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
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...
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...