At the end of June 2003, closed-end funds’ combined asset total stood at $185.4 after the second quarter’s rise, the seventh quarter in a row that closed-end fund combined assets have increased. By asset class, bond funds had the largest quarter asset gain, increasing by $13.98 billion to a collective $146.04 billion, while equity fund assets increased by $5.66 billion to $39.36 billion, according to data by the Investment Company Institute (ICI).
Bond funds were boosted by a large asset increase in domestic taxable funds, which added $12 billion in the second quarter, now standing at a cumulative $91.7 billion total. Likewise, the other two bond fund categories, domestic municipal and global, recorded asset increases of $1.3 billion and $687 million, respectively.
Both equity fund categories also noted asset pick-ups for the second quarter. Domestic equity funds gained $4.57 billion and global equity funds were $1.09 billion higher.
Full quarter closed-end fund asset return data can be found at http://www.ici.org/pdf/cef_06_03_sup_tables.pdf .
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