ICI: Closed-End Funds Add $19.64 Billion in Assets in Q2

September 5, 2003 (PLANSPONSOR.com) - The combined assets of closed-end funds increased $19.64 billion at the end of the second quarter.

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 .