What Does it Mean?
A fund which is operated by a trust company or a bank and handles a pooled group of trust accounts. Collective investment funds are an investment vehicle that combines the assets of various individuals and organizations to create a larger, well diversified portfolio.
The following are two types of collective investment funds:
A1 fund: is a fund of grouped assets contributed by either the holding bank or affiliated banks for the exclusive purpose of investment and reinvestment.
A2 fund: is a fund of grouped assets contributed by pension, profit sharing, retirement, or other trusts, which are exempt from federal income tax.
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