# EDGAR Filing Document

**Accession Number:** 0000751173
**File Stem:** 0001752724-25-202671
**Filing Date:** 2025-8
**Character Count:** 69497
**Document Hash:** b8c17b0ce4e13dd309a6f231bf5dc18d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202671.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202671

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**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:** 251250929

**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           |

## 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:** 2025-06-30

**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:** $224478541.16

**Total Liabilities:** $3868122.63

**Net Assets:** $220610418.53

**Delayed Delivery Securities:** $1090280.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 325.65455000 | **1-Year:** 8188.64161000 | **5-Year:** 44947.84404000 | **10-Year:** 63938.81124000 | **30-Year:** 1073.63092000

**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 | -0.27%               | 0.31%                | 0.64%                |
| Class ID C000010108 | -0.39%               | 0.38%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-227043.93              | $-791989.19                                |
| Month 2  | $-6983.85                | $219482.37                                 |
| Month 3  | $83643.69                | $812033.40                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WASHINGTON ST                      | State of Washington                                                             | CUSIP: 93974EXU5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038072.36   | 0.47%             | 2043-08-01      | 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      | $556857.07    | 0.25%             | 2032-06-01      | 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      | $1004804.69   | 0.46%             | 2027-02-15      | Fixed         | 4.12%                 | 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      | $999960.94    | 0.45%             | 2026-01-31      | Fixed         | 4.25%                 | 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      | $638281.37    | 0.29%             | 2036-03-01      | 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      | $2415466.63   | 1.09%             | 2038-05-01      | 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      | $1055201.87   | 0.48%             | 2030-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA SCH DIST              | Lancaster School District                                                       | CUSIP: 514383YA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107267.99   | 0.50%             | 2034-06-01      | 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      | $618937.91    | 0.28%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGEMENT | DREYFUS GOVERN CASH MGMT-I                                                      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   5037670 | NS      | $5037669.84   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CHESTERFIELD CNTY VA               | County of Chesterfield VA                                                       | CUSIP: 166394DU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1935044.56   | 0.88%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                      | State of Washington                                                             | CUSIP: 93974DY51<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094628.91   | 0.95%             | 2027-08-01      | 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      | $954976.60    | 0.43%             | 2030-12-01      | 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      | $1625710.60   | 0.74%             | 2031-01-01      | 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      | $2104545.14   | 0.95%             | 2041-01-01      | 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      | $1091665.88   | 0.49%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUTAUGA CNTY AL                    | County of Autauga AL                                                            | CUSIP: 052645EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1476622.46   | 0.67%             | 2037-03-01      | 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      | $1522664.22   | 0.69%             | 2042-12-01      | 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      | $1086063.00   | 0.49%             | 2026-03-15      | Fixed         | 1.19%                 | 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      | $1057577.85   | 0.48%             | 2029-09-01      | 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      | $1571908.72   | 0.71%             | 2027-09-01      | 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      | $1222464.99   | 0.55%             | 2033-12-01      | Fixed         | 4.00%                 | 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      | $550344.54    | 0.25%             | 2031-12-01      | 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      | $137411.78    | 0.06%             | 2030-10-01      | 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      | $2075305.48   | 0.94%             | 2027-03-01      | 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      | $566784.47    | 0.26%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DORCHESTER CNTY SC SCH DIST #2     | Dorchester County School District No 2                                          | CUSIP: 258165WB1<br>LEI: 549300NRXH6F8FYXXH15 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1536121.98   | 0.70%             | 2031-03-01      | Fixed         | 5.00%                 | 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      | $1002382.81   | 0.45%             | 2027-01-15      | Fixed         | 4.00%                 | 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      | $1982708.81   | 0.90%             | 2042-07-01      | 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      | $1074209.61   | 0.49%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                                | CUSIP: 709224N39<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    850000 | PA      | $922566.99    | 0.42%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YORKVILLE IL UNITED CITY           | United City of Yorkville IL                                                     | CUSIP: 987355NV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $248123.18    | 0.11%             | 2032-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                      | State of Washington                                                             | CUSIP: 93974EAK2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4255000 | PA      | $4583032.54   | 2.08%             | 2032-08-01      | Fixed         | 5.00%                 | 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      | $188838.02    | 0.09%             | 2029-12-30      | 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      | $2735498.82   | 1.24%             | 2040-06-01      | Fixed         | 4.00%                 | 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      | $994843.75    | 0.45%             | 2028-01-31      | Fixed         | 3.50%                 | 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      | $1090239.08   | 0.49%             | 2041-07-01      | Fixed         | 5.00%                 | 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      | $695680.57    | 0.32%             | 2030-01-01      | 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      | $2392868.07   | 1.08%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                                                 | CUSIP: 419792JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1513283.06   | 0.69%             | 2025-10-01      | Fixed         | 5.00%                 | 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      | $325865.23    | 0.15%             | 2032-09-01      | 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      | $991813.88    | 0.45%             | 2029-01-01      | Fixed         | 5.00%                 | 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      | $1061704.10   | 0.48%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH                   | County of Hamilton OH                                                           | CUSIP: 40727GCR1<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070303.42   | 0.49%             | 2037-12-01      | 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      | $1429397.58   | 0.65%             | 2036-12-01      | 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      | $2747355.27   | 1.25%             | 2031-03-01      | 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      | $4259968.23   | 1.93%             | 2031-11-01      | 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      | $668607.29    | 0.30%             | 2025-10-01      | 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      | $1343172.54   | 0.61%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                                                 | CUSIP: 419792F92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498610.08    | 0.23%             | 2025-08-01      | Fixed         | 1.03%                 | 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      | $1658886.20   | 0.75%             | 2026-03-01      | 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      | $1660975.16   | 0.75%             | 2036-03-01      | 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      | $3563284.49   | 1.62%             | 2040-06-15      | 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      | $948708.11    | 0.43%             | 2031-06-01      | 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      | $1067671.66   | 0.48%             | 2028-10-01      | 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      | $848422.02    | 0.38%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY            | Indiana Municipal Power Agency                                                  | CUSIP: 454898YK7<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    625000 | PA      | $697073.22    | 0.32%             | 2033-01-01      | 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      | $597438.00    | 0.27%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                   | Commonwealth of Massachusetts                                                   | CUSIP: 57582RY26<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5113394.55   | 2.32%             | 2047-10-01      | Fixed         | 5.00%                 | 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      | $1129938.25   | 0.51%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                      | State of Washington                                                             | CUSIP: 93974EVE3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3986723.61   | 1.81%             | 2037-02-01      | 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      | $1138276.60   | 0.52%             | 2036-06-01      | 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      | $260583.84    | 0.12%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                                | CUSIP: 709224N21<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $818629.42    | 0.37%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVING TX                          | City of Irving TX                                                               | CUSIP: 463778BC3<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |   3030000 | PA      | $3352605.12   | 1.52%             | 2032-09-15      | 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      | $1286472.89   | 0.58%             | 2035-04-01      | 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      | $1347004.04   | 0.61%             | 2033-03-01      | 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      | $1056251.75   | 0.48%             | 2034-10-01      | 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      | $1946144.56   | 0.88%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                        | City of New York NY                                                             | CUSIP: 64966SEX0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1040435.59   | 0.47%             | 2026-08-01      | Fixed         | 1.22%                 | 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      | $203843.69    | 0.09%             | 2026-12-15      | Fixed         | 5.00%                 | 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      | $287009.57    | 0.13%             | 2033-12-30      | 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      | $194655.56    | 0.09%             | 2034-07-01      | 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      | $534786.89    | 0.24%             | 2030-12-01      | Fixed         | 5.00%                 | 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      | $2142204.28   | 0.97%             | 2039-09-01      | 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      | $1025687.41   | 0.46%             | 2026-09-01      | 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      | $1057596.82   | 0.48%             | 2037-12-01      | 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      | $528168.48    | 0.24%             | 2028-03-15      | Fixed         | 4.00%                 | 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      | $1349402.88   | 0.61%             | 2033-03-01      | 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        |   2151069 | PA      | $2151080.71   | 0.98%             | 2036-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                                | CUSIP: 709224MY2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    590000 | PA      | $600359.21    | 0.27%             | 2028-06-01      | 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      | $2544386.48   | 1.15%             | 2030-04-01      | Fixed         | 4.00%                 | 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      | $707001.89    | 0.32%             | 2027-09-01      | 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      | $165528.79    | 0.08%             | 2035-07-01      | 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      | $1522166.71   | 0.69%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ UNIF SCH DIST #2     | Pinal County Unified School District No 21 Coolidge                             | CUSIP: 722171JV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $144114.61    | 0.07%             | 2033-07-01      | 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      | $1440224.13   | 0.65%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARGO ND                           | City of Fargo ND                                                                | CUSIP: 30747NPH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2516492.28   | 1.14%             | 2039-05-01      | 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      | $1021551.74   | 0.46%             | 2047-10-01      | 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      | $2076069.21   | 0.94%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST MUNI PWR AGY            | Indiana Municipal Power Agency                                                  | CUSIP: 454898YJ0<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    375000 | PA      | $416833.93    | 0.19%             | 2032-01-01      | Fixed         | 5.00%                 | 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      | $769020.59    | 0.35%             | 2037-12-15      | 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      | $191019.45    | 0.09%             | 2030-12-30      | 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      | $1023475.02   | 0.46%             | 2030-10-01      | 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      | $5499838.64   | 2.49%             | 2033-03-01      | 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      | $799627.48    | 0.36%             | 2029-11-01      | 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      | $3320552.90   | 1.51%             | 2033-07-01      | 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      | $1836038.53   | 0.83%             | 2028-10-01      | 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      | $121052.55    | 0.05%             | 2026-08-01      | Fixed         | 1.22%                 | 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      | $994447.20    | 0.45%             | 2038-04-01      | 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      | $329971.39    | 0.15%             | 2031-12-30      | 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        |   1000000 | PA      | $990742.19    | 0.45%             | 2026-01-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| SULLIVAN CNTY TN                   | County of Sullivan TN                                                           | CUSIP: 865287UU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041167.60   | 0.47%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST MUNI ELEC AGY PWR      | Illinois Municipal Electric Agency                                              | CUSIP: 452024HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $731069.17    | 0.33%             | 2026-02-01      | 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      | $4529312.48   | 2.05%             |  |  |  | No            |                  1 | 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      | $521191.98    | 0.24%             | 2027-07-01      | 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      | $756201.55    | 0.34%             | 2025-12-01      | 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      | $1332017.15   | 0.60%             | 2036-10-15      | 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      | $532135.20    | 0.24%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST                       | State of Wisconsin                                                              | CUSIP: 97705ML29<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4367502.44   | 1.98%             | 2038-05-01      | 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      | $804993.38    | 0.36%             | 2029-06-15      | 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      | $838271.97    | 0.38%             | 2042-12-01      | 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      | $1676223.63   | 0.76%             | 2027-08-01      | 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      | $2098138.44   | 0.95%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ UNIF SCH DIST #2     | Pinal County Unified School District No 21 Coolidge                             | CUSIP: 722171JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $193053.00    | 0.09%             | 2032-07-01      | 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      | $3592164.99   | 1.63%             | 2044-08-01      | 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      | $515732.54    | 0.23%             | 2027-06-01      | 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      | $1063533.71   | 0.48%             | 2038-01-01      | 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      | $1983883.01   | 0.90%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST                     | State of Mississippi                                                            | CUSIP: 605581QK6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496083.60    | 0.22%             | 2025-10-01      | Fixed         | 1.12%                 | 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      | $1456769.40   | 0.66%             | 2027-01-01      | 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      | $1159480.16   | 0.53%             | 2027-12-01      | Fixed         | 5.00%                 | 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      | $542016.47    | 0.25%             | 2038-07-01      | 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      | $2019762.12   | 0.92%             | 2027-01-01      | 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      | $1051057.59   | 0.48%             | 2046-01-01      | 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      | $1012890.63   | 0.46%             | 2028-01-15      | Fixed         | 4.25%                 | 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      | $2528765.35   | 1.15%             | 2040-11-01      | 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      | $1694267.81   | 0.77%             | 2039-04-01      | 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      | $5507852.94   | 2.50%             | 2038-03-15      | Fixed         | 5.25%                 | 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      | $4213330.38   | 1.91%             | 2038-10-01      | 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      | $1953416.52   | 0.89%             | 2026-08-01      | Fixed         | 5.00%                 | 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      | $500098.10    | 0.23%             | 2026-07-01      | Fixed         | 2.50%                 | 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      | $1485472.74   | 0.67%             | 2032-04-01      | 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      | $738901.29    | 0.33%             | 2028-06-15      | 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      | $1076142.61   | 0.49%             | 2028-04-01      | 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      | $913814.27    | 0.41%             | 2036-02-01      | 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      | $441544.71    | 0.20%             | 2035-01-01      | 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      | $865731.73    | 0.39%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                       | State of Minnesota                                                              | CUSIP: 60412AEC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1031818.25   | 0.47%             | 2026-08-01      | Fixed         | 5.00%                 | 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      | $1396587.83   | 0.63%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON      | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | CUSIP: 592098X69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $649938.61    | 0.29%             | 2025-07-01      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| OHIO ST                            | State of Ohio                                                                   | CUSIP: 677523DX7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1958371.53   | 0.89%             | 2041-03-01      | 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      | $2107755.74   | 0.96%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX                    | County of Tarrant TX                                                            | CUSIP: 876315ZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2469183.50   | 1.12%             | 2036-07-15      | Fixed         | 5.00%                 | 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      | $1050942.25   | 0.48%             | 2043-07-01      | 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      | $212811.68    | 0.10%             | 2028-12-30      | 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      | $1170175.45   | 0.53%             | 2041-07-01      | 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      | $1081207.96   | 0.49%             | 2035-08-01      | 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      | $1094750.04   | 0.50%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA SCH DIST              | Lancaster School District                                                       | CUSIP: 514383XZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $838429.24    | 0.38%             | 2033-06-01      | 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      | $521515.39    | 0.24%             | 2028-09-01      | 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      | $964531.25    | 0.44%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912828V98<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $975546.88    | 0.44%             | 2027-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                                | CUSIP: 709225LZ7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $559181.67    | 0.25%             | 2031-12-01      | 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      | $1045724.03   | 0.47%             | 2031-02-01      | 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      | $1062999.88   | 0.48%             | 2040-10-15      | Fixed         | 5.00%                 | 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      | $1185681.36   | 0.54%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CULLMAN AL UTILITIES BRD WTR R     | Cullman Utilities Board Water Division                                          | CUSIP: 230138GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001841.43   | 0.45%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

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

**Signature:** Jill Peeper

**Name of Signer:** Jill Peeper

**Title:** Principal Financial Officer and Treasurer