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municipal investment trust

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Municipal Investment Trust (MIT)
A unit investment trust that buys municipal bonds and usually holds them until maturity, passing the bond income on to shareholders, usually tax-free.
municipal investment trust (MIT)
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.


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