- an investment company that has a fixed portfolio of securities, usually of a single type, such as municipal bonds or corporate bonds, which are held to maturity: each investor receives a share in the amount proportionate to their holding.
- an inflexible type of mutual fund in which each investor is obligated to invest a total specified amount in a certain number of shares, payable in equal amounts on a monthly or quarterly basis over an extended period of time.
- mutual fund.
- an investment trust that issues units for public sale, the holders of which are creditors and not shareholders with their interests represented by a trust company independent of the issuing agency
