DEF 14A: Nuveen Funds Announce Annual Shareholder Meeting to Elect Board Members

Nuveen funds will hold a virtual annual meeting on April 12, 2024, to elect board members.

Summary

• Nuveen funds have announced their annual shareholder meeting to be held virtually on April 12, 2024, at 2:00 p.m. Central Time.
• Shareholders of record as of January 19, 2024, are entitled to vote.
• The primary purpose of the meeting is to elect members to the Board of Trustees for various funds.
• For some funds, shareholders will elect Class III Board Members, while for others, they will elect Class I, Class II, and Class III Board Members.
• The document outlines the nominees for each position and provides information about their backgrounds and qualifications.
• The Board of Trustees recommends that shareholders vote FOR the election of the nominees.
• The document also details the compensation of the Independent Board Members, including annual retainers and fees for attending meetings.
• The total compensation from funds in the Fund Complex paid to Board Members ranges from $425,000 to $607,350.
• The document includes information about the Board's leadership structure, risk oversight, and committee responsibilities.
• It also provides information about the Funds' independent registered public accounting firms and their fees.
• Shareholders can submit proposals for the 2024 annual meeting by November 1, 2024.
• The cost of proxy solicitation will be paid by the Funds pro rata based on the number of shareholder accounts.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The positive aspects include the detailed information provided about the nominees and the Board's structure. The sentiment is slightly positive due to the clear and transparent communication of important information to shareholders.

Positives

• The document provides detailed information about the nominees for the Board of Trustees, including their backgrounds and qualifications.
• The document outlines the Board's leadership structure and committee responsibilities, providing transparency to shareholders.
• The document includes information about the compensation of the Independent Board Members, providing transparency to shareholders.
• The document provides information about how shareholders can communicate with the Board of Trustees.
• The document provides information about how shareholders can submit proposals for the 2024 annual meeting.

Future Outlook

Management does not anticipate any other items of business will be presented at the Annual Meetings.

Management Comments

• The Board unanimously recommends that shareholders vote FOR the election of the nominees.

Industry Context

This document is a standard proxy statement for registered investment companies, outlining the process for electing board members and providing information about the funds' governance and operations.

Comparison to Industry Standards

• The structure of the board and its committees is typical for closed-end funds, aligning with industry best practices for governance and oversight.
• The compensation structure for independent board members is consistent with industry standards for similar-sized funds.
• The disclosure of audit fees and non-audit fees is in line with regulatory requirements and provides transparency to shareholders.
• The process for shareholder proposals and communications is consistent with SEC regulations and industry norms.

Management Changes

Legal Proceedings

• A shareholder filed a civil complaint regarding the Control Share Provision, which was affirmed by the U.S. Court of Appeals for the Second Circuit on November 30, 2023. As a result, the Funds' Control Share Provision will not be in effect with respect to this meeting.

Stakeholder Impact

• Shareholders have the opportunity to elect board members who will oversee the management of the Funds.
• The election of board members can impact the Funds' performance and investment strategies.
• The Funds' performance can impact the value of shareholders' investments.

Next Steps

• Shareholders should review the proxy statement and vote on the election of board members.
• The Board of Trustees will continue to oversee the operations and management of the Funds.
• The Funds will continue to provide shareholder reports and other communications to shareholders.

Key Dates

Keywords

Nuveen Funds, Annual Meeting, Board of Trustees, Shareholders, Proxy Statement, Election, Governance, Investment, Funds