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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wolverine World Wide Inc</name>
        <lei>549300OVC7PK14LQ8D87</lei>
        <title>Wolverine World Wide Inc</title>
        <cusip>978097103</cusip>
        <identifiers>
          <isin value="US9780971035"/>
          <ticker value="WWW"/>
        </identifiers>
        <balance>817871.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14787107.68000000</valUSD>
        <pctVal>7.822506801638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Viatris Inc</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>Viatris Inc</title>
        <cusip>92556V106</cusip>
        <identifiers>
          <isin value="US92556V1061"/>
          <ticker value="VTRS"/>
        </identifiers>
        <balance>960000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8572800.00000000</valUSD>
        <pctVal>4.535084734642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
        <cusip>14040H105</cusip>
        <identifiers>
          <isin value="US14040H1059"/>
          <ticker value="COF"/>
        </identifiers>
        <balance>42595.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9062512.20000000</valUSD>
        <pctVal>4.794146689032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blue Owl Capital Inc</name>
        <lei>N/A</lei>
        <title>Blue Owl Capital Inc</title>
        <cusip>09581B103</cusip>
        <identifiers>
          <isin value="US09581B1035"/>
          <ticker value="OWL"/>
        </identifiers>
        <balance>380000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7299800.00000000</valUSD>
        <pctVal>3.861656815270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UGI Corp</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI Corp</title>
        <cusip>902681105</cusip>
        <identifiers>
          <isin value="US9026811052"/>
          <ticker value="UGI"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3277800.00000000</valUSD>
        <pctVal>1.733984315884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
        <cusip>780259305</cusip>
        <identifiers>
          <isin value="US7802593050"/>
          <ticker value="SHEL"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5280750.00000000</valUSD>
        <pctVal>2.793562046526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp</title>
        <cusip>126650100</cusip>
        <identifiers>
          <isin value="US1266501006"/>
          <ticker value="CVS"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6898000.00000000</valUSD>
        <pctVal>3.649101168762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delek US Holdings Inc</name>
        <lei>5493003O53JMENV1N385</lei>
        <title>Delek US Holdings Inc</title>
        <cusip>24665A103</cusip>
        <identifiers>
          <isin value="US24665A1034"/>
          <ticker value="DK"/>
        </identifiers>
        <balance>243616.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5159786.88000000</valUSD>
        <pctVal>2.729571518465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Energy Inc</name>
        <lei>N/A</lei>
        <title>Liberty Energy Inc</title>
        <cusip>53115L104</cusip>
        <identifiers>
          <isin value="US53115L1044"/>
          <ticker value="LBRT"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2296000.00000000</valUSD>
        <pctVal>1.214603694328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Payments Inc</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments Inc</title>
        <cusip>37940X102</cusip>
        <identifiers>
          <isin value="US37940X1028"/>
          <ticker value="GPN"/>
        </identifiers>
        <balance>45812.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3666792.48000000</valUSD>
        <pctVal>1.939764674453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spectrum Brands Holdings Inc</name>
        <lei>549300JM0MJETDD30O20</lei>
        <title>Spectrum Brands Holdings Inc</title>
        <cusip>84790A105</cusip>
        <identifiers>
          <isin value="US84790A1051"/>
          <ticker value="SPB"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12190000.00000000</valUSD>
        <pctVal>6.448614561788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M&amp;T Bank Corp</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
        <cusip>55261F104</cusip>
        <identifiers>
          <isin value="US55261F1049"/>
          <ticker value="MTB"/>
        </identifiers>
        <balance>7500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1454925.00000000</valUSD>
        <pctVal>0.769667804865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Plains All American Pipeline L</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline LP</title>
        <cusip>726503105</cusip>
        <identifiers>
          <isin value="US7265031051"/>
          <ticker value="PAA"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2748000.00000000</valUSD>
        <pctVal>1.453715571435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Genesis Energy LP</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>Genesis Energy LP</title>
        <cusip>371927104</cusip>
        <identifiers>
          <isin value="US3719271047"/>
          <ticker value="GEL"/>
        </identifiers>
        <balance>470287.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8103045.01000000</valUSD>
        <pctVal>4.286580315530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sealed Air Corp</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>Sealed Air Corp</title>
        <cusip>81211K100</cusip>
        <identifiers>
          <isin value="US81211K1007"/>
          <ticker value="SEE"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1861800.00000000</valUSD>
        <pctVal>0.984908169904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSK PLC</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK PLC</title>
        <cusip>37733W204</cusip>
        <identifiers>
          <isin value="US37733W2044"/>
          <ticker value="GSK"/>
        </identifiers>
        <balance>183292.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7038412.80000000</valUSD>
        <pctVal>3.723380744377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
          <ticker value="C"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4256000.00000000</valUSD>
        <pctVal>2.251460506560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dreyfus Government Cash Management</name>
        <lei>5493000Q69I5Q3QZIA91</lei>
        <title>Dreyfus Government Cash Management</title>
        <cusip>262006208</cusip>
        <identifiers>
          <isin value="US2620062081"/>
          <ticker value="DGCXX"/>
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        <balance>331809.95000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>331809.95000000</valUSD>
        <pctVal>0.175530309706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Realty Income Corp</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>Realty Income Corp</title>
        <cusip>756109104</cusip>
        <identifiers>
          <isin value="US7561091049"/>
          <ticker value="O"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4320750.00000000</valUSD>
        <pctVal>2.285713811964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jack in the Box Inc</name>
        <lei>5493002OJW26P0SUUP68</lei>
        <title>Jack in the Box Inc</title>
        <cusip>466367109</cusip>
        <identifiers>
          <isin value="US4663671091"/>
          <ticker value="JACK"/>
        </identifiers>
        <balance>373055.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6513540.30000000</valUSD>
        <pctVal>3.445718689694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SS&amp;C Technologies Holdings Inc</name>
        <lei>529900POY8H7NPPNKK71</lei>
        <title>SS&amp;C Technologies Holdings Inc</title>
        <cusip>78467J100</cusip>
        <identifiers>
          <isin value="US78467J1007"/>
          <ticker value="SSNC"/>
        </identifiers>
        <balance>43615.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3611322.00000000</valUSD>
        <pctVal>1.910420314725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Target Corp</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
        <title>Target Corp</title>
        <cusip>87612E106</cusip>
        <identifiers>
          <isin value="US87612E1064"/>
          <ticker value="TGT"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1973000.00000000</valUSD>
        <pctVal>1.043733923741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>British American Tobacco PLC</name>
        <lei>213800FKA5MF17RJKT63</lei>
        <title>British American Tobacco PLC</title>
        <cusip>110448107</cusip>
        <identifiers>
          <isin value="US1104481072"/>
          <ticker value="BTI"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2839800.00000000</valUSD>
        <pctVal>1.502278558865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanofi SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi SA</title>
        <cusip>80105N105</cusip>
        <identifiers>
          <isin value="US80105N1054"/>
          <ticker value="SNY"/>
        </identifiers>
        <balance>165000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7971150.00000000</valUSD>
        <pctVal>4.216806723888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baxter International Inc</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>Baxter International Inc</title>
        <cusip>071813109</cusip>
        <identifiers>
          <isin value="US0718131099"/>
          <ticker value="BAX"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11355000.00000000</valUSD>
        <pctVal>6.006892399434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perdoceo Education Corp</name>
        <lei>529900X5PCA184O9LY90</lei>
        <title>Perdoceo Education Corp</title>
        <cusip>71363P106</cusip>
        <identifiers>
          <isin value="US71363P1066"/>
          <ticker value="PRDO"/>
        </identifiers>
        <balance>156621.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5119940.49000000</valUSD>
        <pctVal>2.708492436366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-08-25</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>
