Winding Down Funds Wave Goodbye to SEC Oversight
Published Date: 3/4/2026
Notice
Summary
Closed-end investment companies that have finished winding down can apply to officially stop being registered with the SEC under Section 8(f) of the Investment Company Act. This notice lists those applications for February 2026 and explains how people can request a hearing by March 24, 2026. The process helps companies save money by ending unnecessary registration costs once they’ve wrapped up business.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Listed closed-end funds applied to deregister
A long list of closed-end investment companies filed applications asking the SEC to declare they have ceased to be investment companies. Many of the applicants made final or liquidating distributions to shareholders on specific dates (examples: CSME Fund I on September 22, 2025; multiple Van Kampen funds on June 1, 2010; Federated Hermes International Series on January 24, 2025; PIMCO funds on August 1, 2025; The China Fund on October 31, 2025; Tax Free Fund for Puerto Rico Residents on December 16, 2025).
Some funds retained cash for liabilities
A few applicants reported keeping cash instead of fully distributing it so they can pay outstanding liabilities and accrued expenses (for example, Tax Free Fund for Puerto Rico Residents retained approximately $1,600,000; The China Fund retained approximately $360,000).
Advisers paid many liquidation expenses
For many of the listed reorganizations or liquidations, the notice states the liquidation or reorganization expenses (examples include $10,000; $193,240; $288,235.66; $2,882,356.64; $1,441,178.32; $1,729,413.98; $576,471.33; $2,606.41; $88,438; $90,122; $86,500; $255,038; $243,912; $250,369; $258,962; $227,689; $225,169) were paid by the applicant's investment adviser and/or the acquiring fund's investment adviser, and/or by the applicant itself in some cases.
Right to request hearing by March 24, 2026
If you are an interested person who wants to contest any listed deregistration application, you may request a hearing by emailing the SEC Secretary and serving the applicant; hearing requests must be received by 5:30 p.m. Eastern on March 24, 2026 and should include proof of service and the filer’s interest and the issues contested.
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