A letter about a buy-back came in the post - what now
The fund has offered to buy back some of its shares. Here is what the letter means, what your choices are, and how the broker part works.
The letter and your broker call this a "tender offer".
What the letter means
The fund offers to buy back part of its shares, usually at close to the value of its holdings - and a closed-end fund's shares often trade below that value, so the offer is more than the market pays that day. Nothing has happened to your shares yet; the letter is an offer with a date.
Your three choices
Offer all of your shares, offer some of them, or do nothing and keep them. There is no penalty for doing nothing. If more shares are offered than the fund will take, everyone is cut back in proportion; the offer papers say whether holders of fewer than 100 shares are taken in full first. Where a fund filed the results of an earlier offer, its page here says how much of what holders offered was actually bought - often only a small part.
How to take part through your broker
Your broker, not the fund, collects the answers. Most brokers show the offer under 'corporate actions' or 'voluntary offers' in the account, and all of them take instructions by telephone at the number on your statement. Say the fund's name and that you want to take part in the offer to buy back shares, and how many shares to offer. Brokers usually need your instruction a business day or two earlier - ask yours for its own cut-off. Some brokers charge a fee for handling the offer - ask before you answer. Once the date has passed, the shares you offered are either bought at the offer price or returned to your account; the ones you kept are untouched.
What usually happens afterwards
The fund has fewer shares; the money for the bought shares arrives in your account through the broker, usually within a week or two of the date. A holder who wanted to stay in the fund but was cut back can buy shares on the market again. The fund's page here lists every offer it made and, where filed, the result.
Buy-backs open right now, or finished recently
- EIIA - Eagle Point Institutional Income Fund
The fund is holding its regular quarterly buy-back: up to 5% of shares at the value of the holdings, until Sept 25, 2026. - NFJ - Virtus Dividend, Interest & Premium Strategy Fund
The fund offered to buy back 25% of its shares at 99% of value, until Oct 5, 2026. - HERZ - Herzfeld Credit Income Fund
The fund offered to buy back 5% of its shares at 97.5% of value, until Oct 15, 2026. - EIIA - Eagle Point Institutional Income Fund
The buy-back ended; the fund paid $5.71 a share. Announced July 17, 2026. - JOF - Japan Smaller Capitalization Fund
The buy-back ended; holders offered 77.7% of all shares and the fund paid $12.7792 a share. Announced July 13, 2026.
From the funds' own offer documents at the U.S. Securities and Exchange Commission; each line links to the fund's page or the document. Checked Sept 18, 2026.
Check your own fund
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Every buy-back offer, open and finished