Collective investment where investors (unitholders) obtain an interest in a fund by purchasing units from the managers knowing that they can resell their units to the managers at a price reflecting the stock market’s value of the trust’s investments on the day. FSA authorised trusts are empowered to sell units directly to members of the public. Many unit trust schemes are unit-linked life insurance schemes. See UNIT TRUST SECTORS. (Visit www.investmentfunds.org.uk).