Finance (originally and chiefly U.S.). Denoting a type of unit trust or fund in which the managers may move investments from one security to…

of an investment trust or the like: see quot. 1954.

Of a mutual fund (unit trust): that sells shares without making a sales charge. Of shares: sold at net asset value.

In Japan, a type of short-term corporate investment fund managed by a trust bank, providing a reduction of tax liability and other financial…