June UIT Deposits Rebound

July 20, 2001 (PLANSPONSOR.com) - Deposits to the nation's unit investment trusts rose to $6.05 billion in June, a significant turnaround from last month's tally- and more than double the pace of a year ago, according to the Investment Company Institute (ICI).

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

A year ago deposits totaled just $2.60 billion in June 2000, according to the ICI. However, a month ago, deposits were just $1.13 billion (see UITs Draw $1.13B in May Assets ).

June Burst

Deposits to equity trusts totaled $5.89 billion in June, while tax-free bond trusts issued shares in June with total deposits of $125.9 million.

There were 28 new tax-free bond trusts issuing shares in June, 2 new taxable bond trusts, and 33 new equity trusts.