Unit investment trusts, or UITs, are investment companies that purchase fixed portfolios of selected stocks or bonds.
Also, according to the ICI:
- Deposits to equity trusts were $817 million in October 2001, down from $2.4 billion in October 2000
- Tax-free bond trusts issued shares in October 2001, with deposits of $113 million, compared with $66 million in October 2000
- Taxable bond trusts shares were also way down in October at $73 million, compared with $264.million a year earlier.
There were 20 new tax-free bond trusts issuing shares in October 2001, two new taxable bond trusts, and 55 new equity trusts.
In terms of maturity, long-term bond trusts having an average weighted maturity of more than 15 years were the most commonly offered in October 2001, with $160 million in shareholder deposits.