Form N-23C-2 Files Dataset

The Form N-23C-2 Files Dataset is the EDGAR archive of advance redemption notices filed by registered closed-end investment companies under Section 23(c) of the Investment Company Act of 1940 and Rule 23c-2 thereunder. Each record is one EDGAR submission — an original N-23C-2 notice or its N-23C-2/A amendment — packaged as an accession-numbered subfolder that pairs a structured metadata.json with the registrant's notice document(s). The filer is always the issuer fund (a listed closed-end fund, term trust, interval or tender-offer fund, or business development company), and the notice is filed at least 30 days before the fund calls or redeems an outstanding class of its own securities. Coverage begins in June 1997, when N-23C-2 filings began arriving electronically on EDGAR, and continues to the present, with monthly ZIP containers refreshed as new submissions are accepted.

Dataset APIs

Dataset Files

What This Dataset Contains

The dataset captures every Form N-23C-2 and Form N-23C-2/A submission accepted by EDGAR from June 1997 forward. Form N-23C-2 is a short, narrow notice mandated by Rule 23c-2 under the Investment Company Act of 1940. It is not a periodic report and carries no financial statements, MD&A, or governance disclosures. Its sole purpose is to put the SEC on notice — at least 30 days before the action — that a closed-end fund intends to call or redeem outstanding shares, notes, or other securities it previously issued. The filing is consequently brief: typically a one- to three-page document organized around a four-item statutory template that maps directly to the operative paragraphs of Rule 23c-2(a). The N-23C-2/A variant uses identical structural conventions and is filed to correct, supersede, or supplement an earlier notice.

The dataset is distributed as monthly ZIP containers organized by filing period, with each container holding the per-accession folders for filings accepted in that month. The file types found inside the containers are TXT, JSON, and HTML. Records are document-level, not extracted-fields: the structured metadata.json is paired with the original EDGAR submission documents rather than parsed into tabular fields. Image files from the original EDGAR submission (logos, scanned signatures, graphical headers) are excluded; everything else from the original submission is preserved.

Content Structure of a Single Record

What one record represents

A single record is one EDGAR submission of Form N-23C-2 or its amendment Form N-23C-2/A — the formal notice a registered closed-end investment company files when it intends to call or redeem securities of its own issue. Each record is materialized as one accession-numbered subfolder pairing a structured metadata document with the registrant's notice document(s). The 18-digit accession number is the canonical unit of identity: every distinct EDGAR submission, original or amendment, occupies its own folder, and that folder fully describes one Rule 23c-2 disclosure event.

Container layout for a single record

Records are distributed inside monthly ZIP containers organized by filing period. The top-level path inside a container is YYYY-MM/, and each per-filing subfolder is named with the EDGAR accession number with dashes stripped (for example, 000121390025055644 for accession 0001213900-25-055644). Inside an accession folder a record holds:

• exactly one metadata.json describing the EDGAR submission in structured form, and
• one or more registrant-named filing documents — typically a single .htm whose filename is chosen by the filer (examples include newmountain_n23c2.htm, ea0245958-02_n23c2.htm, and a20250613-prisnx23xcx2prifi.htm). The filing-document filename is not standardized.

In practice the structured side is always .json and the notice itself is almost always .htm.

The metadata.json component

The metadata file is a flat JSON object derived from the EDGAR header. Its meaningful fields:

• formType — "N-23C-2" for an original notice, "N-23C-2/A" for an amendment.
• accessionNo — canonical accession number in dashed form (e.g., "0001213900-25-055644").
• filedAt — ISO-8601 timestamp with timezone offset for when EDGAR accepted the submission (e.g., "2025-06-18T16:05:44-04:00").
• effectivenessDate — date the filing becomes effective, generally identical to the filing date for this form.
• periodOfReport — for N-23C-2 this carries the scheduled call/redemption date (e.g., "2025-07-18"). It is the single most useful field for identifying when the disclosed action will actually occur.
• description — a human-readable label such as "Form N-23C-2 - Notice by closed-end investment companies of intent to purchase their own securities".
• linkToFilingDetails, linkToTxt, linkToHtml, linkToXbrl — direct URLs to the primary filing document, the full SGML submission text, the EDGAR filing-index page, and any XBRL artifact respectively. linkToXbrl is empty: this form has never carried structured tagging.
• documentFormatFiles[] — an inventory of every document in the original submission, with sequence, size (bytes, as a string), documentUrl, description, and type per entry. The first entry is the primary notice (type: "N-23C-2"); the trailing entry with a blank type and the description "Complete submission text file" references the full .txt envelope.
• entities[] — an array of filer/subject entities tied to the submission. Each entity object carries cik, companyName (with a parenthetical role tag like (Filer)), fileNo (SEC file number, e.g., "817-01465" for a 1940-Act registrant), irsNo, stateOfIncorporation, fiscalYearEnd, act ("40" for the Investment Company Act of 1940), filmNo, type (the form type as it appears for this entity), and tickers[] listing associated trading symbols when known.
• seriesAndClassesContractsInformation — an array, generally empty for these closed-end notices because the form does not use the series/class infrastructure that 1940-Act variable products rely on.
• dataFiles — an array, empty (no separate XBRL or structured-data exhibits).
• id — an opaque internal identifier.

A single submission usually carries one entity object (the filing closed-end fund). When a master fund and a feeder fund or several closed-end vehicles share a redemption event, multiple entity objects appear, each with its own CIK, file number, and ticker list.

The primary filing document

The .htm document inside the accession folder is not bare HTML. It is the EDGAR document wrapper: SGML tags surround the HTML body, with the document declared by <DOCUMENT>, <TYPE>N-23C-2, <SEQUENCE>1, <FILENAME>, <DESCRIPTION>, and <TEXT> markers and the actual notice rendered as <HTML>...</HTML> inside the <TEXT> envelope. Any extraction pipeline must strip the SGML wrapper before parsing the HTML.

The HTML body is the formal Rule 23c-2 notice, organized as a numbered list of four substantive items followed by a signature block:

1. Title of the class of securities to be called or redeemed. Identifies the exact security being retired, including class designation, coupon, maturity (for debt), CUSIP, and listing venue/ticker where applicable. A representative entry: "6.25% Notes due 2026 (CUSIP: 69181V 305; NasdaqGS: OXSQZ) (the \"Notes\")." For preferred or common-stock redemptions, the item identifies the series (e.g., Series F preferred shares) or share class (e.g., Class S/D/I shares of an interval fund).
2. Date on which the securities are to be called or redeemed. The operative redemption date, typically introduced as "The Notes will be redeemed on July 18, 2025 (the \"Redemption Date\")." It generally matches the periodOfReport value in the metadata.
3. Applicable provisions of the governing instrument authorizing the call or redemption. Cites the indenture article and section (for debt), the articles supplementary or charter provisions (for preferred stock), or the offering-document and governing-document clauses (for interval-fund and tender-fund share repurchases). Trustees or transfer agents — for example, U.S. Bank Trust Company as trustee under a base indenture and supplemental indenture — are commonly identified here. Citation depth varies materially across filers.
4. Principal amount or number of shares to be redeemed and the basis of selection. Required only when less than the full class is being retired. Discloses the dollar amount or share count (e.g., "$10,000,000 in aggregate principal amount of the issued and outstanding Notes") and the selection method — pro rata, by lot, by issuance tranche, or another basis prescribed by the indenture or charter. When the notice covers a full call of all outstanding securities of the class, this item collapses to a confirming statement.

A signature block closes the notice with the registrant name, the signer's manuscript-style signature (rendered as /s/ Name), the signer's title (typically Chief Executive Officer, President, Treasurer, or General Counsel), and the date of execution.

What is included

Each record contains the structured metadata.json plus every textual document in the original EDGAR submission. The dataset preserves the registrant-named primary .htm notice (with its SGML wrapper intact), and where a submission carries auxiliary text exhibits or cover documents these are included as .htm or .txt.

What is excluded or structurally separate

Image files embedded in the original EDGAR submission are excluded. The full-submission .txt envelope is referenced through documentFormatFiles[] and linkToTxt but is not always materialized on disk inside the accession folder; the HTML body it wraps is preserved as the per-document .htm. There is no XBRL component to omit — the form has never carried structured tagging — so linkToXbrl and dataFiles are reliably empty.

How N-23C-2 and N-23C-2/A differ

The N-23C-2/A amendment is structurally identical to an N-23C-2 original: same four-item template, same SGML-wrapped HTML envelope, same metadata schema, with formType set to "N-23C-2/A". Amendments are independent records — they do not overwrite the original, and the dataset preserves both. Reconstructing the canonical state of a redemption event therefore requires joining N-23C-2 and N-23C-2/A records on filer CIK and the underlying security identification, then ordering by filedAt. Amendments commonly revise the scheduled redemption date, adjust the principal amount or number of shares, or restate governing-instrument citations after a board action; less commonly they correct typographical or class-identification errors.

Format evolution from June 1997 to present

The dataset begins in June 1997, the early years of EDGAR's mandatory electronic filing for 1940-Act registrants. Filings from the late 1990s were predominantly plain-ASCII text inside the SGML <TEXT> envelope, with the four Rule 23c-2 items rendered as numbered paragraphs in unstyled monospace prose. Through the early and mid-2000s registrants progressively transitioned to HTML-formatted bodies inside the same SGML wrapper, with typeset headings, numbered lists, and indented signature blocks. By the 2010s and to the present, virtually all submissions are HTML-bodied, with the .htm filename chosen by the registrant. The substantive four-item template has remained stable across the entire period because it is dictated directly by Rule 23c-2(a)(1)–(4) and has not been amended in a way that alters the required content of the notice.

Interpretation and extraction notes

• The primary document is SGML-wrapped HTML; robust extraction strips the <DOCUMENT>...<TEXT>...</TEXT>...</DOCUMENT> envelope before parsing the inner HTML or ASCII text.
• The four-item structure is conventional but not strictly enforced. Some filers use bullet headings, free-running prose, or letter-labeled paragraphs while still covering the same four disclosures. Item 4 may be effectively absent when the notice covers a full class redemption.
• periodOfReport is the most reliable machine-readable handle on the redemption date, but it is the registrant-supplied value at filing time; if a later N-23C-2/A revises the date, the original record's periodOfReport will not be back-edited.
• entities[] typically contains a single filer, but multi-fund redemption events produce multiple entity objects — each with its own CIK, file number, and tickers — within one submission.
• All substantive content lives only in the narrative HTML/ASCII body. Automated retrieval depends on text parsing of the four-item body and the signature block rather than tagged-data extraction.
• Pre-2000s ASCII-bodied notices and modern HTML-bodied notices share the same SGML outer wrapper and the same Rule 23c-2 four-item content model, so a single extraction pass that handles both ASCII and HTML inner bodies covers the entire archive.

Who Files or Publishes This Dataset, and When

Who files the record

Each Form N-23C-2 record is filed by a registered closed-end investment company acting as the issuer of the securities being called or redeemed. The fund itself is the filer; holders, advisers, transfer agents, and underwriters do not file N-23C-2 even when they are named in the notice. Submissions are made on EDGAR by an authorized officer of the registrant.

Filing population

The reporting universe is limited to investment companies that are both registered under the Investment Company Act of 1940 and closed-end in form. It includes:

• Listed closed-end funds organized as Delaware statutory trusts, Massachusetts business trusts, or Maryland corporations whose shares trade on a national exchange.
• Term trusts and finite-life closed-end funds with a scheduled termination or wind-down date in their governing instruments.
• Interval funds and tender offer funds, which are closed-end companies under the 1940 Act despite offering periodic repurchase or continuous redemption features.
• Business development companies (BDCs) that have elected BDC status under Section 54. BDCs are treated as closed-end companies for purposes of Section 23(c) and Rule 23c-2 and file when calling or redeeming their preferred stock, notes, or other senior securities.

A single fund may have multiple classes outstanding (common stock, auction-rate preferred, variable-rate demand preferred, term preferred, unsecured notes), each of which can independently give rise to an N-23C-2 notice.

Open-end mutual funds, unit investment trusts, ETFs organized as open-end companies, unregistered foreign funds, and private funds relying on Section 3(c)(1) or Section 3(c)(7) are outside the N-23C-2 population.

Triggering event

The filing is event-driven, not periodic. It is triggered by a board-authorized decision to call or redeem all or part of an outstanding class of the fund's own securities. Typical triggers include:

• An issuer self-tender or repurchase of common shares under a discount-management program or discretionary buyback.
• A scheduled or optional redemption of preferred stock, including auction-rate, variable-rate demand, or term preferred shares.
• A scheduled termination of a term trust at its maturity date, where outstanding securities are redeemed and proceeds distributed.
• A redemption of unsecured notes, debentures, or other debt issued by the fund or BDC, at maturity or under a call provision.
• A partial redemption of a class, in which case the notice identifies the amount called and the selection basis (lottery, pro rata, or other governing-instrument method).

The notice is forward-looking: it is filed before the redemption occurs, once the board has formalized the action and a redemption date has been fixed.

Regulatory framework and deadline

Form N-23C-2 implements Section 23(c) of the Investment Company Act of 1940 and Rule 23c-2 thereunder. Rule 23c-2 imposes a minimum 30-day advance-notice period between submission of the notice and the redemption date. The 30 days is a floor, not a window: the fund may file earlier, but the redemption may not occur sooner than 30 days after a complete notice is filed. In practice, filings are typically submitted 30 to 60 days ahead of the scheduled date.

Because the obligation is event-driven, a fund may file N-23C-2 several times in one year (for example, redeeming preferred in tranches), once over its lifetime (for example, at a term trust's termination), or never (for example, a perpetual fund that never redeems a class).

Amendments

Form N-23C-2/A records are amendments to a previously filed notice. Amendments are typically used when:

• Redemption terms change (price, ratio, or partial-redemption selection basis).
• The scheduled redemption date is postponed or, less commonly, accelerated within the 30-day floor.
• The redemption is cancelled or partially withdrawn before it occurs.
• Clerical corrections are needed to the class title, cited governing-instrument provisions, or selection methodology.

Important distinctions

• The filer is always the issuer fund, never the holders of the called securities.
• N-23C-2 is distinct from Form N-23C-1, which covers open-market repurchases of a closed-end fund's own securities under Rule 23c-1. N-23C-1 records are not part of this dataset.
• N-23C-2 is distinct from Schedule TO: a closed-end fund running an issuer tender offer for its common shares may have parallel obligations under Regulation 14E and file Schedule TO alongside N-23C-2; the two regimes operate independently.
• Open-end fund redemptions at NAV in the ordinary course are not captured, because open-end funds fall outside Section 23(c) and Rule 23c-2.

Dataset coverage begins in June 1997, when N-23C-2 notices began being submitted electronically on EDGAR. Earlier paper notices under Rule 23c-2 are not included.

How This Dataset Differs From Similar Datasets or Filings

Form N-23C-2 occupies a narrow corner of the Investment Company Act reporting regime. Several nearby filings touch the same lifecycle from different angles. The comparisons below isolate the closest neighbors so a reader can pick the right dataset.

Form N-23C-1 (Rule 23c-1 repurchases)

The most easily confused neighbor: same form-number stem, same Section 23(c) origin, different rule.

• Rule 23c-1 governs a closed-end fund's purchase of its own common stock outside a tender offer or pro-rata call (discretionary, often open-market or negotiated repurchases).
• Rule 23c-2 governs scheduled calls or redemptions of any class of issued securities (debt, preferred, or callable shares) under the governing instrument, with a 30-day advance notice.

N-23C-2 records always carry a forward-looking redemption date and, where partial, the basis of selection. N-23C-1 records describe repurchase mechanics. The two are complements, not substitutes.

Schedule TO and Schedule 13E-4F (issuer tender offers)

When a fund repurchases its own securities through a tender offer rather than a scheduled call, the filing is Schedule TO (or Schedule 13E-4F for certain Canadian issuers), not N-23C-2. Schedule TO carries the offer to purchase, transmittal materials, pricing mechanics, withdrawal rights, and conditions; N-23C-2 is a short notice with no tender mechanics, no offer-to-purchase, and no acceptance conditions. The dividing line is legal structure: mandatory or scheduled calls under the indenture, charter, or designation go to N-23C-2; voluntary self-tenders go to Schedule TO / 13E-4F.

Form N-CSR and Form N-CSRS (certified shareholder reports)

N-CSR (annual) and N-CSRS (semi-annual) are the periodic disclosure vehicles for registered management investment companies. They describe redemption activity retrospectively, in narrative form, alongside financial statements and management discussion. Differences from N-23C-2:

• Cadence: periodic vs. event-driven.
• Scope: full shareholder report vs. single-purpose redemption notice.
• Timing: months after the event vs. at least 30 days before it.

Pair the two for context and financial impact; use N-23C-2 alone for forward-looking, transaction-specific notice.

Form 8-K (operating-company current reports)

Operating issuers disclose redemption and call events on Form 8-K (typically Item 3.03 for material modifications to security holder rights, or Item 8.01). Closed-end funds are 1940-Act registrants and generally do not use 8-K for these events; they use the N-23C-2 notice regime instead. The two datasets do not overlap in filer population but answer the same conceptual question for different issuer categories.

Indenture-trustee debt redemption notices

Debt issuers operating under indentures qualified by the Trust Indenture Act of 1939 send call notices through the indenture trustee directly to holders. These notices are not centrally filed under a dedicated SEC form; some surface on EDGAR as 8-K exhibits or free-writing communications. They are decentralized, not 1940-Act-specific, and not collected as a uniform dataset. N-23C-2 is narrower, rule-specific, and uniformly structured.

DEF 14A (proxy materials)

DEF 14A is the adjacent shareholder-communication channel used when holder action is required (for example, a redemption needing consent). It is governed by Section 14(a) of the Exchange Act, not Rule 23c-2, and its content is solicitation of votes, board recommendations, and tabulation rules — not a four-item redemption notice. Overlap is conceptual only.

Form N-2 / N-2/A and Form N-8F (registration and deregistration)

N-2 is the registration statement for closed-end funds; N-2/A captures pre- and post-effective amendments. N-8F is the application declaring that a registered investment company has ceased to be one, used at wind-down. N-23C-2 sits between these bookends:

• N-2 / N-2/A establishes the fund and the call provisions later invoked by N-23C-2 notices.
• N-23C-2 announces specific calls or redemptions during the fund's life, including the final retirement.
• N-8F deregisters the fund after the final redemption.

For closed-end fund termination studies, pair N-23C-2 with N-8F (and any relevant N-2/A that revised the security's terms).

Format and structure distinctions

N-23C-2 is a notice filing, not a structured financial disclosure. The dataset reflects this:

• Each record is a per-accession ZIP archive containing one metadata.json plus the original EDGAR submission documents (TXT and HTML), with image files excluded.
• It is a document-level dataset, not an extracted-fields dataset.
• No XBRL component exists; linkToXbrl and dataFiles are reliably empty because the form has never carried structured tagging.

This contrasts with:

• XBRL-tagged datasets (financial statement extracts from 10-K, 10-Q, or N-CSR XBRL exhibits), which expose tagged numeric and textual facts in tabular form.
• XML-extract datasets (Form 4 transactions, 13F information tables, N-PORT holdings), which deliver structured rows ready for direct database loading. Researchers wanting the analogous fields from N-23C-2 (security class, redemption date, basis of selection, partial-redemption amount) must parse the HTML body themselves.
• Section-extracted datasets (10-K Item 1A risk factors, 8-K item-level extracts), which isolate passages from larger filings. N-23C-2 is short enough that the entire document is the disclosure; no section extraction layer is meaningful.

Boundary summary

Form N-23C-2 is uniquely the pre-event, Rule 23c-2-specific, closed-end-fund notice for scheduled calls and redemptions of issued securities under the Investment Company Act. It is narrower than periodic shareholder reports (N-CSR/N-CSRS), more rule-specific than proxy materials (DEF 14A) or indenture-trustee notices, structurally distinct from issuer tender offers (Schedule TO / 13E-4F), and addressed to a filer population that does not use Form 8-K for these events. Its closest sibling, Form N-23C-1, covers a different transaction type under a different rule. As a dataset, it is a per-accession document archive with metadata.json — not an XBRL or XML extract — so it complements rather than replaces structured fund-disclosure datasets.

Who Uses This Dataset

Across users, the load-bearing fields in the Form N-23C-2 Files Dataset are the EDGAR metadata (filedAt, effectivenessDate, entities[].cik, ticker, registrant name, filer-type, amendment status) and the four Rule 23c-2 substantive disclosures: class title being called, scheduled redemption date, cited governing-instrument provision, and (for partial calls) the share count or principal amount plus the selection basis.

Closed-end fund analysts and CEF arbitrage desks

Sell-side and buy-side CEF analysts treat each notice as a hard-dated catalyst that converts a discount-trading thesis into a fixed redemption event. They key on registrant CIK and ticker, class title (term-trust common-share wind-down vs. preferred or baby bonds redemption), redemption date, and partial-selection basis to maintain a term-trust liquidation calendar, price residual NAV recovery against current discount, size pair trades against non-redeeming peers, and flag N-23C-2/A amendments that move dates or amounts. Discount-arbitrage desks use the same record to time entries once the call collapses discount mechanics into a known cash-flow horizon.

Preferred-share, term-preferred, and fund-debt traders

Traders in fund-issued senior securities (ARPS, VRDP, term preferred, institutional preferred, listed baby bonds) manage call risk on instruments that trade at premium or yield-to-call. They use the class title to identify the affected series, the redemption date and governing-instrument provision (mandatory, optional call, sinking-fund, leverage-coverage cure) to classify the call, and the partial-redemption principal amount and selection basis (pro rata, lot, random) for sizing. The dataset drives pre-trade screening for paper at risk of being pulled at par and supports yield-to-worst recalculation.

Fixed-income portfolio managers holding fund senior securities

PMs running insurance, pension, and total-return mandates hold fund preferreds and unsecured notes for spread, leverage-coverage protections, and rating profile. They use filedAt and the redemption date to schedule reinvestment, the class title to confirm which lots in the book are affected, and the cited governing-instrument provision to distinguish voluntary deleveraging from coverage-forced or scheduled term retirement. Partial-redemption selection basis drives book-yield and duration adjustments at the position level.

Fund counsel, compliance officers, and 1940 Act lawyers

Counsel advising registered investment companies use the dataset as a precedent library for Rule 23c-2 drafting and review. They search across registrants and years for language describing the cited charter or preferences provision, partial-redemption selection methodologies, and the handling of amendments. The fields that matter are the four substantive disclosures, the amendment indicator, the gap between filedAt and the redemption date (testing the 30-day window), and the registrant's filer history. Outputs include new notice drafts, compliance checklists, and disclosure-completeness reviews.

Fund administrators, transfer agents, and indenture trustees

Operational teams executing the redemption (administrators booking the corporate action, transfer agents writing to shareholders, trustees acting on preferred or note calls) reconcile internal calendars against the public record. They focus on registrant CIK and ticker, class title, redemption date, and partial-allocation mechanics. Discrepancies between internal instructions and the EDGAR notice become exceptions; amendment filings are checked before any shareholder letter or cash distribution goes out.

Risk teams and quantitative researchers

Risk and quant groups at multi-strategy and credit firms model CEF leverage across holdings in fund common, preferreds, and notes. Because N-23C-2 retires senior securities, they ingest the dataset to track scheduled deleveraging: registrant CIK joins to position data, class title and principal amount update outstanding leverage fund-by-fund, the redemption date drives time-bucketed exposure, and the governing-instrument provision classifies discretionary vs. coverage-forced calls. Outputs feed CEF discount factor models, forced-deleveraging scenarios, and term-trust unwind signals.

Academic researchers

Researchers on the closed-end fund discount puzzle, term-trust dynamics, and 1940 Act regulation use the dataset's history (filings back to June 1997) to build event-study samples. Class title and governing-instrument citation separate common-share term-trust expirations from preferred or debt capital-structure events. filedAt and the redemption date allow precise event windows around the 30-day notice. Selection-basis fields support studies of partial-redemption pricing effects, and amendment flags support research on revisions and their market impact.

Financial journalists, data vendors, and corporate-action providers

Reporters at financial news outlets covering the fund industry use N-23C-2 to identify upcoming term-trust liquidations, preferred redemptions, and capital-structure changes, often paired with each fund's distribution and discount history. Corporate-action data vendors and reference-data providers ingest CIK, ticker, class title, redemption date, principal amount, and selection basis to populate redemption calendars, set call flags on instrument masters, and feed downstream subscribers. Amendments are tracked closely because they revise an already-distributed corporate-action record.

The audience is small but operationally serious: those who trade, hold, administer, advise on, or study callable closed-end fund securities. The four Rule 23c-2 disclosures plus EDGAR metadata are exactly what these users need to manage call risk, schedule cash flows, model leverage, draft compliant notices, execute corporate actions, and research CEF market structure, with 1997-forward history serving as both a live redemption calendar and a precedent archive.

Specific Use Cases

The Form N-23C-2 record is short and rule-shaped, which makes a small number of workflows do most of the work. Each use case below ties to specific metadata fields and the four Rule 23c-2 disclosures.

Building a forward-looking closed-end fund redemption calendar

Corporate-action data vendors and CEF analysts ingest each new submission as it arrives, joining entities[].cik and entities[].tickers to instrument masters and using periodOfReport (or, when revised, the redemption date inside Item 2 of the notice) as the event date. Item 1 supplies the class title, CUSIP, and listing venue; Item 4 supplies the principal amount or share count. The output is a rolling 30-to-90-day call calendar that downstream desks consume for pre-trade flagging on baby bonds, term preferred, and term-trust common shares.

Partial-redemption selection-basis precedent search for fund counsel

1940 Act lawyers and compliance officers drafting a partial-call notice search the archive for prior Item 4 language describing selection methods (pro rata, by lot, by tranche, sinking-fund mechanics) and Item 3 governing-instrument citations matching their fund's charter or indenture structure. Filtering by registrant family, filedAt year, and amendment status surfaces a clean precedent set for redlining a draft notice and validating the 30-day gap between filedAt and the redemption date.

Tracking term-trust wind-down catalysts

Closed-end fund desks running discount-arbitrage strategies on term trusts (funds with a stated termination date) use Item 1's class title to isolate common-share liquidations from preferred or debt redemptions, then key on the redemption date and entities[].cik to size residual-NAV recovery against current market discount. Pairing the N-23C-2 record with the registrant's last N-CSRS NAV and a later N-8F deregistration filing closes the wind-down loop from announcement to fund termination.

Auction-rate, term-preferred, and baby-bond call monitoring for fixed-income desks

Traders in fund-issued senior securities filter records where Item 1 identifies ARPS, VRDP, term preferred, institutional preferred, or listed notes, and use Item 3 to classify the call as optional, mandatory, sinking-fund, or leverage-coverage-driven. The redemption date and Item 4 principal amount feed yield-to-worst recalculation and pre-trade screens for paper trading above par that is at risk of being pulled. Amendment records (formType = N-23C-2/A) trigger immediate revaluation.

Quantifying CEF leverage de-risking via aggregated redemption volume

Quant and risk teams aggregate Item 4 principal amounts and share counts across entities[].cik, bucketed by redemption date, to measure scheduled deleveraging across the closed-end fund universe. The Item 3 governing-instrument citation lets them split discretionary deleveraging from coverage-forced or term-scheduled retirement. Output series feed CEF discount-factor models, sector-level leverage dashboards, and stress scenarios for forced unwinds.

Amendment-pattern detection for postponements and cancellations

Operations teams and researchers join each N-23C-2/A record back to its predecessor on filer CIK and Item 1 class title, ordered by filedAt, to detect changes in the redemption date, principal amount, or selection basis. The pattern of amendments — date slips, downsized calls, restated indenture citations — drives exception handling for transfer agents and trustees, and supplies a labeled dataset for studying redemption-revision frequency by fund family and security type.

Academic event studies on closed-end fund redemption announcements

Researchers build event samples from filedAt (announcement) and the Item 2 redemption date (execution), with Item 1 class title separating common-share term-trust expirations from preferred and debt capital-structure events. The 1997-forward history supports long panels on the closed-end fund discount puzzle, partial-redemption pricing effects keyed off Item 4 selection basis, and the market impact of amendment filings on the original notice's announcement-window returns.

Dataset Access

The dataset is accessible through three endpoints: a metadata index, a full dataset archive, and individual per-month container downloads.

Dataset Index JSON API: https://api.sec-api.io/datasets/form-n23c2-files.json

This endpoint returns dataset-level metadata along with the list of all available container files. The response includes the dataset name, description, last updated timestamp, earliest sample date, total record count, total size, covered form types (N-23C-2 and N-23C-2/A), container format (ZIP), and the file types contained in each archive (TXT, JSON, HTML). Each container entry exposes its key, size, record count, last updated timestamp, and a direct download URL. This endpoint does not require an API key. It can be polled regularly to detect which containers were modified in the most recent refresh run, allowing incremental syncs by downloading only updated archives.

Example response:

          1
          {
        

          2
            "datasetId": "1f13365b-9ae0-6983-9d02-160611bfddef",
        

          3
            "datasetDownloadUrl": "https://api.sec-api.io/datasets/form-n23c2-files.zip",
        

          4
            "name": "Form N-23C-2 Files Dataset",
        

          5
            "updatedAt": "2026-04-28T03:03:19.193Z",
        

          6
            "earliestSampleDate": "1997-06-01",
        

          7
            "totalRecords": 2305,
        

          8
            "totalSize": 7775328,
        

          9
            "formTypes": ["N-23C-2", "N-23C-2/A"],
        

          10
            "containerFormat": "ZIP",
        

          11
            "fileTypes": ["TXT", "JSON", "HTML"],
        

          12
            "containers": [
        

          13
              {
        

          14
                "downloadUrl": "https://api.sec-api.io/datasets/form-n23c2-files/2026/2026-04.zip",
        

          15
                "key": "2026/2026-04.zip",
        

          16
                "size": 132480,
        

          17
                "records": 12,
        

          18
                "updatedAt": "2026-04-28T03:03:19.193Z"
        

          19
              }
        

          20
            ]
        

          21
          }
        

Download Entire Dataset: https://api.sec-api.io/datasets/form-n23c2-files.zip?token=YOUR_API_KEY

This endpoint returns the complete dataset as a single ZIP archive covering all filings from June 1997 to the present. Authentication is required via the token query parameter, which must be set to your sec-api.io API key.

Download Single Container: https://api.sec-api.io/datasets/form-n23c2-files/2026/2026-04.zip?token=YOUR_API_KEY

Individual monthly container archives can be downloaded directly using the key value from the index response. This is the recommended approach for incremental updates or when only a specific time range is needed. Authentication is required via the token query parameter.

Frequently Asked Questions

What form does this dataset cover?

The dataset covers Form N-23C-2 (the original notice) and Form N-23C-2/A (its amendment), the advance-notice filings registered closed-end investment companies submit to the SEC under Rule 23c-2 of the Investment Company Act of 1940 before calling or redeeming securities of their own issue.

What does one record in this dataset represent?

One record is a single EDGAR submission — an original Form N-23C-2 or an N-23C-2/A amendment — materialized as an accession-numbered subfolder that pairs a structured metadata.json with the registrant's notice document(s). The 18-digit accession number is the canonical unit of identity, and amendments are stored as independent records rather than overwriting the original.

Who is required to file Form N-23C-2?

The filer is always a registered closed-end investment company acting as the issuer of the securities being called or redeemed. The population includes listed closed-end funds, term trusts, interval funds, tender-offer funds, and business development companies; open-end mutual funds, ETFs organized as open-end companies, unit investment trusts, unregistered foreign funds, and private 3(c)(1)/3(c)(7) funds are outside the N-23C-2 regime.

When must the notice be filed relative to the redemption?

Rule 23c-2 imposes a minimum 30-day advance-notice period between submission of the notice and the redemption date. The 30 days is a floor, not a window — funds may file earlier, but the redemption may not occur sooner than 30 days after a complete notice is filed. In practice, filings are typically submitted 30 to 60 days ahead of the scheduled date.

What time period does the dataset cover, and what file formats are inside?

Coverage begins in June 1997, when N-23C-2 notices began arriving electronically on EDGAR, and continues to the present. Records are distributed inside monthly ZIP containers, and the file types found inside each container are TXT, JSON, and HTML; image files from the original EDGAR submission are excluded, and there is no XBRL component because the form has never carried structured tagging.

How does this dataset differ from Form N-23C-1?

Both forms originate in Section 23(c), but they cover different transactions. Form N-23C-1, governed by Rule 23c-1, addresses a closed-end fund's discretionary purchases of its own common stock outside a tender offer or pro-rata call. Form N-23C-2, governed by Rule 23c-2, addresses scheduled calls or redemptions of any class of issued securities — debt, preferred, or callable shares — under the governing instrument, with the 30-day advance notice. N-23C-1 records are not part of this dataset.

How are amendments handled in the dataset?

Amendments arrive as separate N-23C-2/A records and are preserved alongside the originals — they do not overwrite the original filing. To reconstruct the canonical state of a redemption event, join N-23C-2 and N-23C-2/A records on filer CIK and the underlying security identification, then order by filedAt. Amendments commonly revise the scheduled redemption date, adjust the principal amount or share count, or restate governing-instrument citations.