Non-U.S. Equity Labor CIT

Investment Objective

To capture investment opportunities in markets outside of the U.S., including both developed and emerging countries.

Investment Strategy

The Non-U.S. Equity Labor CIT invests in developed and emerging country markets outside of the U.S. so long as such countries meet the minimum investment criteria supported by the AFL-CIO and such companies are not subject to an AFL-CIO or union-sponsored boycott. The Non-U.S. Equity Labor CIT invests, under normal circumstances, at least 80% of its assets in foreign equity securities that meet these screens. Forward currency contracts, options, and/or futures contracts will be used when deemed necessary to hedge foreign currency exposure.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept significant fluctuations in value (very high capital risk tolerance)
  • Seeking to add diversification to their retirement portfolio by investing in non-U.S. stocks

Daily Price

$11.05

Daily $ Change

-$0.01

Daily % Change

-0.09%

as of 07/19/2018

CUSIP

302027743

Inception Date

10/31/2007

Investment Minimum

$1,000,000.00

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

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Performance

As of 06/30/2018

YTD

-2.79%

1 Year

4.04%

3 Year

2.43%

5 Year

2.94%

10 Year

2.02%

Inception
(09/23/1998)

7.35%

International Market Cycle (04/01/2003 - 06/30/2018)

8.48%

Performance through the inception date of the Non-U.S. Equity Labor CIT Fund is not the past performance of the Labor CIT Fund and is based on historical performance data for the Overseas Series of the Manning & Napier Fund, Inc., a proprietary mutual fund managed by Manning & Napier Advisors, LLC . For periods prior to the Overseas Series’ inception date (07/10/2002), performance data is from an affiliate collective investment trust fund, which was managed by Manning & Napier Advisors, Inc. (predecessor to Manning & Napier Advisors, LLC) and reorganized into the Overseas Series on 07/10/2002. The Overseas Series does not impose the union-related country and security screens that are imposed within the Labor CIT Fund. Returns are net of the Labor CIT Fund 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 0.75%
Net 0.75%*

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

Top Ten Investments

As of 06/30/2018

ANHEUSER-BUSCH INBEV SA/NV 5.12%
UNILEVER PLC - ADR 4.90%
NOVARTIS AG- REG 4.81%
SCHLUMBERGER LTD 4.49%
AMDOCS LTD 4.00%
DIAGEO PLC 3.85%
NESTLE SA-REGISTERED 3.61%
PERRIGO CO PLC 3.55%
AKZO NOBEL 3.49%
MEDTRONIC INC 3.40%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2018

Consumer Discretionary 9.19%
Consumer Staples 26.75%
Energy 5.76%
Financials 9.48%
Health Care 15.62%
Industrials 12.69%
Information Technology 7.83%
Materials 9.83%
Real Estate 1.73%
Telecommunication Services 1.12%

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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

Country Allocation

As of 06/30/2018

United Kingdom 19.49%
Netherlands 12.10%
Switzerland 10.72%
France 9.71%
Belgium 8.17%
Ireland 8.09%
Canada 7.81%
Spain 7.00%
Germany 5.81%
Brazil 2.83%
Japan 2.55%
Italy 1.42%
Finland 1.10%
Sweden 1.08%
Denmark 1.03%
Argentina 0.56%
Australia 0.53%

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 26,165 $339,940.75
02319V103 AMBEV SA-ADR BR ABEV 291,385 $1,349,112.55
0237400 DIAGEO PLC GB DGE LN 69,230 $2,487,147.50
0263494 BAE SYSTEMS PLC GB BA/ LN 122,510 $1,042,229.43
0946580 WEIR GROUP PLC/THE GB WEIR LN 54,710 $1,436,806.10
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 30,025 $1,514,761.25
13321L108 CAMECO CORP CA CCJ 73,100 $822,375.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 24,425 $359,876.96
2715777 QUEBECOR INC -CL B CA QBR/B CN 47,470 $972,040.01
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 44,205 $900,475.34
2866857 LUNDIN MINING CORP CA LUN CN 58,645 $326,090.56
4821100 SOLVAY SA BE SOLB BB 15,595 $1,964,013.91
5107401 BEIERSDORF AG DE BEI GR 12,015 $1,361,879.28
5129074 FRESENIUS MEDICAL DE FME GR 9,260 $932,403.99
5263574 FLSMIDTH & CO A/S DK FLS DC 11,170 $666,472.27
5458314 AKZO NOBEL NL AKZA NA 26,405 $2,252,145.17
5474008 BANKINTER S.A. ES BKT SM 120,700 $1,171,153.66
550021109 LULULEMON - ADR CA LULU 13,285 $1,658,632.25
5713422 METSO OYJ FI METSO FH 21,290 $710,131.80
5852842 ACCOR SA FR AC FP 25,220 $1,235,174.53
66987V109 NOVARTIS AG- REG CH NVS 41,115 $3,105,827.10
7123870 NESTLE SA-REGISTERED CH NESN SW 30,085 $2,331,613.05
7759435 ILIAD SA FR ILD FP 4,595 $725,023.50
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 6,452 $737,011.96
806857108 SCHLUMBERGER LTD NL SLB 43,235 $2,898,042.05
857949BL0 SS INT BEARING FD .022% 01/02/15 US 2,916,792.8 $2,916,792.80
904767704 UNILEVER PLC - ADR GB UL 57,220 $3,163,121.60
B1XH026 VINCI SA FR DG FP 15,015 $1,441,308.95
B1Y9TB3 DANONE FR BN FP 23,950 $1,748,651.36
B283W97 CAIXABANK S.A ES CABK SM 299,370 $1,288,575.45
B4R2R50 JULIUS BAER CH BAER SW 25,280 $1,480,686.77
B4YVF56 BRENNTAG AG DE BNR GR 26,176 $1,454,383.75
B63QM77 NEXON CO LTD JP 3659 JP 113,546 $1,647,480.54
BD4TZK8 OCI NV NL OCI NA 41,045 $1,102,203.80
BDZV116 EPIROC AB-A SE EPIA SS 66,660 $699,514.15
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 5,085 $1,119,660.81
BNGN9Z1 FINECOBANK SPA IT FBK IM 81,620 $918,802.28
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 23,475 $799,421.39
BYXS699 QIAGEN N.V. NL QIA GR 18,493 $670,356.79
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 32,785 $3,306,862.47
BZ3C3Q4 BANKIA SA ES BKIA SM 337,923 $1,260,140.13
G02602103 AMDOCS LTD GG DOX 39,005 $2,581,740.95
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 5,514 $344,735.28
G27358103 DESPEGAR.COM CORP AR DESP 17,295 $362,676.15
G5960L103 MEDTRONIC INC IE MDT 25,605 $2,192,044.05
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 17,210 $477,577.50
G97822103 PERRIGO CO PLC IE PRGO 31,410 $2,290,103.10
N72482123 QIAGEN N.V. ADR NL QGEN 24,589 $889,138.24

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

$11.05

Daily $ Change

-$0.01

Daily % Change

-0.09%

as of 07/19/2018

CUSIP

302027743

Inception Date

10/31/2007

Investment Minimum

$1,000,000.00

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 markets outside of the U.S., including both developed and emerging countries.

Investment Strategy

The Non-U.S. Equity Labor CIT invests in developed and emerging country markets outside of the U.S. so long as such countries meet the minimum investment criteria supported by the AFL-CIO and such companies are not subject to an AFL-CIO or union-sponsored boycott. The Non-U.S. Equity Labor CIT invests, under normal circumstances, at least 80% of its assets in foreign equity securities that meet these screens. Forward currency contracts, options, and/or futures contracts will be used when deemed necessary to hedge foreign currency exposure.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept significant fluctuations in value (very high capital risk tolerance)
  • Seeking to add diversification to their retirement portfolio by investing in non-U.S. stocks

Performance

As of 06/30/2018

YTD

-2.79%

1 Year

4.04%

3 Year

2.43%

5 Year

2.94%

10 Year

2.02%

Inception
(09/23/1998)

7.35%

International Market Cycle (04/01/2003 - 06/30/2018)

8.48%

Performance through the inception date of the Non-U.S. Equity Labor CIT Fund is not the past performance of the Labor CIT Fund and is based on historical performance data for the Overseas Series of the Manning & Napier Fund, Inc., a proprietary mutual fund managed by Manning & Napier Advisors, LLC . For periods prior to the Overseas Series’ inception date (07/10/2002), performance data is from an affiliate collective investment trust fund, which was managed by Manning & Napier Advisors, Inc. (predecessor to Manning & Napier Advisors, LLC) and reorganized into the Overseas Series on 07/10/2002. The Overseas Series does not impose the union-related country and security screens that are imposed within the Labor CIT Fund. Returns are net of the Labor CIT Fund 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 0.75%
Net 0.75%*

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

Top Ten Investments

As of 06/30/2018

ANHEUSER-BUSCH INBEV SA/NV 5.12%
UNILEVER PLC - ADR 4.90%
NOVARTIS AG- REG 4.81%
SCHLUMBERGER LTD 4.49%
AMDOCS LTD 4.00%
DIAGEO PLC 3.85%
NESTLE SA-REGISTERED 3.61%
PERRIGO CO PLC 3.55%
AKZO NOBEL 3.49%
MEDTRONIC INC 3.40%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2018

Consumer Discretionary
9.19%
Consumer Staples
26.75%
Energy
5.76%
Financials
9.48%
Health Care
15.62%
Industrials
12.69%
Information Technology
7.83%
Materials
9.83%
Real Estate
1.73%
Telecommunication Services
1.12%

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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

Country Allocation

As of 06/30/2018

United Kingdom
19.49%
Netherlands
12.10%
Switzerland
10.72%
France
9.71%
Belgium
8.17%
Ireland
8.09%
Canada
7.81%
Spain
7.00%
Germany
5.81%
Brazil
2.83%
Japan
2.55%
Italy
1.42%
Finland
1.10%
Sweden
1.08%
Denmark
1.03%
Argentina
0.56%
Australia
0.53%

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 26,165 $339,940.75
02319V103 AMBEV SA-ADR BR ABEV 291,385 $1,349,112.55
0237400 DIAGEO PLC GB DGE LN 69,230 $2,487,147.50
0263494 BAE SYSTEMS PLC GB BA/ LN 122,510 $1,042,229.43
0946580 WEIR GROUP PLC/THE GB WEIR LN 54,710 $1,436,806.10
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 30,025 $1,514,761.25
13321L108 CAMECO CORP CA CCJ 73,100 $822,375.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 24,425 $359,876.96
2715777 QUEBECOR INC -CL B CA QBR/B CN 47,470 $972,040.01
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 44,205 $900,475.34
2866857 LUNDIN MINING CORP CA LUN CN 58,645 $326,090.56
4821100 SOLVAY SA BE SOLB BB 15,595 $1,964,013.91
5107401 BEIERSDORF AG DE BEI GR 12,015 $1,361,879.28
5129074 FRESENIUS MEDICAL DE FME GR 9,260 $932,403.99
5263574 FLSMIDTH & CO A/S DK FLS DC 11,170 $666,472.27
5458314 AKZO NOBEL NL AKZA NA 26,405 $2,252,145.17
5474008 BANKINTER S.A. ES BKT SM 120,700 $1,171,153.66
550021109 LULULEMON - ADR CA LULU 13,285 $1,658,632.25
5713422 METSO OYJ FI METSO FH 21,290 $710,131.80
5852842 ACCOR SA FR AC FP 25,220 $1,235,174.53
66987V109 NOVARTIS AG- REG CH NVS 41,115 $3,105,827.10
7123870 NESTLE SA-REGISTERED CH NESN SW 30,085 $2,331,613.05
7759435 ILIAD SA FR ILD FP 4,595 $725,023.50
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 6,452 $737,011.96
806857108 SCHLUMBERGER LTD NL SLB 43,235 $2,898,042.05
857949BL0 SS INT BEARING FD .022% 01/02/15 US 2,916,792.8 $2,916,792.80
904767704 UNILEVER PLC - ADR GB UL 57,220 $3,163,121.60
B1XH026 VINCI SA FR DG FP 15,015 $1,441,308.95
B1Y9TB3 DANONE FR BN FP 23,950 $1,748,651.36
B283W97 CAIXABANK S.A ES CABK SM 299,370 $1,288,575.45
B4R2R50 JULIUS BAER CH BAER SW 25,280 $1,480,686.77
B4YVF56 BRENNTAG AG DE BNR GR 26,176 $1,454,383.75
B63QM77 NEXON CO LTD JP 3659 JP 113,546 $1,647,480.54
BD4TZK8 OCI NV NL OCI NA 41,045 $1,102,203.80
BDZV116 EPIROC AB-A SE EPIA SS 66,660 $699,514.15
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 5,085 $1,119,660.81
BNGN9Z1 FINECOBANK SPA IT FBK IM 81,620 $918,802.28
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 23,475 $799,421.39
BYXS699 QIAGEN N.V. NL QIA GR 18,493 $670,356.79
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 32,785 $3,306,862.47
BZ3C3Q4 BANKIA SA ES BKIA SM 337,923 $1,260,140.13
G02602103 AMDOCS LTD GG DOX 39,005 $2,581,740.95
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 5,514 $344,735.28
G27358103 DESPEGAR.COM CORP AR DESP 17,295 $362,676.15
G5960L103 MEDTRONIC INC IE MDT 25,605 $2,192,044.05
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 17,210 $477,577.50
G97822103 PERRIGO CO PLC IE PRGO 31,410 $2,290,103.10
N72482123 QIAGEN N.V. ADR NL QGEN 24,589 $889,138.24

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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