Objective

Preserve capital, provide current income and maintain liquidity.

Strategy

Liquidity will be maintained by investing in highly rated securities with short maturities and by constraining the average portfolio maturity to less than 90 days; credit and default risk are further minimized by diversifying among issuers; the Fund attempts to maintain a stable net asset value of $1.00 per unit.

Fund Facts
Asset Manager
  • Wellington Management Company(Since 8/1/01)
Benchmark Bloomberg Barclays U.S. Short Treasury Bills (1-3M) Index
Fund Inception Date January 1, 1985 (renamed from RCT Money Market Fund on June 30, 2006)
Mimimum Investment No minimum investment required
Expense Ratio 0.32% (reflects partial waiver of the Trust Management Fee)

Additional Facts

Effective April 1, 2017, the benchmark for the CUIT Money Market Fund was changed to the Bloomberg Barclays U.S. Short Treasury Bills (1-3 Month) Index. For periods prior to April 1, 2017, the applicable benchmark was the Merrill Lynch 91-Day Treasury Bill Index.

Annual Average Total Returns
(%) as of 12/31/2018

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Money Market Fund + 0.53 1.74 0.99 0.61 0.33
Bloomberg Barclays U.S. Short T-Bills (1-3M) Index ± 0.56 1.82 0.99 0.61 0.37
Calendar Year 2017 2016 2015 2014 2013
CUIT Money Market Fund + 0.93 0.31 0.02 0.05 0.01
Bloomberg Barclays US Short Treasury - Bills (1-3M) Index± 0.81 0.33 0.05 0.04 0.07

+ The CUIT Money Market Fund changed its investment approach from overnight repurchase agreements, to actively managed effective 8/1/01.

± Effective April 1, 2017, the benchmark for the CUIT Money Market Fund was changed to the Bloomberg Barclays U.S. Short Treasury Bills (1-3 Month) Index. For periods prior to April 1, 2017, the applicable benchmark was the Merrill Lynch 91-Day Treasury Bill Index.

Statistics Fund Index
Effective Duration (Yrs) 0.19 0.08
Average Quality A-1+ A-1+
Yield-to-Maturity 3.08% 2.95%
Fund Size $73.4MM
Maturity Distribution Fund
0 to 7 Days 20.8
8 to 29 Days 28.7
30 to 59 Days 14.2
60 to 89 Days 15.1
90 to 179 Days 9.4
180 and Over 11.7
Market Sector Analysis Fund Index
U.S. Government & Agencies 25.5 100.0
Certificates of Deposit 3.0 0.0
Repurchase Agreements 15.3 0.0
Commercial Paper 14.4 0.0
Corporate 17.4 0.0
Asset-Backed Securities 24.4 0.0
Non-Corporate Credit 0.0 0.0
Cash 0.06 0.0
Credit Quality Fund Index
A-1+ or higher 63.4 100.0
A-1 34.6 0.0
Less than A-1 2.0 0.0
Cash 0.01 0.0
  • Q4 2018 Performance Review

    Securitized/Credit and Corporate and Non-Corporate credit were the largest contributors to performance. During the 12-month period, the Fund’s yield to maturity rose from 1.91% to 3.08%.

    12-Month Review

    • Money Market Funds had a good year versus longer duration offerings. The Bloomberg Barclays US Short 1-3 Month Index ended up +1.82%, ahead of most US fixed income indices.
    • Investors had planned on the Federal Reserve raising rates by 25 bps three times in 2018, but due to the strength of the US economy a 4th increase took place in December. This moved the Fed’s target range to 2.25% – 2.50%. In turn, money market funds for the most part moved up in lockstep with the Fed rate increases.
      • The 1-month Treasury yield rose from 1.77% to 2.12%;
      • The 3-month yield rose from 1. 93% to 2.19%;
      • The 6-month yield rose from 2.11% to 2.36%.
    • During the 12-month period, the Fund’s yield to maturity rose from 1.91% to 3.08%.
    • Securitized/Credit and Corporate and Non-Corporate credit were the largest contributors to performance.

    3-Month Review

    • Interest rates rose again this quarter as the Federal Reserve increased the federal funds rate by 25 bps at the September and December meetings. During the quarter:
      • The 1-month Treasury yield rose from 2.13% to 2.44%;
      • The 3-month yield rose from 2.23% to 2.45%;
      • The 6-month yield rose from 2.40% to 2.56%.
    • The Fund’s yield to maturity rose from 2.40% to 3.08%.
    • Asset Backed Securities, specifically Auto Backed and Credit Cards, were the primary drivers of performance for the quarter. Also contributing were corporate-financial institutions and UST Bills.

    Current Positioning

    • With the US economy still strong, the sub-advisor favors corporate credit and securitized sectors. They expect a continuation of above-trend US economic growth for the remainder of this year as labor market strength and fiscal stimulus outweigh the negative effects of trade tensions.
    • With two more Fed rate hikes likely during 2019, the sub-advisor continues to hold floating rate notes, which assists with aligning the portfolio with Fed rate changes.
    • With the attractiveness of money market yields, up on average 100bps during the year, and the extreme volatility during the 4th quarter, the sub-advisor believes that cash assets will continue to experience strong inflows. During the year money market funds had net inflows of $219 billion, with the majority in prime funds ($139 billion) followed by Treasury funds ($68 billion), as European and Asian turmoil is driving non-US investors to continue to buy US money market funds for their relative safety and positive yields.
  • Fund Fact Sheet

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