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Investment Trust - UIT |
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A registered trust in which a fixed portfolio of income-producing
securities are purchased and held to maturity. Commonly used with
municipal bonds. Investors receive an undivided interest of the portfolio's
principal and income proportionate to the amount they invested.
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Each
unit typically costs $1,000 and is sold by brokers to investors and
they can be resold in the secondary market. |
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Dictionary
