b'07AttributesStructure & Registration Eligible Investors Exempt from SEC registration under the Securities Restricted to retirement plans and qualifiedAct and the 1940 Act; No prospectus or Statementinstitutional investors.of Additional Information for a CIT. Not available to retail outside of retirement plans. Declaration of trust for the CIT will contain the provisions governing its operations, investment CITs are not available to individual investors and are strategy, etc. not advertised to the public. Exemption from registration tends to result in lower compliance and administrative costs compared to aFeesmutual fund. Generally, either a bank or a trust company will sponsor Typically lower than mutual funds.a CIT and the CIT will be subject to regulation by the No incentive fees.sponsors regulator (i.e., Office of the Comptroller of the Currency or a state banking regulator).CITs can vary how operating and management expenses are charged.Time to MarketCITs can have multiple unit classes, each with different fees.No fixed term.Liquidity Use Cases/Asset Fit Liquidity determined by plan documents (often daily Assets invested in CITs generally include plan assets like mutual funds). subject to ERISA and overseen by the Department of Labor, including retirement platforms (401(k), pensions). CITs do not trade on any exchange. As a result, CITs Low-cost, institutionally managed alternativesare less liquid or transparent compared to interest into mutual funds.mutual funds.Mayer Brown|Collective Investment Trusts 26'