Closed-End Fund Assets and Net Issuance
Washington, DC, March 6, 2026—The combined assets of the nation’s closed-end funds were $256.89 billion at the end of December 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: Q4 | 2025: Q3 | 2024 | |
| Equity | 112,359 | 111,863 | 104,086 |
|
Domestic |
83,227 | 83,052 | 78,294 |
|
Global |
29,132 | 28,811 | 25,793 |
| Bond | 144,531 | 145,397 | 147,047 |
|
Domestic Taxable |
54,981 | 55,895 | 55,520 |
|
Domestic Municipal |
69,820 | 70,098 | 74,361 |
|
Global |
19,731 | 19,405 | 17,166 |
| Total | 256,890 | 257,260 | 251,133 |
Note: Components may not add to the total because of rounding.
Highlights: Total closed-end fund assets decreased $370 million during the fourth quarter. Equity fund assets increased by $496 million to $112.36 million, and bond fund assets decreased by $866 million to $144.53 million.
For the quarter, closed-end funds had net issuance of $620 million, compared with net issuance of -$808 million in the third quarter of 2025.
There were 364 closed-end funds at the end of the fourth quarter. Bond funds numbered 227, and equity funds totaled 137. There were 370 closed-end funds in the third quarter of 2025.
Value of Shares Issued and Redeemed by All Closed-End Funds
Millions of dollars
| 2025: Q4 | 2025: Q3 | 2024 | 2023 | |
| Gross Issuance | 715 | 663 | 1,714 | 915 |
| Gross Redemptions | 95 | 1,471 | 3,202 | 1,796 |
| Net Issuance | 620 | -808 | -1,488 | -881 |
Note: Components may not add to the total because of rounding.
Number of Closed-End Funds by Type
| 2025: Q4 | 2025: Q3 | 2024 | |
| Equity | 137 | 140 | 148 |
|
Domestic |
82 | 83 | 90 |
|
Global |
55 | 57 | 58 |
| Bond | 227 | 230 | 245 |
|
Domestic Taxable |
103 | 104 | 109 |
|
Domestic Municipal |
96 | 98 | 109 |
|
Global |
28 | 28 | 27 |
| Total | 364 | 370 | 393 |