Unit investment trusts are investment companies that purchase fixed portfolios of selected stocks or bonds.
Last month deposits increased by a comparable $1.11 billion, though that was less than half the level of a year ago, according to ICI (see UIT Deposits Off Sharply From Year Ago ).
- Deposits to equity trusts totaled $942.7 million in May, compared with $12.43 billion in May 2000
- Tax-free bond trusts issued shares in May with deposits of $160.1 million compared with $60.5 million in May 2000
- Shares issued in May by taxable bond trusts reached $27.2 million compared with $10.5 million in May 2000
- May saw 31 new tax-free bond trusts issuing shares, no new taxable bond trusts, and 45 new equity trusts.
Most commonly offered in May were long-term bond trusts having an average weighted maturity of more than 15 years with $164.3 million in shareholder deposits.