Deposits into new tax-exempt unit investment trusts declined by about $570 million through July 1994, compared with the same period last year, according to the Investment Company Institute.
New tax-exempt unit trusts gained deposits of $330.9 million in July, bringing total assets in municipal trusts to $2.39 billion. This compares with total assets in the trusts of $2.96 billion in July 1993.
Over all, unit investment trusts increased their deposits through offerings in July by $625.8 million to $5.48 billion, the institute said. But the municipal shortfalls caused assets of all trusts to be about $100 million lower than 1993 levels.
Shares issued by taxable bond trusts reached $145.4 million in July, giving those funds total assets of $1.05 billion. The taxable trusts had total assets last year of $993.8 million. New equity trusts brought in $149.4 million in July, for a year-to-date total of $2.04 billion, compared with $1.63 billion for the same period in 1993.
In July, 67 new tax-free bond trusts, one new taxable bond trust, and nine new equity trusts issued shares.