Company, often a commercial bank, acting as trustee for individuals and businesses and providing related financial or estate-planning services. Trust services for individuals commonly include the administration of estates, living trusts (trusts that become effective during the lifetimes of their makers, or settlors), and testamentary trusts (trusts originating in a will). Services for businesses include the administration of corporate bond indentures and corporate pension funds. Trust companies may also serve as corporate stock registrars and as paying agents for the distribution of dividends.
Learn more about trust company with a free trial on Britannica.com.
In law, a relationship between parties in which one, the trustee or fiduciary, has the power to manage property, and the other, the beneficiary, has the privilege of receiving the benefits from that property. Trusts are used in a variety of contexts, most notably in family settlements and in charitable gifts. The traditional requirements of a trust are a named beneficiary and trustee, an identified property (constituting the principal of the trust), and delivery of the property to the trustee with the intent to create a trust. Trusts are often created for the sake of advantageous tax treatment (including exemption). A charitable trust, unlike most trusts, does not require definite beneficiaries and may exist in perpetuity. Seealso trust company.
Learn more about trust with a free trial on Britannica.com.
Financial organization that pools the funds of its shareholders and invests them in a diversified portfolio of securities. It differs from a mutual fund, which issues units representing diversified holdings rather than shares in the company itself. Investment trusts have a fixed number of shares for sale; their price depends on the market value of the underlying securities and on the demand for and supply of shares. The first modern investment trusts were formed in England and Scotland as early as 1860. Many early U.S. investment trusts failed with the collapse of the stock market in 1929, but others have since prospered under stricter federal regulation.
Learn more about investment trust with a free trial on Britannica.com.
Group of advisers to Franklin Roosevelt in his 1932 presidential campaign. Its principal members were the Columbia University professors Raymond Moley, Rexford Tugwell, and Adolf A. Berle, Jr. (1895–1971). They presented Roosevelt with analyses of national social and economic problems and helped him devise public-policy solutions. The group did not meet after Roosevelt became president, but members served in government posts. Seealso New Deal.
Learn more about Brain Trust with a free trial on Britannica.com.
Fund set aside by a corporation or government agency for the purpose of periodically redeeming bonds, debentures, and preferred stocks. The fund is accumulated from earnings, and payments into the fund may be based on either a fixed percentage of the outstanding debt or a fixed percentage of profits. Sinking funds are administered separately from the corporation's working funds by a trust company or trustee. The purpose of a sinking fund is to assure investors that provision has been made for the repayment of bonds at maturity.
Learn more about sinking fund with a free trial on Britannica.com.
Company that invests the funds of its subscribers in diversified securities and issues units representing shares in those holdings. It differs from an investment trust, which issues shares in the company itself. While investment trusts have a fixed capitalization and a limited number of shares for sale, mutual funds make a continuous offering of new shares at net asset value (plus a sales charge) and redeem their shares on demand at net asset value, determined daily by the market value of the securities they hold.
Learn more about mutual fund with a free trial on Britannica.com.
Special United Nations program for aiding national efforts to improve the health, nutrition, education, and general welfare of children. Its original purpose was to provide relief to children in countries devastated by World War II. After 1950 it turned to general programs for the improvement of children's welfare. It was awarded the Nobel Prize for Peace in 1965. UNICEF has focused its efforts on areas in which relatively small expenditures can have a significant impact on the lives of the most disadvantaged children, such as the prevention and treatment of disease. UNICEF also provides funding for health services, educational facilities, and other welfare services. It is headquartered in New York City.
Learn more about UNICEF with a free trial on Britannica.com.
International Monetary Fund headquarters, Washington, D.C.
Learn more about International Monetary Fund (IMF) with a free trial on Britannica.com.