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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Research

2023 Investment Company Fact Book: US Closed-End Funds (pdf)

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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)

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

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...
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ICI Viewpoints

Shareholder Activism Threatens Closed-End Funds and Their Investors

Over the past 80 years, closed-end funds (CEFs) have helped millions of Americans achieve their long...
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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...

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

The Closed-End Fund Market, 2022 (pdf)

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Perspective

Supplemental Tables: The Closed-End Fund Market, 2022 (xlsx)

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Perspective

The Closed-End Fund Market, 2021 (pdf)

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Perspective

Supplemental Tables: The Closed-End Fund Market, 2021 (xls)

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Perspective

The Closed-End Fund Market, 2020 (pdf)

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Perspective

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

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...
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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...
More
Comment Letter

ICI and ICI Global Comment Letter to ESMA's Call for Evidence

On December 15, 2023, ICI and ICI Global filed a cover note and response to the European Securities...

Videos

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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...
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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...
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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...
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Video

Focus on Funds: Closed-End Funds Attract Investors

Despite the market downturn in 2018, investor demand for closed-end fund shares remained positive...
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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...
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Video

Focus on Funds: Trends in Closed-End Funds

The August 15, 2014, edition of Focus on Funds features ICI Senior Economist Shelly Antoniewicz...