unit trust

unit trust

noun
1.
Also called fixed investment trust, fixed trust. an investment company that has a fixed portfolio of securities, usually of a single type, such as municipal bonds or corporate bonds, which are held to maturity: each investor receives a share in the amount proportionate to his or her holding.
2.
Also called unitrust [yoo-ni-truhst] . an inflexible type of mutual fund in which each investor is obligated to invest a total specified amount in a certain number of shares, payable in equal amounts on a monthly or quarterly basis over an extended period of time.
3.
British, mutual fund.
Also called unit investment trust (for defs 1, 2).


Origin:
1935–40

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
unit trust
 
n
(Brit) an investment trust that issues units for public sale, the holders of which are creditors and not shareholders with their interests represented by a trust company independent of the issuing agency

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