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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>D.R. HORTON INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Synopsys Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>West Fraser Timber Co Ltd</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <name>Canadian National Railway Co</name>
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      <invstOrSec>
        <name>Provident Funding Mortgage Tru</name>
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        <title>Provident Funding Mortgage Trust 2021-INV1</title>
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          <isin value="US74387VAA70"/>
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        <name>Air Liquide SA</name>
        <lei>969500MMPQVHK671GT54</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPITAL ONE FINANCIAL CO</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3138EHR87</cusip>
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        <name>MET LIFE GLOB FUNDING I</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>Deutsche Boerse AG</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>ALLO Issuer, LLC</name>
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        <name>PNC FINANCIAL SERVICES</name>
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        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <name>TransUnion</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK LIFE GLOBAL FDG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>85586.95000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Moody's Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GS Mortgage-Backed Securities</name>
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          <isin value="US36263KAJ07"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>KINDER MORGAN INC</name>
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        <title>Kinder Morgan Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CIM Trust</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XGJZ3</cusip>
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          <isin value="US3140XGJZ32"/>
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        <balance>1999429.73000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <name>OPEN INFRA US ASSETS AB</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>11.00000000</annualizedRt>
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        <name>TSMC</name>
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        <title>Taiwan Semiconductor Manufacturing Co Ltd</title>
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        <invCountry>TW</invCountry>
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        <name>Cogent IPv4 LLC</name>
        <lei>N/A</lei>
        <title>Cogent Ipv4 LLC</title>
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        <name>L3Harris Technologies Inc</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>L3Harris Technologies Inc</title>
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          <ticker value="LHX"/>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>KEY BANK NA</name>
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        <title>KeyBank NA/Cleveland OH</title>
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        <name>ALASKA AIR 2020-1 CL B</name>
        <lei>N/A</lei>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Gold Pool</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2034-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Pear LLC</name>
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        <name>ICAHN ENTERPRISES/FIN</name>
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        <name>CF Hippolyta Issuer LLC</name>
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        <name>Fannie Mae</name>
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        <name>Cadence Design Systems Inc</name>
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        <name>Fannie Mae</name>
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        <name>TENCENT HOLDINGS LTD</name>
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        <title>Tencent Holdings Ltd</title>
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      <invstOrSec>
        <name>Oxford Finance Funding Trust</name>
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        <name>US TREASURY N/B</name>
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        <name>Brean Asset Backed Securities</name>
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        <name>NVIDIA Corp</name>
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        <name>MercadoLibre Inc</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>GS Mortgage-Backed Securities</name>
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        <name>Aligned Data Centers Issuer LL</name>
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        <name>Fannie Mae</name>
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        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>Fiserv Inc</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>US CLAIMS LIT FNDG LLC</name>
        <lei>N/A</lei>
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        <name>Fannie Mae</name>
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        <name>PMT Loan Trust</name>
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        <name>Sherwin-Williams Co/The</name>
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      <invstOrSec>
        <name>Blackrock Inc</name>
        <lei>529900VBK42Y5HHRMD23</lei>
        <title>Blackrock Inc</title>
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          <isin value="US09290D1019"/>
          <ticker value="BLK"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3138Y6Y81</cusip>
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          <isin value="US3138Y6Y817"/>
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        <balance>174497.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>171607.16000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BJMZ5</cusip>
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          <isin value="US3136BJMZ51"/>
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        <balance>776858.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>663606.65000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EHK9</cusip>
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          <isin value="US31418EHK91"/>
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        <balance>2500929.93000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JAPAN (2 YEAR ISSUE)</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Two Year Bond</title>
        <cusip>000000000</cusip>
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          <isin value="JP1024561Q15"/>
          <other otherDesc="SEDOL" value="BMZ8S19"/>
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        <balance>210000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Onslow Bay Financial LLC</name>
        <lei>N/A</lei>
        <title>OBX 2022-INV1 Trust</title>
        <cusip>67115NAA8</cusip>
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          <isin value="US67115NAA81"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Globant SA</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>Globant SA</title>
        <cusip>000000000</cusip>
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          <isin value="LU0974299876"/>
          <ticker value="GLOB"/>
          <other otherDesc="SEDOL" value="BP40HF4"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>91282CLW9</cusip>
        <identifiers>
          <isin value="US91282CLW90"/>
          <other otherDesc="SEDOL" value="BRK14Z4"/>
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        <balance>5502000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>9128283F5</cusip>
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          <isin value="US9128283F58"/>
          <other otherDesc="SEDOL" value="BF92XX5"/>
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        <balance>11296000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>New Economy Assets Phase 1 Iss</name>
        <lei>N/A</lei>
        <title>New Economy Assets - Phase 1 Sponsor LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp</title>
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        <name>Sociedad Quimica y Minera de C</name>
        <lei>TJ88LXZZW5PWIN93ZC81</lei>
        <title>Sociedad Quimica y Minera de Chile SA</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CL</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>DREYFUS GOVERNMENT CASH MANAGEMENT</name>
        <lei>5493000Q69I5Q3QZIA91</lei>
        <title>DREYFUS GOVERN CASH MGMT-I</title>
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          <isin value="US2620062081"/>
          <ticker value="DGCXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EES5</cusip>
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          <isin value="US31418EES54"/>
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        <name>Intuitive Surgical Inc</name>
        <lei>54930052SRG011710797</lei>
        <title>Intuitive Surgical Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>IIP OPERATING PARTNER</name>
        <lei>N/A</lei>
        <title>IIP Operating Partnership LP</title>
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        <invCountry>US</invCountry>
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        <name>Nelnet Student Loan Trust</name>
        <lei>N/A</lei>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Gold Pool</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>BROOGE PETROLEUM AND GAS</name>
        <lei>213800T6YBVV45KTOC07</lei>
        <title>Brooge Petroleum and Gas Investment Co FZE</title>
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        <curCd>USD</curCd>
        <valUSD>458089.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SLAM 2021-1 LLC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage-Backed Securities</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Trust 2021-PJ9</title>
        <cusip>36263CAH2</cusip>
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          <isin value="US36263CAH25"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTH CAROLINA ST PUBLIC SVC A</name>
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        <title>South Carolina Public Service Authority</title>
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          <isin value="US837151XH71"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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        <name>Sequoia Mortgage Trust</name>
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          <isin value="US81745EAA73"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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          <isin value="US31418DU595"/>
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        <balance>1671151.90000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Taylor Wimpey PLC</name>
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        <title>Taylor Wimpey PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2016-4</title>
        <cusip>64829LAA6</cusip>
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          <isin value="US64829LAA61"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-11-25</maturityDt>
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      <invstOrSec>
        <name>Masco Corp</name>
        <lei>5GCSNMQXHEYA1JO8QN11</lei>
        <title>Masco Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Stack Infrastructure Issuer LL</name>
        <lei>254900AV7V87H3A2WM57</lei>
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        <name>CARLYLE SECURED LENDING</name>
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        <title>Carlyle Secured Lending Inc</title>
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        <name>UNITED AIR 2019-2 B PTT</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>Rollins Inc</name>
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        <name>Oxford Finance Credit Fund III</name>
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        <name>Chipotle Mexican Grill Inc</name>
        <lei>N/A</lei>
        <title>Chipotle Mexican Grill Inc</title>
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        <name>AERCAP IRELAND CAP/GLOBA</name>
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        <invCountry>IE</invCountry>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418EMS6</cusip>
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        <balance>3151089.76000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <name>Mastercard Inc</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hermes International SCA</name>
        <lei>969500Y4IJGHJE2MTJ13</lei>
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          <ticker value="HESAY"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Persimmon PLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ROSS STORES INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XRLN3</cusip>
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          <isin value="US3140XRLN39"/>
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        <balance>1219169.56000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2050-03-01</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3132DNHE67"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XKZD5</cusip>
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          <isin value="US3140XKZD57"/>
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        <balance>3476996.70000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lonza Group AG</name>
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          <ticker value="LZAGY"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
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          <isin value="US912810TF57"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CITIZENS BANK NA/RI</name>
        <lei>DRMSV1Q0EKMEXLAU1P80</lei>
        <title>Citizens Bank NA/Providence RI</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-09</maturityDt>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>31418CZ56</cusip>
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          <isin value="US31418CZ562"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
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        <name>Alphabet Inc</name>
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        <title>Alphabet Inc</title>
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        <name>ACG HOLDCO 1 LTD</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PCG LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca PLC</title>
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          <isin value="US0463531089"/>
          <ticker value="AZN"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ALIBABA GROUP HOLDING</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd</title>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>PALOMINO FUNDING TRUST I</name>
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        <title>Palomino Funding Trust I</title>
        <cusip>69754AAA8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange Inc</title>
        <cusip>45866F104</cusip>
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          <ticker value="ICE"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NEW FORTRESS ENERGY INC</name>
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        <name>Fannie Mae</name>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>Provident Funding Mortgage Tru</name>
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        <name>Freddie Mac</name>
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        <name>TELFORD FINCO</name>
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        <name>Oxford Finance Funding Trust</name>
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        <name>MEX BONOS DESARR FIX RT</name>
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        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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        <name>CENOVUS ENERGY INC</name>
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      <invstOrSec>
        <name>COMMONBOND STUDENT LOAN TRUST</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIRIUSPOINT LTD</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deephaven Residential Mortgage</name>
        <lei>N/A</lei>
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          <isin value="US24381VAA89"/>
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        <balance>1927499.12000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALEXANDER FUND TRUST II</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDEN PEAR FUND HOLDCO</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-02</maturityDt>
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          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>Onslow Bay Financial LLC</name>
        <lei>254900UI1468MQ7I8472</lei>
        <title>OBX 2024-NQM1 Trust</title>
        <cusip>67448LAA0</cusip>
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          <isin value="US67448LAA08"/>
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        <balance>1091548.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1095688.28000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
        <cusip>316773DJ6</cusip>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.36100000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HEICO Corp</name>
        <lei>529900O1DTDLCJ7L0I14</lei>
        <title>HEICO Corp</title>
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          <ticker value="HEI/A"/>
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        <balance>19741.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAE Systems PLC</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BAE Systems PLC</title>
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          <ticker value="BAESY"/>
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        <balance>38138.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Gold Pool</title>
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        <curCd>USD</curCd>
        <valUSD>36110.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Atlassian Corp</name>
        <lei>549300V7ZY5P02D2MY38</lei>
        <title>Atlassian Corp</title>
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          <ticker value="TEAM"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DEPOSITORY TRUST &amp; CLEAR</name>
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        <title>Depository Trust &amp; Clearing Corp/The</title>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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        <name>SIMON PROPERTY GROUP LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>Simon Property Group LP</title>
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          <isin value="US828807DT11"/>
          <other otherDesc="SEDOL" value="BNKBDZ9"/>
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        <balance>2665000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>BNSF FUNDING TRUST I</name>
        <lei>N/A</lei>
        <title>BNSF Funding Trust I</title>
        <cusip>05567SAA0</cusip>
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          <other otherDesc="SEDOL" value="B0TNFT3"/>
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        <balance>490000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3138AJXA5</cusip>
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        <balance>168810.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>163670.21000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BORR IHC LTD / BORR FIN</name>
        <lei>N/A</lei>
        <title>Borr IHC Ltd / Borr Finance LLC</title>
        <cusip>100018AA8</cusip>
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        <curCd>USD</curCd>
        <valUSD>412146.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Extra Space Storage Inc</name>
        <lei>N/A</lei>
        <title>Extra Space Storage Inc</title>
        <cusip>30225T102</cusip>
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          <isin value="US30225T1025"/>
          <ticker value="EXR"/>
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        <balance>17912.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2624466.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Fannie Mae</name>
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        <name>WALT DISNEY COMPANY/THE</name>
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        <name>Sequoia Mortgage Trust</name>
        <lei>549300DFASAA48I36408</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SLM Student Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CBRE Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITED AIR 2018-1 B PTT</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>NEWCASTLE COAL INFRASTRU</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <name>HDFC Bank Ltd</name>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
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      </invstOrSec>
      <invstOrSec>
        <name>ASHTEAD CAPITAL INC</name>
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        <securityLending>
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      <invstOrSec>
        <name>Danaher Corp</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sutherland Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Sutherland Commercial Mortgage Trust 2019-SBC8</title>
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      <invstOrSec>
        <name>Ferrari NV</name>
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        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
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      <invstOrSec>
        <name>Vertex Pharmaceuticals Inc</name>
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        <name>Workday Inc</name>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Manning &amp; Napier Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Jill Peeper</ncom:signature>
      <ncom:signerName>Jill Peeper</ncom:signerName>
      <ncom:title>Principal Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
