DEFA14A: Nuveen Core Plus Impact Fund Faces Proxy Fight from Saba Capital

Nuveen Core Plus Impact Fund urges shareholders to vote for its qualified trustee nominees on the WHITE proxy card, amidst a challenge from Saba Capital Management.

Summary

• Nuveen Core Plus Impact Fund is facing a proxy fight from Saba Capital Management, L.P.
• The Board of Trustees unanimously recommends that shareholders vote FOR the Funds three qualified nominees on the WHITE proxy card.
• The Funds nominees are Joanne T. Medero, Loren M. Starr, and Matthew Thornton III, who collectively possess over 175 years of investment management and business leadership experience.
• Saba is attempting to replace the experienced Trustees with its own nominee who the fund claims has no board experience and no closed-end fund expertise.
• Nuveen claims that Sabas nominee may place Sabas interests above those of the Funds shareholders, potentially disrupting the Funds objectives and hurting its ability to perform over the long term and deliver consistent distributions.
• Shareholders are urged to use the WHITE proxy card to vote FOR the Funds nominees and protect their fund and investment.
• Shareholders are warned not to sign or return the GOLD proxy card sent by Saba, as this will cancel their prior vote for the Boards nominees on the WHITE proxy card.
• Only the latest dated proxy will count at the meeting.
• Georgeson LLC is the Funds proxy solicitor and can be contacted at 866-357-1928 for any questions.

Sentiment

Score: 5

Explanation: The document is primarily defensive, urging shareholders to support the current board against a challenge. The sentiment is neutral, focusing on the qualifications of the current trustees and the potential risks of the alternative.

Positives

• The current Trustees have extensive experience in investment management and business leadership.
• The Board is actively working to protect the interests of all shareholders.
• The Fund has engaged Georgeson LLC to assist shareholders with any questions about the proposals or voting instructions.

Negatives

• Saba Capital Management is attempting to replace the Funds experienced Trustees with its own nominee.
• Nuveen claims that Sabas nominee may place Sabas interests above those of the Funds shareholders, potentially disrupting the Funds objectives and hurting its ability to perform over the long term and deliver consistent distributions.

Risks

• The proxy fight could create uncertainty and disruption for the Fund.
• If Saba is successful in replacing the Trustees, it could lead to changes in the Funds investment strategy or management.
• The Funds performance and distributions could be negatively impacted if Sabas nominee places Sabas interests above those of the Funds shareholders.

Management Comments

• The Board unanimously recommends that ALL shareholders vote on the WHITE proxy card FOR the Funds three (3) qualified nominees.
• Your qualified Trustees collectively possess over 175 years of investment management and business leadership experience.
• They are committed to protecting and advancing the interests of all shareholders by achieving the funds investment objectives, driving performance over the lifetime of the fund, delivering reliable income, and implementing optimal corporate governance practices.

Industry Context

Proxy fights are becoming increasingly common in the investment management industry, as activist investors seek to influence corporate governance and strategy.

Stakeholder Impact

• Shareholders are directly impacted by the outcome of the proxy vote.
• The Funds performance and distributions could be affected by the composition of the Board of Trustees.

Next Steps

• Shareholders need to vote on the proxy proposals.
• The outcome of the vote will determine the composition of the Board of Trustees.

Keywords

proxy fight, Nuveen Core Plus Impact Fund, Saba Capital Management, trustees, shareholders, proxy card, investment management, corporate governance