What is the difference between a mutual fund and a unit investment trust fund?

An open ended mutual fund which the most common type of mutual fund and the mutual fund you are probably asking about is a non ending investment. There is no maturity date on this investment. The only way to get your money out is to sell your shares at the market value (called the NAV).A Bond Unit Trust is a package of bonds that does have a fixed maturity date. You recieve a YTM (yield to maturity) and a current return. The maturity date of each bond in the Unit Trust returns some principal to you. At the last maturity date you have recieved all you principal back. You can sell your remaining balance any time you wish at the market value.