An offer to buy more shares came in the post - what now
The fund is selling new shares to its existing holders, usually below the current price and for a short time. You can buy, sell the right to buy, or do nothing.
The papers call this a "rights offering".
What the letter offers
For every few shares you hold you get the right to buy one new share at a set price, for a few weeks. The price is usually below where the shares trade, and often below the value of the holdings too - so it can look cheap. Rights that are not used expire; some funds let you buy extra shares if other holders do not use theirs.
Why funds do it, and the catch
The fund gets more money to invest and its managers earn a fee on a larger fund. For a holder who does not take part, the value of each existing share falls a little, because new shares were sold below the value of the holdings. That is the choice the letter puts to you: put in more money, or accept a small dilution.
Your three choices
Buy the new shares through your broker (you pay the set price by the date); if the rights can be traded, sell them; or do nothing. Brokers usually need your instruction a business day or two earlier - ask yours for its own cut-off. The fund's page here shows the terms and the date it filed.
Offers of new shares at funds we cover, newest first
- NMZ - Nuveen Municipal High Income Opportunity Fund
The fund offered holders the right to buy more shares, until Dec 2, 2026. Filed Oct 23, 2026. - BCAT - BlackRock Capital Allocation Term Trust
The fund offered holders the right to buy more shares, until Oct 21, 2026. Filed Sept 28, 2026. - ASGI - abrdn Global Infrastructure Income Fund
The fund offered holders the right to buy more shares, until Oct 15, 2026. Filed Sept 21, 2026. - RIV - RiverNorth Opportunities Fund
The fund offered holders the right to buy more shares, until Sept 23, 2026. Filed Aug 28, 2026. - NMCO - Nuveen Municipal Credit Opportunities Fund
The fund offered holders the right to buy more shares, until Oct 7, 2026. Filed Aug 27, 2026.
From the funds' own offer documents at the U.S. Securities and Exchange Commission; each line links to the announcement page. Checked Nov 2, 2026.