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Unit Investment Trust Service Description
UIT Transaction Processing is performed quite like transaction processing for bond OID accruals and mutual fund income reallocation. That is, clients receive a solicitation file from Wall Street Concepts (WSC) that identifies all the taxable UITs known to us. Using that list of publicly-traded trusts, clients extract all transactions for the year that are related to those security identifiers. After receiving the extract file from the client, WSC loads the original UIT transactions received from the client into a database, performs a series of edits on the data, resolves any serious problems with the client, and awaits the arrival of the end-of-year data from the trustee. After year-end accrual and gross up rates arrive, are posted and edited, the year-end UIT adjustments are performed - in batches as the trustee data is posted.

For OID accruals, a preliminary step computes holding periods for trusts with OID data. "Calculation periods" (periods for which the accrual rate and the units held are constant) are defined for the year by OID accrual period end dates or acquisition or disposal transaction dates.

Other support services are provided by WSC to help clients review and manage this activity. First, the loading edit report is made available to help resolve possible problems in the input data. After the data is corrected and approved to be loaded, and after the year-end processes have been run, the client can view original and adjusting transactions for a selected holding (account code + security identifier) using a password-protected display on our web site. For spot checking purposes, there are links to a display of the accrual and gross up factors for the selected trust, and there are daily web based management reports identifying UITs processed and UITs waiting for data with statistics on holders counts for each and summary statistics about the progress of the UIT adjustment process. These services are almost identical to those provided to WSC's Income Reallocation customers and some of the calculations for these taxable trusts are quite similar.

 For more information, please contact wsc.ClientServices@fisglobal.com.
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