July UIT Deposits Continue Climb

August 22, 2001 (PLANSPONSOR.com) - Deposits to the nation's unit investment trusts rose to $7.24 billion in July, the second straight month-over-month increase and a significant improvement over July 2000, according to the Investment Company Institute (ICI).

Unit investment trusts, or UITs, are investment companies that purchase fixed portfolios of selected stocks or bonds.

June 2001 deposits came in at $6.05 billion (see June UIT Deposits Rebound ) while deposits a year ago were $5.73 billion.

July Equity Trust Totals

Deposits to equity trusts totaled $7.07 billion in July, compared with $5.54 billion in July 2000.

Tax-free bond trusts issued shares in July with deposits of $145 million, compared with $63.4 million in July 2000. Shares issued in July by taxable bond trusts reached $30.6 million, compared with $124.6 million in July 2000.

There were 23 new tax-free bond trusts issuing shares in July, no new taxable bond trusts, and 61 new equity trusts.