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 0.35% (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 09/30/2019

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Money Market Fund + 0.55 2.27 1.50 0.94 0.48
Bloomberg Barclays U.S. Short T-Bills (1-3M) Index ± 0.54 2.33 1.49 0.95 0.52
Calendar Year 2018 2017 2016 2015 2014 2013
CUIT Money Market Fund + 1.74 0.93 0.31 0.02 0.05 0.01
Bloomberg Barclays US Short Treasury - Bills (1-3M) Index± 1.82 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.

Characteristics as of 06/30/2019

Statistics Fund Index
Effective Duration (Yrs) 0.1 0.1
Average Quality A-1+ A-1+
Yield-to-Maturity 2.4% 2.0%
Maturity Distribution Fund
0 to 7 Days 32.2
8 to 29 Days 21.8
30 to 59 Days 17.8
60 to 89 Days 13.3
90 to 179 Days 6.6
180 and Over 8.3
Market Sector Analysis Fund Index
U.S. Government & Agencies 35.8 100.0
Certificates of Deposit 4.7 0.0
Repurchase Agreements 2.4 0.0
Commercial Paper 9.4 0.0
Corporate 16.3 0.0
Asset-Backed Securities 30.8 0.0
Non-Corporate Credit 0.0 0.0
Cash 0.5 0.0
Credit Quality Fund Index
A-1+ or higher 63.4 100.0
A-1 33.6 0.0
Less than A-1 2.4 0.0
Cash 0.5 0.0
  • Q2 2019 Performance Review

    12-Month Review

    • Overall Money Market Funds had a solid year as the Fund outperformed the benchmark for the period.
    • The Fed decided to hold rates steady at 2.25% – 2.50% in June, however guidance assumes that the Fed will act appropriately as the US economy showed signs of slower growth.
    • During the 12-month period, the Fund’s yield to maturity also declined from 2.71% to 2.36%.

    3-Month Review

    • Yields across the Treasury curve declined as prices rose during the quarter. Corporate securities delivered strong results relative to government securities.
    • The Fund’s yield to maturity declined from 2.71% to 2.36%.

    Current Positioning

    • It is the sub-advisor’s view on duration that the US economy is slowing, but the risk of a recession this year is low. The sub-advisor expects the Fed will likely cut rates in the third quarter.
    • The sub-advisor maintains a pro-cyclical positioning in corporate bonds based on slower, but still positive US economic growth in the second half of 2019.
  • Fund Fact Sheet

    PDF
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