b'03Tender OfferFundsA tender offer fund is a type of continuously offered closed-end fund registered underthe 1940 Act. Tender offer funds conduct periodic tender offers, most often quarterly, at the discretion of a funds board pursuant to Rule 13e-4 under the Securities Exchange Act of 1934, as amended (the Exchange Act). Thus, tender offer funds offer investors increased liquidity by allowing them tosell their shares back to the fund at a pre- determined price rather than selling themon the open market.'