Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Investing February 28, 2005
Unit Investment Trusts See Deposits of $2.06 Billion in January
February 28, 2005 (PLANSPONSOR.com) - Unit
investment trust deposits totaled $2.06 billion in January,
up from $1.91 billion a year ago.
Reported by Kip McDaniel
The trusts – which are investment companies that hold fixed portfolios of selected stock and bonds – held $1.96 billion in equity, $160 million in taxable debt, and $860 million in tax-free debt at the end of the month. Seventy-nine new trusts were issued in January, according to statistics compiled by the Investment Company Institute (ICI). Of these, 58 were equity trusts, 19 were tax-free bond trusts, and two were taxable-bond trusts.
Long-term bond trusts with an average weighted maturity over 15 years were the most common offerings on the month, with $84 million in shareholder deposits.
Data taken from the end of 2003 shows that there were, at that time, 7,233 trusts with a total value of $35.83 billion. At the time, there were 5,707 tax-free bond trusts with a market value of $13.5 billion; 320 taxable bond trusts with a value of $3.31 billion; and 1,206 equity trusts valued at $19.02 billion, according to ICI.
« Government to Pick Up Larger Share of Health Care Tab, Study Says