tranches

noun

1. 1.A slice, section or portion.
2. 2.A distinct subdivision of a single policyholder's benefits, typically relating to separate premium increments.
3. 3.A pension scheme's or scheme member's benefits relating to distinct accrual periods with different rules.
4. 4.One of a set of classes or risk maturities that compose a multiple-class security, such as a CMO or REMIC; a class of bonds. Collateralized mortgage obligations are structured with several tranches of bonds that have various maturities.