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

$12.97

Daily $ Change

$0.01

Daily % Change

0.08%

as of 12/11/2018

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 11/30/2018

YTD

1.28%

1 Year

2.99%

3 Year

9.68%

5 Year

6.63%

10 Year

10.64%

Inception
(05/01/2006)

5.64%

Market Cycle

---

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 11/30/2018

MEDTRONIC INC 3.76%
BOOKING HOLDINGS INC 3.14%
DIAGEO PLC 2.82%
MASTERCARD INC-CLASS A 2.77%
VISA INC - CLASS A SHARES 2.49%
JOHNSON & JOHNSON 2.21%
NOVARTIS AG- REG 2.08%
AMDOCS LTD 2.07%
MICROSOFT CORP 1.92%
AMAZON.COM INC 1.91%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2018

Communication Services 9.36%
Consumer Discretionary 14.48%
Consumer Staples 15.56%
Energy 2.22%
Financials 7.85%
Health Care 20.49%
Industrials 3.37%
Information Technology 16.89%
Materials 6.47%
Real Estate 3.31%

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 11/30/2018

United States 58.62%
United Kingdom 8.71%
Ireland 5.17%
China 4.63%
Switzerland 4.56%
Netherlands 3.82%
Canada 3.54%
Germany 2.70%
Belgium 2.01%
Spain 1.98%
Japan 1.56%
Brazil 1.55%
Italy 0.74%
Bermuda 0.41%

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 57,010 $585,028.82
00724F101 ADOBE INC US ADBE 8,320 $2,087,404.80
01609W102 ALIBABA GROUP - ADR CN BABA 23,595 $3,795,491.70
02079K107 ALPHABET INC-CL C US GOOG 1,560 $1,707,310.80
02079K305 ALPHABET INC-CL A US GOOGL 1,550 $1,719,957.50
02209S103 ALTRIA GROUP INC US MO 18,720 $1,026,417.60
023135106 AMAZON.COM INC US AMZN 2,425 $4,098,662.25
02319V103 AMBEV SA-ADR BR ABEV 780,785 $3,333,951.95
0237400 DIAGEO PLC GB DGE LN 167,860 $6,061,973.92
0263494 BAE SYSTEMS PLC GB BA/ LN 307,960 $1,935,935.42
03027X100 AMERICAN TOWER REIT INC US AMT 16,130 $2,653,223.70
053332102 AUTOZONE INC US AZO 4,525 $3,661,041.75
058498106 BALL CORP US BLL 62,350 $3,062,008.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 13,040 $2,845,849.60
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 28,570 $2,743,577.10
09247X101 BLACKROCK INC US BLK 4,000 $1,712,040.00
09857L108 BOOKING HOLDINGS INC US BKNG 3,570 $6,754,011.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 24,745 $1,322,867.70
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 54,875 $1,913,491.25
12503M108 CBOE GLOBAL MARKETS INC US CBOE 5,840 $628,500.80
125269100 CF INDUSTRIES HOLDINGS INC US CF 21,510 $907,506.90
12572Q105 CME GROUP INC US CME 3,305 $628,214.40
191216100 COCA COLA CO/THE US KO 37,070 $1,868,328.00
192422103 COGNEX CORP US CGNX 13,160 $579,303.20
194162103 COLGATE-PALMOLIVE CO US CL 27,150 $1,724,568.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 49,295 $452,639.14
23918K108 DAVITA INC. US DVA 25,965 $1,715,247.90
25271C102 DIAMOND OFFSHORE DRILLING US DO 46,925 $591,255.00
253393102 DICK'S SPORTING GOODS INC US DKS 73,440 $2,642,371.20
269246401 ETRADE FINANCIAL CORP US ETFC 27,120 $1,418,104.80
2715777 QUEBECOR INC -CL B CA QBR/B CN 106,565 $2,299,490.87
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 111,525 $2,099,303.99
285512109 ELECTRONIC ARTS US EA 38,255 $3,216,097.85
2866857 LUNDIN MINING CORP CA LUN CN 118,385 $515,898.96
29444U700 EQUINIX INC US EQIX 4,410 $1,699,084.80
31428X106 FEDEX CORPORATION US FDX 11,680 $2,674,720.00
35671D857 FREEPORT-MCMORAN INC US FCX 114,435 $1,366,353.90
371559105 GENESEE & WYOMING INC -CL A US GWR 14,485 $1,206,310.80
45337C102 INCYTE CORP US INCY 51,055 $3,280,283.75
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 8,150 $666,018.00
46120E602 INTUITIVE SURGICAL INC US ISRG 4,855 $2,577,373.85
4741844 MERCK KGAA DE MRK GR 18,030 $1,995,893.95
478160104 JOHNSON & JOHNSON US JNJ 32,375 $4,755,887.50
4821100 SOLVAY SA BE SOLB BB 13,755 $1,490,098.38
5107401 BEIERSDORF AG DE BEI GR 16,815 $1,805,077.26
53815P108 LIVERAMP HOLDINGS INC US RAMP 75,175 $3,555,777.50
5458314 AKZO NOBEL NL AKZA NA 26,285 $2,208,778.41
5474008 BANKINTER S.A. ES BKT SM 70,380 $589,282.85
550021109 LULULEMON - ADR CA LULU 16,840 $2,232,142.00
57636Q104 MASTERCARD INC-CLASS A US MA 29,620 $5,955,693.40
58933Y105 MERCK & CO INC US MRK 20,360 $1,615,362.40
594918104 MICROSOFT CORP US MSFT 37,145 $4,119,009.05
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 43,840 $1,971,923.20
64110W102 NETEASE.COM INC- ADR CN NTES 10,990 $2,495,499.30
6490995 KEYENCE CORP JP 6861 JP 4,115 $2,241,627.02
654106103 NIKE INC CLASS B US NKE 31,730 $2,383,557.60
66987V109 NOVARTIS AG- REG CH NVS 48,930 $4,478,562.90
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 5,155 $1,787,650.90
7021963 DEUTSCHE BOERSE AG DE DB1 GR 4,515 $578,338.14
7123870 NESTLE SA-REGISTERED CH NESN SW 44,960 $3,835,672.41
713448108 PEPSICO INC US PEP 16,795 $2,047,982.30
718172109 PHILIP MORRIS INTERNATIONAL US PM 14,495 $1,254,252.35
74736K101 QORVO INC US QRVO 47,530 $3,127,949.30
75886F107 REGENERON PHARMACEUTICALS INC US REGN 4,035 $1,475,397.75
78410G104 SBA COMMUNICATIONS CORP US SBAC 16,195 $2,766,267.95
806857108 SCHLUMBERGER LTD NL SLB 65,915 $2,972,766.50
808513105 CHARLES SCHWAB CORP/THE US SCHW 45,460 $2,036,608.00
81211K100 SEALED AIR CORP US SEE 43,830 $1,601,109.90
812578102 SEATTLE GENETICS INC US SGEN 32,765 $2,050,433.70
81762P102 SERVICENOW INC US NOW 16,570 $3,069,923.90
84265V105 SOUTHERN COPPER CORPORATION US SCCO 20,525 $687,177.00
857949BL0 SS INT BEARING FD .022% 01/02/15 US 8,782,704.18 $8,782,704.18
883556102 THERMO FISHER SCIENTIFIC INC US TMO 10,110 $2,522,950.50
90384S303 ULTA BEAUTY INC US ULTA 6,385 $1,901,389.15
904767704 UNILEVER PLC - ADR GB UL 69,555 $3,776,140.95
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 6,125 $1,107,338.75
92826C839 VISA INC - CLASS A SHARES US V 37,710 $5,343,884.10
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 68,495 $1,802,788.40
B283W97 CAIXABANK S.A ES CABK SM 290,905 $1,201,685.21
B4R2R50 JULIUS BAER CH BAER SW 36,745 $1,482,106.38
B4YVF56 BRENNTAG AG DE BNR GR 30,910 $1,433,723.45
B63QM77 NEXON CO LTD JP 3659 JP 92,605 $1,101,017.23
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 91,715 $3,666,641.41
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $1,592,469.75
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 60,865 $1,870,688.27
BYXS699 QIAGEN N.V. NL QIA GR 35,540 $1,257,705.56
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 36,855 $2,831,586.29
BZ3C3Q4 BANKIA SA ES BKIA SM 181,355 $600,291.39
G02602103 AMDOCS LTD GG DOX 68,450 $4,443,089.50
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 41,080 $1,028,232.40
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 22,380 $888,038.40
G3157S106 ENSCO INTERNATIONAL INC US ESV 48,330 $274,031.10
G5960L103 MEDTRONIC INC IE MDT 82,815 $8,076,946.95
G97822103 PERRIGO CO PLC IE PRGO 48,850 $3,042,378.00
H8817H100 TRANSOCEAN LTD US RIG 101,160 $938,764.80
N47279109 INTERXION HOLDING NV NL INXN 28,570 $1,779,053.90

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 45 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

$12.97

Daily $ Change

$0.01

Daily % Change

0.08%

as of 12/11/2018

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 11/30/2018

YTD

1.28%

1 Year

2.99%

3 Year

9.68%

5 Year

6.63%

10 Year

10.64%

Inception
(05/01/2006)

5.64%

Market Cycle

---

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 11/30/2018

MEDTRONIC INC 3.76%
BOOKING HOLDINGS INC 3.14%
DIAGEO PLC 2.82%
MASTERCARD INC-CLASS A 2.77%
VISA INC - CLASS A SHARES 2.49%
JOHNSON & JOHNSON 2.21%
NOVARTIS AG- REG 2.08%
AMDOCS LTD 2.07%
MICROSOFT CORP 1.92%
AMAZON.COM INC 1.91%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 11/30/2018

Communication Services
9.36%
Consumer Discretionary
14.48%
Consumer Staples
15.56%
Energy
2.22%
Financials
7.85%
Health Care
20.49%
Industrials
3.37%
Information Technology
16.89%
Materials
6.47%
Real Estate
3.31%

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 11/30/2018

United States
58.62%
United Kingdom
8.71%
Ireland
5.17%
China
4.63%
Switzerland
4.56%
Netherlands
3.82%
Canada
3.54%
Germany
2.70%
Belgium
2.01%
Spain
1.98%
Japan
1.56%
Brazil
1.55%
Italy
0.74%
Bermuda
0.41%

November Fund Holdings

As of 11/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 57,010 $585,028.82
00724F101 ADOBE INC US ADBE 8,320 $2,087,404.80
01609W102 ALIBABA GROUP - ADR CN BABA 23,595 $3,795,491.70
02079K107 ALPHABET INC-CL C US GOOG 1,560 $1,707,310.80
02079K305 ALPHABET INC-CL A US GOOGL 1,550 $1,719,957.50
02209S103 ALTRIA GROUP INC US MO 18,720 $1,026,417.60
023135106 AMAZON.COM INC US AMZN 2,425 $4,098,662.25
02319V103 AMBEV SA-ADR BR ABEV 780,785 $3,333,951.95
0237400 DIAGEO PLC GB DGE LN 167,860 $6,061,973.92
0263494 BAE SYSTEMS PLC GB BA/ LN 307,960 $1,935,935.42
03027X100 AMERICAN TOWER REIT INC US AMT 16,130 $2,653,223.70
053332102 AUTOZONE INC US AZO 4,525 $3,661,041.75
058498106 BALL CORP US BLL 62,350 $3,062,008.50
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 13,040 $2,845,849.60
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 28,570 $2,743,577.10
09247X101 BLACKROCK INC US BLK 4,000 $1,712,040.00
09857L108 BOOKING HOLDINGS INC US BKNG 3,570 $6,754,011.60
110122108 BRISTOL MYERS SQUIBB CO US BMY 24,745 $1,322,867.70
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 54,875 $1,913,491.25
12503M108 CBOE GLOBAL MARKETS INC US CBOE 5,840 $628,500.80
125269100 CF INDUSTRIES HOLDINGS INC US CF 21,510 $907,506.90
12572Q105 CME GROUP INC US CME 3,305 $628,214.40
191216100 COCA COLA CO/THE US KO 37,070 $1,868,328.00
192422103 COGNEX CORP US CGNX 13,160 $579,303.20
194162103 COLGATE-PALMOLIVE CO US CL 27,150 $1,724,568.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 49,295 $452,639.14
23918K108 DAVITA INC. US DVA 25,965 $1,715,247.90
25271C102 DIAMOND OFFSHORE DRILLING US DO 46,925 $591,255.00
253393102 DICK'S SPORTING GOODS INC US DKS 73,440 $2,642,371.20
269246401 ETRADE FINANCIAL CORP US ETFC 27,120 $1,418,104.80
2715777 QUEBECOR INC -CL B CA QBR/B CN 106,565 $2,299,490.87
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 111,525 $2,099,303.99
285512109 ELECTRONIC ARTS US EA 38,255 $3,216,097.85
2866857 LUNDIN MINING CORP CA LUN CN 118,385 $515,898.96
29444U700 EQUINIX INC US EQIX 4,410 $1,699,084.80
31428X106 FEDEX CORPORATION US FDX 11,680 $2,674,720.00
35671D857 FREEPORT-MCMORAN INC US FCX 114,435 $1,366,353.90
371559105 GENESEE & WYOMING INC -CL A US GWR 14,485 $1,206,310.80
45337C102 INCYTE CORP US INCY 51,055 $3,280,283.75
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 8,150 $666,018.00
46120E602 INTUITIVE SURGICAL INC US ISRG 4,855 $2,577,373.85
4741844 MERCK KGAA DE MRK GR 18,030 $1,995,893.95
478160104 JOHNSON & JOHNSON US JNJ 32,375 $4,755,887.50
4821100 SOLVAY SA BE SOLB BB 13,755 $1,490,098.38
5107401 BEIERSDORF AG DE BEI GR 16,815 $1,805,077.26
53815P108 LIVERAMP HOLDINGS INC US RAMP 75,175 $3,555,777.50
5458314 AKZO NOBEL NL AKZA NA 26,285 $2,208,778.41
5474008 BANKINTER S.A. ES BKT SM 70,380 $589,282.85
550021109 LULULEMON - ADR CA LULU 16,840 $2,232,142.00
57636Q104 MASTERCARD INC-CLASS A US MA 29,620 $5,955,693.40
58933Y105 MERCK & CO INC US MRK 20,360 $1,615,362.40
594918104 MICROSOFT CORP US MSFT 37,145 $4,119,009.05
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 43,840 $1,971,923.20
64110W102 NETEASE.COM INC- ADR CN NTES 10,990 $2,495,499.30
6490995 KEYENCE CORP JP 6861 JP 4,115 $2,241,627.02
654106103 NIKE INC CLASS B US NKE 31,730 $2,383,557.60
66987V109 NOVARTIS AG- REG CH NVS 48,930 $4,478,562.90
67103H107 O'REILLY AUTOMOTIVE INC US ORLY 5,155 $1,787,650.90
7021963 DEUTSCHE BOERSE AG DE DB1 GR 4,515 $578,338.14
7123870 NESTLE SA-REGISTERED CH NESN SW 44,960 $3,835,672.41
713448108 PEPSICO INC US PEP 16,795 $2,047,982.30
718172109 PHILIP MORRIS INTERNATIONAL US PM 14,495 $1,254,252.35
74736K101 QORVO INC US QRVO 47,530 $3,127,949.30
75886F107 REGENERON PHARMACEUTICALS INC US REGN 4,035 $1,475,397.75
78410G104 SBA COMMUNICATIONS CORP US SBAC 16,195 $2,766,267.95
806857108 SCHLUMBERGER LTD NL SLB 65,915 $2,972,766.50
808513105 CHARLES SCHWAB CORP/THE US SCHW 45,460 $2,036,608.00
81211K100 SEALED AIR CORP US SEE 43,830 $1,601,109.90
812578102 SEATTLE GENETICS INC US SGEN 32,765 $2,050,433.70
81762P102 SERVICENOW INC US NOW 16,570 $3,069,923.90
84265V105 SOUTHERN COPPER CORPORATION US SCCO 20,525 $687,177.00
857949BL0 SS INT BEARING FD .022% 01/02/15 US 8,782,704.18 $8,782,704.18
883556102 THERMO FISHER SCIENTIFIC INC US TMO 10,110 $2,522,950.50
90384S303 ULTA BEAUTY INC US ULTA 6,385 $1,901,389.15
904767704 UNILEVER PLC - ADR GB UL 69,555 $3,776,140.95
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 6,125 $1,107,338.75
92826C839 VISA INC - CLASS A SHARES US V 37,710 $5,343,884.10
98919V105 ZAYO GROUP HOLDINGS INC US ZAYO 68,495 $1,802,788.40
B283W97 CAIXABANK S.A ES CABK SM 290,905 $1,201,685.21
B4R2R50 JULIUS BAER CH BAER SW 36,745 $1,482,106.38
B4YVF56 BRENNTAG AG DE BNR GR 30,910 $1,433,723.45
B63QM77 NEXON CO LTD JP 3659 JP 92,605 $1,101,017.23
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 91,715 $3,666,641.41
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $1,592,469.75
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 60,865 $1,870,688.27
BYXS699 QIAGEN N.V. NL QIA GR 35,540 $1,257,705.56
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 36,855 $2,831,586.29
BZ3C3Q4 BANKIA SA ES BKIA SM 181,355 $600,291.39
G02602103 AMDOCS LTD GG DOX 68,450 $4,443,089.50
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 41,080 $1,028,232.40
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 22,380 $888,038.40
G3157S106 ENSCO INTERNATIONAL INC US ESV 48,330 $274,031.10
G5960L103 MEDTRONIC INC IE MDT 82,815 $8,076,946.95
G97822103 PERRIGO CO PLC IE PRGO 48,850 $3,042,378.00
H8817H100 TRANSOCEAN LTD US RIG 101,160 $938,764.80
N47279109 INTERXION HOLDING NV NL INXN 28,570 $1,779,053.90

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 45 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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