Manning & Napier Advisors, LLC ("MNA" or the "Firm") is an SEC-registered investment advisor, wholly owned by Manning & Napier Group, LLC. MNA is indirectly owned and controlled by Callodine MN Holdings, Inc., the majority interest of which is beneficially owned and controlled by Callodine Group, LLC (“Callodine”) and its founder James Morrow. East Asset Management, LLC, and its owners Terrence and Kim Pegula, also beneficially own a substantial interest in Callodine MN Holdings, Inc. MNA was formed as a Delaware limited liability company on September 13, 2011, and is the successor to Manning & Napier Advisors, Inc., which was formed as a partnership on April 27, 1970, and incorporated in New York on January 3, 1972. Pursuant to a corporate restructuring, Manning & Napier Advisors, Inc. transferred all of its assets and liabilities to MNA effective as of October 1, 2011. Asset management clients of MNA will be provided with a range of services, which include, but are not limited to: (i) establishing appropriate investment objectives; (ii) making asset allocation decisions within the portfolio in accordance with set objectives; (iii) making day-to-day investment decisions for the portfolio; and (iv) providing materials necessary for monitoring results in an accurate and relevant manner. These services are available through a direct contractual relationship with MNA (“Direct”) or under a multi-party agreement with MNA and the client’s unaffiliated third-party advisor where each serve as a fiduciary and jointly provide advisory services (“Intermediary”). MNA offers a wide range of products to meet the needs of clients who retain MNA for asset management services, including single asset class portfolios (e.g., equity, fixed income, or real estate), multiple asset class portfolios (e.g., a blend of equity and fixed income) and custom solution portfolios. MNA is also the investment advisor to the Manning & Napier Fund, Inc. (the " MN Fund") a registered investment company (mutual fund), and to the Manning & Napier Collective Investment Trust (“CIT”) Fund, to which MNA’s affiliate, Exter Trust Company (“ETC”), serves as trustee. The MN Fund and CIT Funds are available to asset management clients. MNA also will recommend investments in private funds managed by affiliates of Callodine (“Callodine Funds”). SMA clients of MNA may impose investment restrictions that generally relate to asset mix, an individual security, or investment characteristics (e.g., debt rating, foreign investments, or social issues). Each investment restriction must

be agreed upon in writing with each client prior to implementation. Clients who invest in the Callodine Funds cannot impose investment restrictions. MNA has a number of relationships in which MNA provides a model portfolio to a third-party (“model delivery” relationships). These models can mirror MNA’s standard investment objectives or can be tailored according to the platform provider’s specifications or limitations. In model delivery relationships, MNA does not provide services to end clients and does not trade the portfolio on behalf of the third-party platform. As such, MNAs fees for these model delivery relationships are less than the standard fee schedule stated under Item 5 for the same objective offered to MNA’s full-service asset management clients. Assets associated with these relationships are counted as assets under advisement. Item 12 contains important information regarding the timing of model updates. MNA may but does not currently participate in "wrap fee" arrangements in which an unaffiliated broker-dealer or platform provider recommends MNA pays its management fees at the direction of the client, executes the client's portfolio transactions without commission charges, monitors MNA’s performance, and may also act as custodian, or provides some combination of these or other services, all for a single fee. Under a wrap program, MNA would receive a fee for investment advisory services from the wrap program sponsor. MNA would manage such accounts in a substantially similar manner to its other accounts, except that MNA will not execute trades nor negotiate commission rates for these accounts. In evaluating a "wrap fee" arrangement, the client should consider whether, depending on the level of the wrap fee, the amount of portfolio activity, and the value attributed to monitoring, custodial and any other services provided, the wrap fee would exceed the aggregate cost of such services if they were separately provided and MNA were free to choose broker-dealers to execute portfolio transactions. As of 12/31/2023 MNA managed $18,487,109,261 in assets under management (“AUM”) across asset management solutions and wealth management solutions, the latter of which is described in a separate brochure. AUM is comprised of discretionary SMAs, assets invested in a Collective Investment Trust to which MNA serves as advisor, assets invested in the MN Fund, including non- discretionary arrangements with MN Fund shareholders who have an advisory agreement with MNA, and $1,592,733 in discretionary proprietary/seeded accounts.