Trust fund for Black consumers: a new way to buy and invest in Black-owned or Black-friendly companies.

Four Gucci watch, Fila tennis shoes and Tommy Hilfiger shirt may get results on the dance floor - and off, if you invest in a new unit investment trust (UIT) that reflects the African American consumer. A UIT operates like a mutual fund, except that its investments are fixed. The American Diversity Growth Trust is a fixed portfolio of 25 stocks representing firm popular with African American consumers or where they hold senior management positions, such as Tommy Hilfiger Corp., Fila Holding Spa and Gucci Group N.V.

The trust will include five publicly traded stocks of black-owned companies. They are BET, Granite Broadcasting, Carver Federal Savings, United American Healthcare and Carver Pharmaceuticals. Other stocks in the portfolio include Avon Products, Citicorp, Walt Disney, The Gap, Reebok, Estee Lauder, Fannie Mae, Nine West, Time-Warner and Wal-Mart.

Stephen Washington, principal of STW Research, a black-owned investment research firm in Cleveland, is launching the trust along with SBK Brooks, a black-owned underwriter. Nike Securities is sponsoring the trust.

"Our theory is that the economic profile of African Americans provides an extra growth component because of their buying habits, coupled with the growth of the African American middle class and the loyalty of the African American consumer," says Washington. His research shows that black consumers spent $500 billion last year.

The American Diversity Growth Trust is a five-year investment open to the public until April 10, 1997. It will mature in 2001. The minimum investment required is $1,000, unless you buy it for your IRA, which will require an investment of $250, or monthly payments of $50.

"Our trusts represent industries that have an extra element of growth because the GDP [gross domestic product] of the African American subeconomy is growing faster than the GDP of the general public," Washington says. If you are interested in investing, call SBK Brooks at 216-861-6950.