DEFA14A: Nuveen Core Plus Impact Fund Urges Shareholders to Vote on White Proxy Card Amidst Hedge Fund Challenge

Nuveen Core Plus Impact Fund is urging shareholders to vote for its nominees on the WHITE proxy card to protect their investment against a challenge from Saba Capital Master Fund.

Summary

• Nuveen Core Plus Impact Fund is recommending that shareholders vote FOR the Fund's three Class III nominees and two preferred share nominees on the WHITE proxy card.
• The recommendation comes as Saba Capital Master Fund seeks to replace one of the Fund's elected Trustees with someone lacking closed-end fund or U.S. mutual fund expertise.
• The Fund's Board believes this could disrupt the investment objective and potentially harm the Fund's long-term performance and distribution consistency.
• The Annual Meeting is scheduled for May 15, 2024, at 11:00 a.m. CT.
• Shareholders are urged to disregard any GOLD proxy cards sent by Saba and to only use the WHITE proxy card to vote.
• Georgeson LLC is available to answer any questions about the proposals or voting instructions at 866-357-1928.

Sentiment

Score: 7

Explanation: The document conveys a sense of urgency and determination to protect shareholder interests amidst a challenge, resulting in a moderately positive sentiment.

Positives

• The current Board is focused on meeting the Fund's investment objective, generating reliable income, and driving performance.
• The Fund has provided a proxy solicitor, Georgeson LLC, to assist shareholders with any questions or concerns regarding the voting process.

Negatives

• Saba Capital's attempt to replace a trustee could potentially disrupt the Fund's investment objective and long-term performance.

Risks

• The risk that Saba Capital's nominee, if elected, could negatively impact the Fund's ability to deliver consistent distributions and meet its investment objective.
• The risk of shareholder confusion due to competing proxy solicitations from the Fund and Saba Capital.

Future Outlook

The document focuses on the immediate action of the proxy vote and doesn't provide specific forward-looking financial guidance.

Management Comments

• The Board unanimously recommends that all shareholders vote on the WHITE proxy card FOR the Funds nominees.
• We remain committed to protecting the best interests of all Fund shareholders.
• Our Trustees are focused on meeting the Funds investment objective, generating reliable income, and driving performance to carry you through multiple market cycles.

Industry Context

Hedge fund activism in closed-end funds is a common occurrence, with firms like Saba Capital often seeking to influence fund management and potentially unlock value through various strategies.

Stakeholder Impact

• The outcome of the proxy vote will directly impact shareholders, as it will determine the composition of the Board of Trustees.
• The stability and performance of the Fund could be affected depending on whether the current trustees are retained or a new trustee is elected.

Next Steps

• Shareholders need to vote using the WHITE proxy card before the Annual Meeting on May 15, 2024.

Key Dates

Keywords

proxy vote, Nuveen Core Plus Impact Fund, Saba Capital, trustees, annual meeting, shareholders, investment objective, proxy card