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From The Glossary »

Unit Trust:

Unit trusts consist of underlying securities which have been apportioned to unitholders in a trust fund. The underlying securities are managed by a unit trust management company on behalf of all the investors who share ownership of the pool of assets (the fund). The pool of assets can consist of listed shares, listed interest-bearing stocks and cash. Most unit trusts are open-ended trusts where the number of units fluctuates depending on the demand ...
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