Closed-End Fund Resource Center
A closed-end fund, a type of investment company, generally issues a fixed number of shares that are listed on a stock exchange or traded in the over-the-counter market. The assets of a closed-end fund are professionally managed in accordance with the fund’s investment objectives and policies, and may be invested in stocks, bonds, and other securities.
Background on Closed-End Funds
Guide
A Guide to Closed-End Funds
This guide includes an overview of the types of closed-end funds and how they operate. However, each...
FAQ
Closed-End Funds and Their Use of Leverage: FAQs
This document contains FAQs about closed-end funds, including information related to failed auctions...
Research
2023 Investment Company Fact Book: US Closed-End Funds (pdf)
White Paper
Consider This: Interval Fund Operational Practices (pdf)
White Paper
Recommendations Regarding the Availability of Closed-End Fund Takeover Defenses (pdf)
White Paper
Interval Funds: Operational Challenges and the Industry’s Way Forward (pdf)
The Closed-End Fund Market, 2022
Total closed-end fund assets were $252 billion at year-end 2022—a decrease of 19 percent from their level at year-end 2021, primarily driven by sharp downturns in both equity and bond markets.
ICI Viewpoints on Closed-End Funds
ICI Viewpoints
Proxy Advisory Firms—Killing Closed-End Funds Softly with Their Policies
October 25, 2023—Closed-end funds (CEFs) trying to fend off hostile hedge funds and other activist...
ICI Viewpoints
Shareholder Activism Threatens Closed-End Funds and Their Investors
Over the past 80 years, closed-end funds (CEFs) have helped millions of Americans achieve their long...
ICI Viewpoints
Closed-End Funds at a Crossroads
Closed-end funds provide retail investors with many benefits but have recently come up against some...
Statistics
Statistics
Release: Closed-End Fund Assets, Third Quarter 2023
ICI Viewpoints
Proxy Advisory Firms—Killing Closed-End Funds Softly with Their Policies
October 25, 2023—Closed-end funds (CEFs) trying to fend off hostile hedge funds and other activist...
One Pager
Closed-End Fund Activism (pdf)
ICI Research Perspective
Perspective
The Closed-End Fund Market, 2022 (pdf)
Perspective
Supplemental Tables: The Closed-End Fund Market, 2022 (xlsx)
Perspective
The Closed-End Fund Market, 2021 (pdf)
Perspective
Supplemental Tables: The Closed-End Fund Market, 2021 (xls)
Perspective
The Closed-End Fund Market, 2020 (pdf)
Perspective
Supplemental Tables: The Closed-End Fund Market, 2020 (xls)
Comment Letters
Comment Letter
ICI Submits Comment Letter Responding to SEC Staff Questions on Control Share Acquisition Statutes a...
Comment Letter
Recommendations Regarding the Availability of Closed-End Fund Takeover Defenses (pdf)
Comment Letter
Letter to SEC Chair Clayton on Request for Commission Action to Protect Closed-End Fund Shareholders...
Videos
Video
Focus on Funds: Interval Funds Become an Easier and More Popular Investor Choice
An ICI-led industry effort to modernize interval fund operations continues to make progress, and...
Video
Focus on Funds: Gain Market Insights on Closed-End Funds
Closed-end funds saw growth and increased attention in 2019. In the May 29, 2020, edition of Focus...
Video
Focus on Funds: ICI Leads Effort to Help Funds Modernize Interval Fund Operations
Regulators and investors alike are taking a new look at interval funds, and ICI has responded by...
Video
Focus on Funds: Closed-End Funds Attract Investors
Despite the market downturn in 2018, investor demand for closed-end fund shares remained positive...
Video
Focus on Funds: Strong Investor Demand for Closed-End Funds
ICI’s analysis of the 2017 closed-end fund market reveals a diverse, lively, and growing role for...
Video
Focus on Funds: Trends in Closed-End Funds
The August 15, 2014, edition of Focus on Funds features ICI Senior Economist Shelly Antoniewicz...
Other Resources
ICI Applauds New Bill to Provide Main Street Investors with Greater Investment Opportunities and Stronger Protections Through Closed-End Funds
Bill would give retail investors access to private investments and close a loophole that activist...
ICI Urges the SEC to Strengthen the Ability of Closed-End Funds to Defend Against Activist Campaigns
The Investment Company Institute (ICI) made a submission to the Securities and Exchange Commission...