mutual fund or fund "mutual fund" or "fund" means a Labuan company, a corporation incorporated under the laws of any recognised country or jurisdiction, a partnership, a protected cell company, a foundation, or a unit trust which:- (a) collects and pools funds for the purpose of collective investment with the aim of spreading investment risk; and (b) issues interests in a mutual fund which entitles the holder to redeem his investments that is agreed upon by the parties and receive an amount computed by reference to the value of a proportionate interest in the whole or part of the net assets of the aforesaid types of entities, as the case may be, and includes an umbrella fund whose interests in a mutual fund or units are split into a number of different class funds or subfunds and whose participants are entitled to exchange rights in one part for rights in another; ACT 704 - LABUAN FINANCIAL SERVICES AND SECURITIES ACT 2010 2. Interpretation.