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Collective Investment Funds
A collective investment fund (CIF) is a bank-administered trust that holds commingled assets that meet specific criteria established by 12 CFR 9.18. The bank acts as a fiduciary for the CIF and holds legal title to the fund’s assets. CIFs allow banks to avoid costly purchases of small lot investments for their smaller fiduciary accounts.
Monthly Schedule of Short-term Investment Funds
The Monthly Schedule of Short-term Investment Funds (STIF) is used by banks that manage a STIF, pursuant to 12 CFR 9.18, to disclose information about the fund and its portfolio holdings to the OCC within five business days after each calendar month-end. You may direct questions to David Barfield, National Bank Examiner, Market Risk Division, at (202) 649-6396 or Joel Miller, Group Leader, Asset Management, at (202) 649-6417 or John Gilmore, Bank Examiner, Market Risk Division, at (202) 649-6327.
Short-term Investment Funds Reportable Events
Consistent with the Section 9.18(b)(4)(iii)(J), banks that manage a STIF are required to notify the OCC prior to or within one business day after certain events. Reportable events include those listed below. Notification should be made to Joel Miller, Group Leader, Asset Management, at (202) 649-6417 or David Barfield, National Bank Examiner, Market Risk Division, at (202) 649-6396 or John Gilmore, Bank Examiner, Market Risk Division, at (202) 649-6327.
Reportable events include:
Collective Investment Funds (Comptroller’s Handbook, May 2014)
Annual Admissions and Withdrawals under 12 CFR 9.18 (IL 920, December 2001)
Application of Securities Laws to Common Trust Funds (BC 247, September 1990)
CIF Distribution Delay due to Illiquid Assets (IL 1121, August 2009)
Common Trust Funds - Method of Distribution (IL 841, November 1998)
Index & Model-driven CIF - Fees (IL 1120, August 2009)
Index & Model-drive CIF - Benchmarks (IL 1119, August 2009)
IRAs in Registered Common Trust Funds Part 1 and Part II (IL 734, July 1996)
Nondiscretionary Custodian for Collective Investment Funds (IL 884, January 2000)
Pooling of Fiduciary Accounts and Self Deposit in Collective Fund (IL 969, April 2003)