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Will it cost me less in expenses to invest in a collective investment fund (CIF) rather than a mutual fund with the same investment strategy?

Not necessarily. However, because CIFs have special eligibility requirements, they do not incur the expenses associated with service to retail clients. This often allows CIFs to charge lower total expenses than mutual funds that have comparable investment strategies.

You can find more detailed information on CIFs on the Office of the Comptroller of the Currency's (OCC) website

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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