Fund Highlights

STIF Facts as of September 30, 2022
Inception date	1972
Total Investor deposits	$15.6 billion
Reserve balance	$82.8 million
S&P rating	AAAm
Weighted average maturity	23 days
Quarterly yield	2.12%
One-year total return	0.80%
Five-year total return	1.17%
Ten-year total return	0.74%

Investment Strategy

The fund seeks to minimize risk and enhance return on short-term cash for State, municipalities and other political subdivisions. STIF employs a top-down approach to developing its investment strategy. Starting with the objectives of the fund, STIF considers constraints outlined in its investment policy, which include parameters on liquidity management, maturity targets and permissible investment types.

Fund Composition
STIF implements an investment strategy that assures the portfolio is well diversified.

As of September 30, 2022, the largest asset allocation categories were:

Bank Deposits (49.9%)
Repurchase Agreements (17.8%)
Non-Financial Credit Instruments (12.3%)

Fund Management

Michael Terry, CFA, Principal Investment Officer

Paul Coudert, Investment Officer

Marc Gagnon, Securities Analyst

Danielle Thompson, Investment Technician  

Staff Communication Information

Performance vs. Benchmark
For the year ended June 30, 2022, the Fund earned an average annualized yield of 0.29 percent, which was 12 basis points above the iMoneyNet Rated Money Fund Report Average (MFR)Taxable institutional rate of 0.17 percent. Throughout the period we maintained a high level of liquidity and a short average portfolio maturity.