A new product offered by a unit of Kemper Securities Inc. combines the conservative qualities of a unit investment trust with features of a mutual fund.

The first of the Kemper Defined Funds was a tax-exempt fund rolled out June 23. It carries a 4.2% sales charge, which the company said is lower than the industry average of 4.9%.

Traditional unit investment trusts are fixed portfolios of securities that are sold to investors in the, form of units. Unlike open-end mutual bond funds, the unit trust's portfolio is not actively managed, and the trust has a preset termination date.

An investor in an ordinary unit investment trust must wait two to three months for disbursements to begin. These new hybrids begin monthly disbursements after purchase.

Most of the trusts are distributed in $1,000 increments, but the Kemper products will allow purchases in $10 allotments after a $1,000 initial investment.

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