nonfixed unit investment trust
Noun
A unit investment trust established for the contractual periodic investing of a fixed amount in mutual funds over an extended period of time (e.g., 10-15 years), that holds the shares for the benefit of the investors, and that issues redeemable periodic payment plan certificates representing ownership interest in the periodic payment plan.
Synonym(s):
- nonfixed UIT; participating unit investment trust; plan company.