Closed-End Fund Resource Center

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

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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...
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FAQ

Closed-End Funds and Their Use of Leverage: FAQs

This document contains FAQs about closed-end funds, including information related to failed auctions...
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White Paper

Consider This: Interval Fund Operational Practices (pdf)

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White Paper

Recommendations Regarding the Availability of Closed-End Fund Takeover Defenses (pdf)

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White Paper

Interval Funds: Operational Challenges and the Industry’s Way Forward (pdf)

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Research

US Household Ownership of Closed-End Funds in 2001 (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

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ICI Viewpoints

Closed-End Funds at a Crossroads

Closed-end funds provide retail investors with many benefits but have recently come up against some...
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ICI Viewpoints

Closed-End Funds: Opportunities for a True Renaissance

Closed-end funds are in vogue once again. Legislators, regulators, and fund sponsors are turning to...
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ICI Viewpoints

Improving Operational Efficiency for Interval Funds

Fund firms that offer interval funds—a type of closed-end fund that periodically offers to...

Statistics

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Statistics

Release: Closed-End Fund Assets, Third Quarter 2023

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Comment Letter

ICI Comment Letter on Regulatory Capital Rule: Large Banking Organizations and Banking Organizations...

ICI has filed two letters in response to the joint notice of proposed rulemaking issued by the Board...
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Comment Letter

ICI Supplemental Comment Letter on Regulatory Capital Rule: Large Banking Organizations and Banking ...

ICI has filed two letters in response to the joint notice of proposed rulemaking issued by the Board...

ICI Research Perspective

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Perspective

Supplemental Tables: The Closed-End Fund Market, 2020 (xls)

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Perspective

The Closed-End Fund Market, 2019 (pdf)

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Perspective

The Closed-End Fund Market, 2018 (pdf)

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Perspective

The Closed-End Fund Market, 2017 (pdf)

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Perspective

The Closed-End Fund Market, 2016 (pdf)

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Perspective

The Closed-End Fund Market, 2015 (pdf)

Comment Letters

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Comment Letter

ICI Comment Letter on Regulatory Capital Rule: Large Banking Organizations and Banking Organizations...

ICI has filed two letters in response to the joint notice of proposed rulemaking issued by the Board...
More
Comment Letter

ICI Supplemental Comment Letter on Regulatory Capital Rule: Large Banking Organizations and Banking ...

ICI has filed two letters in response to the joint notice of proposed rulemaking issued by the Board...
More
Comment Letter

ICI Submits Comment Letter Responding to SEC Staff Questions on Control Share Acquisition Statutes a...