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| Underwriting Syndicate |
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| A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. |
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| Unfranked Income |
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| Unfranked income includes income from all untaxed sources - for example, foreign share dividends, interest and underwriting commission - and is taxable in the hands of an investment trust. UK share dividends are, on the other hand, franked income in the hands of an investment trust. That is, they are paid to the trust out of company revenue after corporation tax has been deducted. They are therefore regarded as 'tax paid' and there is no further tax to be paid by the investment trust. |
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| Unit Investment Trust (UIT) |
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| An investment company which purchases a fixed, unmanaged portfolio of income-producing securities and then sells shares in the trust to investors. Also called Fixed Investment Trust, Participating Trust or Unit Trust. |
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| Unit Trust |
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| A unit trust is a collective investment scheme under which the stocks and shares of the fund are held on trust for the investors. Generally speaking it is an open-ended fund. (similar to Mutual Fund). |
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| Unlisted Investments |
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| Investments in companies which have no stockmarket listing. |
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