Release: Closed-End Fund Assets, Fourth Quarter 2020

Closed-End Fund Assets and Net Issuance
December 2020

Washington, DC, February 24, 2021—The combined assets of the nation’s closed-end funds were $278.70 billion at the end of December 2020 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
  2020: 4Q 2020: 3Q 2019
Equity 106,080 95,724 107,181
  Domestic 76,815 69,734 79,324
  Global 29,265 25,990 27,856
Bond 172,617 166,374 171,493
  Domestic Taxable 56,040 53,081 57,177
  Domestic Municipal 95,172 93,187 93,213
  Global 21,405 20,105 21,103
Total 278,698 262,098 278,673

Note: Components may not add to the total because of rounding.

Highlights: Total closed-end fund assets increased $16.60 billion during the fourth quarter. Equity fund assets increased by $10.36 billion to $106.08 billion, and bond fund assets increased by $6.24 billion to $172.62 billion.

For the quarter, closed-end funds had net issuance of -$1.15 billion, compared with net issuance of -$48 million in the third quarter of 2020.

There were 494 closed-end funds at the end of the fourth quarter. Bond funds numbered 318, and equity funds totaled 176. There were 501 closed-end funds at year-end 2019.

Value of Shares Issued and Redeemed by All Closed-End Funds
Millions of dollars
  2020: 4Q 2020: 3Q 2019 2018
Gross Issuance 560 88 7,515 3,780
Gross Redemptions 1,706 135 1,633 1,912
Net Issuance -1,146 -48 5,882 1,869

Note: Components may not add to the total because of rounding.

Number of Closed-End Funds by Type
  2020: 4Q 2020: 3Q 2019
Equity 176 176 181
  Domestic 110 110 112
  Global 66 66 69
Bond 318 323 320
  Domestic Taxable 133 135 133
  Domestic Municipal 149 152 152
  Global 36 36 35
Total 494 499 501