ICI-规模经营集体投资信托概述 An Overview of Operating Collective Investment Trusts at Scale

AnOverviewof

OperatingCollective

InvestmentTrustsatScale

March2026

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

2

TableofContents

2Acknowledgements

3ExecutiveSummary

5UnderstandingtheCITLandscape

6OperationalInefficienciesinCITs

6LearningfromtheMutualFundIndustry

7CITOperatingStructures

7RisksandInefficienciesinManualAccountOnboardingatCITs

8ApplyingtheNSCCMutualFundProfileServicetoProductAttributeManagement

8DataAutomation:MFPSII

9NewAccountSetup:ActivitiesNecessaryfortheEstablishmentofanAccountinLevel3(L3)orOmnibus

10TradingandSettlementAutomation

11FromManualPricingtoAutomatedDissemination

11ReconciliationEnhancements

12EnhancingPlan-LevelTransparencyThroughOmni/SERV

12RegulatoryandFiduciaryConsiderationsforCITs

13MitigatingRisksThroughAutomation

13ThePathForwardforCITs:BuildingIndustryConsensus

14Conclusion

14ReferencesandResources

Acknowledgements

ICIacknowledgesandgivesspecialthankstoAmericanFunds,CharlesSchwab&Co.,DTCC,RelianceTrust(anFISCompany),T.RowePriceAssociates,Inc.,andVanguardfortheirtime,insights,andcontributionstothispaper.

AboutICI

TheInvestmentCompanyInstitute(ICI)istheleadingassociationrepresentingregulatedinvestmentfunds.ICI’smissionistostrengthenthefoundationoftheassetmanagementindustryfortheultimatebenefitofthelong-termindividualinvestor.Itsmembersincludemutualfunds,exchange-tradedfunds(ETFs),closed-endfunds,andunitinvestmenttrusts(UITs)intheUnitedStates,andUCITSandsimilarfundsofferedtoinvestorsinotherjurisdictions.ICIalsorepresentsitsmembersintheircapacityasinvestmentadviserstocollective

investmenttrusts(CITs)andretailseparatelymanagedaccounts(SMAs).ICIhasofficesinWashingtonDC,Brussels,andLondon.

Copyright©2026bytheInvestmentCompanyInstitute.Allrightsreserved.

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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ExecutiveSummary

Collectiveinvestmenttrusts(CITs)haveseenrapidgrowthinrecentyears,drivenbyincreasingdemandfromretirementplansponsors,advisors,andinstitutionalinvestorsseekingcost-efficient,flexibleinvestment

structures.ThedemandtoexpandCITaccessinretirementplanshasreachedtheCongressionallevel,withlegislationtoallowCITsin403(b)retirementplanscurrentlypendinginCongress.

1

Ifpassed,thislegislationwouldaddtothedemandfortheseproducts—andincreasetheneedforCITstooperateatscale.

However,theoperationalinfrastructuresupportingtheprocessingofplan-leveltransactionsforparticipants

withinCITshasnotkeptpacewithCITadoption.Inmanycases,operationalprocessesremainrootedinmanual,fragmentedworkflowsthatrelyheavilyonemailexchanges,spreadsheets,manualwires,andphonecalls.Thesemethodsareinefficientandexposefirmstooperational,compliance,financial,andreputationalrisks.

Themutualfundindustryfacedsimilarchallengeswithprocessingshareholdertransactionsdecadesago

andaddressedthemthroughautomation,standardization,andenhancementstoNationalSecuritiesClearing

Corporation(NSCC)services,suchastheMutualFundProfileService,Fund/SERV,Networking,andOmni/

SERV.

2

Withenhancementstotheseservices,thesameinfrastructurethathasdeliveredaccuracy,efficiency,andscalabilityformutualfundscannowbefullyleveragedtodeliverthatsameabilityforCITstooperateatscale.

ThispaperoutlinestherisksinherentincurrentpracticesanddemonstrateshowapplyingNSCC’sestablishedsolutionscantransformtheoperationallandscapeforCITs.

ThispapersuggeststhattheCITindustrycouldextendsimilarmutualfundsystemsandprocessestoCITs.

LeveragingNSCCservicesforproductdata,trading,settlement,andtransparencyprovidesaclearframeworkto:

》Reducecostsanderrorsthroughautomation

》ImproveregulatorycompliancewiththeInternalRevenueService(IRS),DepartmentofLabor(DOL),andOfficeoftheComptrolleroftheCurrency(OCC),aswellasstate-basedregulatorswhenapplicable

》Enhancefiduciaryoversightfortrustees

》SupportscalabilityasCITadoptionaccelerates

1InvestmentCompanyInstitute.“RetirementFairnessforEducatorsandNonprofitEmployees.”Availableat

https://

/issues-%26-advocacy/key-policies/retirement-fairness-for-educators-and-nonprofit-employees

.

2NSCCandthelistedservicesareofferedbyTheDepositoryTrust&ClearanceCorporation(DTCC),actinginitscapacityasautilitytotheregisteredfundsindustry.Referto

formore

information.

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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TotalCITAssetsandGrowthRate

Billionsofdollars,year-end

Growthrate(historicalandprojected)

30%

25%

20%

15%

10%

5%

0

-5%

-10%-15%

-20%

$10000

$9000

24%

21%

8,543

20%

7,915

19%

9,221

7,333

$8000

13%6,794

12%

$7000

8%

5,568

7%

5,493

6,312

$6000

4,630

4,558

8%8%8%8%8%

0%

$5000

3,818

$4000

3,069

3,070

2,840

2,537

$3000

$2000

-16%

$1000$0

20152016201720182019202020212022202320242025E2026E2027E2028E2029E

EDataareestimated

Note:2024CITsizingreflectstotaltrusteedassets.Prioryearassetshavebeenrestated.TheOfficeoftheComptrolleroftheCurrency,whichregulatescollectiveinvestmentfunds,definesthemintheCodeofFederalRegulations(12CFR§9.18)asincludingtwotypesof

fundstructures—bankcommontrusts,frequentlycalledA1fundsinreferencetotheparagraphoftheCodeinwhichtheyaredefined,andcollectivetrustfunds,similarlycalledA2funds.DatashowntracksprimarilyA2CTFs(availabletoretirementplans).Along-termcapitalmarketappreciationassumptionof6.4%wasusedtoprojectCITassets.

Source:TheCerulliReport—U.S.DefinedContributionDistribution2025,availableat

/reports/

us-defined-contribution-distribution-2025.

TotalCorporateDefinedContributionAssetsandGrowthRate

Billionsofdollars,year-end

Growthrate(historicalandprojected)

25%

20%

15%

10%

5%

0

-5%

-10%-15%

-20%

14,809

19.0%

$4000

$2000$0

6,313

6,025

-14.8%

$16000

16.4%

15.8%

15.2%

13,935

13,120

13.7%

$14000

11.6%

12,360

11,653

10,994

$12000

10,380

9,090

9,013

-4.6%

7,168

$10000

8,148

6.2%

7,742

6.1%

6.1%

6.0%

5.9%

6.3%

$8000

5,452

$6000

2016

2026E

2029E

2030E

2024

2027E

2025E

2028E

2017

201820192020202120222023

EDataareestimated

Note:Along-termmarketappreciationassumptionof6.58%wasusedtoproject401(k)assets.CorporateDCincludes401(k)plans,moneypurchaseplans,profit-sharingplans,Keoghs,andTaft-HartleyDCplans.

Source:TheCerulliReport—U.S.DefinedContributionDistribution2025,availableat

/reports/

us-defined-contribution-distribution-2025.

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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UnderstandingtheCITLandscape

MoreretirementplansponsorshaveincorporatedCITsasoptionsin401(k)planlineups.Asthechartbelowdemonstrates,thistrendhastranslatedintoagrowingshareofassetsheldinCITsbylarge401(k)plans.Thatshareincreasedfrom6%in2000toanestimated34%in2023.Thisrecentexpansionisdue,inpart,tothe

growthintargetdateCITs.3

AssetsofLarge401(k)PlansAreIncreasinglyHeldinCollectiveInvestmentTrusts

Percentageofassetsinlarge401(k)plans*

34

2023

32

2022

28

2020

30

2021

17

2015

9

2005

12

2010

6

2000

*Large401(k)plansarethosethatfiledForm5500ScheduleH(typicallyplanswith100participantsormore).

Note:AssetsexcludeDirectFilingEntityassetsthatarereinvestedincollectiveinvestmenttrusts.Datapriorto2023comefromtheForm5500ResearchdatasetsreleasedbytheDepartmentofLabor.Datafor2023arepreliminary,basedonDepartmentofLaborForm5500latestdatasets.

Source:InvestmentCompanyInstitutecalculationsofDepartmentofLaborForm5500data.2025InvestmentCompanyFactBook,available

at

/pdf/2025-factbook.pdf

.

3Seethe2025InvestmentCompanyInstituteFactBook,availableat

/pdf/2025-factbook.pdf

.

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Operationally,CITsandopen-endmutualfundsarenearlyidentical.Whiletherearemanyregulatorydifferencesbetweeneachvehicle,suchasintheirgoverningdocuments,theiroperationalsimilaritiespermittheuseof

similarprocesseswhenhandlingplan-levelfinancialandclericaltransactionactivitiesonbehalfofretirementplansand/ortheirparticipants.

CollectiveInvestmentTrusts(CITs)

QualifiedplansonlyDeclarationoftrust

OCCandstateregulated

TrusteesheldtoERISAstandardsDataprovidedbymanager

Open-EndMutualFunds

Allinvestors

Prospectus

SECregisteredandregulatedNotsubjecttoERISA

Datapubliclyavailable

Pooledvehicle

Dailyvalued

NSCCtraded/serviced

Factsheetsavailable

Auditedannually

OperationalInefficienciesinCITs

Despitetheirsimilarities,CITsdonotuniversallyusethesametechnologiesnoravailthemselvesofthesame

operationalefficienciesasmutualfunds.CITsoftenrelyonmanualworkflowsinvolvingemails,spreadsheets,

andphonecalls,whichcancauseerrorsandoperational,compliance,financial,andreputationalrisks.The

assetsofCITsarerapidlygrowing,additionalriskswillariseastheproductscalesuptoserveevenmore

retirementsavers.Timeisoftheessencetotakeactiontowardadoptingmorerobustprocessesthatcanexpandasgrowthcontinues.

LearningfromtheMutualFundIndustry

ThemutualfundindustryfacednearlyidenticalchallengesbeforeadoptingNSCCservices.Overtime,

automationbecamethefoundationofthemutualfundoperationalmodel,withthefollowingservicesfacilitatingautomatedprocessing:

》MutualFundProfileServicestandardizedproductdata(MFPSII)andpricingdistribution(MFPSI).》Fund/SERVDCC&S

4

enabledconsistent,automatedtradesubmissionandsettlement.

》Omni/SERVdeliveredtransparencyintosubaccount(e.g.,planparticipant;plan-levelinmulti-planomnibus)holdings.

Byadoptingtheseservices,mutualfundsreducederrors,acceleratedprocessing,improvedtransparency,andbuiltahighly-scalableoperationalmodel.TheCITindustrycanfollowthesamepath.

4DefinedContributionClearance&Settlement(DCC&S)streamlinespurchase,redemption,andexchange

transactionsindefinedcontributionandotherretirementplansformutualfundandinsurancecompanies,third-partyadministrators(TPAs),plantrustees,planadministrators,broker/dealers,andotherdistributionfirms

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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CITOperatingStructures

CITsaretypicallyheldthroughoneofthreeoperatingstructures.Eachhasvaryingeffectsonoperational

efficiency,fiduciaryoversight,andtheroleofdistributionpartnersintheoverallservicingofplansand

participants.Decisionsonwhichmodeltoemployaredrivenbyanycombinationoftechnology,contractual,andbusinessrelationshipsandmayvarybetweenplans,CITtrustees,andretirementplanrecordkeepers.

Direct-at-Fund

PlansmaintainaccountsdirectlywiththeCITtransferagentanddonotutilizeanyNSCCfunctionality.Thisprovidesmaximumtransparencyand,dependingoncircumstances,couldsimplifyIRSandDOLcompliance.Thisbusinessmodelisoperationallyintensiveanddoesnotscaleefficiently.

Level3/TrustNetworked

Intermediaries,suchasaretirementplanrecordkeeper,maintainplan-levelaccountswiththeproviderusing

NSCCinfrastructuretopotentiallyopenandmaintainaccounts,processtransactions,andreconcileactivity

(thepartiesinvolveddeterminehowNSCCfeaturesareused).Thisoperatingstructureseekstobalance

efficiencywithtransparency.ThismodelenablestrusteestosatisfyIRSandDOLrequirementswhileleveragingstandardizedpracticestoreducetheoperationalburdenwhencomparedtothedirect-at-fundstructure.

Omnibus

Plansareaggregatedintoasingleaccountattheprovider.Thisincreasesefficiency,especiallybyallowing

nettradingtooccuracrossmultipleplansholdingthesameCIT,butreducestransparencyintoanyoneplan’sactivitiesintotheCIT.ThiscancreaterisksfortrusteesunlessOmni/SERVorequivalentmechanismsareusedtoshareplan-leveldatainsupportofvarioustransparency,reporting,andoversight-relatedactivitiesamong

counterparties.

RisksandInefficienciesinManualAccountOnboardingatCITs

TheonboardingprocessforCITsbeginswiththecreationoftheproductitself,priortoreceivinganyinvestmentfromtheunderlyingplanorplansthatincludetheCITaspartofaninvestmentlineup.Productcreation

requiresgatheringanextensivesetofaccountattributes,includingbutnotlimitedtogeneralproductdetails,

tradingattributes,settlementinstructions,shareclassrestrictions,feeschedules,andplaneligibilityrules.In

today’senvironment,muchofthisinformationisexchangedmanuallybetweenproductproviders,plans,and

intermediaries.Providersmayemailattributedetailsinspreadsheets;intermediariesand/orplansthenmanuallykeytheinformationintotheirsystems,oftenmanuallyreconcilingitagainstinternaltemplatesthatdifferfrom

onefirmtoanother.

Thisapproachisbothtime-consumingandinherentlyrisky.Manualdataentryispronetoerrors,which

canresultinincorrecttrades,orbreachesofsuitabilityrulesandregulatoryrequirements.Theabsenceof

standardizeddataformatsmeansthateachprovider,plan,andintermediaryrelationshipeffectivelyrequiresitsownbespokeonboardingprocess,slowingtimelinesandcreatingbottlenecks.Updatestoproductattributescompoundtheproblem,astheyareoftencommunicatedthroughscatteredemailthreadswithlimitedversioncontroloraudittrail.Asaresult,onboardingcanoftenstretchfromdaysintoweeks,leavingadvisorsand

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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investorswaitingunnecessarily,whileoperationalteamsexpendsignificantresourcesreconcilinginformationthatcouldbestandardizedandautomated.

ApplyingtheNSCCMutualFundProfileServiceIItoProductAttributeManagement

ThemutualfundindustryaddressedinefficienciesyearsagobyusingNSCC’sMutualFundProfileServiceII(MFPSII),acentralized,automatedplatformthatallowsfundcompaniestotransmitproductdatato

intermediariesinastandardizedformat.TheProfileServiceenablesfundcompaniestoinputtheirdata

once,inaconsistentstructurehousedwithinthesecureandredundantDTCCdataenvironment,andhaveitautomaticallydistributedtoallparticipatingintermediaries.Intermediariesreceivethisdatadirectlyintotheirsystemswithouttheneedformanualre-keying,ensuringaccuracyandtimeliness.ProfileServicedatais

alsovisiblethroughDTCC’sWebDirectportal,andanyadditionsorchangestodataarecommunicatedwithacorrespondingeffectivedate,whichcanbefuture-dated.

RecentenhancementstotheProfileServiceextendthiscapabilitytoproductssuchasCITs.Expandedattributefieldscapturedetailsuniquetotheseproducts,includingEINdetails,plannumber,andputrequirements.(Someoftheseadditionalfieldswillnotbefullyimplementeduntillate2026.)Theabilitytotransmitnon-publicproductdatasecurelyovertheNSCCnetworkmeanssensitiveoperationalinformationcanbesharedwithoutresortingtoemails.

ByadoptingMFPSIIforCITs,firmscandramaticallyreduceonboardingtimelines,improveaccuracyandcompliancethroughconsistentlyupdateddata,andeliminateredundantmanualprocesses,allthroughaninfrastructurethathasbeentestedandtrustedwiththesupportofmorethan25,000securityissueIDs.

DataAutomation:MFPSII

MFPSIIcentralizesandstandardizesthedistributionofproductattributes.ForCITs,thisincludes:》Eligibilityrules

》Settlementinstructions

》Tradingattributes

Bypublishingdatainonelocationanddistributingitautomaticallywhenoriginallyenteredorupdated,MFPSIIeliminatesduplicateentriesandreducesonboardingtimelines.

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NewAccountSetup:ActivitiesNecessaryfortheEstablishmentofanAccountinLevel3(L3)orOmnibus

BeforeanL3oromnibusaccountholdingassetsforoneormoreplanscanbeestablishedinaCIT,plan

sponsorsmustcompleteseverallegal,contractual,andoperationalarrangements.Inaddition,severalentitiesmustbeappointedtovariousroles.Suchactivities,andtherolesthatmustbecovered,aredescribedbelow.Whileleadtimescanvary,itismostcommontotakeapproximately30dayspriortoopeningtheCITaccountwiththetransferagent.

》AParticipationAgreementmustbesignedbetweentheplan(orappointedagent)andthetrusteeoftheCIT.

》Thisagreementmayspecifythefirst-tierintermediarythatwillbeusedtoestablishtheaccountthroughtheNSCC(typicallyaB50request)orifanomnibusaccountwillbeused.

》Thisagreementmustalsospecifywhethertheestablishedaccountwillbeusedforasingleplan,ormultipleplans(omnibus).

》Thefirst-tierintermediarymaythensendanelectronicrequestthroughtheNSCCtothetransferagenttoestablishaplan-levelaccountintheL3environment.Omnibusaccountsonlyrequireaone-timesetup,whichcanbedoneviaaB50orLetterofInstruction.

Thefirst-tierintermediaryormaintradingentitycanestablishcontractprotectionstomakesureeligible

accounts/plansareinvestedinthespecificproducts.Omni/SERV,discussedlaterinthispaper,willalsoplaya

keyroleintransparency,anditwillbeuptotheCITproviderandthetradingentitytoestablishbestpracticesthatmeeteachfirm’srequirements.

AccountEstablishment

LegalAgreement(s)Hiring

RecordkeeperandTrustCustodian

Plan

Recordkeeper

Platform

(TrustCustody–Trading–Clearing)

PlanTrust

Custodian

SignaCIT

ParticipationAgreement

CITBankSponsor

Fund

Transfer

Agent

ParticipatingPlanSponsor

NSCC–DTCC

TradeRequests

TradeSettlement,Pricing,andPositionData

Fund

Custodian

FundAdmin

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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TradingandSettlementAutomation

Asabestpracticeandtomitigateunnecessaryoperationalrisk,alltradingshouldtakeplacethroughtheNSCCtoleveragetheexistinginfrastructure.

TradesshouldbesentthroughtheNSCCfromthefirst-tierintermediary(inthisexample,thePlatform),usingtheaccountestablishedpreviouslyfortheplan(s).TradescanbesentthroughtheNSCCinanytradingcycle,includingDCC&S,andareacceptedatthediscretionofthetrusteeandtransferagencysystem.Thiseliminatestheriskyprocessoftradingviaemailandconfirmingthetradesinthesamemanner.

Thisprocessallowsforautomatednetcashsettlementtooccurtradedateplusonebusinessday(T+1)viatheNSCC,whicheliminatesthemanualwireprocessacrossnumerousentities.Detailedsettlementreportsare

providedbeforethecashsettlementprocessoccurs,sodetailedreconciliationcanbecompleted.FirmscanreutilizetheexistingbuildmutualfundreconciliationprocessestoreconcileCITtransactions.

TheNSCCProcessFlow

MutualFundOrder

OrderConfirmation

CorrectionProcessing

SettlementDetail

SettlementSummary

RegistrationInformation

RegistrationConfirmation

MutualFundOrder

OrderConfirmation

CorrectionProcessing

SettlementDetail

SettlementSummary

RegistrationInformation

RegistrationConfirmation

Fund/SERV®

Funds

Firms

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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FromManualPricingtoAutomatedDissemination

Beyondonboarding,oneofthemostpersistentoperationalchallengesintheCITproductspaceisdailyprice

dissemination.Today,manyproductprovidersemailpricesinspreadsheetform,oftenwithdifferingformatsandvaryingdeliverytimes.Thesefilesaremanuallyuploadedorenteredintointermediarysystems,leavingroomforkeyingerrors,delayedpostings,andpricingmismatches.Inanindustrywheresettlementtimelinessiscritical,suchdelayscandisrupttradeprocessingandincreasereconciliationworkload.

TheNSCCMutualFundProfileinfrastructurethatstreamlinesproductattributedeliveryformutualfundsisalsousedtotransmitdailynetassetvaluesandrelatedpricingdatainasecure,automatedmanner.Byleveraging

MFPSIforCITpricinganddividendrates(ifapplicable),providerscaneliminatetheinefficienciesofemail

distribution,ensurethatpricesaredeliveredinaconsistentformat,andfeedthatdatadirectlyintosystems.

Built-invalidationscanfurtherreducetheriskoferroneousorincompletepricinginformation.Thisistheexact,tried-and-trueprocessthathasunderpinnedthemutualfundindustry’sdailyoperations,nowappliedtoanewproductset.

PricesandNetAssetValues(NAV)oftheCITsecurityarestruckoncevaluationoftheCIThascompletedontheeveningofthetradedate.PricesshouldbeissuedthroughtheNSCCinthenextavailablepricingcycleandtransmittedthroughtheNSCCtoallNSCCparticipants.

ReconciliationEnhancements

DailyReconciliationwithNSCCActivityandPositionFiles

ApersistentoperationalchallengesinCITservicingisreconciliation.Today,firmsoftenrelyonmonthly

paperstatementsoradhocreportstoconfirmpositionsandincome.Thiscandelayerrordetection,createreconciliationbottlenecks,andintroducesunnecessaryrisk.

TheNSCCsolvesforthisdilemmathroughitsstandardizedNetworkingfiles,theF55ActivityFileandtheF58PositionFile.

TheF55ActivityFiledeliversdailytransactionactivityforeachplanoromnibusaccount,includingcontributions,withdrawals,transfers,andinvestmentexchanges.Thefileprovidesstandardizedrecordsofallactivitythat

occurredintheaccount,eliminatingtheneedtomanuallykeytransactionsfromstatementsoremails.

TheF58PositionFileprovidesamonthly,weekly,orevendailysnapshotofaccountbalances.Thisfileallows

trusteesandintermediariestovalidateholdingswithgreaterfrequencythanwaitingforend-of-monthreports.Together,thesefilescreateaclosed-loopreconciliationframework:

》Activity(F55)allowsintermediariestotieeverycontributionorwithdrawalbacktothetrustee’sbooks.》Positions(F58)providedailyendingbalancesthatcanbematchedagainsttransferagencyrecords.

》Exceptionscanbeflaggedinnearreal-time,ensuringthatdiscrepanciesareidentifiedandcorrectedquicklyandpromptly.

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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ForCITtrustees,dailyreconciliationisparticularlyimportant.TheIRSandDOLbothemphasizethetrustee’sfiduciaryobligationtomaintainaccurateplan-levelrecords.ByleveragingF55andF58filesthroughtheNSCC,trusteescandemonstratetoregulatorsandauditorsthattheyhaveimplementedarobust,standardized,

industry-widebestpracticeforreconciliation.

Equallyimportant,automationreducesoperationalstrain.Insteadofdedicatingsignificantstafftimetomonthlyorquarterlymanualreconciliations,firmscanintegrateF55andF58feedsdirectlyintoreconciliationsystems,whichareusuallyalreadyinplaceforthemutualfundassets.Thisimprovesaccuracy,acceleratesissue

resolution,andprovidesastrongeraudittrail,allwhileexpandingcapacitytoscaleoperations.

Inshort,theuseofF55andF58filesmovesreconciliationfromaperiodic,manualprocesstoadaily,automatedcontrolfunction,aligningCIToperationswiththestandardsalreadyexpectedandestablishedinthemutualfundmarketplace.

EnhancingPlan-LevelTransparencyThroughOmni/SERV

AnothercriticalgapinthecurrentCITproductecosystemisplan-leveltransparency.Manyproductprovidersreceiveonlyaggregatedomnibuspositionandtransactiondatafromintermediaries,andnottheplan-leveldetailsabouttheplanswhosebalancescomprisetheomnibusaccount.Thismakesitdifficulttoseewhichindividualplansarebuying,selling,orholdingtheirproducts.Thelackofvisibilitycomplicatesflowanalysis,complianceoversight,andproductservicing,andrequiresmanualdeliveryofadhocreporting.Insome

instances,itmaycausesomeomnibusoraccountstobeheldattheplanlevelattheproductprovider’s

transferagency.Plan-levelomnibus,whilesomewhatbeneficial,doesmissoutonsomeoftheoperationalbenefitsofaggregatedtradingexperiencedwithmultipleplanonminbusaccounts.

NSCC’sOmni/SERVservicehaslongprovidedasolutiontothischallengebyenablingintermediariestosend

subaccount-level

5

transactiondataonadailybasisandpositionsdataheldinomnibusaccountsonaroutine

schedulebacktofundcompaniesthroughastandardized,automatedfeed.ApplyingOmni/SERVtoCITsallowsintermediariestodeliverplan-leveltransparencytoproductproviderswithoutbuildingcustombilateralreportingsolutions.Providersgainclear,timelyinsightintoplanflows,assetallocationtrends,andtradingactivity,

whileintermediariesavoidtheoperationalburdenofmanagingmultiplebespokedataexchanges.Theservice

supportsmultiplereportingfrequencies,ensuringflexibilitywhilemaintainingconsistency.InFebruary2025,theICIBank,Trust,andRetirementAdvisoryCommitteepublishedadetailedpaper

6

3onleveragingNSCCOmni/SERVforreconciliation.

5Inthecaseofamultiple-planlevelomnibusaccount,thesubaccountsareeachoftheunderlyingplans.Forsingle-planomnibusaccounts,subaccountsaretheplanparticipants.

6InvestmentCompanyInstitute.2025.“IntermediaryTransparency.”Availableat

/papers/25-ppr

-intermediary-transparency.

ICI//ANOVERVIEWOFOPERATINGCOLLECTIVEINVESTMENTTRUSTSATSCALE

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RegulatoryandFiduciaryConsiderationsforCITs

IRSSeparateAccountRequirement

TheIRSrequirestrusteestomaintainseparateaccountsforeachparticipantinaCIT.

DOLReportingObligations

TheDOLrequirestrusteestoprovideplan-levelannualreportingandcertifyitsaccuracy.Withoutplan-leveltransparency,whichcanbefulfilledviaOmni/SERV,trusteescannotconfidentlymakethesecertifications.

IneligibleInvestor