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...
White Paper
Consider This: Interval Fund Operational Practices (pdf)
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...
White Paper
Interval Funds: Operational Challenges and the Industry’s Way Forward (pdf)
ICI Viewpoints
Improving Operational Efficiency for Interval Funds
Fund firms that offer interval funds—a type of closed-end fund that periodically offers to...
The Closed-End Fund Market, 2021
Closed-end funds finished 2021 with $309 billion in total assets—an increase of 10 percent from year-end 2020, driven by rising US stock prices and a surge in demand for both equity and bond closed-end funds.
Comment Letters
Comment Letter
ICI Submits Comment Letter Responding to SEC Staff Questions on Control Share Acquisition Statutes a...
Comment Letter
Letter to SEC Chair Clayton on Request for Commission Action to Protect Closed-End Fund Shareholders...
Comment Letter
Recommendations Regarding the Availability of Closed-End Fund Takeover Defenses (pdf)
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...
Closed-End Funds: Opportunities for a True Renaissance
Closed-end funds are in vogue once again. Legislators, regulators, and fund sponsors are turning to...
Focus on Funds: Closed-End Funds Attract Investors
Despite the market downturn in 2018, investor demand for closed-end fund shares remained positive...