UTC distributes over TT$31M to unitholders

In its 15th distribution to unitholders the Unit Trust Corporation (UTC) has paid US$5,172,640 or the equivalent of TT$31.9 million from its US Dollar Money market Fund for the quarter ended December 31, 2003. The payout was based on the quoted monthly rates of 5.75 percent for October, 5.50 percent for November and 5.00 percent for December, according to a statement from the company Unitholders who had invested in the fund for the year would have earned an average quarterly effective yield of 5.65 percent due to the effect of daily compounding of returns.

The Fund, which was established in the year 2000 and has dominated the local US$ Money Market industry, has paid over US$43 million (over TT$265 million) in quarterly distributions to unitholders since its inception. With over 30,000 unitholders currently, the Fund has shown tremendous growth over the past year from an asset base of TT$1.8 billion at the end of 2002 to a fund size of TT$2.3 billion at the end of 2003. The Fund allows small investors with as little as one hundred US dollars, as well as large investors with upwards of a million US dollars to invest and earn some of the highest returns available on their US dollar investments. This, coupled with the fact that funds can be withdrawn at any time without the payment of any penalties makes the Fund one of the most attractive of its kind in the local mutual fund industry.

For the month of January 2004, the US Dollar Money Market Fund is quoting a rate of 5.00 percent for an effective annual yield of 5.20 percent.