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Just to add to Nicole's comment - collective trusts and other "non-registered" investment vehicles used in a 401(k) plan are typically governed under a "collective trust agreement" which is incorporated (by reference) into your specific plan's trust - which means you plan actually has an interest in the underlying assets of the trust (unlike mutual funds, where the only thing you, or rather your plan, owns is the units of the fund itself). Because of this, as a participant, you should 1) be able to see and copy the collective trust agreement (because it is part of the "plan documents") and 2) recieve financial information concerning the trust itself. Each such collective trust is audited annually, and the audit report (with financial information) should be provided to your employer.

In addition, if your plan is intended to be "404(c) compliant" (generally meaning you, and not you employer, are responsible for losses suffered as a result of your investment selections, then certain information MUST be provided to you, so that, theoretically, you can make an informed decision. Ask for the information you want. Some stuff must be provided automatically, some only on request.

Collective trusts are becomming more and more common in 401(k) plans (especially the larger one) because they are more efficient to run (i.e. they don't carry of the overhead of regulatory compliance as a registered mutual fund does), and they are somewhat more flexible (in terms of investment strategy/policy, and in terms of pricing), at the expense of transparency to the investor. I would expect we'll see more uniformity in disclosure if this trend continues.
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