Which investment is NOT typically allowed in UITF structures?

In the context of Unit Investment Trust Funds (UITFs), promissory notes are typically not included as permissible investments. UITFs are designed to pool funds from multiple investors to invest in a diversified portfolio of securities, which primarily includes stocks from major corporations and government bonds.

The investment objective of UITFs is to provide a diversified investment vehicle, focusing on instruments that are more standardized and regulated, such as stocks and bonds. Promissory notes, on the other hand, are debt instruments that represent a promise by one party to pay a certain amount of money to another party under specified terms. They can carry higher risks due to the lack of regulation and standardization compared to government bonds and stocks.

Furthermore, U.S. Securities and Exchange Commission regulations and UITF guidelines often limit the types of investments that can be made to keep the focus on safer and more stable investment options. Thus, while major corporate stocks, government bonds, and sometimes even mutual funds may be included in UITF portfolios, promissory notes generally do not meet the criteria for acceptable investments, making them distinct from the others listed.