Unit investment trusts continued to accumulate assets in August, the Investment Company Institute reported.

The trusts, which represent shares in fixed portfolios of stocks or bonds, attracted $659.7 million during the month, bringing the total to $6.15 billion for the first eight months of 1994,

That is slightly lower than last year's level, when $6.34 billion flowed into unit investment trusts during the first eight months, according to the institute, a Washington-based trade group for the mutual fund industry.

Tax-free bond trusts were the hottest sellers, accounting for more than half the gain. These trusts drew in $345.1 million in deposits during August, bringing this year's total to $2.74 billion, compared to $3.33 billion in the first eight months of 1993.

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