Cash Balance CIT

Investment Objective

To achieve returns consistent with most common Interest Credit Rates (ICR) while limiting excessive gains and mitigating the risk of significant loss during a calendar year.

Investment Strategy

Using a top-down approach that considers macroeconomic variables such as valuations, sentiment, and general economic activity, this fund seeks to generate a yield consistent with the return objective through investments in debt instruments, income-producing securities, and cash investments. The portfolio is primarily invested in ETFs which provide exposure to various fixed income issuers, markets, and sectors. The portfolio may invest in cash equivalents when the targeted return range is achieved for the calendar year or to take temporary defensive positions in response to adverse market, economic, or political conditions.

May be Appropriate for Investors

  • Cash balance pension plans seeking a single professionally managed investment solution designed to track an Interest Credit Rate (ICR)
  • Cash balance pension plans looking to avoid extreme fluctuations in returns

Daily Price

$10.68

Daily $ Change

$0.01

Daily % Change

0.09%

as of 02/15/2018

CUSIP

302028204

Inception Date

04/09/2014

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

Important Documents

Annual Report
Fact Sheet ---
Applications & Forms

Annualized Performance

As of 01/31/2018

YTD

-0.19%

1 Year

1.99%

3 Year

1.60%

5 Year

---

10 Year

---

Inception
(04/09/2014)

1.96%

Market Cycle

---

Returns are net of the Cash Balance CIT Fund expenses. Performance data reflects acquired fees and expenses incurred by and deducted from the daily net asset value of the underlying third party exchange-traded funds (ETFs). Acquired ETF fees will vary due to the active management of the ETF allocations. 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

Gross 0.73%
Net 0.37%*

*Includes Trustee Fee of 0.24% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.13%, and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses. Acquired ETF fees will vary due to the active management of the ETF allocations.

Top Ten Investments

This product does not provide top ten investment information.

Underlying ETFs

As of 01/31/2018

SPDR PORTFOLIO INTERMEDIATE 0.94700 35.16%
VANGUARD INTERMEDIATE-TERM C 2.83600 30.02%
SPDR PORT SHRT TRM CORP BND 0.59000 20.16%
SPDR BARCLAYS CAPITAL 1-3 MONTH 0.68700 14.66%

Underlying exchange-traded funds (ETFs) list is unaudited.

January Fund Holdings

As of 01/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
78464A375 SPDR PORTFOLIO INTERMEDIATE 0.94700 US 89,500 $3,040,315.00
78464A474 SPDR PORT SHRT TRM CORP BND 0.59000 US 57,440 $1,743,304.00
78468R663 SPDR BARCLAYS CAPITAL 1-3 MONTH 0.68700 US 13,850 $1,267,552.00
92206C870 VANGUARD INTERMEDIATE-TERM C 2.83600 US 30,047 $2,595,459.86
USD US DOLLAR US 43,464.72 $43,464.72

Based on the underlying investments. Investments will change over time.

Based on the underlying investments. Investments will change over time.

Daily Price

$10.68

Daily $ Change

$0.01

Daily % Change

0.09%

as of 02/15/2018

CUSIP

302028204

Inception Date

04/09/2014

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

Important Documents

Annual Report
Fact Sheet ---
Applications & Forms

Investment Objective

To achieve returns consistent with most common Interest Credit Rates (ICR) while limiting excessive gains and mitigating the risk of significant loss during a calendar year.

Investment Strategy

Using a top-down approach that considers macroeconomic variables such as valuations, sentiment, and general economic activity, this fund seeks to generate a yield consistent with the return objective through investments in debt instruments, income-producing securities, and cash investments. The portfolio is primarily invested in ETFs which provide exposure to various fixed income issuers, markets, and sectors. The portfolio may invest in cash equivalents when the targeted return range is achieved for the calendar year or to take temporary defensive positions in response to adverse market, economic, or political conditions.

May be Appropriate for Investors

  • Cash balance pension plans seeking a single professionally managed investment solution designed to track an Interest Credit Rate (ICR)
  • Cash balance pension plans looking to avoid extreme fluctuations in returns

Annualized Performance

As of 01/31/2018

YTD

-0.19%

1 Year

1.99%

3 Year

1.60%

5 Year

---

10 Year

---

Inception
(04/09/2014)

1.96%

Market Cycle

---

Returns are net of the Cash Balance CIT Fund expenses. Performance data reflects acquired fees and expenses incurred by and deducted from the daily net asset value of the underlying third party exchange-traded funds (ETFs). Acquired ETF fees will vary due to the active management of the ETF allocations. 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

Gross 0.73%
Net 0.37%*

*Includes Trustee Fee of 0.24% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.13%, and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses. Acquired ETF fees will vary due to the active management of the ETF allocations.

Top Ten Investments

This product does not provide top ten investment information.

Underlying ETFs

As of 01/31/2018

SPDR PORTFOLIO INTERMEDIATE 0.94700 35.16%
VANGUARD INTERMEDIATE-TERM C 2.83600 30.02%
SPDR PORT SHRT TRM CORP BND 0.59000 20.16%
SPDR BARCLAYS CAPITAL 1-3 MONTH 0.68700 14.66%

Underlying exchange-traded funds (ETFs) list is unaudited.

January Fund Holdings

As of 01/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
78464A375 SPDR PORTFOLIO INTERMEDIATE 0.94700 US 89,500 $3,040,315.00
78464A474 SPDR PORT SHRT TRM CORP BND 0.59000 US 57,440 $1,743,304.00
78468R663 SPDR BARCLAYS CAPITAL 1-3 MONTH 0.68700 US 13,850 $1,267,552.00
92206C870 VANGUARD INTERMEDIATE-TERM C 2.83600 US 30,047 $2,595,459.86
USD US DOLLAR US 43,464.72 $43,464.72

Based on the underlying investments. Investments will change over time.

A Word About Risk

The Cash Balance CIT Fund is typically invested in approximately 3-5 fixed income ETFs. All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal.

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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