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Finance Dictionary and Glossary of Investment Terms
A trust in which a fiduciary third party has total discretion to make investments on behalf of a beneficiary while the beneficiary is uninformed about the holdings of the trust.
A trust in which the executors have full discretion over the assets and the beneficiaries in contrast have no knowledge of holdings within the trust.
A trust in which the beneficiaries do not have knowledge of the trust's specific assets, and in which a fiduciary third party has complete management discretion.