Non-U.S. Equity Labor CIT

The Non-U.S. Equity Labor CIT is closed to new plans and will be closed to new investments from existing plans on 12/7/2020. The CIT will be liquidated on or around 12/10/2020, unless all invested plans redeem prior to this designated closure date.

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

$13.82

Daily $ Change

$0.15

Daily % Change

1.09%

as of 11/24/2020

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
Applications & Forms

The Non-U.S. Equity Labor CIT is closed to new plans and will be closed to new investments from existing plans on 12/7/2020.  The CIT will be liquidated on or around 12/10/2020, unless all invested plans redeem prior to this designated closure date.

Performance

As of 10/31/2020

YTD

3.70%

1 Year

11.16%

3 Year

3.56%

5 Year

4.74%

10 Year

3.43%

Inception
(09/23/1998)

7.07%

Performance through the inception date of the Non-U.S. Equity Labor CIT is not the past performance of the Labor CIT 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, 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. Returns are net of the Labor CIT expenses. Returns shown include a one-time payment unrelated to the Collective’s current portfolio investments received by the Collective during the third quarter 2020. The payment accounted for approximately 5.0% of the Collective’s year to date performance in 2020. The portion of the Collective’s average annual return attributable to the proceeds will vary by time frame. 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 0.78%
Net 0.75%*

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

Top Ten Investments

As of 10/31/2020

NESTLE SA-REGISTERED 5.02%
FINECOBANK SPA 4.32%
UNILEVER PLC - ADR 4.27%
ADMIRAL GROUP PLC 4.16%
NOVARTIS AG- REG 3.66%
ALCON INC 3.22%
DEUTSCHE BOERSE AG 3.06%
DIAGEO PLC 2.96%
TOURMALINE OIL CORP 2.89%
MEDTRONIC INC 2.76%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2020

Communication Services 7.81%
Consumer Discretionary 13.02%
Consumer Staples 20.22%
Energy 11.47%
Financials 13.10%
Health Care 16.23%
Industrials 12.28%
Information Technology 3.90%
Materials 1.97%

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 10/31/2020

United Kingdom 14.48%
Switzerland 11.91%
Ireland 11.43%
Germany 11.40%
Canada 11.18%
Netherlands 8.40%
France 6.37%
Japan 4.73%
Italy 4.32%
Sweden 3.65%
Mexico 2.57%
Australia 2.07%
Belgium 2.07%
Spain 2.07%
Singapore 1.80%
Bermuda 1.55%

October Fund Holdings

As of 10/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0237400 DIAGEO PLC GB DGE LN 24,700 $798,254.47
055622104 BP PLC-SPONS ADR GB BP 9,570 $148,143.60
13321L108 CAMECO CORP CA CCJ 65,575 $623,618.25
2715777 QUEBECOR INC -CL B CA QBR/B CN 28,955 $671,769.91
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 2,925 $243,301.50
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 2,130 $245,695.50
4012250 AIRBUS SE FR AIR FP 3,645 $266,689.48
4031976 ADIDAS AG DE ADS GR 1,825 $542,214.96
5107401 BEIERSDORF AG DE BEI GR 4,790 $501,556.08
550021109 LULULEMON - ADR CA LULU 940 $300,132.60
5852842 ACCOR SA FR AC FP 11,230 $286,228.66
6253983 ARISTOCRAT LEISURE LTD AU ALL AU 8,680 $174,786.52
6642321 NIKON CORP JP 7731 JP 48,500 $295,576.53
66987V109 NOVARTIS AG- REG CH NVS 12,660 $988,492.80
6821506 SONY CORP FIRST SECTION JP 6758 JP 4,800 $400,159.11
7021963 DEUTSCHE BOERSE AG DE DB1 GR 5,610 $826,650.68
7123870 NESTLE SA-REGISTERED CH NESN SW 12,050 $1,355,359.11
76131D103 RESTAURANT BRANDS INTERN CA QSR 12,355 $642,460.00
7698356 GETINGE AB-B SHS SE GETIB SS 32,650 $639,286.37
7792559 HEINEKEN NV NL HEIA NA 5,025 $444,799.39
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 23,895 $577,064.25
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 9,122 $735,233.20
806857108 SCHLUMBERGER LTD NL SLB 29,695 $443,643.30
81141R100 SEA LTD - ADR SG SE 3,080 $485,716.00
857949BL0 SS INT BEARING FD .022% 01/02/15 US 822,089.62 $822,089.62
89151E109 TOTAL S A SPONSORED ADR FR TOT 17,230 $522,585.90
904767704 UNILEVER PLC - ADR GB UL 20,295 $1,153,364.85
B02J639 ADMIRAL GROUP PLC GB ADM LN 31,535 $1,123,402.61
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 45,200 $204,142.09
B1Y47Y7 GERRESHEIMER AG DE GXI GR 6,355 $638,830.45
B1Y9TB3 DANONE FR BN FP 11,590 $642,839.86
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 60,110 $778,727.46
B4YVF56 BRENNTAG AG DE BNR GR 8,865 $566,617.18
B63QM77 NEXON CO LTD JP 3659 JP 20,846 $580,997.02
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 6,295 $172,564.06
BD6K457 COMPASS GROUP PLC GB CPG LN 22,905 $313,518.98
BJ2KSG2 AKZO NOBEL NL AKZA NA 5,528 $531,727.10
BNGN9Z1 FINECOBANK SPA IT FBK IM 84,825 $1,164,632.74
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 22,620 $558,470.92
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 49,035 $368,667.54
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 16,180 $346,777.35
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 10,820 $559,675.61
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 221,645 $383,673.71
BZ1HM42 ADYEN NV NL ADYEN NA 160 $268,918.13
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 15,835 $418,994.10
G1151C101 ACCENTURE PLC - CL A IE ACN 2,820 $611,686.20
G5960L103 MEDTRONIC INC IE MDT 7,400 $744,218.00
G8994E103 TRANE TECHNOLOGIES IE TT 2,420 $321,255.00
G97822103 PERRIGO CO PLC IE PRGO 11,365 $498,582.55
H01301128 ALCON INC CH ALC 15,305 $869,936.20

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.

The Non-U.S. Equity Labor CIT is closed to new plans and will be closed to new investments from existing plans on 12/7/2020. The CIT will be liquidated on or around 12/10/2020, unless all invested plans redeem prior to this designated closure date.

Daily Price

$13.82

Daily $ Change

$0.15

Daily % Change

1.09%

as of 11/24/2020

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

The Non-U.S. Equity Labor CIT is closed to new plans and will be closed to new investments from existing plans on 12/7/2020.  The CIT will be liquidated on or around 12/10/2020, unless all invested plans redeem prior to this designated closure date.

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 10/31/2020

YTD

3.70%

1 Year

11.16%

3 Year

3.56%

5 Year

4.74%

10 Year

3.43%

Inception
(09/23/1998)

7.07%

Performance through the inception date of the Non-U.S. Equity Labor CIT is not the past performance of the Labor CIT 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, 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. Returns are net of the Labor CIT expenses. Returns shown include a one-time payment unrelated to the Collective’s current portfolio investments received by the Collective during the third quarter 2020. The payment accounted for approximately 5.0% of the Collective’s year to date performance in 2020. The portion of the Collective’s average annual return attributable to the proceeds will vary by time frame. 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 0.78%
Net 0.75%*

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

Top Ten Investments

As of 10/31/2020

NESTLE SA-REGISTERED 5.02%
FINECOBANK SPA 4.32%
UNILEVER PLC - ADR 4.27%
ADMIRAL GROUP PLC 4.16%
NOVARTIS AG- REG 3.66%
ALCON INC 3.22%
DEUTSCHE BOERSE AG 3.06%
DIAGEO PLC 2.96%
TOURMALINE OIL CORP 2.89%
MEDTRONIC INC 2.76%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2020

Communication Services
7.81%
Consumer Discretionary
13.02%
Consumer Staples
20.22%
Energy
11.47%
Financials
13.10%
Health Care
16.23%
Industrials
12.28%
Information Technology
3.90%
Materials
1.97%

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 10/31/2020

United Kingdom
14.48%
Switzerland
11.91%
Ireland
11.43%
Germany
11.40%
Canada
11.18%
Netherlands
8.40%
France
6.37%
Japan
4.73%
Italy
4.32%
Sweden
3.65%
Mexico
2.57%
Australia
2.07%
Belgium
2.07%
Spain
2.07%
Singapore
1.80%
Bermuda
1.55%

October Fund Holdings

As of 10/31/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0237400 DIAGEO PLC GB DGE LN 24,700 $798,254.47
055622104 BP PLC-SPONS ADR GB BP 9,570 $148,143.60
13321L108 CAMECO CORP CA CCJ 65,575 $623,618.25
2715777 QUEBECOR INC -CL B CA QBR/B CN 28,955 $671,769.91
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 2,925 $243,301.50
40051E202 GRUPO AEROPORTUARIO DEL SURESTE MX ASR 2,130 $245,695.50
4012250 AIRBUS SE FR AIR FP 3,645 $266,689.48
4031976 ADIDAS AG DE ADS GR 1,825 $542,214.96
5107401 BEIERSDORF AG DE BEI GR 4,790 $501,556.08
550021109 LULULEMON - ADR CA LULU 940 $300,132.60
5852842 ACCOR SA FR AC FP 11,230 $286,228.66
6253983 ARISTOCRAT LEISURE LTD AU ALL AU 8,680 $174,786.52
6642321 NIKON CORP JP 7731 JP 48,500 $295,576.53
66987V109 NOVARTIS AG- REG CH NVS 12,660 $988,492.80
6821506 SONY CORP FIRST SECTION JP 6758 JP 4,800 $400,159.11
7021963 DEUTSCHE BOERSE AG DE DB1 GR 5,610 $826,650.68
7123870 NESTLE SA-REGISTERED CH NESN SW 12,050 $1,355,359.11
76131D103 RESTAURANT BRANDS INTERN CA QSR 12,355 $642,460.00
7698356 GETINGE AB-B SHS SE GETIB SS 32,650 $639,286.37
7792559 HEINEKEN NV NL HEIA NA 5,025 $444,799.39
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 23,895 $577,064.25
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 9,122 $735,233.20
806857108 SCHLUMBERGER LTD NL SLB 29,695 $443,643.30
81141R100 SEA LTD - ADR SG SE 3,080 $485,716.00
857949BL0 SS INT BEARING FD .022% 01/02/15 US 822,089.62 $822,089.62
89151E109 TOTAL S A SPONSORED ADR FR TOT 17,230 $522,585.90
904767704 UNILEVER PLC - ADR GB UL 20,295 $1,153,364.85
B02J639 ADMIRAL GROUP PLC GB ADM LN 31,535 $1,123,402.61
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 45,200 $204,142.09
B1Y47Y7 GERRESHEIMER AG DE GXI GR 6,355 $638,830.45
B1Y9TB3 DANONE FR BN FP 11,590 $642,839.86
B3QJ0H8 TOURMALINE OIL CORP CA TOU CN 60,110 $778,727.46
B4YVF56 BRENNTAG AG DE BNR GR 8,865 $566,617.18
B63QM77 NEXON CO LTD JP 3659 JP 20,846 $580,997.02
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 6,295 $172,564.06
BD6K457 COMPASS GROUP PLC GB CPG LN 22,905 $313,518.98
BJ2KSG2 AKZO NOBEL NL AKZA NA 5,528 $531,727.10
BNGN9Z1 FINECOBANK SPA IT FBK IM 84,825 $1,164,632.74
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 22,620 $558,470.92
BVYVFW2 AUTO TRADER GROUP PLC GB AUTO LN 49,035 $368,667.54
BYPC1T4 ASSA ABLOY AB-B SE ASSAB SS 16,180 $346,777.35
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 10,820 $559,675.61
BZ0VW78 BINGO INDUSTRIES LTD AU BIN AU 221,645 $383,673.71
BZ1HM42 ADYEN NV NL ADYEN NA 160 $268,918.13
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 15,835 $418,994.10
G1151C101 ACCENTURE PLC - CL A IE ACN 2,820 $611,686.20
G5960L103 MEDTRONIC INC IE MDT 7,400 $744,218.00
G8994E103 TRANE TECHNOLOGIES IE TT 2,420 $321,255.00
G97822103 PERRIGO CO PLC IE PRGO 11,365 $498,582.55
H01301128 ALCON INC CH ALC 15,305 $869,936.20

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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