Element |
Mutual Fund |
Collective Investment Fund |
Regulating Bodies |
SEC |
OCC, IRS, DOL |
Controlling Document |
Prospectus |
Written plan (declaration of trust) |
Availability |
Available to general public |
Not available to general public |
Type of Investor |
Not exclusive to retirement plans |
Exclusive to retirement plans |
Fund Board of Directors |
Yes |
No |
Compliance Issues |
Responsibility of fund’s board of directors |
Responsibility of bank as trustee |
Portfolio Composition |
Pooled |
Pooled |
Valuation |
Daily |
Daily (increasingly prevalent, although only quarterly is required by regulation) |
Clearing |
NSCC |
NSCC |
Advertise |
Yes |
No |