Nuveen S&P 500 Dynamic Overwrite Fund suspends control share by-law after court ruling
On February 24, 2022, the fund's Board of Trustees amended the by-laws to suspend the control share provision, which would have limited voting rights for holders who acquired a control share stake unless other shareholders approved. The change follows a February 18, 2022 U.S. District Court summary judgment for Saba Capital Management on its claims that the provision violates the Investment Company Act of 1940. The Board and the funds intend 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, suspending the control share provision.
- U.S. District Court for the Southern District of New York granted summary judgment for Saba on February 18, 2022, on its claims for rescission and declaratory judgment.
- The control share by-law reinstates automatically if the court judgment is reversed, overturned, vacated, stayed or otherwise nullified.
- The Board and the funds intend to appeal the District Court's decision.
The filing
Written by AI on Nov 9, 2026, 8:36 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.