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

$11.10

Daily $ Change

-$0.05

Daily % Change

-0.45%

as of 02/21/2018

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

Annualized Performance

As of 01/31/2018

YTD

5.66%

1 Year

26.35%

3 Year

8.46%

5 Year

5.67%

10 Year

3.25%

Inception
(---)

---

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

9.66%

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.

Expense Ratio

Custom ---

Top Ten Investments

As of 01/31/2018

MEDTRONIC INC 4.76%
UNILEVER PLC - ADR 4.13%
NOVARTIS AG- REG 4.07%
ACCOR SA 3.95%
DIAGEO PLC 3.80%
SCHLUMBERGER LTD 3.77%
AENA SA 3.68%
ANHEUSER-BUSCH INBEV SA/NV 3.47%
PERRIGO CO PLC 3.46%
AMDOCS LTD 3.35%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 01/31/2018

United Kingdom 16.31%
France 12.14%
Ireland 9.73%
Netherlands 9.68%
Spain 7.22%
Switzerland 6.96%
Germany 6.95%
China 6.54%
Belgium 5.92%
Japan 5.55%
Canada 5.53%
Brazil 3.06%
Mexico 2.45%
Australia 1.46%
Finland 0.50%

Sector Allocation

As of 01/31/2018

Consumer Discretionary 7.60%
Consumer Staples 25.22%
Energy 4.66%
Financials 3.54%
Health Care 17.93%
Industrials 13.93%
Information Technology 15.06%
Materials 8.27%
Real Estate 1.55%
Telecommunication Services 2.24%

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.

January Fund Holdings

As of 01/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 21,980 $290,905.94
01609W102 ALIBABA GROUP - ADR CN BABA 8,435 $1,723,186.15
02319V103 AMBEV SA-ADR BR ABEV 183,990 $1,264,011.30
0237400 DIAGEO PLC GB DGE LN 64,300 $2,314,309.10
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 100,045 $659,713.32
0946580 WEIR GROUP PLC/THE GB WEIR LN 38,955 $1,221,309.05
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 13,235 $901,303.50
13321L108 CAMECO CORP CA CCJ 58,895 $541,834.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 19,580 $291,948.94
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 216,800 $614,927.24
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 77,900 $275,072.90
2715777 QUEBECOR INC -CL B CA QBR/B CN 29,750 $580,487.80
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 13,340 $291,202.44
2866857 LUNDIN MINING CORP CA LUN CN 42,160 $304,717.40
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 3,015 $316,122.75
4821100 SOLVAY SA BE SOLB BB 10,325 $1,495,014.03
5107401 BEIERSDORF AG DE BEI GR 9,545 $1,131,712.41
5129074 FRESENIUS MEDICAL DE FME GR 13,890 $1,600,998.02
5458314 AKZO NOBEL NL AKZA NA 18,845 $1,763,763.34
550021109 LULULEMON - ADR CA LULU 17,330 $1,355,379.30
5713422 METSO OYJ FI METSO FH 8,645 $301,834.52
5852842 ACCOR SA FR AC FP 42,220 $2,402,967.94
64110W102 NETEASE.COM INC- ADR CN NTES 2,810 $899,649.60
6474535 JAPAN TOBACCO INC JP 2914 JP 51,900 $1,719,955.82
66987V109 NOVARTIS AG- REG CH NVS 27,510 $2,477,550.60
7123870 NESTLE SA-REGISTERED CH NESN SW 20,380 $1,760,464.49
7759435 ILIAD SA FR ILD FP 5,285 $1,367,382.48
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 7,467 $916,275.57
806857108 SCHLUMBERGER LTD NL SLB 31,175 $2,293,856.50
857949BL0 SS INT BEARING FD .022% 01/02/15 US 1,096,797.04 $1,096,797.04
904767704 UNILEVER PLC - ADR GB UL 44,582 $2,517,545.54
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 56,400 $287,215.98
B1XH026 VINCI SA FR DG FP 9,595 $1,037,022.33
B1Y9TB3 DANONE FR BN FP 19,090 $1,643,018.64
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 3,675 $942,220.90
B283W97 CAIXABANK S.A ES CABK SM 198,315 $1,069,742.29
B4YVF56 BRENNTAG AG DE BNR GR 23,151 $1,502,927.80
B63QM77 NEXON CO LTD JP 3659 JP 49,663 $1,659,309.84
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 23,050 $1,361,965.66
BVRZ8L1 AENA SA ES AENA SM 10,295 $2,241,795.86
BYXS699 QIAGEN N.V. NL QIA GR 30,508 $1,020,420.41
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 18,655 $2,112,869.02
BZ3C3Q4 BANKIA SA ES BKIA SM 214,188 $1,084,234.47
G02602103 AMDOCS LTD GG DOX 29,832 $2,040,508.80
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 16,432 $887,163.68
G5960L103 MEDTRONIC INC IE MDT 33,760 $2,899,646.40
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 21,450 $599,313.00
G97822103 PERRIGO CO PLC IE PRGO 23,270 $2,108,727.40
N72482123 QIAGEN N.V. ADR NL QGEN 24,334 $814,945.66

Investments will change over time.

Investments will change over time.

Daily Price

$11.10

Daily $ Change

-$0.05

Daily % Change

-0.45%

as of 02/21/2018

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

Annualized Performance

As of 01/31/2018

YTD

5.66%

1 Year

26.35%

3 Year

8.46%

5 Year

5.67%

10 Year

3.25%

Inception
(---)

---

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

9.66%

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.

Expense Ratio

Custom ---

Top Ten Investments

As of 01/31/2018

MEDTRONIC INC 4.76%
UNILEVER PLC - ADR 4.13%
NOVARTIS AG- REG 4.07%
ACCOR SA 3.95%
DIAGEO PLC 3.80%
SCHLUMBERGER LTD 3.77%
AENA SA 3.68%
ANHEUSER-BUSCH INBEV SA/NV 3.47%
PERRIGO CO PLC 3.46%
AMDOCS LTD 3.35%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 01/31/2018

United Kingdom
16.31%
France
12.14%
Ireland
9.73%
Netherlands
9.68%
Spain
7.22%
Switzerland
6.96%
Germany
6.95%
China
6.54%
Belgium
5.92%
Japan
5.55%
Canada
5.53%
Brazil
3.06%
Mexico
2.45%
Australia
1.46%
Finland
0.50%

Sector Allocation

As of 01/31/2018

Consumer Discretionary
7.60%
Consumer Staples
25.22%
Energy
4.66%
Financials
3.54%
Health Care
17.93%
Industrials
13.93%
Information Technology
15.06%
Materials
8.27%
Real Estate
1.55%
Telecommunication Services
2.24%

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.

January Fund Holdings

As of 01/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0045614 ANTOFAGASTA PLC GB ANTO LN 21,980 $290,905.94
01609W102 ALIBABA GROUP - ADR CN BABA 8,435 $1,723,186.15
02319V103 AMBEV SA-ADR BR ABEV 183,990 $1,264,011.30
0237400 DIAGEO PLC GB DGE LN 64,300 $2,314,309.10
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 100,045 $659,713.32
0946580 WEIR GROUP PLC/THE GB WEIR LN 38,955 $1,221,309.05
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 13,235 $901,303.50
13321L108 CAMECO CORP CA CCJ 58,895 $541,834.00
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 19,580 $291,948.94
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 216,800 $614,927.24
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 77,900 $275,072.90
2715777 QUEBECOR INC -CL B CA QBR/B CN 29,750 $580,487.80
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 13,340 $291,202.44
2866857 LUNDIN MINING CORP CA LUN CN 42,160 $304,717.40
400506101 GRUPO AEROPORTUARIO PAC-ADR MX PAC 3,015 $316,122.75
4821100 SOLVAY SA BE SOLB BB 10,325 $1,495,014.03
5107401 BEIERSDORF AG DE BEI GR 9,545 $1,131,712.41
5129074 FRESENIUS MEDICAL DE FME GR 13,890 $1,600,998.02
5458314 AKZO NOBEL NL AKZA NA 18,845 $1,763,763.34
550021109 LULULEMON - ADR CA LULU 17,330 $1,355,379.30
5713422 METSO OYJ FI METSO FH 8,645 $301,834.52
5852842 ACCOR SA FR AC FP 42,220 $2,402,967.94
64110W102 NETEASE.COM INC- ADR CN NTES 2,810 $899,649.60
6474535 JAPAN TOBACCO INC JP 2914 JP 51,900 $1,719,955.82
66987V109 NOVARTIS AG- REG CH NVS 27,510 $2,477,550.60
7123870 NESTLE SA-REGISTERED CH NESN SW 20,380 $1,760,464.49
7759435 ILIAD SA FR ILD FP 5,285 $1,367,382.48
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 7,467 $916,275.57
806857108 SCHLUMBERGER LTD NL SLB 31,175 $2,293,856.50
857949BL0 SS INT BEARING FD .022% 01/02/15 US 1,096,797.04 $1,096,797.04
904767704 UNILEVER PLC - ADR GB UL 44,582 $2,517,545.54
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 56,400 $287,215.98
B1XH026 VINCI SA FR DG FP 9,595 $1,037,022.33
B1Y9TB3 DANONE FR BN FP 19,090 $1,643,018.64
B1YY4B3 UNIBAIL-RODAMCO SE FR UL NA 3,675 $942,220.90
B283W97 CAIXABANK S.A ES CABK SM 198,315 $1,069,742.29
B4YVF56 BRENNTAG AG DE BNR GR 23,151 $1,502,927.80
B63QM77 NEXON CO LTD JP 3659 JP 49,663 $1,659,309.84
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 23,050 $1,361,965.66
BVRZ8L1 AENA SA ES AENA SM 10,295 $2,241,795.86
BYXS699 QIAGEN N.V. NL QIA GR 30,508 $1,020,420.41
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 18,655 $2,112,869.02
BZ3C3Q4 BANKIA SA ES BKIA SM 214,188 $1,084,234.47
G02602103 AMDOCS LTD GG DOX 29,832 $2,040,508.80
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 16,432 $887,163.68
G5960L103 MEDTRONIC INC IE MDT 33,760 $2,899,646.40
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 21,450 $599,313.00
G97822103 PERRIGO CO PLC IE PRGO 23,270 $2,108,727.40
N72482123 QIAGEN N.V. ADR NL QGEN 24,334 $814,945.66

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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