October 11, 2006 4:49 AM
What Is A Unit Investment Trust (UIT)?
UIT is the invention of Morgan Stanley.
From Morgan Stanley:
What's a UIT? Even though Unit Investment Trusts (UITs) have been around for a long time many people are still unfamiliar with this investment product, which can be an attractive alternative to funds and/or individual securities and complement your overall portfolio.
UITs are professionally selected portfolios of stocks or bonds designed to meet stated investment objectives. They follow a buy & hold strategy: portfolios are expected to remain fixed (except under certain circumstances) for the life of the trust, which may range from one to thirty years.
Like mutual funds, UITs provide you with a diversified basket of securities in one easy purchase. Buying these stocks or bonds individually could be time consuming, costly and possibly riskier. But UITs are different from funds in that the underlying securities are not frequently traded thus enabling investors to "know what they own" and help avoid short-term capital gains.
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