What do fund 'establishment' and 'termination' mean?

For an investment trust, establishment means the asset manager entering into a trust agreement with a trust company and paying in the trust principal to create the fund; issuing more beneficiary certificates as investment money comes in is called additional establishment.

Termination means ending the investment trust, which happens when, for example, the trust agreement period expires or a beneficiaries' meeting resolves to terminate the fund. Part of a fund may also be terminated, for instance to meet investors' redemption requests.