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Investing July 20, 2001
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).
Reported by
Nevin E. Adams
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.
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