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A unit trust is a form of collective investment constituted under a trust deed. Trusts are found in Fiji, Ireland, the Isle of Man, Guernsey, Jersey, New Zealand, Australia, Kenya, Namibia, South Africa, Singapore,〔Lee, Boon Keng and Ong, Andy. Personal Financial Planning in Singapore. INS communications PTE LTD, 1997. pg. 120, ISBN 981-00-9422-1.〕 Malaysia and the UK. Unit trusts offer access to a wide range of securities. Unit trusts are open-ended investments; meaning that unlike investment trusts there is not a finite number of units in issue, and these can increase or decrease dependent upon the net sales and repurchase by existing unit holders. These units are managed within what is known as the "Managers Box". The Box Manager of the fund will make a decision at each valuation point whether or not to Create (add) or to Liquidate (Remove) units based on the final net sales and redemptions prior to the next valuation point where the Fund is priced on a "Forward Basis", or at the actual valuation point where the fund is priced on an Historic basis. Forward pricing is the most common. The underlying value of the assets is always directly represented by the total number of units issued multiplied by the unit price less the transaction or management fee charged and any other associated costs. Each fund has a specified ''investment objective'' to determine the management aims and limitations. ==Structure== * The fund manager runs the trust for profit. * The trustees ensure the fund manager keeps to the fund's ''investment objective'' and safeguards the trust assets. * The unitholders have the rights to the trust assets. * The distributors allow the unitholders to transact in the fund manager's unit trusts * The registrars are usually engaged by the fund manager and generally acts as a middleman between the fund manager and various other stakeholders. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Unit trust」の詳細全文を読む スポンサード リンク
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