trains means: Investment trusts that are funded by corporate bonds. Morgan Stanley launched its Tradable Custodial Receipts Tracers in October 2001. The Tracers include a variety of credit default swaps and coporate bonds that are chosen for their liquidity and diversification. Targeted Return Index Securities Trains was a product similar to the one launched by Lehman Brothers in January 2002. Both contain investment grade bonds. A bond that falls outside of this investment grade range is either liquidated by the trust or given to the investor. Tracers and Trains, both 144a trusts structures, are available only to qualified buyers. They are private securities and cannot be purchased without a Trust Structure. (in Stock Market Dictionary)