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

$20.82

Daily $ Change

-$0.06

Daily % Change

-0.29%

as of 08/22/2019

CUSIP

302027172

Inception Date

11/16/2012

Investment Minimum

$50,000,000.00

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 07/31/2019

YTD

20.92%

1 Year

5.82%

3 Year

11.49%

5 Year

7.24%

10 Year

9.58%

Inception
(05/01/2006)

6.23%

Market Cycle

---

Performance through the inception date of the Global Equity CIT Class Z units 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. 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. Returns are estimated net of a model fee of 0.75%, which is the highest trustee fee for the Global Equity CIT Class Z units. Actual fees charged on accounts may vary.

Expense Ratio

Custom ---

Top Ten Investments

As of 07/31/2019

MEDTRONIC INC 3.75%
MASTERCARD INC-CLASS A 3.59%
VISA INC - CLASS A SHARES 2.98%
MICROSOFT CORP 2.77%
TENCENT HOLDINGS LTD 2.70%
SERVICENOW INC 2.08%
BOOKING HOLDINGS INC 1.92%
JOHNSON & JOHNSON 1.87%
SEA LTD - ADR 1.81%
NESTLE SA-REGISTERED 1.79%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 07/31/2019

Communication Services 15.08%
Consumer Discretionary 16.23%
Consumer Staples 12.60%
Energy 3.01%
Financials 10.14%
Health Care 18.39%
Industrials 1.23%
Information Technology 14.55%
Materials 4.50%
Real Estate 4.27%

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 07/31/2019

United States 52.88%
United Kingdom 7.09%
Japan 5.08%
Canada 5.04%
Ireland 4.93%
Netherlands 4.73%
Switzerland 4.43%
China 3.86%
Germany 3.67%
Belgium 1.94%
Singapore 1.81%
Spain 1.64%
Brazil 1.17%
Italy 0.66%
Sweden 0.66%
Bermuda 0.41%

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00507V109 ACTIVISION INC US ATVI 41,190 $2,007,600.60
00751Y106 ADVANCE AUTO PARTS INC US AAP 11,990 $1,806,173.60
01609W102 ALIBABA GROUP - ADR CN BABA 15,150 $2,622,616.50
02079K107 ALPHABET INC-CL C US GOOG 2,480 $3,017,366.40
02079K305 ALPHABET INC-CL A US GOOGL 2,470 $3,008,954.00
02209S103 ALTRIA GROUP INC US MO 21,835 $1,027,773.45
023135106 AMAZON.COM INC US AMZN 2,100 $3,920,238.00
02319V103 AMBEV SA-ADR BR ABEV 498,555 $2,627,384.85
0237400 DIAGEO PLC GB DGE LN 57,355 $2,391,717.31
0263494 BAE SYSTEMS PLC GB BA/ LN 417,130 $2,771,304.58
03027X100 AMERICAN TOWER REIT INC US AMT 16,130 $3,413,430.60
053332102 AUTOZONE INC US AZO 1,925 $2,161,852.00
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 16,940 $3,479,984.20
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 15,520 $1,231,046.40
09247X101 BLACKROCK INC US BLK 4,000 $1,870,720.00
09857L108 BOOKING HOLDINGS INC US BKNG 2,290 $4,320,336.90
101137107 BOSTON SCIENTIFIC CORP US BSX 30,815 $1,308,404.90
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 54,875 $1,954,098.75
12503M108 CBOE GLOBAL MARKETS INC US CBOE 11,835 $1,293,683.85
125269100 CF INDUSTRIES HOLDINGS INC US CF 27,185 $1,347,288.60
12572Q105 CME GROUP INC US CME 6,735 $1,309,418.70
191216100 COCA COLA CO/THE US KO 29,650 $1,560,479.50
192422103 COGNEX CORP US CGNX 13,160 $579,171.60
194162103 COLGATE-PALMOLIVE CO US CL 27,150 $1,947,741.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 60,255 $555,160.48
25271C102 DIAMOND OFFSHORE DRILLING US DO 74,775 $675,966.00
256677105 DOLLAR GENERAL CORP US DG 19,175 $2,569,833.50
256746108 DOLLAR TREE STORES INC US DLTR 23,925 $2,434,368.75
269246401 ETRADE FINANCIAL CORP US ETFC 17,720 $864,558.80
2715777 QUEBECOR INC -CL B CA QBR/B CN 86,235 $1,953,649.42
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 125,695 $2,463,804.86
285512109 ELECTRONIC ARTS US EA 43,525 $4,026,062.50
2866857 LUNDIN MINING CORP CA LUN CN 118,385 $573,177.87
29444U700 EQUINIX INC US EQIX 4,410 $2,214,261.00
30303M102 FACEBOOK INC -A US FB 18,165 $3,528,187.95
35671D857 FREEPORT-MCMORAN INC US FCX 132,985 $1,470,814.10
406216101 HALLIBURTON CO US HAL 43,965 $1,011,195.00
45337C102 INCYTE CORP US INCY 17,025 $1,445,763.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,630 $1,285,391.80
46120E602 INTUITIVE SURGICAL INC US ISRG 1,790 $929,922.90
4741844 MERCK KGAA DE MRK GR 28,690 $2,926,212.34
478160104 JOHNSON & JOHNSON US JNJ 32,375 $4,215,872.50
4821100 SOLVAY SA BE SOLB BB 16,040 $1,642,418.83
5107401 BEIERSDORF AG DE BEI GR 15,050 $1,744,117.63
5474008 BANKINTER S.A. ES BKT SM 70,380 $456,538.03
550021109 LULULEMON - ADR CA LULU 16,840 $3,217,955.60
57636Q104 MASTERCARD INC-CLASS A US MA 29,620 $8,064,637.40
58933Y105 MERCK & CO INC US MRK 16,925 $1,404,605.75
594918104 MICROSOFT CORP US MSFT 45,680 $6,224,813.60
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 36,475 $1,951,047.75
615369105 MOODY'S CORPORATION US MCO 6,320 $1,354,628.80
6490995 KEYENCE CORP JP 6861 JP 5,015 $2,877,853.47
6499550 KYOWA KIRIN CO LTD JP 4151 JP 54,900 $904,808.23
654106103 NIKE INC CLASS B US NKE 31,730 $2,729,731.90
66987V109 NOVARTIS AG- REG CH NVS 39,505 $3,617,867.90
6821506 SONY CORP FIRST SECTION JP 6758 JP 67,700 $3,850,363.93
7021963 DEUTSCHE BOERSE AG DE DB1 GR 17,140 $2,379,423.83
7123870 NESTLE SA-REGISTERED CH NESN SW 37,960 $4,027,070.39
713448108 PEPSICO INC US PEP 13,670 $1,747,162.70
718172109 PHILIP MORRIS INTERNATIONAL US PM 12,785 $1,068,953.85
76131D103 RESTAURANT BRANDS INTERN CA QSR 34,960 $2,576,552.00
7698356 GETINGE AB-B SHS SE GETIB SS 100,685 $1,477,317.75
78409V104 S&P GLOBAL INC US SPGI 5,495 $1,346,000.25
78410G104 SBA COMMUNICATIONS CORP US SBAC 16,195 $3,974,414.95
806857108 SCHLUMBERGER LTD NL SLB 65,915 $2,634,622.55
808513105 CHARLES SCHWAB CORP/THE US SCHW 19,790 $855,323.80
81141R100 SEA LTD - ADR SG SE 115,825 $4,065,457.50
812578102 SEATTLE GENETICS INC US SGEN 20,180 $1,527,827.80
81762P102 SERVICENOW INC US NOW 16,845 $4,672,634.55
84265V105 SOUTHERN COPPER CORPORATION US SCCO 20,525 $734,589.75
857949BL0 SS INT BEARING FD .022% 01/02/15 US 10,593,159.19 $10,593,159.19
883556102 THERMO FISHER SCIENTIFIC INC US TMO 6,950 $1,929,876.00
904767704 UNILEVER PLC - ADR GB UL 59,125 $3,554,595.00
91324P102 UNITEDHEALTH GROUP INC US UNH 8,000 $1,992,080.00
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 7,835 $1,305,467.70
92826C839 VISA INC - CLASS A SHARES US V 37,710 $6,712,380.00
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 34,635 $2,781,603.44
B1Y47Y7 GERRESHEIMER AG DE GXI GR 15,440 $1,200,956.18
B4R2R50 JULIUS BAER CH BAER SW 26,345 $1,125,790.97
B63QM77 NEXON CO LTD JP 3659 JP 239,105 $3,784,669.18
BJ2KSG2 AKZO NOBEL NL AKZA NA 27,370 $2,582,485.85
BJT1GR5 ALCON INC CH ALC SW 10,635 $615,868.67
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 130,215 $6,067,104.02
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 235,270 $1,056,033.56
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $1,473,448.95
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 108,010 $3,231,916.05
BYXS699 QIAGEN N.V. NL QIA GR 44,110 $1,674,298.63
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 27,135 $2,728,068.74
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 273,450 $1,443,585.22
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 41,080 $1,217,200.40
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 29,220 $918,384.60
G5960L103 MEDTRONIC INC IE MDT 82,815 $8,442,161.10
G97822103 PERRIGO CO PLC IE PRGO 48,850 $2,638,388.50
H01301128 ALCON INC CH ALC 9,786 $574,927.50
H8817H100 TRANSOCEAN LTD US RIG 137,850 $838,128.00
N22717107 CORE LABORATORIES N.V. NL CLB 31,870 $1,598,917.90
N47279109 INTERXION HOLDING NV NL INXN 28,570 $2,151,321.00

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

$20.82

Daily $ Change

-$0.06

Daily % Change

-0.29%

as of 08/22/2019

CUSIP

302027172

Inception Date

11/16/2012

Investment Minimum

$50,000,000.00

This 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 07/31/2019

YTD

20.92%

1 Year

5.82%

3 Year

11.49%

5 Year

7.24%

10 Year

9.58%

Inception
(05/01/2006)

6.23%

Market Cycle

---

Performance through the inception date of the Global Equity CIT Class Z units 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. 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. Returns are estimated net of a model fee of 0.75%, which is the highest trustee fee for the Global Equity CIT Class Z units. Actual fees charged on accounts may vary.

Expense Ratio

Custom ---

Top Ten Investments

As of 07/31/2019

MEDTRONIC INC 3.75%
MASTERCARD INC-CLASS A 3.59%
VISA INC - CLASS A SHARES 2.98%
MICROSOFT CORP 2.77%
TENCENT HOLDINGS LTD 2.70%
SERVICENOW INC 2.08%
BOOKING HOLDINGS INC 1.92%
JOHNSON & JOHNSON 1.87%
SEA LTD - ADR 1.81%
NESTLE SA-REGISTERED 1.79%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 07/31/2019

Communication Services
15.08%
Consumer Discretionary
16.23%
Consumer Staples
12.60%
Energy
3.01%
Financials
10.14%
Health Care
18.39%
Industrials
1.23%
Information Technology
14.55%
Materials
4.50%
Real Estate
4.27%

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 07/31/2019

United States
52.88%
United Kingdom
7.09%
Japan
5.08%
Canada
5.04%
Ireland
4.93%
Netherlands
4.73%
Switzerland
4.43%
China
3.86%
Germany
3.67%
Belgium
1.94%
Singapore
1.81%
Spain
1.64%
Brazil
1.17%
Italy
0.66%
Sweden
0.66%
Bermuda
0.41%

July Fund Holdings

As of 07/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00507V109 ACTIVISION INC US ATVI 41,190 $2,007,600.60
00751Y106 ADVANCE AUTO PARTS INC US AAP 11,990 $1,806,173.60
01609W102 ALIBABA GROUP - ADR CN BABA 15,150 $2,622,616.50
02079K107 ALPHABET INC-CL C US GOOG 2,480 $3,017,366.40
02079K305 ALPHABET INC-CL A US GOOGL 2,470 $3,008,954.00
02209S103 ALTRIA GROUP INC US MO 21,835 $1,027,773.45
023135106 AMAZON.COM INC US AMZN 2,100 $3,920,238.00
02319V103 AMBEV SA-ADR BR ABEV 498,555 $2,627,384.85
0237400 DIAGEO PLC GB DGE LN 57,355 $2,391,717.31
0263494 BAE SYSTEMS PLC GB BA/ LN 417,130 $2,771,304.58
03027X100 AMERICAN TOWER REIT INC US AMT 16,130 $3,413,430.60
053332102 AUTOZONE INC US AZO 1,925 $2,161,852.00
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 16,940 $3,479,984.20
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 15,520 $1,231,046.40
09247X101 BLACKROCK INC US BLK 4,000 $1,870,720.00
09857L108 BOOKING HOLDINGS INC US BKNG 2,290 $4,320,336.90
101137107 BOSTON SCIENTIFIC CORP US BSX 30,815 $1,308,404.90
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 54,875 $1,954,098.75
12503M108 CBOE GLOBAL MARKETS INC US CBOE 11,835 $1,293,683.85
125269100 CF INDUSTRIES HOLDINGS INC US CF 27,185 $1,347,288.60
12572Q105 CME GROUP INC US CME 6,735 $1,309,418.70
191216100 COCA COLA CO/THE US KO 29,650 $1,560,479.50
192422103 COGNEX CORP US CGNX 13,160 $579,171.60
194162103 COLGATE-PALMOLIVE CO US CL 27,150 $1,947,741.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 60,255 $555,160.48
25271C102 DIAMOND OFFSHORE DRILLING US DO 74,775 $675,966.00
256677105 DOLLAR GENERAL CORP US DG 19,175 $2,569,833.50
256746108 DOLLAR TREE STORES INC US DLTR 23,925 $2,434,368.75
269246401 ETRADE FINANCIAL CORP US ETFC 17,720 $864,558.80
2715777 QUEBECOR INC -CL B CA QBR/B CN 86,235 $1,953,649.42
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 125,695 $2,463,804.86
285512109 ELECTRONIC ARTS US EA 43,525 $4,026,062.50
2866857 LUNDIN MINING CORP CA LUN CN 118,385 $573,177.87
29444U700 EQUINIX INC US EQIX 4,410 $2,214,261.00
30303M102 FACEBOOK INC -A US FB 18,165 $3,528,187.95
35671D857 FREEPORT-MCMORAN INC US FCX 132,985 $1,470,814.10
406216101 HALLIBURTON CO US HAL 43,965 $1,011,195.00
45337C102 INCYTE CORP US INCY 17,025 $1,445,763.00
45866F104 INTERCONTINENTALEXCHANGE INC US ICE 14,630 $1,285,391.80
46120E602 INTUITIVE SURGICAL INC US ISRG 1,790 $929,922.90
4741844 MERCK KGAA DE MRK GR 28,690 $2,926,212.34
478160104 JOHNSON & JOHNSON US JNJ 32,375 $4,215,872.50
4821100 SOLVAY SA BE SOLB BB 16,040 $1,642,418.83
5107401 BEIERSDORF AG DE BEI GR 15,050 $1,744,117.63
5474008 BANKINTER S.A. ES BKT SM 70,380 $456,538.03
550021109 LULULEMON - ADR CA LULU 16,840 $3,217,955.60
57636Q104 MASTERCARD INC-CLASS A US MA 29,620 $8,064,637.40
58933Y105 MERCK & CO INC US MRK 16,925 $1,404,605.75
594918104 MICROSOFT CORP US MSFT 45,680 $6,224,813.60
609207105 MONDELEZ INTERNATIONAL INC US MDLZ 36,475 $1,951,047.75
615369105 MOODY'S CORPORATION US MCO 6,320 $1,354,628.80
6490995 KEYENCE CORP JP 6861 JP 5,015 $2,877,853.47
6499550 KYOWA KIRIN CO LTD JP 4151 JP 54,900 $904,808.23
654106103 NIKE INC CLASS B US NKE 31,730 $2,729,731.90
66987V109 NOVARTIS AG- REG CH NVS 39,505 $3,617,867.90
6821506 SONY CORP FIRST SECTION JP 6758 JP 67,700 $3,850,363.93
7021963 DEUTSCHE BOERSE AG DE DB1 GR 17,140 $2,379,423.83
7123870 NESTLE SA-REGISTERED CH NESN SW 37,960 $4,027,070.39
713448108 PEPSICO INC US PEP 13,670 $1,747,162.70
718172109 PHILIP MORRIS INTERNATIONAL US PM 12,785 $1,068,953.85
76131D103 RESTAURANT BRANDS INTERN CA QSR 34,960 $2,576,552.00
7698356 GETINGE AB-B SHS SE GETIB SS 100,685 $1,477,317.75
78409V104 S&P GLOBAL INC US SPGI 5,495 $1,346,000.25
78410G104 SBA COMMUNICATIONS CORP US SBAC 16,195 $3,974,414.95
806857108 SCHLUMBERGER LTD NL SLB 65,915 $2,634,622.55
808513105 CHARLES SCHWAB CORP/THE US SCHW 19,790 $855,323.80
81141R100 SEA LTD - ADR SG SE 115,825 $4,065,457.50
812578102 SEATTLE GENETICS INC US SGEN 20,180 $1,527,827.80
81762P102 SERVICENOW INC US NOW 16,845 $4,672,634.55
84265V105 SOUTHERN COPPER CORPORATION US SCCO 20,525 $734,589.75
857949BL0 SS INT BEARING FD .022% 01/02/15 US 10,593,159.19 $10,593,159.19
883556102 THERMO FISHER SCIENTIFIC INC US TMO 6,950 $1,929,876.00
904767704 UNILEVER PLC - ADR GB UL 59,125 $3,554,595.00
91324P102 UNITEDHEALTH GROUP INC US UNH 8,000 $1,992,080.00
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 7,835 $1,305,467.70
92826C839 VISA INC - CLASS A SHARES US V 37,710 $6,712,380.00
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 34,635 $2,781,603.44
B1Y47Y7 GERRESHEIMER AG DE GXI GR 15,440 $1,200,956.18
B4R2R50 JULIUS BAER CH BAER SW 26,345 $1,125,790.97
B63QM77 NEXON CO LTD JP 3659 JP 239,105 $3,784,669.18
BJ2KSG2 AKZO NOBEL NL AKZA NA 27,370 $2,582,485.85
BJT1GR5 ALCON INC CH ALC SW 10,635 $615,868.67
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 130,215 $6,067,104.02
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 235,270 $1,056,033.56
BNGN9Z1 FINECOBANK SPA IT FBK IM 148,115 $1,473,448.95
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 108,010 $3,231,916.05
BYXS699 QIAGEN N.V. NL QIA GR 44,110 $1,674,298.63
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 27,135 $2,728,068.74
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 273,450 $1,443,585.22
G0750C108 AXALTA COATING SYSTEMS LTD US AXTA 41,080 $1,217,200.40
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 29,220 $918,384.60
G5960L103 MEDTRONIC INC IE MDT 82,815 $8,442,161.10
G97822103 PERRIGO CO PLC IE PRGO 48,850 $2,638,388.50
H01301128 ALCON INC CH ALC 9,786 $574,927.50
H8817H100 TRANSOCEAN LTD US RIG 137,850 $838,128.00
N22717107 CORE LABORATORIES N.V. NL CLB 31,870 $1,598,917.90
N47279109 INTERXION HOLDING NV NL INXN 28,570 $2,151,321.00

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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