DEFA14A: Nuveen Variable Rate Preferred & Income Fund Faces Proxy Fight from Saba Capital

Nuveen Variable Rate Preferred & Income Fund urges shareholders to vote for its nominees amidst a proxy battle with Saba Capital Management.

Summary

• Nuveen Variable Rate Preferred & Income Fund (NPFD) is facing a proxy fight from Saba Capital Management, L.P.
• Saba is attempting to replace one of the fund's trustees with their own nominee who lacks experience in closed-end or mutual funds.
• Nuveen is urging shareholders to vote for their four qualified trustees using the WHITE proxy card.
• They argue that Saba's nominee could disrupt the fund's performance and income delivery.
• Leading independent proxy advisory firm, Glass Lewis, recommends shareholders vote FOR all of the Board Nominees of NPFD.
• The annual meeting date is May 31, 2024, at 11:30 AM Central Time.
• Shareholders are advised not to sign or return any proxy cards sent by Saba.
• The latest dated proxy will be counted.
• Shareholders can vote online, by phone, or by mail using the WHITE proxy card.
• Computershare Fund Services can be contacted toll-free at 866-410-5798 for questions.

Sentiment

Score: 5

Explanation: The document is primarily a call to action in a proxy fight, with a neutral to slightly negative sentiment due to the ongoing dispute.

Positives

• Leading independent proxy advisory firm, Glass Lewis, recommends shareholders vote FOR all of the Board Nominees of NPFD.

Negatives

• Saba Capital Management is attempting to replace a trustee, potentially disrupting the fund's performance.

Risks

• The proxy fight could create uncertainty and potentially impact the fund's strategy and performance.
• Saba's nominee, if elected, may not have the necessary expertise to effectively manage the fund.

Future Outlook

The outcome of the proxy vote will determine the composition of the fund's board and potentially influence its future direction.

Management Comments

• Nuveen believes Saba's nominee is not the best steward of shareholders' financial interests.
• Nuveen urges shareholders to vote to protect their shared future.

Industry Context

Proxy fights are not uncommon in the investment management industry, particularly with closed-end funds, as activist investors seek to influence fund management and strategy.

Stakeholder Impact

• The outcome of the proxy vote will directly impact shareholders by influencing the fund's management and investment strategy.
• The fund's ability to deliver consistent income could be affected by the outcome of the vote.

Next Steps

• Shareholders need to vote on the proxy proposals before the annual meeting on May 31, 2024.

Key Dates

Keywords

proxy fight, Nuveen, Saba Capital, trustees, shareholders, NPFD, annual meeting, proxy vote, Glass Lewis, nominee