A company that invests its shareholders’ funds in a portfolio of securities. These are normally quoted on a stock exchange; trusts may select from a wide range, or concentrate on securities from particular sectors or countries. They may aim for varying combinations of income and capital growth. Using investment trusts gives investors the benefits of a varied portfolio without excessive transaction costs, and the services of professional management. Investment trusts are distinguished from unit trusts, where a trustee holds the portfolio for the benefit of the unit holders.