Nuveen Nasdaq 100 Dynamic Overwrite Fund suspends control share by-law
The fund's board adopted an amendment on February 24, 2022, that makes the control share by-law of no force and effect while a U.S. District Court judgment in favor of Saba Capital Management remains in effect. The by-law would be automatically reinstated if that judgment is reversed or nullified, and the board said it intends to appeal the decision. The change affects how shareholders who acquire large stakes in the fund can vote their shares.
Key points
- Board adopted Amendment No. 1 to the by-laws on February 24, 2022.
- District Court granted summary judgment for Saba on February 18, 2022, on claims for rescission and declaratory judgment.
- Saba filed its civil complaint on January 14, 2021, alleging the by-law violates Section 18(i) of the Investment Company Act of 1940.
- The board and the fund intend to appeal the District Court's decision.
The filing
Written by AI on Nov 9, 2026, 8:38 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.