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Investing November 14, 2003
ICI: UIT Deposits Up $233 Million in October
November 14, 2003 (PLANSPONSOR.com) - Deposits into
unit investment trusts (UIT) were up in October, on the back
of strong equity inflows.
Reported by Eric Hazard
UITs, i nvestment companies that hold fixed portfolios of selected stocks or bonds, had total deposits of $1.21 billion in October, up from the $976.6 million in September deposits (See UITs Enjoy 11.5% September Hike ), according to data complied by the Investment Company Institute (ICI).
Leading the way were equity UITs, which ended October with total deposits of $1.0 billion, up from $798 million in September. This was followed by tax-free debt UITs at $125 million, up from last month’s $116 million, and taxable debt UITs reporting total deposits of $83 million, better than $63 million recorded the previous month.
October recorded 53 new trusts issuing shares for the month. Of that total, 35 were equity trusts and 18 were tax-free 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 October, with $130 million in shareholder deposits.