Industries in the Funds, Trusts, and Other Financial Vehicles subsector are comprised of legal entities (i.e., funds, plans, and/or programs) organized to pool securities or other assets on behalf of shareholders or beneficiaries of employee benefit or other trust funds. The portfolios are customized to achieve specific investment characteristics, such as diversification, risk, rate of return, and price volatility. These entities earn interest, dividends, and other property income, but have little or no employment and no revenue from the sale of services. Establishments with employees devoted to the management of funds are classified in Industry Group 5239, Other Financial Investment Activities.
Establishments primarily engaged in holding the securities of (or other equity interests in) other firms are classified in Sector 55, Management of Companies and Enterprises. Equity Real Estate Investment Trusts (REITs) that are primarily engaged in leasing buildings, dwellings, or other real estate property to others are classified in Subsector 531, Real Estate.
5251 Insurance and Employee Benefit Funds
This industry group comprises legal entities (i.e., funds, plans, and/or programs) organized to
provide insurance and employee benefits exclusively for the sponsor, firm, or its employees or
members.
52511 Pension Funds
See industry description for 525110 below.
525110 Pension Funds
This industry comprises legal entities (i.e., funds, plans, and/or programs) organized to provide
retirement income benefits exclusively for the sponsor's employees or members.
Illustrative Examples:
Employee benefit plans; Retirement plans; Pension funds and plans.
Cross-References. Establishments primarily engaged in
- Managing portfolios of pension funds - classified in Industry 523920, Portfolio Management; and
- Initially underwriting annuities - classified in U.S. Industry 524113, Direct Life Insurance Carriers.
52512 Health and Welfare Funds
See industry description for 525120 below.
525120 Health and Welfare Funds
This industry comprises legal entities (i.e., funds, plans, and/or programs) organized to provide
medical, surgical, hospital, vacation, training, and other health- and welfare-related employee
benefits exclusively for the sponsor's employees or members.
Cross-References. Establishments primarily engaged in
- Managing portfolios of health and welfare funds - classified in Industry 523920, Portfolio Management; and
- Third party claims administration of health and welfare plans - classified in U.S. Industry 524292, Third Party Administration of Insurance and Pension Funds.
52519 Other Insurance Funds
See industry description for 525190 below.
525190 Other Insurance Funds
This industry comprises legal entities (i.e., funds (except pension, and health- and
welfare-related employee benefit funds)) organized to provide insurance exclusively for the
sponsor, firm, or its employees or members. Self-insurance funds (except employee benefit funds)
and workers' compensation insurance funds are included in this industry.
Cross-References.
- Legal entities (i.e., funds, plans, and/or programs) organized to provide retirement income benefits exclusively for the sponsor's employees or members are classified in Industry 525110, Pension Funds;
- Legal entities (i.e., funds, plans, and/or programs) organized to provide health- and welfare-related employee benefits exclusively for the sponsor's employees or members are classified in Industry 525120, Health and Welfare Funds;
- Establishments primarily engaged in managing portfolios of insurance funds are classified in Industry 523920, Portfolio Management;
- Establishments primarily engaged in third party claims administration of insurance, and other employee benefit funds are classified in U.S. Industry 524292, Third Party Administration of Insurance and Pension Funds; and
- Establishments primarily engaged in providing insurance on a fee or contract basis are classified in Industry Group 5241, Insurance Carriers.
5259 Other Investment Pools and Funds
This industry group comprises legal entities (i.e., investment pools and/or funds) organized to
pool securities or other assets (except insurance and employee-benefit funds) on behalf of
shareholders, unitholders, or beneficiaries.
52591 Open-End Investment Funds
See industry description for 525910 below.
525910 Open-End Investment Funds
This industry comprises legal entities (i.e., open-end investment funds) organized to pool assets
that consist of securities or other financial instruments. Shares in these pools are offered to
the public in an initial offering with additional shares offered continuously and perpetually and
redeemed at a specific price determined by the net asset value.
Illustrative Examples:
Investment funds, open-ended; Money market mutual funds, open-ended.
52592 Trusts, Estates, and Agency Accounts
See industry description for 525920 below.
525920 Trusts, Estates, and Agency Accounts
This industry comprises legal entities, trusts, estates, or agency accounts, administered on
behalf of the beneficiaries under the terms of a trust agreement, will, or agency agreement.
Illustrative Examples:
Bankruptcy estates; Private estates (i.e., administering on behalf of beneficiaries);
Personal investment trusts; Testamentary trusts.
Cross-References. Establishments primarily engaged in
- Managing portfolios of trusts - classified in Industry 523920, Portfolio Management;
- Administering personal estates - classified in U.S. Industry 523991, Trust, Fiduciary, and Custody Activities; and
- Operating businesses of trusts and bankruptcy estates - classified according to the kind of business operated.
52599 Other Financial Vehicles
See industry description for 525990 below.
525990 Other Financial Vehicles
This industry comprises legal entities (i.e., funds (except insurance and employee
benefit funds; open-end investment funds; trusts, estates, and agency accounts)).
Included in this industry are mortgage Real Estate Investment Trusts (REITs).
Illustrative Examples:
Closed-end investment funds; Special purpose vehicles; Collateralized Mortgage
Obligations (CMOs); Unit investment trust funds; Face-amount certificate funds;
Mortgage real estate investment trusts (REITs); Real Estate Mortgage Investment
Conduits (REMICs).
Cross-References. Establishments primarily engaged in
- Legal entities (i.e., funds, plans, and programs) that provide insurance and employee benefits exclusively for the sponsor, firm, or its employees or members are classified in Industry Group 5251, Insurance and Employee Benefit Funds;
- Legal entities (i.e., open-end investment funds) organized to pool assets that consist of securities or other financial instruments, where the pools are offered to the public in an initial offering with additional shares offered continuously and perpetually at a specific price determined by the net asset value, are classified in Industry 525910, Open-End Investment Funds;
- Legal entities (i.e., trusts, estates, or agency accounts) administered on behalf of the beneficiaries under the terms of a trust agreement, will, or agency agreement are classified in Industry 525920, Trusts, Estates, and Agency Accounts; and
- Equity Real Estate Investment Trusts (REITs) that are primarily engaged in leasing buildings, dwellings, or other real estate property to others are classified in Industry Group 5311, Lessors of Real Estate based on primary type of real estate property leased.
Information courtesy of the U.S. Census Bureau.
