# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0000940400-25-009540
**Filing Date:** 2025-11
**Character Count:** 91384
**Document Hash:** ae50b2106e0d5557113edbefcc53da45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009540.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009540

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MANNING & NAPIER FUND, INC.
- **CENTRAL INDEX KEY:** 0000751173

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04087
- **FILM NUMBER:** 251512434

**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

### Diversified Tax Exempt Series (Series ID: S000003638)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010108 | Class A      | EXDVX           |
| C000206454 | Class W      | MNDWX           |

## Nport-Ex

**Investment Portfolio - September 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily M.L. Certificates, Series ML19, Class A, 4.033%, 12/25/2036<br> (Identified Cost $2,145,930) | 2148134 | $2153803 |
| **MUNICIPAL BONDS - 91.6%** |  |  |
| **ALABAMA - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Autauga County, Correctional Facility Impt, Series A, G.O. Bond, 5.000%, 3/1/2037 | 1345000 | 1506691 |
| **ALASKA - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Municipal Bond Bank Authority <br> Electric Light & Power Impt., Revenue Bond, 5.000%, 12/1/2025 | 750000 | 752903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Light & Power Impt., Revenue Bond, 5.000%, 12/1/2030 | 875000 | 977110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series ONE, Revenue Bond, 5.000%, 12/1/2030 | 490000 | 547181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series ONE, Revenue Bond, 5.000%, 12/1/2031 | 500000 | 564472 |
|  |  | 2841666 |
| **ARIZONA - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Pinal County Unified School District No. 21 Coolidge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, AGC, 5.000%, 7/1/2032 | 175000 | 196444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, AGC, 5.000%, 7/1/2033 | 130000 | 147481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, AGC, 5.000%, 7/1/2034 | 175000 | 199496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, AGC, 5.000%, 7/1/2035 | 150000 | 169474 |
|  |  | 712895 |
| **COLORADO - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Denver Wastewater Management Division Department of Public Works, Public Impt., Revenue Bond, 5.000%, 11/1/2029 | 750000 | 803834 |
| &nbsp;&nbsp;&nbsp;E-470 Public Highway Authority, Senior Lien, Series A, Revenue Bond, 5.000%, 9/1/2026 | 1000000 | 1022163 |
|  |  | 1825997 |
| **DISTRICT OF COLUMBIA - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia <br> Public Impt., Series A, G.O. Bond, 5.000%, 10/15/2036 | 1265000 | 1344413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 1/1/2041 | 2000000 | 2145852 |
| &nbsp;&nbsp;&nbsp;District of Columbia Income Tax <br> School Impt., Series A, Revenue Bond, 5.000%, 7/1/2041 | 1115000 | 1187189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series A, Revenue Bond, 5.000%, 7/1/2042 | 1895000 | 1999390 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **MUNICIPAL BONDS (continued)** |  |  |
| **DISTRICT OF COLUMBIA (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority, Water Utility Impt., Series B, Revenue Bond, 5.000%, 10/1/2047 | 1000000 | $1031443 |
|  |  | 7708287 |
| **FLORIDA - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Broward County, Water & Sewer Utility, Sewer Impt., Series A, Revenue Bond, 5.000%, 10/1/2038 | 4000000 | 4248183 |
| &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority <br> Highway Impt., Senior Lien, Series D, Revenue Bond, 5.000%, 7/1/2033 | 825000 | 914907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Lien, Revenue Bond, 5.000%, 7/1/2027 | 500000 | 521500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Lien, Revenue Bond, 5.000%, 7/1/2038 | 530000 | 546548 |
| &nbsp;&nbsp;&nbsp;Florida Department of Transportation Turnpike System, Series B, Revenue Bond, 2.500%, 7/1/2026 | 505000 | 502405 |
| &nbsp;&nbsp;&nbsp;Fort Lauderdale, Public Impt., Series A, G.O. Bond, 5.000%, 7/1/2043 | 1010000 | 1069999 |
| &nbsp;&nbsp;&nbsp;JEA Electric System, Series A, Revenue Bond, 5.000%, 10/1/2028 | 1000000 | 1074784 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Revenue Bond, 5.000%, 4/1/2028 | 1015000 | 1076805 |
| &nbsp;&nbsp;&nbsp;Orlando Utilities Commission, Series C, Revenue Bond, 5.000%, 10/1/2025 | 665000 | 665042 |
| &nbsp;&nbsp;&nbsp;Tampa, Water & Wastewater System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 10/1/2034 | 950000 | 1070961 |
| &nbsp;&nbsp;&nbsp;Tampa-Hillsborough County Expressway Authority, Highway Impt., Series A, Revenue Bond, BAM, 5.000%, 7/1/2028 | 1000000 | 1065894 |
|  |  | 12757028 |
| **GEORGIA - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Series A-1, G.O. Bond, 5.000%, 12/1/2042 | 800000 | 852350 |
| &nbsp;&nbsp;&nbsp;Georgia, School Impt., Series A, G.O. Bond, 5.000%, 7/1/2033 | 3000000 | 3368996 |
|  |  | 4221346 |
| **HAWAII - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;City & County of Honolulu, Transit Impt., Series E, G.O. Bond, 5.000%, 3/1/2027 | 2000000 | 2070564 |
| &nbsp;&nbsp;&nbsp;Hawaii, Series FE, G.O. Bond, 5.000%, 10/1/2025 | 1505000 | 1505098 |
| &nbsp;&nbsp;&nbsp;Honolulu County, Series E, G.O. Bond, 5.000%, 9/1/2028 | 500000 | 522123 |
| &nbsp;&nbsp;&nbsp;Maui County, Public Impt., G.O. Bond, 5.000%, 3/1/2034 | 1305000 | 1448832 |
|  |  | 5546617 |
| **ILLINOIS - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Elgin, Water Utility Impt., G.O. Bond, 5.000%, 12/15/2036 | 1310000 | 1472153 |

---

**1** 

**Investment Portfolio - September 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **MUNICIPAL BONDS (continued)** |  |  |
| **ILLINOIS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority <br> Highway Impt., Series B, Revenue Bond, 5.000%, 1/1/2038 | 1050000 | $1062668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, Revenue Bond, 5.000%, 1/1/2031 | 1500000 | 1642410 |
| &nbsp;&nbsp;&nbsp;Lake in the Hills, Multiple Utility Impt., G.O. Bond, 5.000%, 12/15/2037 | 710000 | 777083 |
| &nbsp;&nbsp;&nbsp;Rock Island County School District No. 41 Rock Island, School Impt., Series A, G.O. Bond, AGC, 5.000%, 1/1/2035 | 400000 | 451860 |
| &nbsp;&nbsp;&nbsp;Schaumburg, G.O. Bond, 4.000%, 12/1/2033 | 1175000 | 1259174 |
| &nbsp;&nbsp;&nbsp;United City of Yorkville <br> Series B, G.O. Bond, 5.000%, 12/30/2028 | 200000 | 214398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2029 | 175000 | 191013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2030 | 175000 | 193792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2031 | 300000 | 335588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2032 | 225000 | 253669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, G.O. Bond, 5.000%, 12/30/2033 | 260000 | 294792 |
|  |  | 8148600 |
| **INDIANA - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Correctional Facility Impt, Series A, Revenue Bond, 5.000%, 2/1/2030 | 500000 | 538221 |
| &nbsp;&nbsp;&nbsp;South Bend Sewage Works, Revenue Bond, 3.000%, 12/1/2025 | 1075000 | 1075160 |
|  |  | 1613381 |
| **IOWA - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Altoona, Series A, G.O. Bond, 5.000%, 6/1/2036 | 1845000 | 2046498 |
| &nbsp;&nbsp;&nbsp;Des Moines, Stormwater Utility, Public Impt., Series B, Revenue Bond, 5.000%, 6/1/2031 | 865000 | 957165 |
| &nbsp;&nbsp;&nbsp;Le Mars Community School District, School Impt., G.O. Bond, AGC, 5.000%, 6/1/2034 | 1000000 | 1110207 |
|  |  | 4113870 |
| **KENTUCKY - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Jefferson County Board of Education, School Impt., Series A, G.O. Bond, 5.000%, 6/1/2036 | 1230000 | 1376570 |
| &nbsp;&nbsp;&nbsp;Kenton County School District, School Impt., Series A, G.O. Bond, 5.000%, 6/1/2036 | 1050000 | 1159951 |
| &nbsp;&nbsp;&nbsp;Kentucky Municipal Energy Agency, Electric Light & Power Impt., Revenue Bond, 5.000%, 1/1/2033 | 1375000 | 1559867 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **MUNICIPAL BONDS (continued)** |  |  |
| **KENTUCKY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, Public Impt., Series A, Revenue Bond, 5.000%, 10/1/2030 | 125000 | $139365 |
|  |  | 4235753 |
| **LOUISIANA - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;New Orleans, Sewer Impt., Series B, Revenue Bond, 5.000%, 6/1/2027 | 500000 | 518950 |
| **MAINE - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bar Harbor, Multiple Utility Impt., G.O. Bond, 5.000%, 10/15/2040 | 1000000 | 1091893 |
| &nbsp;&nbsp;&nbsp;Maine Municipal Bond Bank, Highway Impt., Series A, Revenue Bond, 5.000%, 9/1/2027 | 675000 | 707092 |
| &nbsp;&nbsp;&nbsp;Maine Turnpike Authority, Highway Impt., Revenue Bond, 5.000%, 7/1/2033 | 550000 | 605293 |
|  |  | 2404278 |
| **MARYLAND - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Maryland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series A, G.O. Bond, 5.000%, 3/1/2033 | 5000000 | 5587488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series A, G.O. Bond, 5.000%, 8/1/2035 | 1000000 | 1089483 |
|  |  | 6676971 |
| **MASSACHUSETTS - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Transit Impt., Series C, G.O. Bond, 5.000%, 10/1/2047 | 5000000 | 5196479 |
| **MICHIGAN - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Charter Township of White Lake |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.O. Bond, 5.000%, 3/1/2036 | 575000 | 650771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.O. Bond, 5.000%, 3/1/2037 | 515000 | 576472 |
|  |  | 1227243 |
| **MINNESOTA - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 8/1/2026 | 1030000 | 1032276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 8/1/2036 | 1970000 | 2082059 |
|  |  | 3114335 |
| **MISSISSIPPI - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Mississippi, Series E, G.O. Bond, 1.122%, 10/1/2025 | 500000 | 499962 |
| **MISSOURI - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Clayton, G.O. Bond, 4.000%, 3/15/2028 | 510000 | 529205 |
| &nbsp;&nbsp;&nbsp;Columbia School District, Series B, G.O. Bond, 5.000%, 3/1/2026 | 1635000 | 1652707 |
| &nbsp;&nbsp;&nbsp;Fort Zumwalt School District, School Impt., G.O. Bond, BAM, 5.000%, 3/1/2033 | 1260000 | 1369223 |
| &nbsp;&nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission, Prairie Street Project, Revenue Bond, 5.000%, 1/1/2027 | 1410000 | 1452487 |
|  |  | 5003622 |

---

**2** 

**Investment Portfolio - September 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **MUNICIPAL BONDS (continued)** |  |  |
| **NEBRASKA - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Nebraska Public Power District, Series B, Revenue Bond, 5.000%, 1/1/2030 | 640000 | $702674 |
| &nbsp;&nbsp;&nbsp;Omaha Public Power District <br> Electric Light & Power Impt., Series A, Revenue Bond, 5.000%, 2/1/2046 | 2065000 | 2124957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, Revenue Bond, 5.000%, 2/1/2031 | 1000000 | 1047716 |
|  |  | 3875347 |
| **NEVADA - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Clark County, Public Impt., G.O. Bond, 5.000%, 11/1/2031 | 3970000 | 4291922 |
| **NEW JERSEY - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority <br> Revenue Bond, 5.000%, 6/15/2028 | 700000 | 745171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Revenue Bond, 5.000%, 6/15/2029 | 750000 | 815083 |
|  |  | 1560254 |
| **NEW MEXICO - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;New Mexico, G.O. Bond, 5.000%, 3/1/2033 | 2000000 | 2195755 |
| **NEW YORK - 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Transit Impt., Green Bond, Series C-1, Revenue Bond, 4.750%, 11/15/2045 | 2000000 | 1997938 |
| &nbsp;&nbsp;&nbsp;New York <br> Public Impt., Series D, G.O. Bond, 5.000%, 12/1/2042 | 1500000 | 1540287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, Prerefunded Balance, G.O. Bond, 1.216%, 8/1/2026 | 125000 | 122285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, Unrefunded Balance, G.O. Bond, 1.216%, 8/1/2026 | 1075000 | 1051721 |
| &nbsp;&nbsp;&nbsp;New York City <br> Series B-1, G.O. Bond, 5.000%, 8/1/2027 | 1600000 | 1674426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, G.O. Bond, 5.000%, 8/1/2026 | 1905000 | 1945387 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series EE, Revenue Bond, 5.000%, 6/15/2040 | 3500000 | 3597181 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured, Series A-1, Revenue Bond, 5.000%, 8/1/2044 | 3500000 | 3656591 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority <br> Public Impt., Series C, Revenue Bond, 5.652%, 2/15/2030 | 1000000 | 1063002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, Prerefunded Balance, Revenue Bond, 1.187%, 3/15/2026 | 1110000 | 1096200 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series B, Revenue Bond, 4.000%, 1/1/2038 | 2390000 | 2374749 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **MUNICIPAL BONDS (continued)** |  |  |
| **NEW YORK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York State Urban Development Corp., Correctional Facility Impt., Revenue Bond, 5.250%, 3/15/2038 | 5000000 | $5569640 |
|  |  | 25689407 |
| **NORTH CAROLINA - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Mecklenburg County, School Impt., Series A, G.O. Bond, 4.000%, 4/1/2030 | 2500000 | 2550093 |
| **NORTH DAKOTA - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 5/1/2038 | 2235000 | 2456125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Impt., Series A, G.O. Bond, 5.000%, 5/1/2039 | 2350000 | 2560507 |
|  |  | 5016632 |
| **OHIO - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cincinnati, Public Impt., Series A, G.O. Bond, 5.000%, 12/1/2027 | 1100000 | 1158871 |
| &nbsp;&nbsp;&nbsp;Hamilton County, Parking Facility Impt., Series A, G.O. Bond, 5.000%, 12/1/2037 | 1000000 | 1088258 |
| &nbsp;&nbsp;&nbsp;Ohio, Public Impt., Series A, G.O. Bond, 5.000%, 3/1/2041 | 1845000 | 2000654 |
| &nbsp;&nbsp;&nbsp;Ohio Water Development Authority <br> Sewer Impt., Revenue Bond, 5.000%, 12/1/2036 | 1350000 | 1454398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sewer Impt., Revenue Bond, 5.000%, 12/1/2037 | 1000000 | 1072176 |
|  |  | 6774357 |
| **OKLAHOMA - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tulsa County Independent School District No. 9 Union, School Impt., G.O. Bond, 4.000%, 4/1/2030 | 2000000 | 2130600 |
| **PENNSYLVANIA - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Lancaster School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, G.O. Bond, BAM, 5.000%, 6/1/2032 | 500000 | 565462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, G.O. Bond, BAM, 5.000%, 6/1/2034 | 1000000 | 1127949 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission <br> Highway Impt., Series A, Revenue Bond, 5.000%, 12/1/2029 | 750000 | 824441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highway Impt., Series A, Revenue Bond, 5.000%, 12/1/2030 | 850000 | 928079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/1/2030 | 765000 | 799351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/1/2031 | 500000 | 564860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, Revenue Bond, 5.000%, 6/1/2028 | 590000 | 598747 |
| &nbsp;&nbsp;&nbsp;Philadelphia Gas Works Co., Revenue Bond, 5.000%, 10/1/2030 | 1005000 | 1024398 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater, Water Utility Impt., Series A, Revenue Bond, 5.000%, 11/1/2040 | 2450000 | 2577829 |

---

**3** 

**Investment Portfolio - September 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **MUNICIPAL BONDS (continued)** |  |  |
| **PENNSYLVANIA (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority, Series B, Revenue Bond, AGM, 5.000%, 9/1/2032 | 300000 | $330705 |
|  |  | 9341821 |
| **SOUTH CAROLINA - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Charleston, Waterworks & Sewer System, Sewer Impt., Revenue Bond, 5.000%, 1/1/2044 | 850000 | 880789 |
| **TENNESSEE - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Chattanooga, Electric Light & Power Impt., Revenue Bond, 5.000%, 9/1/2039 | 2000000 | 2145089 |
| &nbsp;&nbsp;&nbsp;Clarksville, Electric System, Revenue Bond, 5.000%, 9/1/2029 | 1015000 | 1057959 |
| &nbsp;&nbsp;&nbsp;Knox County, Correctional Facility Impt., G.O. Bond, 4.000%, 6/1/2040 | 2805000 | 2806904 |
| &nbsp;&nbsp;&nbsp;Shelby County, Series A, G.O. Bond, 5.000%, 4/1/2035 | 1250000 | 1284854 |
|  |  | 7294806 |
| **TEXAS - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Dallas, Waterworks & Sewer System, Series C, Revenue Bond, 5.000%, 10/1/2028 | 1715000 | 1842888 |
| &nbsp;&nbsp;&nbsp;Irving, Public Impt., G.O. Bond, 5.000%, 9/15/2032 | 3030000 | 3411203 |
| &nbsp;&nbsp;&nbsp;Judson Independent School District, G.O. Bond, 5.000%, 2/1/2036 | 835000 | 930097 |
| &nbsp;&nbsp;&nbsp;North Texas Municipal Water District Water System, Series A, Revenue Bond, 5.000%, 9/1/2027 | 1500000 | 1573136 |
| &nbsp;&nbsp;&nbsp;North Texas Tollway Authority <br> Series A, Revenue Bond, 5.000%, 1/1/2027 | 2000000 | 2011292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, Revenue Bond, 5.000%, 1/1/2029 | 925000 | 1000195 |
| &nbsp;&nbsp;&nbsp;San Antonio Water System, Water Utility Impt., Series A, Revenue Bond, 5.000%, 5/15/2032 | 1075000 | 1136444 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Highway Impt., G.O. Bond, 5.000%, 7/15/2036 | 2300000 | 2521550 |
| &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/15/2026 | 200000 | 204153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/15/2027 | 600000 | 622573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Bond, 5.000%, 12/15/2028 | 250000 | 263525 |
|  |  | 15517056 |
| **UTAH - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Salt Lake City Corp., Series B, G.O. Bond, 5.000%, 6/15/2026 | 830000 | 844594 |
| **VIRGINIA - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Chesterfield County, School Impt., Series B, G.O. Bond, 4.000%, 1/1/2041 | 2000000 | 2011556 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **MUNICIPAL BONDS (continued)** |  |  |
| **WASHINGTON - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Seattle, Municipal Light & Power, Electric Light & Power Impt., Revenue Bond, 5.000%, 7/1/2041 | 1040000 | $1110914 |
| &nbsp;&nbsp;&nbsp;Tacoma, Electric System, Revenue Bond, 5.000%, 1/1/2046 | 1030000 | 1064117 |
| &nbsp;&nbsp;&nbsp;Washington <br> School Impt., Series 2, G.O. Bond, 5.000%, 8/1/2043 | 1000000 | 1057175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series 2020A, G.O. Bond, 5.000%, 8/1/2032 | 4255000 | 4619279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Impt., Series C, G.O. Bond, 5.000%, 2/1/2037 | 3690000 | 4062668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series R, G.O. Bond, 5.000%, 8/1/2027 | 2000000 | 2091309 |
|  |  | 14005462 |
| **WISCONSIN - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Appleton Area School District, G.O. Bond, 5.000%, 3/1/2033 | 1260000 | 1372133 |
| &nbsp;&nbsp;&nbsp;Cameron School District, School Impt., G.O. Bond, BAM, 5.000%, 4/1/2038 | 925000 | 1003236 |
| &nbsp;&nbsp;&nbsp;Eau Claire Area School District, G.O. Bond, 5.000%, 4/1/2032 | 1380000 | 1508231 |
| &nbsp;&nbsp;&nbsp;Fond Du Lac, Public Impt., Series A, G.O. Bond, 5.000%, 3/1/2031 | 2565000 | 2769935 |
| &nbsp;&nbsp;&nbsp;Madison Metropolitan School District, School Impt., G.O. Bond, 5.000%, 3/1/2033 | 1095000 | 1200844 |
| &nbsp;&nbsp;&nbsp;Pierce County, Series A, G.O. Bond, 5.000%, 3/1/2036 | 1540000 | 1705793 |
| &nbsp;&nbsp;&nbsp;Union Grove Union High School District, School Impt., G.O. Bond, 5.000%, 3/1/2036 | 1015000 | 1124273 |
| &nbsp;&nbsp;&nbsp;West Bend Joint School District No. 1, School Impt., G.O. Bond, 5.000%, 4/1/2036 | 1295000 | 1434785 |
| &nbsp;&nbsp;&nbsp;West Salem School District, School Impt., G.O. Bond, BAM, 5.000%, 4/1/2039 | 1590000 | 1711519 |
| &nbsp;&nbsp;&nbsp;Wisconsin, Series B, G.O. Bond, 5.000%, 5/1/2038 | 4000000 | 4455434 |
|  |  | 18286183 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| (Identified Cost $205,296,116) |  | **202140605** |
| **EXCHANGE-TRADED FUND - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares National Muni Bond ETF <br> (Identified Cost $4,937,332) | 43351 | **4616448** |
| **U.S. TREASURY SECURITIES - 3.5%** |  |  |
| **U.S. Treasury Notes - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 1/31/2026 | 800000 | 796406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 1/31/2026 | 1000000 | 1000664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/2027 | 1000000 | 1003789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 1/31/2027 | 1000000 | 971758 |

---

**4** 

**Investment Portfolio - September 30, 2025**

(unaudited)

---

| | | |
|:---|:---|:---|
| DIVERSIFIED TAX EXEMPT SERIES | PRINCIPAL<br> AMOUNT<sup>1</sup>/<br> SHARES | VALUE |
| **U.S. TREASURY SECURITIES (continued)** |  |  |
| **U.S. Treasury Notes (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 2/15/2027 | 1000000 | $980938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 2/15/2027 | 1000000 | 1005820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 1/15/2028 | 1000000 | 1013672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/31/2028 | 1000000 | 997344 |
| **Total U.S. Treasury Notes** |  |  |
| (Identified Cost $7,696,680) |  | **7770391** |
| **TOTAL U.S. TREASURY SECURITIES** |  |  |
| (Identified Cost $7,696,680) |  | **7770391** |
| **SHORT-TERM INVESTMENT - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.04%<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Identified Cost $1,651,722) | 1651722 | **1651722** |
| **TOTAL INVESTMENTS - 98.9%** |  |  |
| (Identified Cost $221,727,780) |  | **218332969** |
| **OTHER ASSETS, LESS LIABILITIES - 1.1%** |  | **2431116** |
| **NET ASSETS - 100.0%** |  | $**220764085** |

---

ETF - Exchange-Traded Fund

G.O. Bond - General Obligation Bond

Impt. - Improvement

No. - Number

Scheduled principal and interest payments are guaranteed by:

AGC (Assured Guaranty Corporation)

AGM (Assurance Guaranty Municipal Corp.)

BAM (Build America Mutual Assurance Co.)

The insurance does not guarantee the market value of the municipal bonds.

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

<sup>2</sup>Rate shown is the current yield as of September 30, 2025.

**Fair Value Information:**

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

**5** 

**Investment Portfolio - September 30, 2025**

(unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $202140605 | $— | $202140605 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and other U.S. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government agencies | 7770391 |  | 7770391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 2153803 |  | 2153803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded fund | 4616448 | 4616448 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 1651722 | 1651722 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $218332969 | $6268170 | $212064799 | $— |

---

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

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

**6**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Fairport

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 14450

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

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

- **a. Name of Series:** Diversified Tax Exempt Series

- **b. EDGAR series identifier (if any):** S000003638

- **c. LEI of Series:** 549300W4FS7KU9RR3W27

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $220908606.06

**Total Liabilities:** $100968.85

**Net Assets:** $220807637.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 308.72541000 | **1-Year:** 8593.84137000 | **5-Year:** 52445.50725000 | **10-Year:** 47836.54314000 | **30-Year:** 6.07087000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206454 | 0.03%                | 0.71%                | 1.49%                |
| Class ID C000010108 | 0.00%                | 0.69%                | 1.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $42084.59                | $-434793.36                                |
| Month 2  | $3.03                    | $977621.82                                 |
| Month 3  | $-33204.94               | $2819899.80                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US TREASURY N/B                    | United States Treasury Note/Bond                                        | CUSIP: 912828V98<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $980937.50    | 0.44%             | 2027-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| YORKVILLE IL UNITED CITY           | United City of Yorkville IL                                             | CUSIP: 987355NW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $294791.56    | 0.13%             | 2033-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH      | Illinois State Toll Highway Authority                                   | CUSIP: 452252LW7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1062667.90   | 0.48%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE     | New Jersey Economic Development Authority                               | CUSIP: 64577XCE4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    750000 | PA      | $815083.18    | 0.37%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                                         | CUSIP: 419792JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1505097.71   | 0.68%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YORKVILLE IL UNITED CITY           | United City of Yorkville IL                                             | CUSIP: 987355NT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $193792.50    | 0.09%             | 2030-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TN ELEC SYS REVENU     | City of Clarksville TN Electric System Revenue                          | CUSIP: 182494HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1057958.93   | 0.48%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARGO ND                           | City of Fargo ND                                                        | CUSIP: 30747NPG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2456125.21   | 1.11%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BEND IN SEWAGE WKS REVEN     | City of South Bend IN                                                   | CUSIP: 836615KN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075160.10   | 0.49%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WEST BEND WI JT SCH DIST #1        | West Bend Joint School District No 1                                    | CUSIP: 951393PM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1434784.75   | 0.65%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTERFIELD CNTY VA               | County of Chesterfield VA                                               | CUSIP: 166394DU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011556.40   | 0.91%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                        | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1000664.06   | 0.45%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST TURNPIKE AUTH TURNP     | State of Florida Department of Transportation Turnpike System Revenue   | CUSIP: 343137BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $502405.34    | 0.23%             | 2026-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LAKE IN HILLS IL                   | Village of Lake In the Hills IL                                         | CUSIP: 510012EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $777083.55    | 0.35%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE          | North Texas Tollway Authority                                           | CUSIP: 66285WZL3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    925000 | PA      | $1000195.49   | 0.45%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALTOONA IA                         | City of Altoona IA                                                      | CUSIP: 021753B64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2046498.32   | 0.93%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST TURNPIKE AUTH             | Maine Turnpike Authority                                                | CUSIP: 560551QQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $605292.85    | 0.27%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                        | City of New York NY                                                     | CUSIP: 64966QBB5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540287.09   | 0.70%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST SALEM WI SCH DIST             | West Salem School District                                              | CUSIP: 955728GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1711519.18   | 0.78%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OK INDEP SCH DIST #     | Tulsa County Independent School District No 9 Union                     | CUSIP: 899607JZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2130600.28   | 0.96%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA WTR & SWR AUTH       | Pittsburgh Water & Sewer Authority                                      | CUSIP: 725304VV8<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |    300000 | PA      | $330705.21    | 0.15%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                        | City of New York NY                                                     | CUSIP: 64966QYK0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1674425.78   | 0.76%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                      | State of Washington                                                     | CUSIP: 93974DY51<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091309.05   | 0.95%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN                     | County of Shelby TN                                                     | CUSIP: 821686T44<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1284854.51   | 0.58%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                        | CUSIP: 709224MY2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    590000 | PA      | $598746.83    | 0.27%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                                       | CUSIP: 5772857X1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1448832.56   | 0.66%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY WSTWTR M     | Denver Wastewater Management Division Department of Public Works        | CUSIP: 249176CQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $803834.21    | 0.36%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO     | New York State Dormitory Authority                                      | CUSIP: 649902S61<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063002.09   | 0.48%             | 2030-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH                   | County of Hamilton OH                                                   | CUSIP: 40727GCR1<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088257.98   | 0.49%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MECKLENBURG CNTY NC                | County of Mecklenburg NC                                                | CUSIP: 584002VL0<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2550093.08   | 1.15%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUTAUGA CNTY AL                    | County of Autauga AL                                                    | CUSIP: 052645EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1506691.43   | 0.68%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELGIN IL                           | City of Elgin IL                                                        | CUSIP: 286300BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1472152.58   | 0.67%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ UNIF SCH DIST #2     | Pinal County Unified School District No 21 Coolidge                     | CUSIP: 722171JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $196444.22    | 0.09%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN                       | County of Knox TN                                                       | CUSIP: 499513JH3<br>LEI: 549300WT27UFXOLT2D56 | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2806903.78   | 1.27%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                        | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1003789.06   | 0.45%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX WTR REVENUE         | San Antonio Water System                                                | CUSIP: 79642GAP7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1136443.84   | 0.51%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                        | City of New York NY                                                     | CUSIP: 64966SEM4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    125000 | PA      | $122284.83    | 0.06%             | 2026-08-01      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST PUBLIC PWR DIST RE     | Nebraska Public Power District                                          | CUSIP: 63968A4W2<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    640000 | PA      | $702674.07    | 0.32%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                        | CUSIP: 9128286A3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $796406.25    | 0.36%             | 2026-01-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST                       | State of Wisconsin                                                      | CUSIP: 97705ML29<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4455433.65   | 2.02%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAR HARBOR ME                      | Town of Bar Harbor ME                                                   | CUSIP: 066878MN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091892.93   | 0.49%             | 2040-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL WTR & WSTWTR SYS REVE     | City of Tampa FL Water & Wastewater System Revenue                      | CUSIP: 875291BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1070961.12   | 0.49%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LE MARS IA CMNTY SCH DIST          | Le Mars Community School District                                       | CUSIP: 521282EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110206.38   | 0.50%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                        | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $971757.81    | 0.44%             | 2030-02-28      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST                     | State of Mississippi                                                    | CUSIP: 605581QK6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499961.74    | 0.23%             | 2025-10-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                        | CUSIP: 709224N21<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $824440.90    | 0.37%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                   | District of Columbia                                                    | CUSIP: 25476FZZ4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2145852.05   | 0.97%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC      | Omaha Public Power District                                             | CUSIP: 682001FP2<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047716.22   | 0.47%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION GROVE WI UNION HIGH SCHD     | Union Grove Union High School District                                  | CUSIP: 906727DU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1124272.87   | 0.51%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                        | State of Maryland                                                       | CUSIP: 574193UC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5587487.79   | 2.53%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                        | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $997343.75    | 0.45%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MADISON WI MET SCH DIST            | Madison Metropolitan School District/WI                                 | CUSIP: 558495PT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1200844.29   | 0.54%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DES MOINES IA STORMWTR MGMT UT     | City of Des Moines IA Stormwater Utility Revenue                        | CUSIP: 250139HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $957165.28    | 0.43%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH REVENUE       | Ohio Water Development Authority                                        | CUSIP: 67765QHJ8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1454397.38   | 0.66%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST MUNI BOND BANK            | Maine Municipal Bond Bank                                               | CUSIP: 56045RY29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $707092.37    | 0.32%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST MUNI BOND BANK AUTH      | Alaska Municipal Bond Bank Authority                                    | CUSIP: 01179R5P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $564471.78    | 0.26%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&     | Texas Municipal Gas Acquisition & Supply Corp III                       | CUSIP: 88256HBC1<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    600000 | PA      | $622572.88    | 0.28%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST                      | State of New Mexico                                                     | CUSIP: 647293TH2<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2195755.46   | 0.99%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YORKVILLE IL UNITED CITY           | United City of Yorkville IL                                             | CUSIP: 987355NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $335587.88    | 0.15%             | 2031-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOND DU LAC WI                     | City of Fond Du Lac WI                                                  | CUSIP: 344461NR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2769935.42   | 1.25%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C     | Kentucky State Property & Building Commission                           | CUSIP: 49151F3U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $139365.10    | 0.06%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL STORMWTR UT     | County of Miami-Dade FL                                                 | CUSIP: 59334FCK3<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1076805.25   | 0.49%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I     | Indianapolis Local Public Improvement Bond Bank                         | CUSIP: 45528UYV7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538221.36    | 0.24%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL      | New York City Transitional Finance Authority Future Tax Secured Revenue | CUSIP: 64971XX78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3656590.77   | 1.66%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH      | Illinois State Toll Highway Authority                                   | CUSIP: 452252NX3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1642410.16   | 0.74%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ UNIF SCH DIST #2     | Pinal County Unified School District No 21 Coolidge                     | CUSIP: 722171JW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $199496.32    | 0.09%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCK ISLAND CNTY IL SCH DIST #     | Rock Island County School District No 41 Rock Island/Milan              | CUSIP: 772436FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $451859.68    | 0.20%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN      | New York City Municipal Water Finance Authority                         | CUSIP: 64972GRD8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3597180.86   | 1.63%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITE LAKE TWP MI                  | Charter Township of White Lake MI                                       | CUSIP: 964009FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $576471.68    | 0.26%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JUDSON TX INDEP SCH DIST           | Judson Independent School District                                      | CUSIP: 481305NF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $930097.45    | 0.42%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE     | New Jersey Economic Development Authority                               | CUSIP: 64577B5N0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    700000 | PA      | $745170.65    | 0.34%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                      | State of Washington                                                     | CUSIP: 93974EAK2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4255000 | PA      | $4619278.86   | 2.09%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH       | E-470 Public Highway Authority                                          | CUSIP: 26822LMN1<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022162.32   | 0.46%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV     | Empire State Development Corp                                           | CUSIP: 650036FQ4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5569639.97   | 2.52%             | 2038-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L     | Central Florida Expressway Authority                                    | CUSIP: 153476CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $546548.47    | 0.25%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT                  | Salt Lake City Corp                                                     | CUSIP: 795574WF5<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |    830000 | PA      | $844593.52    | 0.38%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE          | North Texas Tollway Authority                                           | CUSIP: 66285WUX2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011291.50   | 0.91%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA FL ELEC SYS REVENUE            | JEA Electric System Revenue                                             | CUSIP: 46613SQR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074784.32   | 0.49%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIERCE CNTY WI                     | County of Pierce WI                                                     | CUSIP: 720662DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1705793.33   | 0.77%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA SCH DIST              | Lancaster School District                                               | CUSIP: 514383YA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127949.30   | 0.51%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST MUNI BOND BANK AUTH      | Alaska Municipal Bond Bank Authority                                    | CUSIP: 01179RE90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $977110.08    | 0.44%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ UNIF SCH DIST #2     | Pinal County Unified School District No 21 Coolidge                     | CUSIP: 722171JX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $169473.88    | 0.08%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST                         | State of Georgia                                                        | CUSIP: 373385HR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3368995.97   | 1.53%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL UTILITIES COMMISSIO     | Orlando Utilities Commission                                            | CUSIP: 686507KK9<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |    665000 | PA      | $665042.16    | 0.30%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAU CLAIRE WI AREA SCH DIST        | Eau Claire Area School District/WI                                      | CUSIP: 278445JL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1508231.07   | 0.68%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO     | New York State Dormitory Authority                                      | CUSIP: 64990FD50<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1096199.44   | 0.50%             | 2026-03-15      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ UNIF SCH DIST #2     | Pinal County Unified School District No 21 Coolidge                     | CUSIP: 722171JV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $147480.97    | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                      | State of Washington                                                     | CUSIP: 93974EVE3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3690000 | PA      | $4062668.27   | 1.84%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA                         | City of Atlanta GA                                                      | CUSIP: 047772K56<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |    800000 | PA      | $852349.67    | 0.39%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITE LAKE TWP MI                  | Charter Township of White Lake MI                                       | CUSIP: 964009FT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $650771.05    | 0.29%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV                      | County of Clark NV                                                      | CUSIP: 180848A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3970000 | PA      | $4291921.59   | 1.94%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                            | CUSIP: 438687TX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070563.66   | 0.94%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                        | CUSIP: 709224A58<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    765000 | PA      | $799350.88    | 0.36%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TEXAS ST MUNI WTR DIST WTR S     | North Texas Municipal Water District Water System Revenue               | CUSIP: 662903C35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573136.33   | 0.71%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                        | CUSIP: 709224N39<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    850000 | PA      | $928079.81    | 0.42%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX WTRWKS & SWR SYS REV     | City of Dallas TX Waterworks & Sewer System Revenue                     | CUSIP: 23542JRN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1842888.48   | 0.83%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY SCH DIST            | Kenton County School District                                           | CUSIP: 491090BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1159950.71   | 0.53%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                   | Commonwealth of Massachusetts                                           | CUSIP: 57582RY26<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5196478.65   | 2.35%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TACOMA WA ELEC SYS REVENUE         | City of Tacoma WA Electric System Revenue                               | CUSIP: 873519PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1064116.63   | 0.48%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                   | District of Columbia                                                    | CUSIP: 25476FXP8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1344413.42   | 0.61%             | 2036-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST MUNI BOND BANK AUTH      | Alaska Municipal Bond Bank Authority                                    | CUSIP: 01179R5N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $547181.65    | 0.25%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST MUNI ENERGY AGY PW     | Kentucky Municipal Energy Agency                                        | CUSIP: 491499AE9<br>LEI: 254900W8G3M70YHUAO94 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1559866.65   | 0.71%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&     | Texas Municipal Gas Acquisition & Supply Corp III                       | CUSIP: 88256HBD9<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263525.14    | 0.12%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                        | CUSIP: 709225LZ7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $564859.85    | 0.26%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST MUNI BOND BANK AUTH      | Alaska Municipal Bond Bank Authority                                    | CUSIP: 01179RE41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752902.68    | 0.34%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA INCOME TAX SE     | District of Columbia Income Tax Revenue                                 | CUSIP: 25477GUU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1999390.25   | 0.91%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE      | Metropolitan Transportation Authority                                   | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997937.93   | 0.90%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLUMBIA MO SCH DIST               | Columbia School District/MO                                             | CUSIP: 198037CS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1652707.05   | 0.75%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| iShares National Muni Bond ETF     | iShares National Muni Bond ETF                                          | CUSIP: 464288414<br>LEI: 549300H21FUYFQW9N157 | Long             | EC               | RF                | US        |     43351 | NS      | $4616447.99   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FARGO ND                           | City of Fargo ND                                                        | CUSIP: 30747NPH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2560506.55   | 1.16%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY      | Missouri Joint Municipal Electric Utility Commission                    | CUSIP: 606092LN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1452487.29   | 0.66%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT ZUMWALT MO SCH DIST           | Fort Zumwalt School District                                            | CUSIP: 3495453N1<br>LEI: 549300GAUDH543HQW865 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1369222.46   | 0.62%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                        | City of New York NY                                                     | CUSIP: 64966MAU3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1945387.22   | 0.88%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R     | New York State Thruway Authority                                        | CUSIP: 650010CA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2374749.42   | 1.08%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YORKVILLE IL UNITED CITY           | United City of Yorkville IL                                             | CUSIP: 987355NS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $191012.66    | 0.09%             | 2029-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC      | Omaha Public Power District                                             | CUSIP: 682001GZ9<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2124956.87   | 0.96%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R     | City of Philadelphia PA Water & Wastewater Revenue                      | CUSIP: 717893Q38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2577828.91   | 1.17%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                        | City of New York NY                                                     | CUSIP: 64966SEX0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1051721.32   | 0.48%             | 2026-08-01      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                       | State of Minnesota                                                      | CUSIP: 60412AEC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1032276.15   | 0.47%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE     | City of Seattle WA Municipal Light & Power Revenue                      | CUSIP: 812643XR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1110913.64   | 0.50%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLAYTON MO                         | City of Clayton MO                                                      | CUSIP: 184234DK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $529204.84    | 0.24%             | 2028-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA-HILLSBOROUGH CNTY FL EXP     | Tampa-Hillsborough County Expressway Authority                          | CUSIP: 875301GW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065894.17   | 0.48%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA WTR & SWR AUT     | District of Columbia Water & Sewer Authority                            | CUSIP: 254845SC5<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031443.10   | 0.47%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCHAUMBURG IL                      | Village of Schaumburg IL                                                | CUSIP: 806347QA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1259174.15   | 0.57%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRVING TX                          | City of Irving TX                                                       | CUSIP: 463778BC3<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |   3030000 | PA      | $3411202.72   | 1.54%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA SEWAGE SVC REVE     | City of New Orleans LA Sewerage Service Revenue                         | CUSIP: 647719PE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518949.70    | 0.24%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA INCOME TAX SE     | District of Columbia Income Tax Revenue                                 | CUSIP: 25477GUT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1187188.49   | 0.54%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL WTR & SWR UTIL     | County of Broward FL Water & Sewer Utility Revenue                      | CUSIP: 115117LZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4248182.37   | 1.92%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                            | CUSIP: 438687CD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522123.53    | 0.24%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON SC WTRWKS & SWR REV     | City of Charleston SC Waterworks & Sewer System Revenue                 | CUSIP: 160429XU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $880788.51    | 0.40%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH REVENUE       | Ohio Water Development Authority                                        | CUSIP: 67765QHK5<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072176.13   | 0.49%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA GAS WKS REVENU     | Philadelphia Gas Works Co                                               | CUSIP: 7178238H4<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1024397.73   | 0.46%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                       | State of Minnesota                                                      | CUSIP: 60412APL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2082058.63   | 0.94%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                        | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1013671.88   | 0.46%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FORT LAUDERDALE FL                 | City of Fort Lauderdale FL                                              | CUSIP: 347550RQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1069998.42   | 0.48%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY SCH DIST         | Jefferson County Board of Education/KY                                  | CUSIP: 47309RBG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1376570.18   | 0.62%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                        | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1005820.31   | 0.46%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                      | State of Washington                                                     | CUSIP: 93974EXU5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057175.45   | 0.48%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU     | Freddie Mac Multifamily ML Certificates                                 | CUSIP: 3137HB2V5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2148134 | PA      | $2153802.92   | 0.98%             | 2036-12-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN ELEC REVENUE        | City of Chattanooga TN Electric Revenue                                 | CUSIP: 162393GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2145088.96   | 0.97%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLETON WI AREA SCH DIST          | Appleton Area School District                                           | CUSIP: 038106SS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1372133.29   | 0.62%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CINCINNATI OH                      | City of Cincinnati OH                                                   | CUSIP: 172217S44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1158871.13   | 0.52%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L     | Central Florida Expressway Authority                                    | CUSIP: 153476HH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $914907.14    | 0.41%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                                      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1656157 | NS      | $1656156.72   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| YORKVILLE IL UNITED CITY           | United City of Yorkville IL                                             | CUSIP: 987355NV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $253669.39    | 0.11%             | 2032-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L     | Central Florida Expressway Authority                                    | CUSIP: 153476DT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521499.67    | 0.24%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                        | State of Maryland                                                       | CUSIP: 574193TJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089483.49   | 0.49%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YORKVILLE IL UNITED CITY           | United City of Yorkville IL                                             | CUSIP: 987355NR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214397.86    | 0.10%             | 2028-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX                    | County of Tarrant TX                                                    | CUSIP: 876315ZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2521549.77   | 1.14%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                            | State of Ohio                                                           | CUSIP: 677523DX7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2000654.28   | 0.91%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA SCH DIST              | Lancaster School District                                               | CUSIP: 514383XY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $565461.96    | 0.26%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMERON WI SCH DIST                | Cameron School District/WI                                              | CUSIP: 133650GH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $1003235.58   | 0.45%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION&     | Texas Municipal Gas Acquisition & Supply Corp III                       | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204152.68    | 0.09%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

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

**Signature:** Jill Peeper

**Name of Signer:** Jill Peeper

**Title:** Principal Financial Officer and Treasurer