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
Research
2024 Investment Company Fact Book: US Closed-End Funds (pdf)
FAQ
Closed-End Funds and Their Use of Leverage: FAQs
This document contains FAQs about CEFs, including information related to failed auctions for auction...
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...
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)
The Closed-End Fund Market, 2023
Total closed-end fund (CEF) assets were $544 billion at year-end 2023. Traditional CEFs had total assets of $249 billion, interval funds had total assets of $77 billion, tender offer funds had total assets of $60 billion, and business development companies (BDCs) had total net assets of $159 billion.
ICI Viewpoints on Closed-End Funds
ICI Viewpoints
Closed-End Funds at a Crossroads
Closed-end funds provide retail investors with many benefits but have recently come up against some...
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...
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
Statistics
Release: Closed-End Fund Assets, First Quarter 2024
FAQ
Closed-End Funds and Their Use of Leverage: FAQs
This document contains FAQs about CEFs, including information related to failed auctions for auction...
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...
ICI Research Perspective
Perspective
The Closed-End Fund Market, 2023 (pdf)
Perspective
Supplemental Tables: The Closed-End Fund Market, 2020 (xls)
Perspective
The Closed-End Fund Market, 2019 (pdf)
Perspective
The Closed-End Fund Market, 2018 (pdf)
Perspective
The Closed-End Fund Market, 2017 (pdf)
Perspective
The Closed-End Fund Market, 2016 (pdf)
Comment Letters
Comment Letter
ICI Letter Supporting Three Bipartisan Amendments to Help Americans Save for Retirement
March 5, 2024—The Investment Company Institute (ICI) expresses our strong support for three...
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...
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...
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 Statement for House Financial Services Committee Hearing on Closed-End Funds (pdf)
U.S. Securities and Exchange Commission: Closed-End Funds
Closed-End Funds and Their Use of Leverage: FAQs
This document contains FAQs about CEFs, including information related to failed auctions for auction...