A Commingled Fund is a kind of mutual fund or common trust fund which consists...

a fund in which

The collective investment of the assets of a number of small funds, sometimes through a master fund arrangement, allowing for broader and more efficient investing.

A pooled fund vehicle that enables qualified employee benefit plans to commingle their capital for the purpose of achieving professional management, greater diversification or investment positions in larger properties

Where a number of small funds collectively invest their assets to allow for more efficient investing.

Also see Pooled fund, this is an investment fund in which a manager pools the assets of several investors to allow for more efficient managment and to reduce administration costs.