Collective Investment Trusts (CITs)

Amundi's Strengths

Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their targeted outcomes and risk profiles.

$2.310 tn		35
A top-10 global asset manager1 with $2.310 trillion AuM2	Convictions-driven, active-management approach and a broad suite of differentiated strategies to meet investor needs	A global customer base covering 35 countries2

¹Source: IPE "Top 500 asset managers" published in June 2024 and based on AUM as at December 2023.

²Source: Amundi, as of June 30, 2024

CITs versus Mutual Funds

Defined contribution and defined benefit plans (except 403(b), Keogh, health and welfare plans, etc.) are eligible. They are not available to  retail investors (e.g. IRAs). More than ever, plan sponsors have an increased awareness of their fiduciary responsibilities around "fee reasonableness". Given their structure, CITs may be able to offer additional fee flexibility than mutual funds. 

CIT Governing Document: Declaration of Trust (sets forth the CIT's terms and conditions). Completed participation agreement with Trustee needed prior to trading⁵. 

CIT Regulatory Oversight: Office of the Comptroller of Currency (OCC) and national or state bank regulators, DOL, and IRS). 

³CIT fees typically include management, trustee and administration fees.

⁴CITs are traded daily on Fund/SERV® offered by the National Securities Clearing Corporation (NSCC), an industry standard for mutual fund trade processing and settlement.

⁵In general, the CIT account set-up process may include the execution of the participation agreement; establishing and approving the account number; and confirming the record keeper is cleared to trade, etc., which may take approximately two weeks to complete

Collective Investment Trusts

*Category Source: Morningstar
**Fees as of 6/30/24

CITs are not mutual funds and are not subject to various regulations governing mutual funds. CITs are commingled accounts offered through banks or trust companies. The assets in a CIT are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency, and are subject to risks, including possible loss of principal invested.

Great Gray Trust Company, LLC Collective Investment Funds (“Great Gray Funds”) are bank collective investment funds; they are not mutual funds. Great Gray Trust Company, LLC serves as the Trustee of the Great Gray Funds and maintains ultimate fiduciary authority over the management of, and investments made in, the Great Gray Funds. The Trustee has engaged Amundi Asset Management US, Inc. as sub-advisor to assist in managing the assets of these CITs.
Great Gray Funds and their units are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933, respectively.

Investments in the Great Gray Funds are not bank deposits or obligations of and are not insured or guaranteed by Great Gray Trust Company, LLC, any bank, the FDIC, the Federal Reserve, or any other governmental agency. The Great Gray Funds are commingled investment vehicles, and as such, the values of the underlying investments will rise and fall according to market activity; it is possible to lose money by investing in the Great Gray Funds.
Participation in Collective Investment Trust Funds is limited primarily to qualified retirement plans and certain state or local government plans and is not available to IRAs, health and welfare plans and, in certain cases, Keogh (H.R. 10) plans. Collective Investment Trust Funds may be suitable investments for plan fiduciaries seeking to construct a well-diversified retirement savings program. Investors should consider the investment objectives, risks, charges, and expenses of any pooled investment fund carefully before investing. The Additional Fund Information and Principal Risk Definitions (PRD) contains this and other information about a Collective Investment Trust Fund and is available at www.greatgray.com/principalriskdefinitions or ask for a copy free of charge by contacting Great Gray Trust Company, LLC at (866) 427-6885.
Great Gray and Great Gray Trust Company are service marks used in connection with various fiduciary and non-fiduciary services offered by Great Gray Trust Company, LLC.

Key Comparisons between CITs and Mutual Funds. CITs are tax-qualified investments primarily restricted to the retirement market so investors tend to have a longer-term horizon and the trustee can make investment decisions without tax considerations. Mutual funds are not subject to these investor limits or investment horizons, and must distribute substantially all of their taxable net gains and income to investors. CIT expense structures can be customized to investor channels. Mutual funds generally have less fee flexibility. CITs tend to have lower administrative, marketing and distribution costs than mutual funds due to the differences in how they can be sold and to whom. CITs are maintained by a bank as trustee and are subject to federal or state banking regulation and ERISA fiduciary standards. Mutual funds are managed by registered investment advisers and are subject to extensive SEC regulation and public disclosure and reporting requirements. Both CITs and mutual funds are generally priced and traded daily, subject to annual financial audits, and benefit from their pooled structure that aggregates investor funds and can provide greater diversification than individual accounts.

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