Closed-End Fund Assets and Net Issuance
Washington, DC, November 18, 2025—The combined assets of the nation’s closed-end funds were $257.62 billion at the end of September 2025 according to ICI. The Institute’s quarterly statistical collection also includes the value of shares issued and redeemed by closed-end funds.
Assets of Closed-End Funds by Type
End of Period, Millions of dollars
| 2025: Q3 | 2025: Q2 | 2024 | |
| Equity | 111,863 | 107,073 | 104,086 |
|
Domestic |
83,052 | 79,800 | 78,294 |
|
Global |
28,811 | 27,273 | 25,793 |
| Bond | 145,756 | 144,805 | 147,047 |
|
Domestic Taxable |
56,253 | 55,634 | 55,520 |
|
Domestic Municipal |
70,098 | 70,497 | 74,361 |
|
Global |
19,405 | 18,674 | 17,166 |
| Total | 257,619 | 251,878 | 251,133 |
Note: Components may not add to the total because of rounding.
Highlights: Total closed-end fund assets increased $5.74 billion during the third quarter. Equity fund assets increased by $4.79 billion to $111.86 billion, and bond fund assets increased by $951 million to $145.76 billion.
For the quarter, closed-end funds had net issuance of -$857 million, compared with net issuance of $459 million in the second quarter of 2025.
There were 370 closed-end funds at the end of the third quarter. Bond funds numbered 230, and equity funds totaled 140. There were 383 closed-end funds in the second quarter of 2025.
Value of Shares Issued and Redeemed by All Closed-End Funds
Millions of dollars
| 2025: Q3 | 2025: Q2 | 2024 | 2023 | |
| Gross Issuance | 663 | 1,121 | 1,714 | 915 |
| Gross Redemptions | 1,520 | 662 | 3,202 | 1,796 |
| Net Issuance | -857 | 459 | -1,488 | -882 |
Note: Components may not add to the total because of rounding.
Number of Closed-End Funds by Type
| 2025: Q3 | 2025: Q2 | 2024 | |
| Equity | 140 | 142 | 148 |
|
Domestic |
83 | 84 | 90 |
|
Global |
57 | 58 | 58 |
| Bond | 230 | 241 | 245 |
|
Domestic Taxable |
104 | 106 | 109 |
|
Domestic Municipal |
98 | 107 | 109 |
|
Global |
28 | 28 | 27 |
| Total | 370 | 383 | 393 |