by M. L. Williams Mutual funds are a hot commodity with investors and financial institutions ... , was started in 1928. However, the Wellington Fund was preceded by investment trusts (which is what mutual ... by an open-ended investment company that imposes no sales charge (load) on its shareholders. Investors

Financial Times - The proposed changes make investing through a collective investment vehicle, such as a unit trust or an open-ended investment company, more attractive from a capital gains perspective than an investment bond sold by a life company.