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 CEFs, including information related to failed auctions for auction...
Research
2024 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)
Facts on Closed-End Fund Activism
Fact Sheet
Closed-End Fund Activism (pdf)
Opinions
Only Activist Raiders Would Miss Annual Meetings
September 12, 2024—Powerful activist investors have been abusing the New York Stock Exchange's...
One Pager
Support NYSE’s Proposal—End Unnecessary Annual Meetings for Listed Closed-End Funds
August 27, 2024—The New York Stock Exchange’s (NYSE) annual shareholder meeting requirement for...
One Pager
Listed CEF Activism by the Numbers—The Takeover of Voya Prime Rate Trust (pdf)
The Closed-End Fund Market, 2024
Total closed-end fund (CEF) assets were $652 billion at year-end 2024. Traditional CEFs had total assets of $249 billion, interval funds had total assets of $99 billion, tender offer funds had total assets of $80 billion, and business development companies (BDCs) had total net assets of $225 billion.
ICI Viewpoints on Closed-End Funds
ICI Viewpoints
Academic Literature in Support of CEF Activism: We Don’t Think Those Studies Mean What You Think The...
April 11, 2025—One of the most enduring questions in finance is the puzzle of why closed-end funds...
ICI Viewpoints
Fixing Our Broken Proxy Voting System
November 15, 2024—Just as publicly traded companies do, mutual funds, ETFs, and 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...
Statistics
Statistics
Release: Closed-End Fund Assets, Fourth Quarter 2024
News Release
ICI Applauds Reintroduction of House Bill to Protect Investors and Expand Private Market Access
May 14, 2025—ICI President and CEO Eric Pan issued a statement on the reintroduction in the US House...
Comment Letter
ICI Comment Letter to Support FINRA's Proposed Exemption for Non-Traded BDCs
April 21, 2025—ICI filed a letter with the SEC in support of FINRA's proposed rule change to create...
ICI Research Perspective
Perspective
The Closed-End Fund Market, 2024 (pdf)
Perspective
Supplemental Tables: The Closed-End Fund Market, 2024 (xlsx)
Perspective
The Closed-End Fund Market, 2023 (pdf)
Perspective
Supplemental Tables: The Closed-End Fund Market, 2023 (xlsx)
Perspective
The Closed-End Fund Market, 2022 (pdf)
Perspective
Supplemental Tables: The Closed-End Fund Market, 2022 (xlsx)
Comment Letters
Comment Letter
ICI Comment Letter to Support FINRA's Proposed Exemption for Non-Traded BDCs
April 21, 2025—ICI filed a letter with the SEC in support of FINRA's proposed rule change to create...
Comment Letter
ICI Recommended Amendment for NYSE and CBOE CEF Proposals
The letter contains a proposed amendment to the Exchange Proposals that would continue to achieve...
Comment Letter
ICI Response to Statements Filed in Comment Letters by Professor Robert J. Jackson, Jr. and Saba
January 24, 2025—ICI submitted a response to address certain statements in comment letters filed on...
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
What US Households Consider When They Select Closed-End Funds
ICI conducts the Annual Mutual Fund Shareholder Tracking Survey each year to gather information on...
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...