Investment funds are one of the most common forms of investing surplus funds with the aim of obtaining a reasonable return on the invested funds, taking into account the investment risk that a given investor is willing to assume. They are managed by investment fund management companies through which one can invest in various securities. However, the difference with independent investment is that in this case, professionals who work for companies that manage investment funds, i.e. portfolio managers, decide where the funds will be invested. This is a good option for small investors and newcomers to the capital market who do not have sufficient knowledge or experience in independently building a portfolio of securities to spread investment risk. There are various types of investment funds, of which the best known are open-end investment funds with a public offering. The crisis triggered by the virus COVID -19 had unforeseen consequences for the world economy. The measures taken by many countries to combat the spread of the virus were reflected in a reduction of economic activity, which also became a threat to the functioning of the entire financial system and, consequently, to the activity of investment funds, which recorded certain losses. Therefore, the main objective of this work is to analyse the impact of the pandemic on the activity of open-end investment funds with public offering in the Republic of Croatia. The period from 2017 to 2021 was considered in order to get a comprehensive insight into the impact of the pandemic on open-ended investment funds with public offering by comparing the situation before the pandemic with the situation caused by the pandemic. The analysis showed that the largest losses were caused by the first wave of the pandemic, while the recovery of the analysed funds was already observed by the end of 2021.