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

$11.63

Daily $ Change

-$0.02

Daily % Change

-0.17%

as of 01/18/2018

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

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

19.83%

3 Year

4.62%

5 Year

4.37%

10 Year

1.30%

Inception
(---)

---

International Market Cycle (04/01/2003 - 12/31/2017)

8.99%

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. 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 12/31/2017

MEDTRONIC INC 4.82%
SCHLUMBERGER LTD 4.71%
UNILEVER PLC - ADR 4.65%
ANHEUSER-BUSCH INBEV SA/NV 4.43%
NOVARTIS AG- REG 4.37%
ACCOR SA 4.06%
AENA SA 3.89%
AMDOCS LTD 3.89%
DIAGEO PLC 3.87%
JAPAN TOBACCO INC 3.49%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 12/31/2017

United Kingdom 18.68%
France 12.88%
Netherlands 11.50%
Ireland 9.81%
Germany 7.84%
Spain 7.79%
Switzerland 7.73%
Belgium 7.56%
Canada 6.56%
Japan 5.69%
Brazil 2.31%
Australia 1.08%
Finland 0.57%

Sector Allocation

As of 12/31/2017

Consumer Discretionary 7.68%
Consumer Staples 28.52%
Energy 5.70%
Financials 3.90%
Health Care 18.60%
Industrials 15.23%
Information Technology 7.18%
Materials 9.29%
Real Estate 1.09%
Telecommunication Services 2.81%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 116,150 $1,567,567.24
02319V103 AMBEV SA-ADR BR ABEV 628,050 $4,057,203.00
0237400 DIAGEO PLC GB DGE LN 185,730 $6,807,800.42
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 316,890 $1,994,773.48
0946580 WEIR GROUP PLC/THE GB WEIR LN 156,835 $4,495,459.52
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 44,060 $2,951,579.40
13321L108 CAMECO CORP CA CCJ 189,175 $1,746,085.25
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 109,620 $1,535,726.49
2715777 QUEBECOR INC -CL B CA QBR/B CN 101,310 $1,910,140.81
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 42,800 $976,875.10
2866857 LUNDIN MINING CORP CA LUN CN 283,415 $1,884,923.95
4821100 SOLVAY SA BE SOLB BB 39,485 $5,489,840.87
5107401 BEIERSDORF AG DE BEI GR 30,010 $3,518,156.51
5129074 FRESENIUS MEDICAL DE FME GR 43,065 $4,522,231.86
5458314 AKZO NOBEL NL AKZA NA 66,745 $5,856,534.27
550021109 LULULEMON - ADR CA LULU 44,265 $3,478,786.35
5713422 METSO OYJ FI METSO FH 29,475 $1,005,543.18
5852842 ACCOR SA FR AC FP 138,505 $7,130,213.60
6474535 JAPAN TOBACCO INC JP 2914 JP 190,300 $6,128,253.25
66987V109 NOVARTIS AG- REG CH NVS 91,450 $7,678,142.00
7123870 NESTLE SA-REGISTERED CH NESN SW 68,720 $5,908,288.83
7759435 ILIAD SA FR ILD FP 20,645 $4,946,866.30
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 27,137 $2,827,404.03
806857108 SCHLUMBERGER LTD NL SLB 122,760 $8,272,796.40
857949BL0 SS INT BEARING FD .022% 01/02/15 US 3,954,969.02 $3,954,969.02
904767704 UNILEVER PLC - ADR GB UL 147,630 $8,169,844.20
B1XH026 VINCI SA FR DG FP 37,845 $3,863,647.52
B1Y9TB3 DANONE FR BN FP 56,990 $4,775,230.01
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 7,625 $1,918,840.79
B283W97 CAIXABANK S.A ES CABK SM 735,690 $3,420,081.96
B4YVF56 BRENNTAG AG DE BNR GR 90,996 $5,736,700.36
B63QM77 NEXON CO LTD JP 3659 JP 133,473 $3,870,755.12
BVRZ8L1 AENA SA ES AENA SM 33,800 $6,840,404.05
BYXS699 QIAGEN N.V. NL QIA GR 102,878 $3,208,809.18
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 69,790 $7,791,432.84
BZ3C3Q4 BANKIA SA ES BKIA SM 720,243 $3,437,675.66
G02602103 AMDOCS LTD GG DOX 104,440 $6,838,731.20
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 41,779 $1,901,780.08
G5960L103 MEDTRONIC INC IE MDT 104,930 $8,473,097.50
G97822103 PERRIGO CO PLC IE PRGO 68,130 $5,938,210.80
N72482123 QIAGEN N.V. ADR NL QGEN 92,904 $2,873,520.72

Investments will change over time.

Investments will change over time.

Daily Price

$11.63

Daily $ Change

-$0.02

Daily % Change

-0.17%

as of 01/18/2018

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

Annualized Performance

As of 12/31/2017

YTD

---

1 Year

19.83%

3 Year

4.62%

5 Year

4.37%

10 Year

1.30%

Inception
(---)

---

International Market Cycle (04/01/2003 - 12/31/2017)

8.99%

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. 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 12/31/2017

MEDTRONIC INC 4.82%
SCHLUMBERGER LTD 4.71%
UNILEVER PLC - ADR 4.65%
ANHEUSER-BUSCH INBEV SA/NV 4.43%
NOVARTIS AG- REG 4.37%
ACCOR SA 4.06%
AENA SA 3.89%
AMDOCS LTD 3.89%
DIAGEO PLC 3.87%
JAPAN TOBACCO INC 3.49%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 12/31/2017

United Kingdom
18.68%
France
12.88%
Netherlands
11.50%
Ireland
9.81%
Germany
7.84%
Spain
7.79%
Switzerland
7.73%
Belgium
7.56%
Canada
6.56%
Japan
5.69%
Brazil
2.31%
Australia
1.08%
Finland
0.57%

Sector Allocation

As of 12/31/2017

Consumer Discretionary
7.68%
Consumer Staples
28.52%
Energy
5.70%
Financials
3.90%
Health Care
18.60%
Industrials
15.23%
Information Technology
7.18%
Materials
9.29%
Real Estate
1.09%
Telecommunication Services
2.81%

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.

December Fund Holdings

As of 12/31/2017

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 116,150 $1,567,567.24
02319V103 AMBEV SA-ADR BR ABEV 628,050 $4,057,203.00
0237400 DIAGEO PLC GB DGE LN 185,730 $6,807,800.42
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 316,890 $1,994,773.48
0946580 WEIR GROUP PLC/THE GB WEIR LN 156,835 $4,495,459.52
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 44,060 $2,951,579.40
13321L108 CAMECO CORP CA CCJ 189,175 $1,746,085.25
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 109,620 $1,535,726.49
2715777 QUEBECOR INC -CL B CA QBR/B CN 101,310 $1,910,140.81
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 42,800 $976,875.10
2866857 LUNDIN MINING CORP CA LUN CN 283,415 $1,884,923.95
4821100 SOLVAY SA BE SOLB BB 39,485 $5,489,840.87
5107401 BEIERSDORF AG DE BEI GR 30,010 $3,518,156.51
5129074 FRESENIUS MEDICAL DE FME GR 43,065 $4,522,231.86
5458314 AKZO NOBEL NL AKZA NA 66,745 $5,856,534.27
550021109 LULULEMON - ADR CA LULU 44,265 $3,478,786.35
5713422 METSO OYJ FI METSO FH 29,475 $1,005,543.18
5852842 ACCOR SA FR AC FP 138,505 $7,130,213.60
6474535 JAPAN TOBACCO INC JP 2914 JP 190,300 $6,128,253.25
66987V109 NOVARTIS AG- REG CH NVS 91,450 $7,678,142.00
7123870 NESTLE SA-REGISTERED CH NESN SW 68,720 $5,908,288.83
7759435 ILIAD SA FR ILD FP 20,645 $4,946,866.30
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 27,137 $2,827,404.03
806857108 SCHLUMBERGER LTD NL SLB 122,760 $8,272,796.40
857949BL0 SS INT BEARING FD .022% 01/02/15 US 3,954,969.02 $3,954,969.02
904767704 UNILEVER PLC - ADR GB UL 147,630 $8,169,844.20
B1XH026 VINCI SA FR DG FP 37,845 $3,863,647.52
B1Y9TB3 DANONE FR BN FP 56,990 $4,775,230.01
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 7,625 $1,918,840.79
B283W97 CAIXABANK S.A ES CABK SM 735,690 $3,420,081.96
B4YVF56 BRENNTAG AG DE BNR GR 90,996 $5,736,700.36
B63QM77 NEXON CO LTD JP 3659 JP 133,473 $3,870,755.12
BVRZ8L1 AENA SA ES AENA SM 33,800 $6,840,404.05
BYXS699 QIAGEN N.V. NL QIA GR 102,878 $3,208,809.18
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 69,790 $7,791,432.84
BZ3C3Q4 BANKIA SA ES BKIA SM 720,243 $3,437,675.66
G02602103 AMDOCS LTD GG DOX 104,440 $6,838,731.20
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 41,779 $1,901,780.08
G5960L103 MEDTRONIC INC IE MDT 104,930 $8,473,097.50
G97822103 PERRIGO CO PLC IE PRGO 68,130 $5,938,210.80
N72482123 QIAGEN N.V. ADR NL QGEN 92,904 $2,873,520.72

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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