A Unit Investment Trust (UIT) is a US investment company offering a fixed (unmanaged) portfolio of securities having a definite life. UITs are assembled by a sponsor and sold through brokers to investors. A UIT portfolio may contain one of several different types of securities. The two main types are stock (equity) trusts and bond (fixed income) trusts. Unlike a mutual fund, a UIT is created for a specific length of time and is a fixed portfolio, meaning that the UIT’s securities will not be sold or new ones bought. UIT’s are also one of the highest commission products sold by financial advisors. UIT’s can be inappropriate for you if your investment objective is present income because any income is paid at the end of the UIT investment. A UIT can also be inappropriate in volatile markets because (unlike mutual funds or managed money) the investments that comprise the UIT are not bought or sold, but rather remain constant throughout the life of the UIT. Accordingly, in a volatile market, a UIT is at the mercy of the market and its volatility, and it is difficult, if not impossible, for the investor to adjust their investments to account for the changed investment climate.