Investment Objective

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

Investment Strategy

This fund is managed using a bottom-up, opportunistic, core approach. Under normal circumstances, at least 80% of the portfolio is invested in foreign equity securities. Holdings are selected security-by-security and primarily consist of ordinary (local) shares, in addition to American Depository Receipts (ADRs). Forward currency contracts, options, and/or futures contracts will be used when deemed necessary to hedge foreign currency exposure. 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 very 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

$9.85

Daily $ Change

-$0.15

Daily % Change

-1.52%

as of 11/12/2018

CUSIP

302028303

Inception Date

12/18/2014

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 10/31/2018

YTD

-10.22%

1 Year

-7.76%

3 Year

3.05%

5 Year

-0.01%

10 Year

5.90%

Inception
(09/23/1998)

7.07%

International Market Cycle (04/01/2003 - 10/31/2018)

8.04%

Performance through the inception date of the Non-U.S. Equity CIT Class Z units is based on the historical performance of the CIT's oldest unit class, which is now closed. Performance through the inception date of the oldest unit class (03/03/2014) is not the performance of the Non-U.S. Equity 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 performance data does not reflect custodial or other administrative costs associated with the plan, if any. 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

Custom ---

Top Ten Investments

As of 10/31/2018

NOVARTIS AG- REG 4.83%
UNILEVER PLC - ADR 4.74%
DIAGEO PLC 4.46%
NESTLE SA-REGISTERED 4.17%
MEDTRONIC INC 3.80%
AMDOCS LTD 3.79%
ANHEUSER-BUSCH INBEV SA/NV 3.67%
PERRIGO CO PLC 3.28%
SCHLUMBERGER LTD 3.28%
AKZO NOBEL 3.18%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2018

Communication Services 8.13%
Consumer Discretionary 8.13%
Consumer Staples 25.79%
Energy 4.55%
Financials 9.26%
Health Care 16.23%
Industrials 10.89%
Information Technology 6.82%
Materials 8.74%
Real Estate 1.46%

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 10/31/2018

United Kingdom 19.44%
Switzerland 10.93%
Netherlands 10.20%
Ireland 7.92%
France 7.87%
Canada 7.28%
China 6.97%
Belgium 6.13%
Spain 6.03%
Germany 3.92%
Japan 3.49%
Mexico 3.38%
Brazil 1.99%
Italy 1.46%
Bermuda 0.97%
Finland 0.53%
Denmark 0.52%
Argentina 0.51%
Sweden 0.46%

October Fund Holdings

As of 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 28,430 $284,585.12
01609W102 ALIBABA GROUP - ADR CN BABA 8,435 $1,200,131.80
02319V103 AMBEV SA-ADR BR ABEV 228,335 $988,690.55
0237400 DIAGEO PLC GB DGE LN 64,300 $2,222,948.85
0263494 BAE SYSTEMS PLC GB BA/ LN 143,075 $959,359.07
0946580 WEIR GROUP PLC/THE GB WEIR LN 46,465 $940,290.89
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 23,705 $1,028,797.00
13321L108 CAMECO CORP CA CCJ 58,895 $631,354.40
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 21,840 $217,993.54
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 216,800 $567,047.81
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 101,700 $234,558.48
2715777 QUEBECOR INC -CL B CA QBR/B CN 37,190 $729,420.64
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 35,100 $653,500.70
2866857 LUNDIN MINING CORP CA LUN CN 58,165 $239,031.22
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 4,975 $412,328.00
4741844 MERCK KGAA DE MRK GR 4,265 $456,366.40
4821100 SOLVAY SA BE SOLB BB 10,785 $1,228,483.99
5107401 BEIERSDORF AG DE BEI GR 9,545 $986,922.53
5263574 FLSMIDTH & CO A/S DK FLS DC 4,910 $257,630.32
5458314 AKZO NOBEL NL AKZA NA 18,845 $1,582,312.27
5474008 BANKINTER S.A. ES BKT SM 102,935 $843,342.17
550021109 LULULEMON - ADR CA LULU 8,200 $1,153,986.00
5713422 METSO OYJ FI METSO FH 8,320 $262,676.92
5852842 ACCOR SA FR AC FP 19,105 $872,949.02
64110W102 NETEASE.COM INC- ADR CN NTES 3,755 $780,476.75
6490995 KEYENCE CORP JP 6861 JP 2,000 $977,039.63
66987V109 NOVARTIS AG- REG CH NVS 27,510 $2,406,024.60
6742340 SHANDONG WEIGAO CN 1066 HK 404,000 $361,882.40
7123870 NESTLE SA-REGISTERED CH NESN SW 24,595 $2,076,386.36
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 5,077 $420,375.60
806857108 SCHLUMBERGER LTD NL SLB 31,845 $1,633,966.95
857949BL0 SS INT BEARING FD .022% 01/02/15 US 3,113,146.69 $3,113,146.69
904767704 UNILEVER PLC - ADR GB UL 44,582 $2,361,954.36
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 89,300 $467,705.91
B1XH026 VINCI SA FR DG FP 10,865 $966,972.98
B1Y9TB3 DANONE FR BN FP 19,090 $1,351,820.35
B283W97 CAIXABANK S.A ES CABK SM 210,040 $849,966.74
B4R2R50 JULIUS BAER CH BAER SW 21,080 $961,348.84
B4YVF56 BRENNTAG AG DE BNR GR 9,706 $506,889.26
B63QM77 NEXON CO LTD JP 3659 JP 66,626 $760,019.38
BDZV116 EPIROC AB-A SE EPIA SS 26,095 $229,150.89
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 4,010 $725,642.11
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 32,900 $1,127,129.77
BNGN9Z1 FINECOBANK SPA IT FBK IM 69,680 $728,265.51
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 20,110 $566,791.29
BYXS699 QIAGEN N.V. NL QIA GR 21,608 $784,338.63
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 24,680 $1,825,356.47
BZ3C3Q4 BANKIA SA ES BKIA SM 237,093 $744,718.65
G02602103 AMDOCS LTD GG DOX 29,832 $1,887,470.64
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 12,000 $483,480.00
G27358103 DESPEGAR.COM CORP AR DESP 15,765 $253,343.55
G5960L103 MEDTRONIC INC IE MDT 21,045 $1,890,261.90
G97822103 PERRIGO CO PLC IE PRGO 23,270 $1,635,881.00
N47279109 INTERXION HOLDING NV NL INXN 9,010 $530,418.70
N72482123 QIAGEN N.V. ADR NL QGEN 15,149 $549,908.70

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. 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

$9.85

Daily $ Change

-$0.15

Daily % Change

-1.52%

as of 11/12/2018

CUSIP

302028303

Inception Date

12/18/2014

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

Investment Strategy

This fund is managed using a bottom-up, opportunistic, core approach. Under normal circumstances, at least 80% of the portfolio is invested in foreign equity securities. Holdings are selected security-by-security and primarily consist of ordinary (local) shares, in addition to American Depository Receipts (ADRs). Forward currency contracts, options, and/or futures contracts will be used when deemed necessary to hedge foreign currency exposure. 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 very 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 10/31/2018

YTD

-10.22%

1 Year

-7.76%

3 Year

3.05%

5 Year

-0.01%

10 Year

5.90%

Inception
(09/23/1998)

7.07%

International Market Cycle (04/01/2003 - 10/31/2018)

8.04%

Performance through the inception date of the Non-U.S. Equity CIT Class Z units is based on the historical performance of the CIT's oldest unit class, which is now closed. Performance through the inception date of the oldest unit class (03/03/2014) is not the performance of the Non-U.S. Equity 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 performance data does not reflect custodial or other administrative costs associated with the plan, if any. 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

Custom ---

Top Ten Investments

As of 10/31/2018

NOVARTIS AG- REG 4.83%
UNILEVER PLC - ADR 4.74%
DIAGEO PLC 4.46%
NESTLE SA-REGISTERED 4.17%
MEDTRONIC INC 3.80%
AMDOCS LTD 3.79%
ANHEUSER-BUSCH INBEV SA/NV 3.67%
PERRIGO CO PLC 3.28%
SCHLUMBERGER LTD 3.28%
AKZO NOBEL 3.18%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 10/31/2018

Communication Services
8.13%
Consumer Discretionary
8.13%
Consumer Staples
25.79%
Energy
4.55%
Financials
9.26%
Health Care
16.23%
Industrials
10.89%
Information Technology
6.82%
Materials
8.74%
Real Estate
1.46%

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 10/31/2018

United Kingdom
19.44%
Switzerland
10.93%
Netherlands
10.20%
Ireland
7.92%
France
7.87%
Canada
7.28%
China
6.97%
Belgium
6.13%
Spain
6.03%
Germany
3.92%
Japan
3.49%
Mexico
3.38%
Brazil
1.99%
Italy
1.46%
Bermuda
0.97%
Finland
0.53%
Denmark
0.52%
Argentina
0.51%
Sweden
0.46%

October Fund Holdings

As of 10/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 28,430 $284,585.12
01609W102 ALIBABA GROUP - ADR CN BABA 8,435 $1,200,131.80
02319V103 AMBEV SA-ADR BR ABEV 228,335 $988,690.55
0237400 DIAGEO PLC GB DGE LN 64,300 $2,222,948.85
0263494 BAE SYSTEMS PLC GB BA/ LN 143,075 $959,359.07
0946580 WEIR GROUP PLC/THE GB WEIR LN 46,465 $940,290.89
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 23,705 $1,028,797.00
13321L108 CAMECO CORP CA CCJ 58,895 $631,354.40
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 21,840 $217,993.54
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 216,800 $567,047.81
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 101,700 $234,558.48
2715777 QUEBECOR INC -CL B CA QBR/B CN 37,190 $729,420.64
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 35,100 $653,500.70
2866857 LUNDIN MINING CORP CA LUN CN 58,165 $239,031.22
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 4,975 $412,328.00
4741844 MERCK KGAA DE MRK GR 4,265 $456,366.40
4821100 SOLVAY SA BE SOLB BB 10,785 $1,228,483.99
5107401 BEIERSDORF AG DE BEI GR 9,545 $986,922.53
5263574 FLSMIDTH & CO A/S DK FLS DC 4,910 $257,630.32
5458314 AKZO NOBEL NL AKZA NA 18,845 $1,582,312.27
5474008 BANKINTER S.A. ES BKT SM 102,935 $843,342.17
550021109 LULULEMON - ADR CA LULU 8,200 $1,153,986.00
5713422 METSO OYJ FI METSO FH 8,320 $262,676.92
5852842 ACCOR SA FR AC FP 19,105 $872,949.02
64110W102 NETEASE.COM INC- ADR CN NTES 3,755 $780,476.75
6490995 KEYENCE CORP JP 6861 JP 2,000 $977,039.63
66987V109 NOVARTIS AG- REG CH NVS 27,510 $2,406,024.60
6742340 SHANDONG WEIGAO CN 1066 HK 404,000 $361,882.40
7123870 NESTLE SA-REGISTERED CH NESN SW 24,595 $2,076,386.36
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 5,077 $420,375.60
806857108 SCHLUMBERGER LTD NL SLB 31,845 $1,633,966.95
857949BL0 SS INT BEARING FD .022% 01/02/15 US 3,113,146.69 $3,113,146.69
904767704 UNILEVER PLC - ADR GB UL 44,582 $2,361,954.36
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 89,300 $467,705.91
B1XH026 VINCI SA FR DG FP 10,865 $966,972.98
B1Y9TB3 DANONE FR BN FP 19,090 $1,351,820.35
B283W97 CAIXABANK S.A ES CABK SM 210,040 $849,966.74
B4R2R50 JULIUS BAER CH BAER SW 21,080 $961,348.84
B4YVF56 BRENNTAG AG DE BNR GR 9,706 $506,889.26
B63QM77 NEXON CO LTD JP 3659 JP 66,626 $760,019.38
BDZV116 EPIROC AB-A SE EPIA SS 26,095 $229,150.89
BFYM460 UNIBAIL-RODAMCO-WESTFIELD FR URW NA 4,010 $725,642.11
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 32,900 $1,127,129.77
BNGN9Z1 FINECOBANK SPA IT FBK IM 69,680 $728,265.51
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 20,110 $566,791.29
BYXS699 QIAGEN N.V. NL QIA GR 21,608 $784,338.63
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 24,680 $1,825,356.47
BZ3C3Q4 BANKIA SA ES BKIA SM 237,093 $744,718.65
G02602103 AMDOCS LTD GG DOX 29,832 $1,887,470.64
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 12,000 $483,480.00
G27358103 DESPEGAR.COM CORP AR DESP 15,765 $253,343.55
G5960L103 MEDTRONIC INC IE MDT 21,045 $1,890,261.90
G97822103 PERRIGO CO PLC IE PRGO 23,270 $1,635,881.00
N47279109 INTERXION HOLDING NV NL INXN 9,010 $530,418.70
N72482123 QIAGEN N.V. ADR NL QGEN 15,149 $549,908.70

Investments will change over time.

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. 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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