On January 14, 2021, Saba Capital Management, L.P. and Saba Capital CEF Opportunities 1, Ltd. filed a complaint in the United States District Court for the Southern District of New York against Nuveen Global High Income Fund, and Terence J. Toth, Jack B. Evans, William C. Hunter, Albin F. Moschner, John K. Nelson, Judith M. Stockdale, Carole E. Stone, Margaret L. Wolff, Robert L. Young, and Matthew Thornton III in their capacity as trustees of the Trusts (Defendants), seeking injunctive relief on the basis that the defendants, through their adoption of bylaws purporting to strip voting rights from shares acquired in a control share acquisition, which is defined to include the acquisition of shares constituting as little as 10% of the voting power of the trusts (vote-stripping amendment), violated 15 U.S.C. § 80a-18(i) of the investment company act of 1940, pursuant to which all common shares shall be a voting stock and have equal voting rights with every other outstanding voting stock. As part of the complaint, Saba has requested, among other things, that the court find the vote-stripping amendment to be violative of the 40 act and that such vote-stripping amendment be rescinded and that the defendants, their agents and representatives, and all others acting in concert with them be permanently enjoined from applying the vote-stripping amendment.
Nuveen Global High Income Fund (the Fund) is a diversified closed-end management investment company. The Fund seeks to deliver high current income through a diversified portfolio of global high-income securities that may span the capital structure and credit spectrum, including high-yield bonds from the United States and developed and emerging markets, as well as preferred and convertible securities. The Fundâs managed assets will include at least 65% in securities rated below investment grade, at least 40% in securities issued by non-United States entities, and up to 25% in debt obligations from issuers located in emerging market countries. Up to 15% may be invested in unhedged non-United States dollar denominated bonds; derivatives may be used for hedging purposes only. The Fund uses leverage. Its portfolio composition includes banks, capital goods, automobiles and components, healthcare equipment and services, and others. The Fundâs investment adviser is Nuveen Fund Advisors, LLC.
