municipal investment trust

municipal investment trust definition - business

municipal investment trust

A unit investment trust that holds a portfolio of municipal bonds. Interest and principal received by the trust are passed to the trust's owners. Payments are generally free of federal income taxes and may be free of some or all state income taxes.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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