The following individuals are responsible for the selection and monitoring of external asset managers:
Nízida Arriaga, CFA
Wespath Benefits and Investments is the investment adviser to the Fund. Through exposure to the assets in the sweep account, the Fund seeks diversification across sectors, industries, issuers, and credit quality. Wellington Management Company is the primary investment subadviser to the sweep account. The sweep account can holdi U.S. government and agency bonds, corporate bonds, securitized products, dollar-denominated international fixed income securities, commercial paper, certificates of deposit, and other similar types of investments. The sweep account also holds loans from our Positive Social Purpose Lending Program (the program that focuses on affordable housing, charter schools, and community development facilities). The sweep account is designed to maintain liquidity to ensure the availability of cash for withdrawals and consequently provide liquidity for the Short Term Investment Fund. The account can only purchase securities rated A-, A1/P1 or higher by a Nationally Recognize Rating Organization. From time to time the account can hold lower-rated securities.The average quality of the portfolio is expected to be Aa3/AA-/AA- or higher.
Securities of any-one issuer, except those issued by the U.S. Treasury and government agency, and repo, may not constitute more than 5% of the account. The effective duration of the portfolio will be within a quarter of a year of its benchmark, the Merrill Lynch 90-Day Treasury Bill Index. No holding with a maturity greater than 3.1 years is permitted.
Please refer to the Investment Funds Description – I Series for a detailed description of the investment strategies used in managing the Fund.
|Inception||January 1, 2019|
|Exp. Ratio||0.36% for 2019|
|Benchmark||Bank of America Merrill Lynch 3-Month Treasury Bill Index|
|Fund Assets||$42 Million as of August 31, 2020|
|Holdings||Holdings as of June 30, 2020|
|Unit Price History||I Series Price History|
|For More Information||Investment Funds Description - I Series|
|3 mo||YTD||1 yr||3 yr||5 yr||10 yr|
|Short Term Investment Fund-I Series||0.15%||0.52%||1.52%||-||-||-|
|As represented solely by the I Series4||As represented by the I Series beginning 1/1/19, as represented by the P Series prior to 1/1/19|
|3 mo||YTD||1 yr||3 yr||5 yr||10 yr|
|Short Term Investment (STIF) Strategy||0.15%||0.52%||1.52%||1.63%||1.16%||0.69%|
|STIF Strategy Benchmark3||0.02%||0.60%||1.63%||1.77%||1.19%||0.64%|
See Risks and Disclosures for more information regarding net-of-fees performance.
1 The performance shown is for the stated time period only. Historical returns are not indicative of future performance. Investment performance is presented net-of-fees—that is, with the deduction of external investment management fees, custody fees, and administrative and overhead expenses. The investments of the Funds and Strategies may vary substantially from those in the applicable benchmark. The benchmarks are based on broad-based securities market indices, which are unmanaged, cannot be invested in and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in an index. This chart was produced using data from sources believed to be accurate. The bar chart and table assume reinvestment of distributions.
2 Please refer to the Investment Funds Description - I Series for more information about each Fund. This information is for informational purposes only and is not an offer to purchase securities. The investment funds are neither insured nor guaranteed by the government.
3 Benchmark descriptions can be found here.
4 The performance presented reflects the historical performance record of the strategy employed by: (a) Wespath Institutional Investments (WII) through funds called the I Series funds available as of January 1, 2019; and (2) an affiliated entity through funds called the P Series funds and available to certain Institutional Investors (as defined below) prior to January 1, 2019. The strategy for the applicable P Series fund before January 1, 2019 and the strategy for the applicable I Series fund have substantially similar investment objectives and investment strategies and are referred to collectively as “the Strategy.” Thus, the Strategy performance presented reflects the actual returns of the applicable P Series fund through December 31, 2018, and the actual returns of the applicable I Series fund from January 1, 2019 onward. The performance of the applicable P Series fund after January 1, 2019 is excluded from the performance of the Strategy because, as of January 1, 2019, all Institutional Investors invest in the Strategy through the I Series fund. The P Series funds are not available to Institutional Investors other than in exceptional circumstances agreed to by the P Series funds adviser.
Historical returns are not indicative of future performance. Except as otherwise noted, the Strategy performance is net-of-fees—that is, with the deduction of investment management fees, custody fees, and administrative and overhead expenses. The I Series funds’ fees and expenses are described in the Investment Funds Description – I Series, and the P Series funds’ fees and expenses are described in the Investment Funds Description - P Series. The performance shown is for the stated time periods only. Differences in timing of transactions and market conditions prevailing at the time of investment by the applicable I Series or P Series fund could lead to divergence between the results of the I Series and P Series fund. The future performance of the I Series funds may be better or worse than the performance of the P Series funds. Factors that could affect performance differences between the I Series funds and the P Series funds include, but are not limited to, portfolio composition, strategy constraints, investor universe, size of the portfolio, fees, expenses and the timing of cash flows.
Units of the I Series funds are available to organizations related to The United Methodist Church and organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purpose: (1) no part of the net earnings of which inures to the benefit of any private shareholder or individual; or (2) which is or maintains certain pooled income funds, collective trust funds, collective investment vehicles or similar funds for the collective investment and reinvestment of assets of certain designated vehicles available for charitable investments. All such organizations shall qualify as permissible investors in a fund excepted from the definition of “investment company” contained in Section 3(c) (10) of the Investment Company Act of 1940, as amended (and are referred to as “Institutional Investors”). Certain, but not all, Institutional Investors were eligible to invest in the P Series prior to January 1, 2019.
|Positive Social Purpose Loans||0.00%||0.00%|
|Certificate of Deposit||0.42%||0.00%|
|Yield to Maturity||0.20%|
|30-Day SEC Yield||0.51%|
All investments carry some degree of risk that will affect the value of the Fund’s holdings, its investment performance and the price of its units. As a result, loss of money is a risk of investing in the Fund. STIF-I is subject to the following principal investment risks: market risk, investment style risk, security specific risk, credit risk, interest rate risk, liquidity risk and prepayment risk.
Historical returns are not indicative of future performance. For further discussion of the Fund’s investments strategies and risks, please refer to "Principal Investment Strategies — Short Term Investment Fund-I Series" in the Investment Funds Description – I Series. This is not an offer to purchase securities.
The Fund seeks to earn additional income by lending a portion of its portfolio securities to brokers, dealers and other financial institutions. The loans are secured at all times by cash and liquid high-grade debt obligations. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in the collateral should the borrower fail financially. In addition, losses could result from the reinvestment of the cash collateral received on loaned securities.
The Fund generally does not invest in companies that derive more than 10% of their revenue from gambling or from the manufacture, sale or distribution of alcoholic beverages, tobacco-related products, adult entertainment, weapons, or the management or operation of prison facilities.
The Annual Fund Operating Expenses information set forth above is based on actual asset balances, fees and expenses, and various other factors. This information is as of December 31, 2019. The Fund Manager expects that the Annual Fund Operating Expenses for 2020 will not be materially different. There is no guarantee that the Fund’s actual Annual Fund Operating Expenses will match the amounts reflected. Actual Annual Fund Operating Expenses may vary depending on, among other things, market events, Fund size, transaction costs, timing of Fund inflows and outflows, and applicable third party fees.
All fees and expenses of the Fund are deducted from the Fund’s net asset value. The fees and expenses paid by the Fund include external investment management fees paid to subadvisors, and the fund's prorated portion of the bank custodial fees and administrative and overhead expenses incurred by the overall Wespath Benefits and Investments (WBI) organization in connection with providing investment, operating and administrative support to the Fund and other funds, and the cost of WBI’s and its subsidiaries’ other activities and operations. These expenses are paid directly by the Fund, and are reflected in the unit price calculated for the Fund. The unit price is multiplied by the number of units held in each client’s account to determine the total value of the client’s holdings in the Fund. More information about the calculation of these fees and expenses is available in the definition of Expense Ratio set forth in the Glossary of Terms of the Investment Funds Description – I Series.