Municipal Investment Trust Fund (Merrill Lynch)
Nicely engraved antique certificate of beneficial interest from the Municipal Investment Trust Fund dating back to the 1980's. This document was printed by the American Bank Note Company and measures approximately 12" (w) by 8" (h).
This certificate features an underprint of the state of New Jersey.
You will receive the exact certificate pictured.
The Municipal Investment Trust Fund was a New Jersey Trust that was developed by Merrill Lynch, Pierce, Fenner & Smith, and offered by the likes of Prudential Bache Securities; Shearson Lehman Brothers; Dean Witter Reynolds; PaineWebber and Chase Manhattan Bank.
The fund was a unit investment trust that was modified to eliminate price fluctuations by giving investors the right to ''put,'' or sell the units, back to the seller at a guaranteed price of 100. While protecting investors against loss, the fund sacrificed some potential for price gains, since the lower rate of interest would have required a significant decline in market rates to make the units worth more than their face value.