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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.
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 Joel Miller, Group Leader, Asset Management, at (202) 649-6417 or John Gilmore, Bank Examiner, Market Risk Division, at (202) 649-6327.
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 John Gilmore, Bank Examiner, Market Risk Division, at (202) 649-6327.
Reportable events include:
Collective Investment Funds (Comptroller's Handbook, May 2014)
Provides an overview of collective investment fund risks and a framework for managing them.
OCC Chief Counsel's Interpretation on National Trust Banks (PDF)
Requests under 716(f) of the Dodd-Frank Act
Register for Monthly Schedule of Short-Term Investment Funds
Register as a Transfer Agent