"The staff's revised position could substantially increase the number of [closed-end funds (CEFs)] that invest a large portion of their assets in private funds and that are available to defined-contribution plans ... even though [Accounting and Disclosure Information 2025-16] does not reference the executive order directly or mention defined-contribution plans.... The ADI cites several protections for investors in CEFs that invest in private funds. These protections may exceed those applicable to other vehicles available to defined-contribution plans."  MORE >>