Global Equity CIT

Disciplined Value CIT Global Equity CIT
Class I Class Z

Investment Objective

To capture investment opportunities in U.S. and non-U.S. equities, including those from both developed and emerging countries.

Investment Strategy

This fund is managed using a bottom-up, opportunistic, core approach with top-down input. At least 90% of the portfolio is invested in equities, with a general range of 30% - 70% expected to be invested in securities of companies that are domiciled outside of the U.S. Holdings are selected security-by-security and consist of ordinary (local) shares, in addition to American Depository Receipts (ADRs). This portfolio may be diversified across investment styles, sectors, regions, and market capitalizations.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept potentially significant fluctuations in value (very high capital risk tolerance)
  • Seeking to add diversification to their retirement portfolio by adding a global equity component

Daily Price

$23.76

Daily $ Change

$0.03

Daily % Change

0.13%

as of 11/24/2021

CUSIP

302027180

Inception Date

01/21/2014

Investment Minimum

$1,000,000.00

The fund is available only for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Applications & Forms

Performance

As of 10/31/2021

As of
Month-End Quarter-End

YTD

19.29%

1 Year

38.22%

3 Year

21.89%

5 Year

17.54%

10 Year

12.78%

Inception
(05/01/2006)

8.50%

Performance through the inception date of the Global Equity CIT Class I units is based on the historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (11/16/2012) is not the past performance of the Global Equity CIT Fund and is based on historical performance data for the Manning & Napier Global Equity Composite, which is a weighted average of discretionary separately managed accounts that are managed by Manning & Napier Advisors, LLC with a Global Equity objective. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.76%
Net 0.75%*

*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 10/31/2021

As of
Month-End Quarter-End
AMAZON.COM INC 2.79%
MICROSOFT CORP 2.76%
ALPHABET INC-CL A 2.67%
MASTERCARD INC-CLASS A 2.65%
MEDTRONIC INC 2.55%
META PLATFORMS INC 2.33%
SONY CORP FIRST SECTION 2.29%
SEA LTD - ADR 2.25%
VISA INC - CLASS A SHARES 2.10%
NESTLE SA-REGISTERED 1.85%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2021

As of
Month-End Quarter-End
Communication Services 10.53%
Consumer Discretionary 15.52%
Consumer Staples 9.50%
Energy 3.89%
Financials 10.13%
Health Care 18.58%
Industrials 7.56%
Information Technology 16.69%
Materials 3.89%
Real Estate 3.71%

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.

Country Allocation

As of 10/31/2021

As of
Month-End Quarter-End
United States 63.83%
Switzerland 5.52%
United Kingdom 4.76%
Canada 4.20%
Japan 3.65%
Ireland 3.47%
Germany 3.01%
France 2.91%
Singapore 2.25%
Sweden 1.95%
Netherlands 0.98%
Italy 0.90%
Mexico 0.77%
Bermuda 0.50%
Taiwan 0.48%
Belgium 0.43%
China 0.39%

October Fund Holdings

As of 10/31/2021

October September August July June May April March February January December November
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00724F101 ADOBE INC US ADBE 2,682 $1,744,265.52
016255101 ALIGN TECHNOLOGY INC US ALGN 6,146 $3,837,378.02
02079K107 ALPHABET INC-CL C US GOOG 301 $892,588.41
02079K305 ALPHABET INC-CL A US GOOGL 2,817 $8,340,911.64
023135106 AMAZON.COM INC US AMZN 2,588 $8,727,848.84
023436108 AMEDISYS INC US AMED 7,823 $1,324,746.82
0237400 DIAGEO PLC GB DGE LN 70,100 $3,487,593.41
025816109 AMERICAN EXPRESS CO US AXP 9,594 $1,667,245.32
03027X100 AMERICAN TOWER REIT INC US AMT 17,114 $4,825,634.58
053332102 AUTOZONE INC US AZO 1,029 $1,836,600.36
055622104 BP PLC-SPONS ADR GB BP 23,633 $680,394.07
084423102 WR BERKLEY CORP US WRB 33,595 $2,674,162.00
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 41,664 $3,301,038.72
09247X101 BLACKROCK INC US BLK 3,734 $3,522,879.64
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 25,067 $1,756,438.67
101137107 BOSTON SCIENTIFIC CORP US BSX 39,717 $1,712,994.21
12503M108 CBOE GLOBAL MARKETS INC US CBOE 14,567 $1,921,969.98
127097103 COTERRA ENERGY INC US CTRA 91,375 $1,948,115.00
13321L108 CAMECO CORP CA CCJ 123,657 $3,004,865.10
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 29,876 $3,970,819.16
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 4,493 $3,032,280.77
191216100 COCA COLA CO/THE US KO 36,750 $2,071,597.50
20825C104 CONOCOPHILLIPS US COP 21,241 $1,582,242.09
21036P108 CONSTELLATION BRANDS INC-A US STZ 14,322 $3,105,152.82
217204106 COPART INC US CPRT 11,469 $1,781,021.01
254687106 WALT DISNEY CO/THE US DIS 12,433 $2,102,047.31
256677105 DOLLAR GENERAL CORP US DG 17,605 $3,899,859.60
256746108 DOLLAR TREE STORES INC US DLTR 37,825 $4,076,022.00
26884L109 EQT CORP US EQT 111,571 $2,221,378.61
27579R104 EAST WEST BANCORP INC US EWBC 28,111 $2,234,262.28
285512109 ELECTRONIC ARTS US EA 21,805 $3,058,151.25
29444U700 EQUINIX INC US EQIX 3,255 $2,724,662.85
30212P303 EXPEDIA INC US EXPE 30,551 $5,022,889.91
30231G102 EXXON MOBIL CORP US XOM 21,368 $1,377,594.96
302491303 FMC CORP US FMC 45,030 $4,098,180.30
30303M102 META PLATFORMS INC US FB 22,508 $7,282,913.56
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 116,816 $2,328,142.88
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 6,587 $831,806.36
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 4,421 $891,494.65
4012250 AIRBUS SE FR AIR FP 12,808 $1,643,036.34
4031976 ADIDAS AG DE ADS GR 5,865 $1,919,623.57
42805E306 HESKA CORP US HSKA 5,042 $1,127,038.26
444859102 HUMANA INC US HUM 5,118 $2,370,452.88
448579102 HYATT HOTEL US H 29,751 $2,534,785.20
45168D104 IDEXX LABORATORIES INC US IDXX 2,445 $1,628,712.30
45778Q107 INSPERITY INC US NSP 19,941 $2,492,625.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,630 $2,025,669.80
46120E602 INTUITIVE SURGICAL INC US ISRG 4,083 $1,474,493.79
478160104 JOHNSON & JOHNSON US JNJ 29,305 $4,773,198.40
50187A107 LHC GROUP US LHCG 8,438 $1,135,670.42
5107401 BEIERSDORF AG DE BEI GR 19,770 $2,102,212.03
550021109 LULULEMON - ADR CA LULU 8,827 $4,113,470.27
5654781 ATOS SE FR ATO FP 32,120 $1,675,787.85
573284106 MARTIN MARIETTA MATERIALS US MLM 4,287 $1,684,105.08
57636Q104 MASTERCARD INC-CLASS A US MA 24,725 $8,295,732.00
5852842 ACCOR SA FR AC FP 41,425 $1,482,453.13
594918104 MICROSOFT CORP US MSFT 26,082 $8,649,312.84
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 27,176 $1,650,670.24
615369105 MOODY'S CORPORATION US MCO 6,651 $2,688,001.65
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 650,000 $1,214,496.83
6490995 KEYENCE CORP JP 6861 JP 3,300 $1,991,928.79
654106103 NIKE INC CLASS B US NKE 20,590 $3,444,501.10
655844108 NORFOLK SOUTHN CORP US NSC 9,250 $2,710,712.50
6642321 NIKON CORP JP 7731 JP 207,300 $2,285,640.04
66987V109 NOVARTIS AG- REG CH NVS 48,547 $4,017,749.72
67066G104 NVIDIA CORP US NVDA 8,605 $2,200,040.35
6821506 SONY CORP FIRST SECTION JP 6758 JP 61,800 $7,156,216.18
697435105 PALO ALTO NETWORKS INC. US PANW 4,945 $2,517,450.05
7021963 DEUTSCHE BOERSE AG DE DB1 GR 13,280 $2,204,574.44
70450Y103 PAYPAL HOLDINGS INC US PYPL 13,799 $3,209,509.41
7123870 NESTLE SA-REGISTERED CH NESN SW 43,835 $5,782,153.34
713448108 PEPSICO INC US PEP 15,818 $2,556,188.80
76131D103 RESTAURANT BRANDS INTERN CA QSR 36,110 $2,045,270.40
7698356 GETINGE AB-B SHS SE GETIB SS 81,618 $3,652,556.24
7792559 HEINEKEN NV NL HEIA NA 22,215 $2,458,959.03
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 13,128 $601,787.52
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 25,495 $2,893,937.45
78409V104 S&P GLOBAL INC US SPGI 4,405 $2,088,674.80
78410G104 SBA COMMUNICATIONS CORP US SBAC 11,761 $4,061,426.13
79466L302 SALESFORCE.COM US CRM 12,687 $3,802,167.03
81141R100 SEA LTD - ADR SG SE 20,465 $7,031,160.05
81181C104 SEAGEN INC US SGEN 21,796 $3,843,288.68
81762P102 SERVICENOW INC US NOW 7,040 $4,912,230.40
857949BL0 SS INT BEARING FD .022% 01/02/15 US 8,960,062.98 $8,960,062.98
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 13,180 $1,498,566.00
883556102 THERMO FISHER SCIENTIFIC INC US TMO 4,795 $3,035,570.65
89151E109 TOTALENERGIES SE SPON ADR FR TTE 14,860 $744,634.60
904767704 UNILEVER PLC - ADR GB UL 96,325 $5,161,093.50
91324P102 UNITEDHEALTH GROUP INC US UNH 5,114 $2,354,843.58
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 21,096 $3,901,283.28
92826C839 VISA INC - CLASS A SHARES US V 31,060 $6,577,576.20
929160109 VULCAN MATERIALS CO US VMC 9,031 $1,716,973.72
929740108 WABTEC CORP US WAB 28,240 $2,562,215.20
98978V103 ZOETIS INC US ZTS 6,535 $1,412,867.00
B02J639 ADMIRAL GROUP PLC GB ADM LN 35,770 $1,405,123.20
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 113,900 $688,832.77
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 22,964 $1,202,482.33
B1YXBJ7 AIR LIQUIDE FR AI FP 14,069 $2,348,930.04
B4YVF56 BRENNTAG AG DE BNR GR 33,380 $3,175,718.02
BJXMLF7 AVANZA BANK HOLDING AB SE AZA SS 61,691 $2,452,567.91
BKWD4B5 SOFTWAREONE HOLDING AG CH SWON SW 168,990 $3,915,820.37
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $2,828,670.09
BYT1DJ1 INTERMEDIATE CAPITAL GROUP GB ICP LN 80,504 $2,414,714.97
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 21,810 $1,334,057.39
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 43,272 $1,553,464.80
G5960L103 MEDTRONIC INC IE MDT 66,426 $7,961,820.36
H01301128 ALCON INC CH ALC 42,432 $3,537,131.52

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Funds whose investments are concentrated in foreign countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the fund may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$23.76

Daily $ Change

$0.03

Daily % Change

0.13%

as of 11/24/2021

CUSIP

302027180

Inception Date

01/21/2014

Investment Minimum

$1,000,000.00

The fund is available only for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Investment Objective

To capture investment opportunities in U.S. and non-U.S. equities, including those from both developed and emerging countries.

Investment Strategy

This fund is managed using a bottom-up, opportunistic, core approach with top-down input. At least 90% of the portfolio is invested in equities, with a general range of 30% - 70% expected to be invested in securities of companies that are domiciled outside of the U.S. Holdings are selected security-by-security and consist of ordinary (local) shares, in addition to American Depository Receipts (ADRs). This portfolio may be diversified across investment styles, sectors, regions, and market capitalizations.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept potentially significant fluctuations in value (very high capital risk tolerance)
  • Seeking to add diversification to their retirement portfolio by adding a global equity component

Performance

As of 10/31/2021

As of
Month-End Quarter-End

YTD

19.29%

1 Year

38.22%

3 Year

21.89%

5 Year

17.54%

10 Year

12.78%

Inception
(05/01/2006)

8.50%

Performance through the inception date of the Global Equity CIT Class I units is based on the historical performance of the CIT's oldest unit class. Performance through the inception date of the oldest unit class (11/16/2012) is not the past performance of the Global Equity CIT Fund and is based on historical performance data for the Manning & Napier Global Equity Composite, which is a weighted average of discretionary separately managed accounts that are managed by Manning & Napier Advisors, LLC with a Global Equity objective. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.76%
Net 0.75%*

*Reflects the Trustee's contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 10/31/2021

As of
Month-End Quarter-End
AMAZON.COM INC 2.79%
MICROSOFT CORP 2.76%
ALPHABET INC-CL A 2.67%
MASTERCARD INC-CLASS A 2.65%
MEDTRONIC INC 2.55%
META PLATFORMS INC 2.33%
SONY CORP FIRST SECTION 2.29%
SEA LTD - ADR 2.25%
VISA INC - CLASS A SHARES 2.10%
NESTLE SA-REGISTERED 1.85%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2021

As of
Month-End Quarter-End
Communication Services
10.53%
Consumer Discretionary
15.52%
Consumer Staples
9.50%
Energy
3.89%
Financials
10.13%
Health Care
18.58%
Industrials
7.56%
Information Technology
16.69%
Materials
3.89%
Real Estate
3.71%

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification nor shall any such party have any liability therefrom.

Country Allocation

As of 10/31/2021

As of
Month-End Quarter-End
United States
63.83%
Switzerland
5.52%
United Kingdom
4.76%
Canada
4.20%
Japan
3.65%
Ireland
3.47%
Germany
3.01%
France
2.91%
Singapore
2.25%
Sweden
1.95%
Netherlands
0.98%
Italy
0.90%
Mexico
0.77%
Bermuda
0.50%
Taiwan
0.48%
Belgium
0.43%
China
0.39%

October Fund Holdings

As of 10/31/2021

October September August July June May April March February January December November
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00724F101 ADOBE INC US ADBE 2,682 $1,744,265.52
016255101 ALIGN TECHNOLOGY INC US ALGN 6,146 $3,837,378.02
02079K107 ALPHABET INC-CL C US GOOG 301 $892,588.41
02079K305 ALPHABET INC-CL A US GOOGL 2,817 $8,340,911.64
023135106 AMAZON.COM INC US AMZN 2,588 $8,727,848.84
023436108 AMEDISYS INC US AMED 7,823 $1,324,746.82
0237400 DIAGEO PLC GB DGE LN 70,100 $3,487,593.41
025816109 AMERICAN EXPRESS CO US AXP 9,594 $1,667,245.32
03027X100 AMERICAN TOWER REIT INC US AMT 17,114 $4,825,634.58
053332102 AUTOZONE INC US AZO 1,029 $1,836,600.36
055622104 BP PLC-SPONS ADR GB BP 23,633 $680,394.07
084423102 WR BERKLEY CORP US WRB 33,595 $2,674,162.00
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 41,664 $3,301,038.72
09247X101 BLACKROCK INC US BLK 3,734 $3,522,879.64
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 25,067 $1,756,438.67
101137107 BOSTON SCIENTIFIC CORP US BSX 39,717 $1,712,994.21
12503M108 CBOE GLOBAL MARKETS INC US CBOE 14,567 $1,921,969.98
127097103 COTERRA ENERGY INC US CTRA 91,375 $1,948,115.00
13321L108 CAMECO CORP CA CCJ 123,657 $3,004,865.10
136375102 CANADIAN NATIONAL RAILWAY CO CA CNI 29,876 $3,970,819.16
16119P108 CHARTER COMMUNICATIONS INC-A US CHTR 4,493 $3,032,280.77
191216100 COCA COLA CO/THE US KO 36,750 $2,071,597.50
20825C104 CONOCOPHILLIPS US COP 21,241 $1,582,242.09
21036P108 CONSTELLATION BRANDS INC-A US STZ 14,322 $3,105,152.82
217204106 COPART INC US CPRT 11,469 $1,781,021.01
254687106 WALT DISNEY CO/THE US DIS 12,433 $2,102,047.31
256677105 DOLLAR GENERAL CORP US DG 17,605 $3,899,859.60
256746108 DOLLAR TREE STORES INC US DLTR 37,825 $4,076,022.00
26884L109 EQT CORP US EQT 111,571 $2,221,378.61
27579R104 EAST WEST BANCORP INC US EWBC 28,111 $2,234,262.28
285512109 ELECTRONIC ARTS US EA 21,805 $3,058,151.25
29444U700 EQUINIX INC US EQIX 3,255 $2,724,662.85
30212P303 EXPEDIA INC US EXPE 30,551 $5,022,889.91
30231G102 EXXON MOBIL CORP US XOM 21,368 $1,377,594.96
302491303 FMC CORP US FMC 45,030 $4,098,180.30
30303M102 META PLATFORMS INC US FB 22,508 $7,282,913.56
388689101 GRAPHIC PACKAGING HOLDING CO US GPK 116,816 $2,328,142.88
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 6,587 $831,806.36
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 4,421 $891,494.65
4012250 AIRBUS SE FR AIR FP 12,808 $1,643,036.34
4031976 ADIDAS AG DE ADS GR 5,865 $1,919,623.57
42805E306 HESKA CORP US HSKA 5,042 $1,127,038.26
444859102 HUMANA INC US HUM 5,118 $2,370,452.88
448579102 HYATT HOTEL US H 29,751 $2,534,785.20
45168D104 IDEXX LABORATORIES INC US IDXX 2,445 $1,628,712.30
45778Q107 INSPERITY INC US NSP 19,941 $2,492,625.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,630 $2,025,669.80
46120E602 INTUITIVE SURGICAL INC US ISRG 4,083 $1,474,493.79
478160104 JOHNSON & JOHNSON US JNJ 29,305 $4,773,198.40
50187A107 LHC GROUP US LHCG 8,438 $1,135,670.42
5107401 BEIERSDORF AG DE BEI GR 19,770 $2,102,212.03
550021109 LULULEMON - ADR CA LULU 8,827 $4,113,470.27
5654781 ATOS SE FR ATO FP 32,120 $1,675,787.85
573284106 MARTIN MARIETTA MATERIALS US MLM 4,287 $1,684,105.08
57636Q104 MASTERCARD INC-CLASS A US MA 24,725 $8,295,732.00
5852842 ACCOR SA FR AC FP 41,425 $1,482,453.13
594918104 MICROSOFT CORP US MSFT 26,082 $8,649,312.84
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 27,176 $1,650,670.24
615369105 MOODY'S CORPORATION US MCO 6,651 $2,688,001.65
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 650,000 $1,214,496.83
6490995 KEYENCE CORP JP 6861 JP 3,300 $1,991,928.79
654106103 NIKE INC CLASS B US NKE 20,590 $3,444,501.10
655844108 NORFOLK SOUTHN CORP US NSC 9,250 $2,710,712.50
6642321 NIKON CORP JP 7731 JP 207,300 $2,285,640.04
66987V109 NOVARTIS AG- REG CH NVS 48,547 $4,017,749.72
67066G104 NVIDIA CORP US NVDA 8,605 $2,200,040.35
6821506 SONY CORP FIRST SECTION JP 6758 JP 61,800 $7,156,216.18
697435105 PALO ALTO NETWORKS INC. US PANW 4,945 $2,517,450.05
7021963 DEUTSCHE BOERSE AG DE DB1 GR 13,280 $2,204,574.44
70450Y103 PAYPAL HOLDINGS INC US PYPL 13,799 $3,209,509.41
7123870 NESTLE SA-REGISTERED CH NESN SW 43,835 $5,782,153.34
713448108 PEPSICO INC US PEP 15,818 $2,556,188.80
76131D103 RESTAURANT BRANDS INTERN CA QSR 36,110 $2,045,270.40
7698356 GETINGE AB-B SHS SE GETIB SS 81,618 $3,652,556.24
7792559 HEINEKEN NV NL HEIA NA 22,215 $2,458,959.03
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 13,128 $601,787.52
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 25,495 $2,893,937.45
78409V104 S&P GLOBAL INC US SPGI 4,405 $2,088,674.80
78410G104 SBA COMMUNICATIONS CORP US SBAC 11,761 $4,061,426.13
79466L302 SALESFORCE.COM US CRM 12,687 $3,802,167.03
81141R100 SEA LTD - ADR SG SE 20,465 $7,031,160.05
81181C104 SEAGEN INC US SGEN 21,796 $3,843,288.68
81762P102 SERVICENOW INC US NOW 7,040 $4,912,230.40
857949BL0 SS INT BEARING FD .022% 01/02/15 US 8,960,062.98 $8,960,062.98
874039100 TAIWAN SEMICONDUCTOR - SP ADR TW TSM 13,180 $1,498,566.00
883556102 THERMO FISHER SCIENTIFIC INC US TMO 4,795 $3,035,570.65
89151E109 TOTALENERGIES SE SPON ADR FR TTE 14,860 $744,634.60
904767704 UNILEVER PLC - ADR GB UL 96,325 $5,161,093.50
91324P102 UNITEDHEALTH GROUP INC US UNH 5,114 $2,354,843.58
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 21,096 $3,901,283.28
92826C839 VISA INC - CLASS A SHARES US V 31,060 $6,577,576.20
929160109 VULCAN MATERIALS CO US VMC 9,031 $1,716,973.72
929740108 WABTEC CORP US WAB 28,240 $2,562,215.20
98978V103 ZOETIS INC US ZTS 6,535 $1,412,867.00
B02J639 ADMIRAL GROUP PLC GB ADM LN 35,770 $1,405,123.20
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 113,900 $688,832.77
B1L3CS6 UBISOFT ENTERTAINMENT FR UBI FP 22,964 $1,202,482.33
B1YXBJ7 AIR LIQUIDE FR AI FP 14,069 $2,348,930.04
B4YVF56 BRENNTAG AG DE BNR GR 33,380 $3,175,718.02
BJXMLF7 AVANZA BANK HOLDING AB SE AZA SS 61,691 $2,452,567.91
BKWD4B5 SOFTWAREONE HOLDING AG CH SWON SW 168,990 $3,915,820.37
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $2,828,670.09
BYT1DJ1 INTERMEDIATE CAPITAL GROUP GB ICP LN 80,504 $2,414,714.97
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 21,810 $1,334,057.39
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 43,272 $1,553,464.80
G5960L103 MEDTRONIC INC IE MDT 66,426 $7,961,820.36
H01301128 ALCON INC CH ALC 42,432 $3,537,131.52

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. Funds whose investments are concentrated in foreign countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the fund may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets.

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.


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