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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 the Asset Management Policy unit:

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. You may direct questions and report events to the Asset Management Policy unit:

Reportable events include:

  1. Any difference exceeding $0.0025 between the net asset value and the mark-to-market value of a STIF participating interest as calculated using the method set forth in paragraph (b)(4)(iii)(G)(1) of this section;
  2. When a STIF has re-priced its net asset value below $0.995 per participating interest;
  3. Any withdrawal distribution-in-kind of the STIF's participating interests or segregation of portfolio participants;
  4. Any delays or suspensions in honoring STIF participating interest withdrawal requests;
  5. Any decision to formally approve the liquidation, segregation of assets or portfolios, or some other liquidation of the STIF; or
  6. In those situations when a bank, its affiliate, or any other entity provides a STIF financial support, including a cash infusion, a credit extension, a purchase of a defaulted or illiquid asset, or any other form of financial support in order to maintain a stable net asset value per participating interest;

Learn More

The Collective Investment Funds booklet of the Comptroller's Handbook provides an overview of collective investment fund risks and a framework for managing them.


Related News and Issuances

05/27/2021 OCC 2021-26 Collective Investment Funds: Prior Notice Period for Withdrawals: Final Rule
05/21/2021 NR 2021-58 OCC Finalizes Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds
08/04/2020 NR 2020-100 OCC Issues Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds, Eases Impact of COVID-19