February’s deposits into UITs, investment companies that hold fixed portfolios of selected stocks or bonds, were down from January’s $1.2 billion (See UIT Deposits Blast Off As New Year Opens ) and $1.2 billion in deposits made in February 2002, according to statistics compiled by the Investment Company Institute (ICI).
The largest amount of total deposits was seen in equity UITs, which gathered $345.6 million. Equities were followed by Taxable Debt and Tax-Free Debt issuance, with deposits of $123.9 million and $182 million, respectively.
February recorded 56 new trusts issuing shares for the month. Of that total, 19 were equity trusts, 31 were tax-free bond trusts, and six were taxable 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 February 2003, with $207.3 million in shareholder deposits.
« Multiple Employer Welfare Arrangement Reports Now Online