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Meaning of unit trust

u'nit trust"

Pronunciation: (y'ni-trust"). [key]
  1. Also calledan 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 calledan 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. SeeAlso called
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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