORATE BONDS (continued)** |  |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITS) (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Holdings LLC, 9.375%, 3/1/2028<sup>5</sup> |  | 4250000 | $4077918 |
|  |  |  | 17449826 |
| **Total Financials** |  |  | 63851770 |
| **Health Care - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. - Organon Foreign Debt Co-Issuer B.V., 5.125%, 4/30/2031<sup>5</sup> |  | 4500000 | 3673123 |
| **Industrials - 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cartiga LLC, 9.00%, 6/15/2026 (Acquired 06/14/2021, cost $4,000,000)<sup>4</sup> |  | 4000000 | 4002276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twma Finance AS (Norway), 12.25%, 2/10/2029<sup>5</sup> |  | 3100000 | 3154250 |
|  |  |  | 7156526 |
| &nbsp;&nbsp;&nbsp;**Marine Transportation - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Contships Logistics Corp. (Greece), 9.00%, 2/11/2030 |  | 4500000 | 4717146 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc. - AAdvantage Loyalty IP Ltd., 5.50%, 4/20/2026<sup>5</sup> |  | 1750000 | 1749028 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Airborne Capital USA LLC, 10.50%, 8/2/2029 |  | 4000000 | 3383531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Group S Pte Ltd. (Singapore), 8.50%, 5/15/2031<sup>5</sup> |  | 4500000 | 4226452 |
|  |  |  | 7609983 |
| **Total Industrials** |  |  | 21232683 |
| **Materials - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alltub Group SAS (France) (3 mo. EURIBOR + 6.500%), 8.499%, 4/30/2030<sup>3</sup> | EUR | 2500000 | 2966011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duran Life Science Holding GmbH (Germany) (3 mo. EURIBOR + 6.500%), 8.513%, 5/31/2030<sup>3</sup> | EUR | 3700000 | 4288331 |
|  |  |  | 7254342 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ACG Holdco 1 plc (United Kingdom), 14.75%, 1/13/2029 |  | 4050000 | 4477005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty Ltd. (Australia), 4.40%, 9/29/2027<sup>5</sup> |  | 1684792 | 1673130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nickel Industries Ltd. (Indonesia), 9.00%, 9/30/2030<sup>5</sup> |  | 4000000 | 3991499 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **CORPORATE BONDS (continued)** |  |  |
| **Non-Convertible Corporate Bonds (continued)** |  |  |
| **Materials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Acquisitions ULC - Dominion Finco, Inc., 7.125%, 11/1/2022 (Acquired 10/06/2017-09/12/2019, cost $4,353,936)<sup>4,6</sup> | 5870000 | $59 |
|  |  | 10141693 |
| **Total Materials** |  | 17396035 |
| **Real Estate - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Industrial REITs - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IIP Operating Partnership LP, 5.50%, 5/25/2026 | 4320000 | 4295268 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Point Operating Co. LP, 8.00%, 10/1/2030<sup>5</sup> | 4000000 | 3993058 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pelorus Fund REIT LLC, 7.00%, 9/30/2026 (Acquired 09/21/2021-07/08/2022, cost $4,218,250)<sup>4</sup> | 4345000 | 4345777 |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, | 6110000 | 6213308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599%, 1/15/2028<sup>5</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029<sup>5</sup> | 3630000 | 3645813 |
|  |  | 14204898 |
| **Total Real Estate** |  | 22493224 |
| **Utilities - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexander Funding Trust II, 7.467%, 7/31/2028<sup>5</sup> | 8250000 | 8685732 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $177,320,368) |  | **166361037** |
| **ASSET-BACKED SECURITIES - 25.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC, <br> Series 2021-1A, Class A2, 1.937%, 8/15/2046<sup>5</sup> | 4500000 | 4454583 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALLO Issuer LLC, Series 2023-1A, Class A2, 6.20%, 6/20/2053<sup>5</sup> | 4400000 | 4430903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capteris Equipment Finance LLC, Series 2024-1A, Class A2, 5.58%, 7/20/2032<sup>5</sup> | 2529538 | 2566982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2024-1A, Class A2, 5.20%, 10/26/2054<sup>5</sup> | 6000000 | 5815164 |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 1.69%, 7/15/2060<sup>5</sup> | 3617648 | 3031046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class B1, 2.28%, 7/15/2060<sup>5</sup> | 1798904 | 1106325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/2049<sup>5</sup> | 8250000 | 8232258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, Series 2024-1A, Class A2, 7.924%, 5/25/2054<sup>5</sup> | 2380000 | 2451892 |

---

**2**

**Investment Portfolio - March 31, 2026**

(unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2021-A, Class A2, 1.60%, 7/25/2051<sup>5</sup> | 973235 | $899474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A1, 2.54%, 1/25/2047<sup>5</sup> | 1098495 | 1009950 |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreVest American Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A, 2.705%, 10/15/2052<sup>5</sup> | 445005 | 443757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class A, 1.358%, 8/15/2053<sup>5</sup> | 63481 | 63166 |
| &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer, Series 2023-1A, Class A2, 5.116%, 2/25/2053<sup>5</sup> | 3345000 | 3318005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/2049<sup>5</sup> | 5000000 | 4887891 |
| &nbsp;&nbsp;&nbsp;&nbsp;ECMC Group Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.150%), 4.812%, 11/27/2073<sup>3,5</sup> | 3519597 | 3544417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.050%), 4.712%, 11/25/2074<sup>3,5</sup> | 7451525 | 7470851 |
| &nbsp;&nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A, 3.58%, 11/25/2038<sup>5</sup> | 470820 | 465918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2024-S2, Class A1, 3.50%, 4/25/2074<sup>5,7</sup> | 3845390 | 3772049 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIP Master Funding LLC, Series 2026-1A, Class A1, 4.90%, 3/15/2056<sup>5</sup> | 4950000 | 4866141 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS RIALTO, Series 2021-FL2, Class A, (Cayman Islands) (1 mo. U.S. Secured Overnight Financing Rate + 1.334%), 5.007%, 5/16/2038<sup>3,5</sup> | 591765 | 591749 |
| &nbsp;&nbsp;&nbsp;&nbsp;GGAM Master Trust International Ltd., Series 2025-1A, Class A, (Cayman Islands), 5.923%, 9/30/2060<sup>5</sup> | 4354720 | 4339033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/2055<sup>5</sup> | 2170087 | 1838532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2025-1A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.500%), 5.169%, 8/15/2028<sup>3,5</sup> | 3000000 | 3003409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hageman Capital Issuer Trust, Series 2025-1, Class A, 6.40%, 8/9/2056<sup>5</sup> | 3198583 | 3122816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, (Cayman Islands), 5.375%, 9/15/2049<sup>5</sup> | 6845000 | 6781365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotwire Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A2, 2.311%, 11/20/2051<sup>5</sup> | 3500000 | 3449620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.893%, 6/20/2054<sup>5</sup> | 1000000 | 1011804 |
| &nbsp;&nbsp;&nbsp;&nbsp;HTS Fund II LLC, Series 2025-1, Class A, 5.351%, 6/23/2045<sup>5</sup> | 3650000 | 3646785 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KREF Ltd., Series 2021-FL2, <br> Class AS, (1 mo. U.S. Secured Overnight Financing Rate + 1.414%), 5.093%, 2/15/2039<sup>3,5</sup> | 3500000 | $3483160 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEDN Issuer Trust, Series 2026-1A, <br> Class A, 6.748%, 2/25/2041 (Acquired 02/18/2026, cost $5,999,915)<sup>4</sup> | 6000000 | 6002959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2024-1A, <br> Class A, 5.88%, 9/30/2038<sup>5</sup> | 5000000 | 4986730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyra Music Assets Delaware LP, <br> Series 2024-2A, Class A2, 5.76%, 12/22/2064<sup>5</sup> | 3699344 | 3726827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.624%), 4.286%, 6/25/2031<sup>3</sup> | 1747851 | 1728278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-BA, Class A3, (1 mo. U.S. Secured Overnight Financing Rate + 1.564%), 5.237%, 7/16/2040<sup>3,5</sup> | 463689 | 464245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.164%), 4.826%, 12/27/2066<sup>3,5</sup> | 2253111 | 2259532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.164%), 4.826%, 6/25/2069<sup>3,5</sup> | 2862276 | 2878985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GA, Class A, 1.17%, 9/16/2069<sup>5</sup> | 254807 | 238631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1A, 1.31%, 12/26/2069<sup>5</sup> | 3086895 | 2763778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 0.84%, 5/15/2069<sup>5</sup> | 436475 | 399860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A, 2.23%, 7/15/2070<sup>5</sup> | 2145277 | 1959997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA, Class A1A, 6.48%, 3/15/2072<sup>5</sup> | 272034 | 278654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.700%), 5.372%, 3/15/2072<sup>3,5</sup> | 634745 | 637969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A2, 6.675%, 1/14/2032<sup>5</sup> | 2661549 | 2674031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class A2, 5.878%, 8/14/2034<sup>5</sup> | 3400000 | 3377891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, <br> Series 2022-1A, Class A2, 3.602%, 2/15/2030<sup>5</sup> | 2105311 | 2049562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.716%, 2/15/2031<sup>5</sup> | 3201998 | 3224681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 5.413%, 2/15/2035<sup>5</sup> | 4000000 | 3989629 |
| &nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, <br> Series 2021-1, Class A, 2.60%, 1/15/2034<sup>5</sup> | 64879 | 64811 |

---

**3**

**Investment Portfolio - March 31, 2026**

(unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **ASSET-BACKED SECURITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A2, 7.25%, 10/15/2034<sup>5</sup> | 1455936 | $1475100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A, 7.42%, 7/15/2035<sup>5</sup>. | 4489857 | 4579472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 6.95%, 2/15/2036<sup>5</sup> | 2008765 | 2023961 |
| &nbsp;&nbsp;&nbsp;&nbsp;REDAPTIVE EAAS ISSUER LLC, Series 2025-1A, Class A, 5.94%, 3/25/2042<sup>5</sup> | 3780747 | 3772343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Slam Ltd., Series 2021-1A, Class A, (Cayman Islands), 2.434%, 6/15/2046<sup>5</sup> | 4480000 | 4246975 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2008-3, Class A3, (U.S. Secured Overnight Financing Rate 90 Day Average + 1.262%), 5.149%, 10/25/2021<sup>3</sup> | 2912002 | 2914110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-4, Class A4, (U.S. Secured Overnight Financing Rate 90 Day Average + 1.912%), 5.799%, 7/25/2022<sup>3</sup> | 1536589 | 1530851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-1, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.064%), 4.726%, 9/25/2028<sup>3</sup> | 4980999 | 4953667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-7, Class A3, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.764%), 4.426%, 5/26/2026<sup>3</sup> | 8035374 | 7900892 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B, Class A2A, 2.84%, 6/15/2037<sup>5</sup> | 749193 | 734288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-D, Class A1B, (U.S. Secured Overnight Financing Rate 30 Day Average + 1.100%), 4.772%, 7/15/2053<sup>3,5</sup> | 4122275 | 4084517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonepeak, Series 2021-1A, Class AA, 2.301%, 2/28/2033<sup>5</sup> | 325181 | 318287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Store Master Funding I-VII and XIV, Series 2019-1, Class A1, 2.82%, 11/20/2049<sup>5</sup> | 2342919 | 2312778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.436%, 6/25/2054<sup>5</sup> | 4000000 | 3948014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes, Series 2020-SFR1, Class C, 2.249%, 7/17/2038<sup>5</sup> | 2500000 | 2477311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30%, 11/17/2041<sup>5</sup> | 2961386 | 2903377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Rail Leasing 2018 LLC, Series 2020-1A, Class A, 1.96%, 10/17/2050<sup>5</sup> | 1131100 | 1077098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Rail Leasing 2021 LLC, Series 2021-1A, Class A, 2.26%, 7/19/2051<sup>5</sup> | 1613122 | 1514299 |
| &nbsp;&nbsp;&nbsp;&nbsp;TRP LLC, Series 2021-1, Class A, 2.07%, 6/19/2051<sup>5</sup> | 2502928 | 2415003 |
| &nbsp;&nbsp;&nbsp;&nbsp;USQ Rail II LLC, Series 2021-3A, Class A, 2.21%, 6/28/2051<sup>5</sup> | 4895833 | 4728965 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE | VALUE |
| **ASSET-BACKED SECURITIES (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VelocitySBA Loan Trust, Series 2026-1, <br> Class A, (U.S. Secured Overnight Financing Rate 30 Day Average + 2.500%), 6.173%, 1/20/2051 (Acquired 03/17/2026, cost $1,973,176)<sup>3,4</sup> | 2000000 | $| 1975000 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $202,319,753) |  |  | **199692403** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, <br> Series 2019-2, Class A3, 3.50%, 10/25/2044<sup>5,8</sup> | 1520369 |  | 1459401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RM2, Class A, 1.75%, 10/25/2061<sup>5,8</sup> | 2110755 |  | 2079204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RM8, Class A1, 4.50%, 5/25/2064<sup>5</sup> | 3410504 |  | 3353731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RM11, Class A1, 4.75%, 5/25/2065<sup>5,8</sup> | 2992915 |  | 2933181 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2024-VLT4, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.491%), 5.164%, 6/15/2041<sup>3,5</sup> | 5100000 |  | 5068287 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Series 2019-INV1, Class A1, <br> 4.00%, 2/25/2049<sup>5,8</sup> | 30221 |  | 28798 |
| &nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2021-4, Class A1, 1.397%, 10/25/2066<sup>5,8</sup> | 6061980 |  | 5202536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Trust, Series 2013-TH1, Class A1, 2.13%, 2/25/2043<sup>5,8</sup> | 93269 |  | 82803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, 1.194%, 8/25/2066<sup>5,8</sup> | 5105589 |  | 4534835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS, Series 2018-31, Class KP, 3.50%, 7/25/2047 | 5788 |  | 5760 |
| &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>5</sup> | 3771877 |  | 3827018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-S1, Class A1, 3.50%, 2/25/2075<sup>5</sup> | 4403043 |  | 4263078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.450%), 5.123%, 12/15/2039<sup>3,5</sup> | 6720000 |  | 6712317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass-Through Certificates, Series K106, Class X1 (IO), 1.314%, 1/25/2030<sup>8</sup> | 49900844 |  | 2090612 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCAT Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 4.348%, 4/25/2067<sup>5,8</sup> | 7502845 |  | 7476406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 6.007%, 1/25/2059<sup>5,7</sup> | 2500170 |  | 2509879 |

---

**4**

**Investment Portfolio - March 31, 2026**

(unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | SHARES/<br> PRINCIPAL<br> AMOUNT<sup>1</sup> | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued)  | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued)  | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued)  |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GR3, Class A6, 2.50%, 4/25/2052<sup>5,8</sup> | 3978059 | $3598761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ9, Class A8, 2.50%, 2/26/2052<sup>5,8</sup> | 2550112 | 2294345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ1, Class A15, (U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average + 0.850%), 4.512%, 5/28/2052<sup>3,5</sup> | 3806656 | 3549160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ3, Class A24, 3.00%, 8/25/2052<sup>5,8</sup> | 6774477 | 6210681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.393%), 5.065%, 3/15/2042<sup>3,5</sup> | 4050000 | 4038975 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 4.638%, 3/25/2067<sup>5,7</sup> | 5263098 | 5064476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 4.38%, 5/25/2067<sup>5,7</sup> | 2925399 | 2913970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4, Class A1, 4.767%, 6/25/2067<sup>5,7</sup> | 6836105 | 6811872 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-2, Class 1A1, 3.00%, 6/25/2029<sup>5,8</sup> | 60377 | 59629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A11, (U.S. Secured Overnight Financing Rate 30 Day Average + 0.650%), 4.317%, 6/25/2051<sup>3,5</sup> | 2971198 | 2757688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A3B, 2.00%, 8/25/2051<sup>5,8</sup> | 3700491 | 2904349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5, Class A4, 2.50%, 8/25/2051<sup>5,8</sup> | 7341899 | 6629369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV5, Class A3A, 2.50%, 12/25/2051<sup>5,8</sup> | 2428233 | 2195145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2, Class A1, 2.520%, 5/25/2052<sup>5,8</sup> | 3895082 | 3235142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV3, Class A4B, 3.00%, 9/25/2052<sup>5,8</sup> | 5134628 | 4571917 |
| &nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A4, 4.337%, 1/25/2063<sup>5,8</sup> | 3946636 | 3858732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A4, 3.684%, 1/25/2063<sup>5,8</sup> | 3654620 | 3418039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Series 2019-1A, Class A, 3.75%, 4/25/2058<sup>5,8</sup> | 529362 | 517453 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2021-INV2, Class A1, 1.906%, 11/25/2056<sup>5,8</sup> | 2737833 | 2479670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2021-4, Class A4, 2.50%, 7/25/2051<sup>5,8</sup> | 8550256 | 7719925 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3A, Class AFX3, 3.75%, 11/25/2054<sup>5,8</sup> | 158494 | 152493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A, Class A1, 3.75%, 8/25/2055<sup>5,8</sup> | 211527 | 205445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2A, Class A1, 4.25%, 12/25/2057<sup>5,8</sup> | 988032 | 980210 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued)  | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued)  | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.854%, 3/27/2062<sup>5,8</sup> | 7149606 | $6664137 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2022-CP1, <br> Class A1, 2.042%, 7/25/2061<sup>5</sup> | 1204207 | 1138353 |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1A, 3.783%, 1/25/2062<sup>5,7</sup> | 2723927 | 2647296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class A1, 5.928%, 11/25/2063<sup>5,7</sup> | 2206889 | 2213064 |
| &nbsp;&nbsp;&nbsp;&nbsp;PCG LLC, Series 2023-1, (1 mo. U.S. Secured Overnight Financing Rate + 6.000%), 9.679%, 7/25/2029 (Acquired 07/24/2023, cost $178,794)<sup>3,4</sup> | 178792 | 178778 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-6, Class A5, 2.50%, 12/25/2051<sup>5,8</sup> | 4004141 | 3581677 |
| &nbsp;&nbsp;&nbsp;&nbsp;ROCK Trust, Series 2024-CNTR, Class A, 5.388%, 11/13/2041<sup>5</sup> | 4250000 | 4321691 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUN Trust, Series 2022-NQM1, Class A1, 5.00%, 3/25/2067<sup>5</sup> | 2480292 | 2469176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-2, Class A, 1.874%, 2/25/2043<sup>8</sup> | 87294 | 76402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6, Class A2, 3.00%, 5/25/2043<sup>8</sup> | 912367 | 825431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class A2, 3.00%, 6/25/2043<sup>8</sup> | 87372 | 79037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-8, Class A1, 3.00%, 6/25/2043<sup>8</sup> | 115357 | 105019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Retail Property Trust, <br> Series 2014-STAR, Class A, (Prime Rate + 0.000%), 6.75%, 11/15/2027<sup>3,5</sup> | 1533785 | 767507 |
| &nbsp;&nbsp;&nbsp;&nbsp;SUA LLC, Series 2025-1, Class A, 5.875%, 5/25/2040<sup>5</sup> | 4500000 | 4501757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sutherland Commercial Mortgage Trust, <br> Series 2019-SBC8, Class A, 2.86%, 4/25/2041<sup>5,8</sup> | 1248801 | 1192140 |
| &nbsp;&nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust, <br> Series 2025-DATA, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.443%), 5.115%, 2/15/2042<sup>3,5</sup> | 3500000 | 3453555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class A1, 3.25%, 3/25/2058<sup>5,8</sup> | 100399 | 99656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HY1, Class A1, (1 mo. U.S. Secured Overnight Financing Rate + 1.114%), 4.793%, 10/25/2048<sup>3,5</sup> | 433787 | 433936 |
| &nbsp;&nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Series 2021-1, <br> Class A15, 2.50%, 6/25/2051<sup>5,8</sup> | 2061546 | 1701536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, <br> Series 2026-1, Class M4, 8.48%, 2/25/2056<sup>5,8</sup> | 298469 | 302877 |
| &nbsp;&nbsp;&nbsp;&nbsp;WBHT Commercial Mortgage Trust, <br> Series 2025-WBM, Class A, (1 mo. U.S. Secured Overnight Financing Rate + 1.742%), 5.415%, 6/15/2042<sup>3,5</sup> | 3650000 | 3647724 |

---

**5**

**Investment Portfolio - March 31, 2026**

(unaudited)

---

| | | |
|:---|:---|:---|
| UNCONSTRAINED BOND SERIES | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES** (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2020-1, Class A1, 3.00%, 12/25/2049<sup>5,8</sup> | 1956845 | $1700587 |
| &nbsp;&nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/2045<sup>5,8</sup> | 63845 | 59981 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $171,080,835) |  | **169956609** |
| **FOREIGN GOVERNMENT BONDS - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco S.A.R.L (Mexico), 5.50%, 8/17/2030<sup>5</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $4,619,626) | 4630000 | **4647548** |
| **U.S. TREASURY SECURITIES - 20.1%** |  |  |
| **U.S. Treasury Notes - 20.1%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2027 | 47446000 | 46269117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2028 | 34572000 | 33972392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2031 | 45474000 | 39434484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 8804000 | 8986958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 2/15/2036 | 32282000 | 31777594 |
| **TOTAL U.S. TREASURY SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $160,420,633) |  | **160440545** |
| **U.S. GOVERNMENT AGENCIES - 4.9%** |  |  |
| **Mortgage-Backed Securities - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA0115, UMBS, 4.50%, 7/1/2029 | 9244 | 9270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA1834, UMBS, 4.50%, 2/1/2034 | 69992 | 70211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #995876, UMBS, 6.00%, 11/1/2038 | 127393 | 134044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS4047, UMBS, 3.50%, 12/1/2042 | 6184383 | 5910119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AW5338, UMBS, 4.50%, 6/1/2044 | 375443 | 371911 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES/<br> PRINCIPAL <br> AMOUNT<sup>1</sup> | VALUE |
| **U.S. GOVERNMENT AGENCIES (continued)** |  |  |
| **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #AS3878, UMBS, 4.50%, 11/1/2044 | 206327 | $204403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #BE7845, UMBS, 4.50%, 2/1/2047 | 75364 | 74250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #MA4841, UMBS, 5.00%, 12/1/2052 | 6861961 | 6810012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #FS6206, UMBS, 5.50%, 10/1/2053 | 6846191 | 6968404 |
| &nbsp;&nbsp;&nbsp;Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91359, 4.50%, 2/1/2031 | 31528 | 31675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #D98711, 4.50%, 7/1/2031 | 109325 | 109839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #C91746, 4.50%, 12/1/2033 | 92877 | 93285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #G05900, 6.00%, 3/1/2040 | 24343 | 25646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RB5264, UMBS, 5.50%, 11/1/2043 | 4925266 | 5001788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RA8208, UMBS, 5.00%, 1/1/2053 | 5896972 | 5852510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool #RJ0062, UMBS, 5.00%, 10/1/2053 | 7320610 | 7280498 |
| **TOTAL U.S. GOVERNMENT AGENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $37,638,416) |  | **38947865** |
| **SHORT-TERM INVESTMENT - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $39,517,988) | 39517988 | **39517988** |
| **TOTAL INVESTMENTS - 99.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Identified Cost $802,104,313) |  | **788613408** |
| **OTHER ASSETS, LESS LIABILITIES - 1.0%** |  | **7980797** |
| **NET ASSETS - 100%** |  | $**796594205** |

---

**6**

**Investment Portfolio - March 31, 2026**

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS: LONG POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: LONG POSITIONS OPEN AT MARCH 31, 2026 |
| CONTRACTS PURCHASED | ISSUE | EXCHANGE | EXPIRATION | NOTIONAL VALUE <sup>1</sup> | VALUE/UNREALIZED DEPRECIATION |
| 175 | AUD Currency | CME | June 2026 | 12044375 | $(267393) |
| 150 | Euro Currency | CME | June 2026 | 21722812 | (463205) |
| 250 | JPY Currency | CME | June 2026 | 19793750 | (435093) |
| 170 | CAD Currency | CME | June 2026 | 12240000 | (212537) |
| 450 | U.K. Gilt (10 Year) | ICE | June 2026 | 52289480 | (2990703) |
| **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** | **TOTAL LONG POSITIONS** |  | **$(4368931)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUTURES CONTRACTS: SHORT POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT MARCH 31, 2026 | FUTURES CONTRACTS: SHORT POSITIONS OPEN AT MARCH 31, 2026 |
| CONTRACTS SOLD | ISSUE | EXCHANGE | EXPIRATION | NOTIONAL VALUE <sup>1</sup> | VALUE/UNREALIZED APPRECIATION |
| 345 | Euro-BUND (10 Year) | EUREX | June 2026 | 50001551 | $1271576 |
| **TOTAL SHORT POSITIONS** | **TOTAL SHORT POSITIONS** |  |  |  | **$1271576** |

---

ABS - Asset-Backed Security

CME - Chicago Mercantile Exchange

EUR - Euro

EUREX - Eurex Exchange

EURIBOR - Euro Interbank Offered Rate

ICE - Intercontinental Exchange

IO - Interest only

JPY - Japanese Yen

No. - Number

REIT - Real Estate Investment Trust

REMICS - Real Estate Mortgage Investment Conduits

SEK - Swedish Krona

STIB - Stockholm Interbank Offered Rate

UMBS - Uniform Mortgage-Backed Securities

## Less than 0.1%.

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

<sup>2</sup>Security has been valued using significant unobservable inputs.

<sup>3</sup>Floating rate security. Rate shown is the rate in effect as of March 31, 2026.

<sup>4</sup>Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act") and determined to be 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 March 31, 2026 was $26,202,096, or 3.3% of the Series' Net Assets.

<sup>5</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 March 31, 2026 was $428,591,544, which represented 53.8% of the Series' Net Assets.

<sup>6</sup>Issuer filed for bankruptcy and/or is in default of interest payments.

<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 March 31, 2026.

<sup>8</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 March 31, 2026.

<sup>9</sup>Rate shown is the current yield as of March 31, 2026.

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

**Fair Value Information:**

Various inputs are used in determining the value of the Series' assets or liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series' own assumptions in determining the fair value of investments). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is

**7**

**Investment Portfolio - March 31, 2026**

(unaudited)

significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuation levels used for major security types as of March 31, 2026 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;&nbsp;Preferred securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | $416971 | $— | $— | $416971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Assignments | 8632442 |  | 8632442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. Government agencies | 199388410 |  | 199388410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3558127 |  | 3558127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 9096572 |  | 9096572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 16373771 |  | 16373771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 63851770 |  | 63851770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3673123 |  | 3673123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 21232683 |  | 21232683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 17396035 |  | 17396035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 22493224 |  | 22493224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 8685732 |  | 8685732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 199692403 |  | 199692403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 169956609 |  | 169956609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 4647548 |  | 4647548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 39517988 | 39517988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial instruments:<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 1271576 | 1271576 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 789884984 | 40789564 | 748678449 | 416971 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial instruments:<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (1378228) | (1378228) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | (2990703) | (2990703) |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | (4368931) | (4368931) |  |  |
| &nbsp;&nbsp;&nbsp;Total | $785516053 | $36420633 | $748678449 | $416971 |

---

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

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

**8**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Fairport

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 14450

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $798437781.50

**Total Liabilities:** $264347.31

**Net Assets:** $798173434.19

**Cash Not Reported:** $2457150.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 103.17137000 | **1-Year:** 16805.02254000 | **5-Year:** 102696.67197000 | **10-Year:** 35618.02138000 | **30-Year:** 151.50364000

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

- **3-Month:** 803.80117000 | **1-Year:** 19364.39972000 | **5-Year:** 35868.58220000 | **10-Year:** 9671.93666000 | **30-Year:** 17.62184000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010098 | 0.65%                | 0.61%                | -1.09%               |
| Class ID C000206448 | 0.80%                | 0.66%                | -1.03%               |
| Class ID C000129800 | 0.67%                | 0.63%                | -1.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $508935.15               | $2190594.68                                |
| Month 2  | $219668.32               | $2207236.34                                |
| Month 3  | $636248.52               | $-9005643.32                               |

**Designated Index Information**

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

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                                   | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Oxford Finance Llc / Oxford Finance Co-Issuer Ii Inc                                   | OXDFLL 6.375 02/01/27                               | CUSIP: 69145LAC8<br>LEI: 549300LDNS0EYYWL5V49 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4457502.46   | 0.56%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRINITY RAIL LEASING 2018 LLC                                                          | TRL 2020-1A A                                       | CUSIP: 89657AAC0<br>LEI: 549300JQ2JIV94ZI1045 | Long             | ABS-O            | CORP              | US        |   1131100 | PA      | $1077097.75   | 0.13%             | 2050-10-17      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| TRICON AMERICAN HOMES 2020-SFR1                                                        | TAH 2020-SFR1 C                                     | CUSIP: 89613GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2477311.41   | 0.31%             | 2038-07-19      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                                      | Euro(FGBL) Bund Futures                             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |      -345 | NC      | $1271576.24   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                                 | SEMT 2013-6 A2                                      | CUSIP: 81745BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    912367 | PA      | $825430.78    | 0.10%             | 2043-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2014-3                                             | NRZT 2014-3A AFX3                                   | CUSIP: 64829DAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    158494 | PA      | $152492.89    | 0.02%             | 2054-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MFA 2021-INV2 TRUST                                                                    | MFRA 2021-INV2 A1                                   | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2737833 | PA      | $2479670.45   | 0.31%             | 2056-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| ACG HoldCo 1 Ltd.                                                                      | ACGLN 14.75 01/13/29                                | CUSIP: 000000000<br>LEI: 9845008FS09985054W54 | Long             | DBT              | CORP              | GB        |   4050000 | PA      | $4477004.94   | 0.56%             | 2029-01-13      | Fixed         | 14.75%                | No            |                  2 | On Loan: No      |
| PEAR LLC                                                                               | PEAR 2024-1 A                                       | CUSIP: 704933AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2008765 | PA      | $2023960.79   | 0.25%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RJ0062                                           | CUSIP: 3142GQB84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7320610 | PA      | $7280497.60   | 0.91%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLM CORP (SALLIE MAE)                                                                  | SLM 6.5 01/31/30                                    | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4325000 | PA      | $4255683.42   | 0.53%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Avation Group (S) Pte. Ltd.                                                            | AVAPLN 8.5 05/15/31 144A                            | CUSIP: 05390AAA2<br>LEI: 2138006F359FM7HRYK39 | Long             | DBT              | CORP              | SG        |   4500000 | PA      | $4226452.15   | 0.53%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| OXFORD FINANCE FUNDING TRUST 2022-1                                                    | OXFIN 2022-1A A2                                    | CUSIP: 69145BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2105311 | PA      | $2049561.94   | 0.26%             | 2030-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Goodgreen 2020-1                                                                       | GOODG 2020-1A A                                     | CUSIP: 38217TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2170087 | PA      | $1838531.75   | 0.23%             | 2055-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MORTGAGE TRUST 2021-3                                            | DRMT 2021-3 A1                                      | CUSIP: 24381VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5105589 | PA      | $4534834.78   | 0.57%             | 2066-08-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECS TR 24-RM8                                                      | BABS 2024-RM8 A1                                    | CUSIP: 10637YAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3410504 | PA      | $3353731.09   | 0.42%             | 2064-05-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS 2021-A LLC                                                   | CASL 2021-A A2                                      | CUSIP: 19424KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    973235 | PA      | $899473.60    | 0.11%             | 2051-07-25      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST 2021-6                                                             | RCKT 2021-6 A5                                      | CUSIP: 74939KAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4004141 | PA      | $3581677.40   | 0.45%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| LEDN ISSUER TRUST 2026-1                                                               | LEDN 2026-1A A                                      | CUSIP: 523299AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6002958.60   | 0.75%             | 2041-02-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management Funds                                               | Dreyfus Government Cash Management Funds SH BEN INT | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  37129065 | NS      | $37129064.55  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGNED DATA CENTERS ISSUER LLC                                                        | ADC 2021-1A A2                                      | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4454582.99   | 0.56%             | 2046-08-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA1834                                           | CUSIP: 31418BBC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69992 | PA      | $70211.42     | 0.01%             | 2034-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GCAT 2022-NQM3 TRUST                                                                   | GCAT 2022-NQM3 A1                                   | CUSIP: 36168MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7502845 | PA      | $7476406.20   | 0.94%             | 2067-04-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING COMPANY LP                                                        | FPH 8 10/01/30 144A                                 | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3993058.04   | 0.50%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Eagle Funding Luxco S.a.r.l.                                                           | MEXPCP 5.5 08/17/30 144A                            | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |   4630000 | PA      | $4647547.65   | 0.58%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-NQM2                                          | NRZT 2022-NQM2 A1                                   | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7149606 | PA      | $6664136.70   | 0.83%             | 2062-03-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| SUA 2025-1 LLC                                                                         | SUA 2025-1 A                                        | CUSIP: 78485NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4501756.80   | 0.56%             | 2040-05-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Redaptive EAAS Issuer 2025-1 LLC                                                       | RDAP 2025-1A A                                      | CUSIP: 757204AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3780747 | PA      | $3772342.73   | 0.47%             | 2042-03-25      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| HTS FUND II LLC                                                                        | HTS 2025-1 A                                        | CUSIP: 40456GAA7<br>LEI: 30DICB58VS1001USGS60 | Long             | ABS-O            | CORP              | US        |   3650000 | PA      | $3646784.72   | 0.46%             | 2045-06-23      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Alltub Group SAS                                                                       | ALLTUB F 04/30/30                                   | CUSIP: 000000000<br>LEI: 6367000ADQ65VWM8QH87 | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $2966011.28   | 0.37%             | 2030-04-30      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| C&S Wholesale Grocers Inc                                                              | C&S WHOLESALE GROCERS INC                           | CUSIP: 000000000<br>LEI: 54930093F8X1FEZBGJ91 | Long             | LON              | CORP              | US        |   3980000 | PA      | $3883803.40   | 0.49%             | 2030-09-20      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE 2019-3 TRUST                                                 | CAFL 2019-3 A                                       | CUSIP: 21872NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    445005 | PA      | $443756.36    | 0.06%             | 2052-10-18      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE COMMERCIAL MORTGAGE TRUST                                                | CSMC 2013-TH1 A1                                    | CUSIP: 22944PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93269 | PA      | $82803.05     | 0.01%             | 2043-02-25      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| PEAR LLC                                                                               | PEAR 2022-1 A2                                      | CUSIP: 70472XAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1455936 | PA      | $1475099.50   | 0.18%             | 2034-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Twma Finance AS                                                                        | TWMAFI 12.25 02/10/29                               | CUSIP: 000000000<br>LEI: 894500BICEAQTNG2A469 | Long             | DBT              | CORP              | NO        |   3100000 | PA      | $3154250.00   | 0.40%             | 2029-02-10      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Pelorus Fund Reit Llc                                                                  | PELFUN 7 09/30/26 QIB                               | CUSIP: 70615PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4345000 | PA      | $4345776.67   | 0.54%             | 2026-09-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT STUDENT LOAN TRUST 2020-1                                                      | NAVSL 2020-1A A1B                                   | CUSIP: 63942FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2862276 | PA      | $2878984.54   | 0.36%             | 2069-06-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| CF HIPPOLYTA ISSUER LLC                                                                | SORT 2020-1 B1                                      | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1798904 | PA      | $1106324.52   | 0.14%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 2.25 11/15/27                                     | CUSIP: 9128283F5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  47446000 | PA      | $46269116.80  | 5.80%             | 2027-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FINANCE OF AMERICA STRUCTURED SECURITIES TRUST 2025-S1                                 | FASST 2025-S1 A1                                    | CUSIP: 31741BAB0<br>LEI: 254900W0S6GNEJ457023 | Long             | ABS-O            | CORP              | US        |   4403043 | PA      | $4263077.47   | 0.53%             | 2075-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3                                           | GSMBS 2022-PJ3 A24                                  | CUSIP: 362924BK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6774477 | PA      | $6210681.11   | 0.78%             | 2052-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA0115                                           | CUSIP: 31417YDV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9244 | PA      | $9270.05      | 0.00%             | 2029-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RUN TR 2022-NQM1                                                                       | RUN 2022-NQM1 A1                                    | CUSIP: 74981CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2480292 | PA      | $2469176.22   | 0.31%             | 2067-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| METLIFE SECURITIZATION TRUST 2017-1                                                    | MST 2019-1A A                                       | CUSIP: 59166EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    529362 | PA      | $517452.62    | 0.06%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BE7845                                           | CUSIP: 3140FTWF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75364 | PA      | $74250.07     | 0.01%             | 2047-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CENTERSQUARE ISSUER LLC                                                                | CNSQ 2024-1A A2                                     | CUSIP: 15201EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5815163.74   | 0.73%             | 2054-10-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.5 11/15/33                                      | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8804000 | PA      | $8986958.13   | 1.13%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLT 2021-4 MORTGAGE LOAN TRUST                                                        | COLT 2021-4 A1                                      | CUSIP: 19688GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6061980 | PA      | $5202536.33   | 0.65%             | 2066-10-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                                               | ABR 5 04/30/26                                      | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   9506000 | PA      | $9379896.88   | 1.18%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| International Seaways Inc.                                                             | INSW 7.125 09/23/30                                 | CUSIP: 46032VAC0<br>LEI: 549300YUFDGFRNGBWF46 | Long             | DBT              | CORP              | MH        |   4000000 | PA      | $4043383.99   | 0.51%             | 2030-09-23      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NYMT LOAN TRUST 2022-CP1                                                               | NYMT 2022-CP1 A1                                    | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1204207 | PA      | $1138353.34   | 0.14%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2013-7                                                          | SEMT 2013-7 A2                                      | CUSIP: 81745CAB9<br>LEI: 549300DFASAA48I36408 | Long             | ABS-O            | CORP              | US        |     87372 | PA      | $79037.05     | 0.01%             | 2043-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Finance Of America Structured Securities Tr 2017-HB1                                   | FASST 2022-S6 A1                                    | CUSIP: 31740XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3771877 | PA      | $3827018.08   | 0.48%             | 2061-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WINWATER MORTGAGE LOAN TRUST 2015-1                                                    | WIN 2015-1 A1                                       | CUSIP: 97652TAA1<br>LEI: 5493006H0W2XGUBIBK91 | Long             | ABS-O            | CORP              | US        |     63845 | PA      | $59980.73     | 0.01%             | 2045-01-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Smb Private Education Loan Trust 2019-B                                                | SMB 2019-B A2A                                      | CUSIP: 83192CAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    749193 | PA      | $734288.20    | 0.09%             | 2037-06-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| DOMINION DIAMOND MINES ULC                                                             | NORACQ 7.125 11/01/22 144A                          | CUSIP: 66727WAA0<br>LEI: 549300514YCQANUHXW83 | Long             | DBT              | CORP              | CA        |   5870000 | PA      | $58.70        | 0.00%             | 2022-11-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Clear Street Holdings Llc                                                              | CLSTHO 8 09/30/30 QIB                               | CUSIP: 18469LAE9<br>LEI: 254900NQWA30C6L3G919 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3869341.67   | 0.48%             | 2030-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD EUROPEAN REAL ESTATE FINANCE LTD                                              | SRPT 2014-STAR A                                    | CUSIP: 85571XAA5<br>LEI: 5493004YMVUQ9Z7JGZ50 | Long             | ABS-O            | CORP              | GG        |   1533785 | PA      | $767507.30    | 0.10%             | 2027-11-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TRUST 2026-1                                          | VCC 2026-1 M4                                       | CUSIP: 92262WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    298469 | PA      | $302876.66    | 0.04%             | 2056-02-25      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| LGI Homes Inc                                                                          | LGIH 4 07/15/29 144A                                | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3569569.81   | 0.45%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Varel Oil & Gas Inc.                                                                   | VAENSO 12.25 04/07/28                               | CUSIP: 000000000<br>LEI: 984500A10EA482B94081 | Long             | DBT              | CORP              | US        |   3375000 | PA      | $2918692.07   | 0.37%             | 2028-04-07      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| HOTWIRE FUNDING LLC                                                                    | HWIRE 2021-1 A2                                     | CUSIP: 44148JAA7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3449619.83   | 0.43%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities 2020-1 Trust                                    | WFMBS 2020-1 A1                                     | CUSIP: 95002KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1956845 | PA      | $1700587.07   | 0.21%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-INV5                                                     | JPMMT 2021-INV5 A3A                                 | CUSIP: 46653XAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2428233 | PA      | $2195145.36   | 0.28%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Encore Capital Group Inc.                                                              | ECPG 6.625 04/15/31 144A                            | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3997073.79   | 0.50%             | 2031-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Sesi, L.L.C.                                                                           | SPN 7.875 09/30/30 144A                             | CUSIP: 78412FAX2<br>LEI: XDZ56K6RXS5J1ESBZS35 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4078760.73   | 0.51%             | 2030-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST 2012-1                                                          | SLMA 2012-1 A3                                      | CUSIP: 78446WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4980999 | PA      | $4953667.48   | 0.62%             | 2028-09-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| FONTAINEBLEAU MIAMI BEACH TRUST 2024-FBLU                                              | FMBT 2024-FBLU A                                    | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6720000 | PA      | $6712317.05   | 0.84%             | 2039-12-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Airborne Capital USA LLC                                                               | AIRBOR 10.5 08/02/29                                | CUSIP: 009263AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3383531.36   | 0.42%             | 2029-08-02      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ECMC GROUP STUDENT LOAN TRUST 2025-2                                                   | ECMC 2025-2A A                                      | CUSIP: 26827YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7451525 | PA      | $7470850.45   | 0.94%             | 2074-11-26      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| PEAR 2023-1 LLC                                                                        | PEAR 2023-1 A                                       | CUSIP: 70473AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4489857 | PA      | $4579472.23   | 0.57%             | 2035-07-16      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Open Infra US Assets AB (Publ)                                                         | OPINUS 11 02/22/27                                  | CUSIP: 000000000<br>LEI: 636700Q0GRT4S8KDJD57 | Long             | DBT              | CORP              | SE        |   3600000 | PA      | $3558127.12   | 0.45%             | 2027-02-22      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GCAT 2024-NQM1                                                                         | GCAT 2024-NQM1 A1                                   | CUSIP: 36169HAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500170 | PA      | $2509878.80   | 0.31%             | 2059-01-25      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Cogent IPV4 LLC                                                                        | CGNT 2024-1A A2                                     | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2380000 | PA      | $2451891.92   | 0.31%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Organon & Co                                                                           | OGN 5.125 04/30/31 144A                             | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $3673123.62   | 0.46%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2014-2                                                      | JPMMT 2014-2 1A1                                    | CUSIP: 46641YAA1<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-O            | CORP              | US        |     60377 | PA      | $59628.70     | 0.01%             | 2029-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                  | AAL 5.5 04/20/26 144A                               | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1749027.79   | 0.22%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IIP Operating Partnership LP                                                           | IIPR 5.5 05/25/26 *                                 | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4320000 | PA      | $4295267.82   | 0.54%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN AS3878                                           | CUSIP: 3138WDJY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    206327 | PA      | $204402.85    | 0.03%             | 2044-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2013-2                                                          | SEMT 2013-2 A                                       | CUSIP: 81745MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87294 | PA      | $76402.26     | 0.01%             | 2043-02-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| IMPERIAL FUND MORTGAGE TRUST 2022-NQM4                                                 | IMPRL 2022-NQM4 A1                                  | CUSIP: 45276NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6836105 | PA      | $6811871.64   | 0.85%             | 2067-06-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| UWM MORTGAGE TRUST 2021-1                                                              | UWM 2021-1 A15                                      | CUSIP: 91824NBL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2061546 | PA      | $1701535.88   | 0.21%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| OBX 2022-NQM2 TRUST                                                                    | OBX 2022-NQM2 A1A                                   | CUSIP: 67448DAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2723927 | PA      | $2647295.66   | 0.33%             | 2062-01-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| NAVIENT STUDENT LOAN TRUST 2014-1                                                      | NAVSL 2014-1 A3                                     | CUSIP: 63938EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1747851 | PA      | $1728278.54   | 0.22%             | 2031-06-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| CAPTERIS EQUIPMENT FINANCE 2024-1                                                      | CPTRS 2024-1A A2                                    | CUSIP: 14077AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2529538 | PA      | $2566982.50   | 0.32%             | 2032-07-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Tricon Residential 2024-SFR4 Trust                                                     | TCN 2024-SFR4 A                                     | CUSIP: 895975AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2961386 | PA      | $2903376.54   | 0.36%             | 2041-11-17      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Lyra Music Assets Del LP                                                               | LYRA 2024-2A A2                                     | CUSIP: 552339AA1<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |   3699344 | PA      | $3726827.33   | 0.47%             | 2064-12-20      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| OXFORD FINANCE CREDIT FUND III 2024                                                    | OXFINF 2024-A A2                                    | CUSIP: 69145DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2661549 | PA      | $2674031.51   | 0.34%             | 2032-01-14      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| BOURZOU ISSUER LLC                                                                     | CLDCD 2024-1A A2                                    | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8250000 | PA      | $8232258.03   | 1.03%             | 2049-11-22      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES TRUST                                                    | BABS 2025-RM11 A1                                   | CUSIP: 10638GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2992915 | PA      | $2933181.59   | 0.37%             | 2065-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Legres AB (publ)                                                                       | SERGEL 0 04/30/26                                   | CUSIP: 000000000<br>LEI: 5493004FBCZN6ATKYD40 | Long             | DBT              | CORP              | SE        |  32500000 | PA      | $2746483.71   | 0.34%             | 2026-04-30      | Floating      | 10.97%                | No            |                  2 | On Loan: No      |
| DURAN LIFE SCIENCE HOLDING GMBH                                                        | DURLIF F 05/31/30                                   | CUSIP: 000000000<br>LEI: 5299003W0EE08LV85B90 | Long             | DBT              | CORP              | DE        |   3700000 | PA      | $4288330.40   | 0.54%             | 2030-05-31      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2019-2                                             | NRZT 2019-2A A1                                     | CUSIP: 64830DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    988032 | PA      | $980210.39    | 0.12%             | 2057-12-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RB5264                                           | CUSIP: 3133KYZ51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4925266 | PA      | $5001788.24   | 0.63%             | 2043-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WestJet Loyalty LP                                                                     | WestJet Airlines Term Loan B 275 2031-02-01         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4900000 | PA      | $4748639.00   | 0.59%             | 2031-02-14      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| SLAM 2021-1 LLC                                                                        | SLAM 2021-1A A                                      | CUSIP: 78449AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4480000 | PA      | $4246975.49   | 0.53%             | 2046-06-15      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP/DRAWBRIDGE SPECIAL OPPORTUNITIES FINANCE CORP | DRAWBR 5.95 09/17/30 144A                           | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3757098.44   | 0.47%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                       | Euro FX Futures, Jun-2026,ETH                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       150 | NC      | $-463204.88   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-1                                                        | JPMMT 2021-1 A11                                    | CUSIP: 46592EBC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2971198 | PA      | $2757687.52   | 0.35%             | 2051-06-25      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| DIAMOND INFRASTRUCTURE FUNDING LLC                                                     | DNFRA 2021-1A A                                     | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4887891.50   | 0.61%             | 2049-04-15      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST 2023-B                                            | NAVSL 2023-BA A1A                                   | CUSIP: 63942TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    272034 | PA      | $278653.78    | 0.03%             | 2072-03-15      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                       | Canadian Dollar Futures, Jun-2026,ETH               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       170 | NC      | $-212537.40   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2022-A                                       | NAVSL 2022-A A                                      | CUSIP: 63942MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2145277 | PA      | $1959996.84   | 0.25%             | 2070-07-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Legal Business Services LLC                                                            | CARTIG 8 06/15/26 QIB                               | CUSIP: 52474DAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4002275.91   | 0.50%             | 2026-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Futura Resources Ltd.                                                                  | FUTRRS 13.125 01/09/31                              | CUSIP: 000000000<br>LEI: 254900IXVQZ9YW05UP87 | Long             | DBT              | CORP              | AU        |   4000000 | PA      | $3720150.07   | 0.47%             | 2031-01-09      | Fixed         | 13.12%                | No            |                  2 | On Loan: No      |
| Navient Corporation                                                                    | NAVI 6.75 06/15/26                                  | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4008886.48   | 0.50%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OXFORD FINANCE FUNDING TRUST 2025-1                                                    | OXFIN 2025-1A A2                                    | CUSIP: 69144BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3989628.80   | 0.50%             | 2035-02-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing 2021 LLC                                                          | TRL 2021-1A A                                       | CUSIP: 89656GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1613122 | PA      | $1514299.24   | 0.19%             | 2051-07-19      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| PEAR THERAPEUTICS INC                                                                  | PEAR 2021-1 A                                       | CUSIP: 70472TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64879 | PA      | $64811.26     | 0.01%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG D98711                                           | CUSIP: 3128E5VC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    109325 | PA      | $109838.91    | 0.01%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2024-VLT4                                                                     | BX 2024-VLT4 A                                      | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5100000 | PA      | $5068286.89   | 0.63%             | 2041-06-17      | Floating      | 5.16%                 | 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        |   3198583 | PA      | $3122816.48   | 0.39%             | 2056-08-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST 2024-D                                                | SMB 2024-D A1B                                      | CUSIP: 83207QAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4122275 | PA      | $4084517.00   | 0.51%             | 2053-07-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RA8208                                           | CUSIP: 3133KQDM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5896972 | PA      | $5852510.15   | 0.73%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN FS4047                                           | CUSIP: 3140XKP95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6184383 | PA      | $5910118.69   | 0.74%             | 2042-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GRACIE POINT INTERNATIONAL FUNDING 2025-1 LLC                                          | GPIF 2025-1A A                                      | CUSIP: 38411WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3003409.20   | 0.38%             | 2028-08-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST 2008-4                                                          | SLMA 2008-4 A4                                      | CUSIP: 78445AAD8<br>LEI: 549300EQOYJZL2D96G46 | Long             | ABS-O            | CORP              | US        |   1536589 | PA      | $1530850.48   | 0.19%             | 2022-07-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2022-INV3                                                   | JPMMT 2022-INV3 A4B                                 | CUSIP: 46593FAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5134628 | PA      | $4571917.05   | 0.57%             | 2052-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                       | ABR 9 10/15/27 QIB                                  | CUSIP: 03881NAG2<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3992010.93   | 0.50%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL FUND MTG                                                                      | IMPRL 2022-NQM2 A1                                  | CUSIP: 45276PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5263098 | PA      | $5064476.31   | 0.63%             | 2067-03-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2019-HY1                                                     | TPMT 2019-HY1 A1                                    | CUSIP: 89177EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    433787 | PA      | $433936.32    | 0.05%             | 2048-10-26      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust 2015-2                                             | NRZT 2015-2A A1                                     | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    211527 | PA      | $205445.08    | 0.03%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TRP 2021 LLC                                                                           | TRP 2021-1 A                                        | CUSIP: 87267CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2502928 | PA      | $2415002.59   | 0.30%             | 2051-06-17      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| Contships Logistics Corp                                                               | CRTSHP 9 02/11/30                                   | CUSIP: 000000000<br>LEI: 5299008CWR6YALKEN578 | Long             | DBT              | CORP              | MH        |   4500000 | PA      | $4717146.04   | 0.59%             | 2030-02-11      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PCG 2023-1 LLC                                                                         | PCG 2023-1 NOTE                                     | CUSIP: 70461JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    178792 | PA      | $178778.20    | 0.02%             | 2029-07-25      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                       | Australian Dollar Futures, Jun-2026,ETH             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       175 | NC      | $-267393.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| WBHT COMMERCIAL MORTGAGE TRUST 2025-WBM                                                | WBHT 2025-WBM A                                     | CUSIP: 92943QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3650000 | PA      | $3647724.34   | 0.46%             | 2042-06-16      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust 2014-4                                                      | NAVSL 2020-GA A                                     | CUSIP: 63941UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    254807 | PA      | $238630.72    | 0.03%             | 2069-09-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Velocity Portfolio Group Inc.                                                          | VPGI 9.75 03/01/33 QIB                              | CUSIP: 92257EAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4201877.51   | 0.53%             | 2033-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST 2012-7                                                          | SLMA 2012-7 A3                                      | CUSIP: 78447KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8035374 | PA      | $7900891.57   | 0.99%             | 2026-05-26      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| ReadyCap Holdings LLC                                                                  | RDYCAP 9.375 03/01/28 QIB                           | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4077918.30   | 0.51%             | 2028-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-5                                                        | JPMMT 2021-5 A4                                     | CUSIP: 46592LAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7341899 | PA      | $6629368.65   | 0.83%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-GR3                                           | GSMBS 2021-GR3 A6                                   | CUSIP: 36263TAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3978059 | PA      | $3598761.02   | 0.45%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Nickel Industries Ltd.                                                                 | NICAU 9 09/30/30 144A                               | CUSIP: 653890AB9<br>LEI: 54930007K0WX53TSIK16 | Long             | DBT              | CORP              | AU        |   4000000 | PA      | $3991499.49   | 0.50%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| OASIS SECURITISATION 24-1A                                                             | OASIS 2024-1A A                                     | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4986730.50   | 0.62%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES TRUST 2021-RM2                                           | BABS 2021-RM2 A                                     | CUSIP: 10638MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2110755 | PA      | $2079203.67   | 0.26%             | 2061-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2019-2                                                 | BRAVO 2019-2 A3                                     | CUSIP: 10568LAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1520369 | PA      | $1459400.75   | 0.18%             | 2044-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Us Claims Litigation Funding LLC                                                       | USCLFD 10.25 03/17/28                               | CUSIP: 91735CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1211743.52   | 0.15%             | 2028-03-17      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| JP MORGAN SEASONED MORTGAGE TRUST 2025-1                                               | JPSMT 2025-1 A4                                     | CUSIP: 46659PAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3654620 | PA      | $3418039.09   | 0.43%             | 2063-01-25      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                        | IEP 10 11/15/29 144A                                | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3935478.49   | 0.49%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CIM TRUST 2019-INV1                                                                    | CIM 2019-INV1 A1                                    | CUSIP: 12555DAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30221 | PA      | $28797.79     | 0.00%             | 2049-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2018-2                                                       | TPMT 2018-2 A1                                      | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100399 | PA      | $99655.35     | 0.01%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| North-Sono Preference                                                                  | North-Sono Preference                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | SE        |    647220 | NS      | $416970.51    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| KREF 2021-Fl2 Ltd.                                                                     | KREF 2021-FL2 AS                                    | CUSIP: 48275RAC1<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3483159.75   | 0.44%             | 2039-02-17      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| ALLO ISSUER LLC                                                                        | ALLO 2023-1A A2                                     | CUSIP: 01983KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4400000 | PA      | $4430903.36   | 0.56%             | 2053-06-20      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| NAVIENT STUDENT LOAN TRUST 2021-1                                                      | NAVSL 2021-1A A1A                                   | CUSIP: 63942NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3086895 | PA      | $2763778.38   | 0.35%             | 2069-12-26      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ9                                           | GSMBS 2021-PJ9 A8                                   | CUSIP: 36263CAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2550112 | PA      | $2294345.51   | 0.29%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2013-8                                                          | SEMT 2013-8 A1                                      | CUSIP: 81745EAA7<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-O            | CORP              | US        |    115357 | PA      | $105019.01    | 0.01%             | 2043-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                                                     | Long Gilt Future - ICEU                             | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |       450 | NC      | $-2990703.32  | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                       | Japanese Yen Futures, Jun-2026,ETH                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       250 | NC      | $-435092.50   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Alexander Funding Trust II                                                             | NRG 7.467 07/31/28                                  | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8250000 | PA      | $8685731.69   | 1.09%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| SBA Tower Trust                                                                        | SBATOW 6.599 01/15/28 144A                          | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6110000 | PA      | $6213307.88   | 0.78%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| New Fortress Energy Inc.                                                               | NFE 8.75 03/15/29 144A                              | CUSIP: 644393AC4<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |   4195000 | PA      | $601938.11    | 0.08%             | 2029-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Bancorp Inc                                                                            | TBBK 7.375 09/01/30                                 | CUSIP: 05969AAB1<br>LEI: 894500FP2ICT1B019Y71 | Long             | DBT              | CORP              | US        |   2275000 | PA      | $2360708.19   | 0.30%             | 2030-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN AW5338                                           | CUSIP: 3138XU4Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    375443 | PA      | $371910.67    | 0.05%             | 2044-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDVESTINU PRIVATE EDUCATION LOAN ISSUE N.2 LLC                                         | EDVES 2019-A A                                      | CUSIP: 28166GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470820 | PA      | $465917.54    | 0.06%             | 2038-11-25      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| FS RIALTO 2021-FL2 ISSUER LTD                                                          | FSRIA 2021-FL2 A                                    | CUSIP: 30319YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    591765 | PA      | $591749.31    | 0.07%             | 2038-05-18      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE 2020-3 TRUST                                                 | CAFL 2020-3 A                                       | CUSIP: 21873CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63481 | PA      | $63166.28     | 0.01%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| SBA Tower Trust                                                                        | SBATOW 4.831 10/15/29 144A                          | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3630000 | PA      | $3645813.37   | 0.46%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| HORIZON AIRCRAFT FINANCE IV LTD                                                        | HORZN 2024-1 A                                      | CUSIP: 43990EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6845000 | PA      | $6781364.77   | 0.85%             | 2049-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-4                                                        | JPMMT 2021-4 A3B                                    | CUSIP: 46652VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3700491 | PA      | $2904348.84   | 0.36%             | 2051-08-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                     | BURLN 7.5 07/15/33 144A                             | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3329833.61   | 0.42%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding 2019-1 Llc                                                      | OXFIN 2023-1A A2                                    | CUSIP: 69145CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3201998 | PA      | $3224681.77   | 0.40%             | 2031-02-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| ROCK TRUST 2024-CNTR                                                                   | ROCC 2024-CNTR A                                    | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4250000 | PA      | $4321690.98   | 0.54%             | 2041-11-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Golden Pear Funding Holdco Llc                                                         | GLDNPR 10 03/02/28                                  | CUSIP: 38116FAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1219094.27   | 0.15%             | 2028-03-02      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JP MORGAN SEASONED MORTGAGE TRUST 2024-1                                               | JPSMT 2024-1 A4                                     | CUSIP: 61777HAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3946636 | PA      | $3858731.68   | 0.48%             | 2063-01-25      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Imperial Fund Mortgage Trust 2022-NQM3                                                 | IMPRL 2022-NQM3 A1                                  | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2925399 | PA      | $2913969.73   | 0.37%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                                               | FG 6.5 06/04/29                                     | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3039000 | PA      | $3051138.04   | 0.38%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VELOCITYSBA LOAN TRUST 2026-1                                                          | VLSBA 2026-1 A                                      | CUSIP: 922968AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1975000.00   | 0.25%             | 2051-01-20      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN 995876                                           | CUSIP: 31416CJV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127393 | PA      | $134044.21    | 0.02%             | 2038-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sutherland Coml Mtg Tr 2019-Sbc8                                                       | SCML 2019-SBC8 A                                    | CUSIP: 86935CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1248801 | PA      | $1192140.16   | 0.15%             | 2041-04-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| HAWAII HOTEL TRUST 2025-MAUI                                                           | HHT 2025-MAUI A                                     | CUSIP: 419909AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4050000 | PA      | $4038974.49   | 0.51%             | 2042-03-17      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 1.375 11/15/31                                    | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  45474000 | PA      | $39434484.38  | 4.94%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| DATABANK ISSUER LLC                                                                    | COLO 2023-1A A2                                     | CUSIP: 23802WAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3345000 | PA      | $3318005.05   | 0.42%             | 2053-02-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST 2008-3                                                          | SLMA 2008-3 A3                                      | CUSIP: 78444GAC8<br>LEI: 549300OORAXMFXOHG132 | Long             | ABS-O            | CORP              | US        |   2912002 | PA      | $2914110.02   | 0.37%             | 2083-04-26      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| FINANCE OF AMERICA STRUCTURED SECURITIES TRUST 2024-S2                                 | FASST 2024-S2 A1                                    | CUSIP: 31739VAA2<br>LEI: 2549004CLYOCOW3IBQ95 | Long             | ABS-O            | CORP              | US        |   3845390 | PA      | $3772049.24   | 0.47%             | 2074-04-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FHMS K106 X1                                        | CUSIP: 3137FRUV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  49900844 | PA      | $2090612.32   | 0.26%             | 2030-01-25      | Variable      | 1.31%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2021-4                                  | MSRM 2021-4 A4                                      | CUSIP: 61772MAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8550256 | PA      | $7719924.91   | 0.97%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| North Investment Group AB                                                              | NORIVG F 12/31/27 DMTN                              | CUSIP: 000000000<br>LEI: 254900NLPIHD51XJYE02 | Long             | DBT              | CORP              | SE        |  18750017 | PA      | $1537142.08   | 0.19%             | 2027-12-31      | Floating      | 11.01%                | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ1                                           | GSMBS 2022-PJ1 A15                                  | CUSIP: 36263NAQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3806656 | PA      | $3549159.73   | 0.44%             | 2052-05-25      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| SALT 2021-1 TRUST                                                                      | SALTT 2021-1A AA                                    | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325181 | PA      | $318287.23    | 0.04%             | 2033-02-28      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM1 TRUST                                                                    | OBX 2024-NQM1 A1                                    | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-O            | CORP              | US        |   2206889 | PA      | $2213064.41   | 0.28%             | 2063-11-25      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| ECMC GROUP STUDENT LOAN TRUST 2024-1                                                   | ECMC 2024-1A A                                      | CUSIP: 26828PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3519597 | PA      | $3544417.25   | 0.44%             | 2073-11-27      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG G05900                                           | CUSIP: 3128M73H7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24343 | PA      | $25646.09     | 0.00%             | 2040-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-LTV2                                                     | JPMMT 2021-LTV2 A1                                  | CUSIP: 46654VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3895082 | PA      | $3235142.41   | 0.41%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| HOTWIRE FUNDING LLC                                                                    | HWIRE 2024-1A A2                                    | CUSIP: 44148JAH2<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1011804.51   | 0.13%             | 2054-06-20      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                                                                  | SWTCH 2024-2A A2                                    | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3948013.96   | 0.49%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| USQ RAIL II LLC                                                                        | STEAM 2021-3A A                                     | CUSIP: 90354PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4895833 | PA      | $4728965.34   | 0.59%             | 2051-06-28      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG C91746                                           | CUSIP: 3128P75F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     92877 | PA      | $93285.25     | 0.01%             | 2033-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| International Seaways Inc.                                                             | INSW 7.125 09/23/30                                 | CUSIP: 46032VAC0<br>LEI: 549300YUFDGFRNGBWF46 | Long             | DBT              | CORP              | MH        |   1000000 | PA      | $1010846.00   | 0.13%             | 2030-09-23      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Swch Commercial Mortgage Trust 2025-Data                                               | SWCH 2025-DATA A                                    | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3453554.92   | 0.43%             | 2042-02-18      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| CF HIPPOLYTA ISSUER LLC                                                                | SORT 2020-1 A1                                      | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3617648 | PA      | $3031046.34   | 0.38%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Ggam Master Trust Internationa Ltd. / Ggam Mastertrust Us LLC                          | GGAMMT 2025-1A A                                    | CUSIP: 36173XAA0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | ABS-O            | CORP              | KY        |   4354720 | PA      | $4339032.61   | 0.54%             | 2060-09-30      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| FIP MASTER FUNDING LLC                                                                 | FI 2026-1A A1                                       | CUSIP: 30332YAM3<br>LEI: 549300VYR1U1PKPKL718 | Long             | ABS-O            | CORP              | US        |   4950000 | PA      | $4866140.65   | 0.61%             | 2056-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.125 02/15/36                                    | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32282000 | PA      | $31777593.75  | 3.98%             | 2036-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sp Cruises Intermediate Ltd.                                                           | SPCRUI 11.5 03/14/30                                | CUSIP: 000000000<br>LEI: 2549001UGAS65A7Y0678 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $3989860.09   | 0.50%             | 2030-03-14      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                  | FN MA4841                                           | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6861961 | PA      | $6810012.03   | 0.85%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 3.125 11/15/28                                    | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  34572000 | PA      | $33972391.88  | 4.26%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Newcastle Coal Infrastructure Group Pty Ltd                                            | NCIAU 4.4 09/29/27 144A                             | CUSIP: 65106WAA3<br>LEI: 549300YAJ8XYYGW2TZ32 | Long             | DBT              | CORP              | AU        |   1684792 | PA      | $1673130.27   | 0.21%             | 2027-09-29      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust 2017-2                                                      | NAVSL 2017-2A A                                     | CUSIP: 63939RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2253111 | PA      | $2259531.73   | 0.28%             | 2066-12-27      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| STORE MASTER FUNDING I-VII                                                             | STR 2019-1 A1                                       | CUSIP: 86212XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2342919 | PA      | $2312778.03   | 0.29%             | 2049-11-20      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG C91359                                           | CUSIP: 3128P7QL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31528 | PA      | $31674.33     | 0.00%             | 2031-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNR 2018-31 KP                                      | CUSIP: 3136B1YD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      5788 | PA      | $5760.23      | 0.00%             | 2047-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2021-A                                       | NAVSL 2021-A A                                      | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    436475 | PA      | $399860.26    | 0.05%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Commonbond Student Loan Trust 2019-A-Gs                                                | CBSLT 2019-AGS A1                                   | CUSIP: 20268CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090504 | PA      | $1002603.21   | 0.13%             | 2047-01-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Loan Trust 2015-B                                            | NAVSL 2015-BA A3                                    | CUSIP: 63939KAC3<br>LEI: 549300GZIQGXPYGM8M95 | Long             | ABS-O            | CORP              | US        |    463689 | PA      | $464244.79    | 0.06%             | 2040-07-16      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST 2023-B                                            | NAVSL 2023-BA A1B                                   | CUSIP: 63942TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    634745 | PA      | $637968.98    | 0.08%             | 2072-03-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN FS6206                                           | CUSIP: 3140XM3Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6846191 | PA      | $6968404.54   | 0.87%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OXFORD FINANCE CREDIT FUND III 2025                                                    | OXFINF 2025-A A2                                    | CUSIP: 69145VAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3400000 | PA      | $3377890.82   | 0.42%             | 2034-08-14      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

**Signature:** Jill Peeper

**Name of Signer:** Jill Peeper

**Title:** Principal Financial Officer and Treasurer