Unit trust is a collective investment scheme, using pooled income funds to individual investors, investment fund managers in the investment objectives in accordance with a preset managed portfolio of securities (such as stocks, bonds, currencies and other financial instruments). Unit trusts are based on the establishment of the Trust Deed, the investors are actually beneficiaries of the trust. In the UK, "unit trust" meaning of the term equivalent of "mutual fund"; and "mutual fund" the word often used in North America (see the term "mutual fund").