Nuveen Taxable Municipal Income Fund amends by-laws, suspends control share provision
On February 24, 2022, the Fund's Board adopted an amendment suspending the by-laws' control share provision, which limits voting rights for shareholders who acquire common shares in a Control Share Acquisition unless other shareholders approve. The change followed a February 18, 2022 U.S. District Court summary judgment in favor of Saba Capital Management on claims that the provision violates Section 18(i) of the Investment Company Act of 1940. The Board says it intends to appeal, and the provision will be reinstated automatically if the judgment is reversed or otherwise nullified.
Key points
- Board adopted Amendment No. 1 to the by-laws on February 24, 2022
- U.S. District Court for the Southern District of New York granted summary judgment to Saba on February 18, 2022
- Saba filed the civil complaint on January 14, 2021
- The control share provision will be reinstated automatically if the court judgment is reversed, overturned, vacated, stayed, or otherwise nullified
The filing
Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 25, 2022.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.