Cash Balance CIT

Investment Objective

To achieve annual returns consistent with most common Interest Crediting Rates (ICR). In light of the importance of return stability for cash balance plans, the strategy will actively adjust to limit excessive gains and mitigate the risk of significant losses 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

$10.78

Daily $ Change

$0.01

Daily % Change

0.09%

as of 08/20/2018

CUSIP

302028204

Inception Date

04/09/2014

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

Important Documents

Annual Report
Applications & Forms

Performance

As of 07/31/2018

YTD

-0.56%

1 Year

-0.46%

3 Year

1.77%

5 Year

---

10 Year

---

Inception
(04/09/2014)

1.65%

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. 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 0.45%
Net 0.34%*

*Includes Trustee Fee of 0.24% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.10%, 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.

Underlying ETFs

As of 07/31/2018

SPDR PORTFOLIO INTERMEDIATE 0.96700 45.25%
SPDR PORT SHRT TRM CORP BND 0.63900 30.12%
ISHARES SHORT MATURITY BOND 0.94400 24.63%

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

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
46431W507 ISHARES SHORT MATURITY BOND 0.94400 US 41,621 $2,088,541.78
78464A375 SPDR PORTFOLIO INTERMEDIATE 0.96700 US 115,068 $3,837,517.80
78464A474 SPDR PORT SHRT TRM CORP BND 0.63900 US 84,616 $2,554,557.04

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.

Daily Price

$10.78

Daily $ Change

$0.01

Daily % Change

0.09%

as of 08/20/2018

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 annual returns consistent with most common Interest Crediting Rates (ICR). In light of the importance of return stability for cash balance plans, the strategy will actively adjust to limit excessive gains and mitigate the risk of significant losses 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

Performance

As of 07/31/2018

YTD

-0.56%

1 Year

-0.46%

3 Year

1.77%

5 Year

---

10 Year

---

Inception
(04/09/2014)

1.65%

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. 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 0.45%
Net 0.34%*

*Includes Trustee Fee of 0.24% and estimated acquired fees and expenses of the underlying third party exchange-traded funds (ETFs) of 0.10%, 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.

Underlying ETFs

As of 07/31/2018

SPDR PORTFOLIO INTERMEDIATE 0.96700 45.25%
SPDR PORT SHRT TRM CORP BND 0.63900 30.12%
ISHARES SHORT MATURITY BOND 0.94400 24.63%

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

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
46431W507 ISHARES SHORT MATURITY BOND 0.94400 US 41,621 $2,088,541.78
78464A375 SPDR PORTFOLIO INTERMEDIATE 0.96700 US 115,068 $3,837,517.80
78464A474 SPDR PORT SHRT TRM CORP BND 0.63900 US 84,616 $2,554,557.04

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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