Nuveen Closed-End Funds Announce Leading Independent Proxy Advisory Firm, Glass Lewis, Fully Supports Nuveen’s Board Nominees
Glass Lewis specifically recommended that shareholders vote FOR all of the Boards’ qualified Trustees:
In making its recommendation for Nuveen’s nominees, Glass Lewis rejected the nominee submitted by dissident shareholder,
“We appreciate Glass Lewis for its recognition of Nuveen’s stewardship and deep commitment to advancing the interests of shareholders. Our Trustees are highly qualified and devoted to ensuring that each of these funds achieves their investment objective and delivers the attractive, reliable distributions that matter most to closed-end fund investors. Glass Lewis recognized that the dissident’s candidate had no credible experience or plan, and that the true aim of this fight is to force short-term changes that would harm the funds and their shareholders in the long term. We thank Glass Lewis for its clarity and sound guidance, and we appreciate the support from shareholders as we continue to protect their best interests,” said
Important statements by Glass Lewis1 in issuing its voting recommendations FOR the Funds’ Board Nominees include:
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1 Permission to quote from the Glass Lewis report was neither sought nor obtained.
The Funds’ Trustees Have Taken Actions to Protect and Advance the Interests of All Shareholders
- “…the incumbent trustees of the Funds have demonstrated a reasonable level of attention and awareness regarding matters pertaining to the Fund’s discount to NAV. We understand that the board and trustees of each Fund have considered and taken a variety of steps in connection with efforts to reduce the discount to NAV.”
Saba Has Not Offered a Compelling Plan to Create Value for Fund Shareholders
- “…it appears that Saba has not offered anything approaching a thorough or meaningful analysis of Fund discounts to NAV relative to peer funds or other relevant benchmarks.”
- “…Saba has not offered any substantive arguments to justify the removal of specific individual trustees or to oppose the election of any of the Management Nominees, in our view.”
Saba’s Unqualified Nominee Has No Board Experience and No Expertise in Closed-End Funds
- “…we do have some outstanding concern that Saba’s nominee lacks prior closed-end fund experience and does not appear to have any prior experience serving on the board of a publicly listed investment fund or publicly traded company.”
- “While Saba states that the Dissident Nominee would seek to reduce the Fund’s discount to NAV if elected, we have not seen the Dissident offer a credible plan to do so here.”
- “Of course, there is also our concern that Saba may have a short-term interest in pursuing a liquidity event at the Fund, potentially in a manner that could negatively impact the interests of long-term shareholders, in our view.”
- “Ultimately, without a good reason to elect Saba’s nominee, we do not believe it would be in the best interests of all shareholders to do so.”
PROTECT YOUR FUND AND YOUR INVESTMENT
VOTE FOR YOUR TRUSTEES ON THE WHITE PROXY CARD TODAY.
Do not sign or return any card sent to you by Saba, even to vote “against” or to “withhold” or to “abstain” with respect to the dissident’s proposals. Only your latest dated proxy will be counted.
If you have any questions about the proposals or the voting instructions, please feel free to contact
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The information contained on the
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240513727326/en/
For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:
Financial Professionals:
800-752-8700
Investors:
800-257-8787
Media:
media-inquiries@nuveen.com
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