Get more! Sign up for PLANSPONSOR newsletters.
Investing October 24, 2003
UITs Enjoy 11.5% September Hike
October 24, 2003 (PLANSPONSOR.com) - Unit investment
trusts (UIT) enjoyed a strong September showing with an 11.5%
hike in total assets.
Reported by Fred Schneyer
According to the Investment Company Institute, UITs ended September with $976.6 million in total assets, up from $875.2 million in August.
Among the UIT categories, two of the three ended the month in the plus column. Equity UITs finished September with $798.1 million in assets, up from $706.4 million the month before. Meanwhile, Tax-free debt UITs wrapped up September with $115.7 million, up from $100.6 million in August. Taxable debt UITs were in the minus column, finishing September at $62.7 million, down from $68.2 million the previous month.
September recorded 51 new trusts issuing shares for the month. Of that total, 27 were equity trusts, 20 were tax-free bond trusts and four were taxable bond 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 September, with $118 million in shareholder deposits.
UITs offer fixed portfolios of selected stocks or bonds.