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A closed-end fund is a type of investment company whose shares 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 a wide variety of domestic and international securities, including common stocks, preferred stocks, high-yield bonds, municipal bonds, and corporate bonds. The market price of closed-end fund shares fluctuates like that of other publicly traded securities and is determined by supply and demand in the marketplace. They generally issue a fixed number of common shares that are listed on a stock exchange. Once issued, a closed-end fund’s common shares typically are not purchased or redeemed directly by the fund, but instead are bought and sold in the open market.
Background on Closed-End Funds
- Consider This: Interval Fund Operational Practices (pdf)
Sep 29, 2020
- Focus on Funds: ICI Leads Effort to Help Funds Modernize Interval Fund Operations
Jan 31, 2020
- Interval Funds: Operational Challenges and the Industry’s Way Forward (pdf)
Jun 3, 2019
- Improving Operational Efficiency for Interval FundsOct 23, 2018
- Closed-End Funds and Their Use of Leverage: FAQs
Apr 25, 2018
- A Guide to Closed-End Funds
Apr 25, 2018
- Closed-End Funds: 2019 Investment Company Fact Book
Research and Statistics
- Focus on Funds: Gain Market Insights on Closed-End Funds
May 29, 2020
- The Closed-End Fund Market, 2019 (pdf)
May 20, 2020
- Supplemental Tables: The Closed-End Fund Market, 2019 (xls)
May 19, 2020
- The Closed-End Fund Market, 2018 (pdf)
Apr 29, 2019
- Quarterly Closed-End Fund Data
- Focus on Funds: Strong Investor Demand for Closed-End Funds
Aug 10, 2018
- New ICI Analysis: Competitive Closed-End Fund Market Continues to Grow Assets Under Management
Apr 19, 2018
- The Closed-End Fund Market, 2017 (pdf)
Apr 19, 2018
- Closed-End Fund Market Research
Recent Comment Letters
- Recommendations Regarding the Availability of Closed-End Fund Takeover Defenses (pdf)
Mar 12, 2020
- Letter to SEC Chair Clayton on Request for Commission Action to Protect Closed-End Fund Shareholders (pdf)
Mar 12, 2020
- ICI Submits Letter in Support on Expanding Investment Opportunities Act (pdf)
Nov 14, 2017
- Additional ICI Comment Letter on NYSE Proposal Regarding Proxy Distribution Fees (pdf)
Jun 20, 2013
- ICI Comment Letter on Nasdaq's Proposed Rule Change to Require Listed Companies to Have Internal Audit Function (pdf)
Mar 28, 2013
- ICI Comment Letter on NYSE Proposal Regarding Proxy Distribution Fees (pdf)
Mar 15, 2013
- ICI Comment Letters in Response to Proposed Rule Changes by the NYSE and Nasdaq to Modify Listing Rules for Compensation Committees (pdf)
Nov 1, 2012
Other Resources
- ICI Urges the SEC to Strengthen the Ability of Closed-End Funds to Defend Against Activist Campaigns
Mar 12, 2020
- Closed-End Funds: Opportunities for a True Renaissance
- Focus on Funds: Closed-End Funds Attract Investors
Jun 28, 2019
- ICI Statement for House Financial Services Committee Hearing on Closed-End Funds (pdf)
Nov 3, 2017
- Oral Statement for House Hearing on Legislative Proposals to Improve Small Businesses’ and Communities’ Access to Capital
Nov 3, 2017
- U.S. Securities and Exchange Commission: Closed-End Funds

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