HERZ - Herzfeld Credit Income Fund

What this means for you

Thomas J. Herzfeld, et al. and Erik M. Herzfeld, et al. have told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

The investor's notice itself does not require anything from you. The vote above does need a decision by the date shown.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Herzfeld has started a fight over the vote.

Email me if this changes

What happened, and when

In the fund's last buy-back (results filed Oct 20, 2026), holders offered 71.4% of all shares and the fund bought about 7 of every 100 shares offered, so holders who took part got only part of what they offered. Results of the last buy-back →

1. Oct 26, 2026

   Herzfeld started a fight over the shareholder vote. The meeting is on Dec 8, 2026.

   Original document →

2. Oct 22, 2026

   Thomas J. Herzfeld, et al. cut its stake to 39.4% (from 40.6%). It has said it may push for changes.

   Original document →

3. Oct 22, 2026

   Erik M. Herzfeld, et al. cut its stake to 33.1% (from 34.1%). It has said it may push for changes.

   Original document →

4. Oct 20, 2026

   Css LLC now owns 5.5%, as a passive investor.

   Original document →

5. Oct 20, 2026

   The buy-back ended; holders offered 71.4% of all shares and the fund paid $18.2033 a share.

   Original document →

About this fund

• Run by Thomas J. Herzfeld Advisors, Inc. As of June 30, 2026, from the fund's yearly report. Original document →
• Size: about $38.6 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.3% a year in management fees; 4.3% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 55 charge a lower management fee and 67 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $72 in the first year and about $651 over 10 years, assuming the holdings return 5% a year. As of June 30, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended June 30, 2026) the fund paid $7.38 a share. $0.51 of that was income; $6.87 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of June 30, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (June 30, 2026): $19.51. The shares traded at $17.20, about 11.8% below that. As of June 30, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 28.6% below to 3.7% above. As of June 30, 2026, from the fund's annual report. Original document →
• How the holdings did: down 0.3% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $7.38 in the fiscal year ended June 30, 2026; $4.60 in the year ended June 30, 2025; $4.10 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended June 30, 2026; $2.30 in the year ended June 30, 2025; $2.90 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.33% a year in the fiscal year ended June 30, 2026; 3.57% a year in the year ended June 30, 2025; 3.08% a year in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $38.6 million at June 30, 2026; $44.8 million at June 30, 2025; $49.1 million at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: none at June 30, 2026; none at June 30, 2025; 4% at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• The fund had about 2.01 million shares at June 30, 2026, up 27% from June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended June 30, 2026: the shares returned -8.3%, counting payouts. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned +29.5%, counting payouts. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned -30.6%, counting payouts. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended June 30, 2023: the shares returned +16.2%, counting payouts. As of June 30, 2023, from the fund's annual report. Original document →
• The year ended June 30, 2022: the shares returned -22.5%, counting payouts. As of June 30, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -25.8%. $10,000 of shares bought at the start (July 1, 2021) would have become about $7,420 by June 30, 2026, with every payout counted, before tax. As of June 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -1.7%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 51 funds that invest in bonds with a fiscal year ending within six months of this one, 45 reported a higher share return for that year and 5 a lower one. As of June 30, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (59%), the rest asset-backed bonds, cash and short-term holdings and preferred shares. About 87% issued in the U.S.

1. Eagle Point Income Company, Inc. USD Class - 10.7%
2. Dawson Partners Rated Fund (RD) LP - 8.7%
3. Fs Specialty Lending Fund - 8.4%
4. Evermore Secondary Offer 06/24/2024 - 6.9%
5. PIMCO Dynamic Income Fund - 6.7%
6. Cash and short-term - 5.9%
7. FS Credit Opportunities Corporation - 5.7%
8. Ocp CLO 2025-46 - 5.1%
9. Guggenheim Strategic Opportunities Fund - 5.1%
10. PennantPark Enhanced Income Fund class I shares - 3.4%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →