Articles from Saba Capital Management, L.P.

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today issued the following statement regarding the announced outcome of Herald Investment Trust PLC’s (HRI:LSE) (the “Trust”) Requisitioned General Meeting on 22 January 2025.

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba”) today announced that it has entered into standstill agreements (the “Agreements”) with BlackRock Advisors, LLC, which is the investment advisor of the BlackRock Innovation and Growth Term Trust (NYSEBIGZ) and the BlackRock Health Sciences Term Trust NYSE: BMEZNYSEBMEZ)

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), today issued a presentation outlining its plan to deliver shareholder value at seven U.K. investment trusts: Baillie Gifford US Growth Trust PLC (USA:LSE), CQS Natural Resources Growth & Income PLC (CYN:LSE), Edinburgh Worldwide Investment Trust PLC (EWI:LSE), European Smaller Companies Trust PLC (ESCT:LSE), Henderson Opportunities Trust PLC (HOT:LSE), Herald Investment Trust PLC (HRI:LSE) and Keystone Positive Change Investment Trust PLC (KPC:LSE) (collectively, the “Trusts”). The presentation can be viewed here.

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), today addressed the misleading claims made recently by Baillie Gifford US Growth Trust PLC (USA:LSE), CQS Natural Resources Growth & Income PLC (CYN:LSE), Edinburgh Worldwide Investment Trust PLC (EWI:LSE), European Smaller Companies Trust PLC (ESCT:LSE), Henderson Opportunities Trust PLC (HOT:LSE), Herald Investment Trust PLC (HRI:LSE) and Keystone Positive Change Investment Trust PLC (KPC:LSE) (collectively, the “Trusts”) with key facts that reinforce the need for shareholder-driven change.

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), today issued the following statement regarding its support for an offer to shareholders of Herald Investment Trust PLC (HRI:LSE) (“HRI” or the “Trust”) of a full cash exit near net asset value (“NAV”), overseen by a fully independent Board, if Saba’s efforts to reconstitute the Board of Directors (“the Board”) are successful:

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), which owns approximately 20.9% of Herald Investment Trust PLC (HRI:LSE) (“HRI” or the “Trust”), today issued the following statement from Founder and Chief Investment Officer Boaz Weinstein regarding misleading statements included in HRI’s Circular for the Requisitioned General Meeting that is scheduled for 22 January 2025:

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today announced that it has requisitioned the Boards of Directors (the “Boards”) of Baillie Gifford US Growth Trust PLC (USA:LSE), CQS Natural Resources Growth & Income PLC (CYN:LSE), Edinburgh Worldwide Investment Trust PLC (EWI:LSE), European Smaller Companies Trust PLC (ESCT:LSE), Henderson Opportunities Trust PLC (HOT:LSE), Herald Investment Trust PLC (HRI:LSE) and Keystone Positive Change Investment Trust PLC (KPC:LSE) (collectively, the “Trusts”) to convene general meetings of shareholders (the “General Meetings”) to provide shareholders the opportunity to vote on resolutions to remove the Trusts’ existing directors and appoint highly qualified directors to replace them. Saba is convening the General Meetings because we believe the current Boards of Directors and investment managers have failed to perform versus their benchmarks and have, therefore, required Saba’s investment to narrow the deep trading discounts to net asset value and deliver returns for shareholders.

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba”), today announced that it has entered into a standstill agreement with Federated Investment Management Company, which is the investment advisor of the Federated Hermes Premier Municipal Income Fund (NYSEFMN) (the “Fund”).

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), the largest shareholder of the Neuberger Berman Municipal Fund (NYSENBH) and the Neuberger Berman Next Generation Connectivity Fund NYSE: NBXGNYSENBXG)

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), today announced that it has entered into a standstill agreement with The New America High Income Fund (NYSEHYB) (the “Fund”).

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), the largest shareholder of the Neuberger Berman Municipal Fund (NYSENBH) and the Neuberger Berman Next Generation Connectivity Fund NYSE: NBXGNYSENBXG)

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today issued a statement regarding its campaign to improve the Boards of Trustees of 10 poorly governed and underperforming closed-end funds managed by BlackRock Advisors, LLC (“BlackRock”) and BlackRock’s intentionally false and misleading press release issued on June 28, 2024.

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today commented on the outcome of the appeal brought in the United States Court of Appeals for the Second Circuit (the “Appellate Court”) by the BlackRock ESG Capital Allocation Term Trust (NYSEECAT), BlackRock Municipal Income Fund NYSE: MUINYSEMUI)(NYSE: RGTNYSERGT, Tortoise Midstream Energy Fund (NYSE: NTGNYSE), Tortoise Energy Independence Fund (NYSE: NDPNDP), Tortoise Pipeline & Energy Fund (NYSETTP), Tortoise Energy Infrastructure Corp. NYSE: TYGNYSETYG)(NYSE: TEAFNYSETEAF, Adams Diversified Equity Fund (NYSE: ADXNYSE), Adams Natural Resources Fund (NYSE: PEOPEO) and FS Credit Opportunities Corp. (NYSEFSCO) (collectively, the “Funds”). Royce Global Value Trust is managed by Royce Investment Partners, an affiliate of Franklin Templeton.

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today commented on a ruling in the lawsuit it brought in the United States District Court for the Southern District of New York (the “Court”) against the BlackRock ESG Capital Allocation Term Trust (NYSEECAT) (“ECAT”), and all 10 incumbent trustees to hold them accountable for adopting an illegal “Entrenchment Bylaw” that deprives shareholders of their right to elect directors annually. These directors were previously found to have violated the Investment Company Act (“ICA”) by enacting a separate bylaw targeted at entrenching themselves to protect BlackRock from being held accountable by shareholders.

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), today announced that it has entered into a standstill agreement with each of the following funds advised by Invesco Advisers, Inc.: Invesco Pennsylvania Value Municipal Income Trust (NYSEVPV) and Invesco Trust for Investment Grade New York Municipals NYSE: VTNNYSEVTN)

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), a significant shareholder of 10 BlackRock closed-end funds (collectively, the “Funds” or the “CEFs”),1 today announced that Institutional Shareholder Services Inc. (“ISS”) has recommended shareholders vote on the GOLD Proxy Card at the following Funds:

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), a significant shareholder of 10 BlackRock closed-end funds (collectively, the “Funds” or the “CEFs”),1 today announced that Institutional Shareholder Services Inc. (“ISS”) has made the following recommendations:

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today sent the below letter to shareholders of 10 BlackRock closed-end funds (collectively, the “Funds” or the “CEFs”)1 where Saba has nominated independent directors for election to the Funds’ Boards of Trustees (the “Boards”) at the upcoming 2024 Annual Meetings of Shareholders (the “Annual Meetings”).

Saba Capital Management, L.P. (“Saba” or “we”), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSEASA) (“ASA” or the “Fund”), today commented on the outcome of the Fund’s 2024 Annual Meeting of Shareholders (the “Annual Meeting”). Based on preliminary results of the Annual Meeting, shareholders voted to elect Saba nominees Ketu Desai and Paul Kazarian to ASA’s Board of Directors (the “Board”).

Saba Capital Management, L.P. (“Saba” or “we”), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSEASA) (“ASA” or the “Fund”), today announced that a leading proxy advisory firm, Institutional Shareholder Services Inc. (“ISS”), has recommended shareholders vote for the election of Saba director candidates Ketu Desai and Paul Kazarian to the Fund’s Board of Directors (the “Board”) at the April 26, 2024 Annual Meeting of Shareholders (the “Annual Meeting”).

Saba Capital Management, L.P. (together with its affiliates, “Saba” or “we”) today issued a presentation detailing its plan to deliver shareholder value at 10 BlackRock Advisors, LLC (“BlackRock”) closed-end funds (collectively, the “Funds”).1 The presentation can be viewed here.

Saba Capital Management, L.P. (together with its affiliates, “Saba” or “we”) today announced that it has nominated seven highly qualified and independent candidates for election to the Boards of Trustees (the “Boards”) of 10 BlackRock closed-end funds (collectively, the “BlackRock Funds” or the “CEFs”) at their respective 2024 Annual Meetings of Shareholders (the “2024 Annual Meetings”).

Saba Capital Management, L.P. (“Saba” or “we”), which manages certain investment funds that together beneficially own 16.9% of the outstanding shares of ASA Gold and Precious Metals Limited (“ASA” or the “Company”) (NYSEASA), today announced that it has filed a lawsuit in the United States District Court for the Southern District of New York (the “Court”) against ASA and each member of its Board of Directors (Mary Joan Hoene, Bruce Hansen, William Donovan, Axel Merk and Anthony Artabane) regarding their decision to adopt a so-called shareholder rights plan that violates the Investment Company Act of 1940 (the “’40 Act”).

Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today announced that it has entered into a cooperation agreement with Franklin Templeton Fund Adviser, LLC (formerly known as Legg Mason Partners Fund Advisor, LLC) and the following funds that it advises: ClearBridge MLP and Midstream Fund Inc. (NYSECEM), ClearBridge MLP and Midstream Total Return Fund Inc. NYSE: CTRNYSECTR)(NYSE: EMONYSEEMO, and LMP Capital and Income Fund Inc. (NYSE: SCDNYSE) (collectively, the “ClearBridge Funds”).

Saba Capital Management, L.P. (“Saba” or “we”) today commented on the outcome of the lawsuit brought in the United States District Court for the Southern District of New York (the “Court”) against 16 closed-end funds (the “Funds”) including those managed by BlackRock, Inc. (“BlackRock”) and its Trustees (R. Glenn Hubbard, W. Carl Kester, Cynthia L. Egan, Frank J. Fabozzi, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, Catherine A. Lynch, Robert Fairbairn and John M. Perlowski).

Saba Capital Management, L.P. (collectively with certain of its affiliates, “Saba” or “we”) today commented on the outcome of the lawsuit brought in the United States Court of Appeals for the Second Circuit (the “Court”) by five closed-end funds advised by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC (collectively, “Nuveen”) – the Nuveen Floating Rate Income Fund (NYSEJFR), Nuveen Floating Rate Income Opportunity Fund NYSE: JRONYSEJRO)(NYSE: JSDNYSEJSD, Nuveen Global High Income Fund (NYSE: JGHNYSE), and Nuveen Senior Income Fund (NYSE: NSLNSL) (the “Funds”) – and trustees that include 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.

Saba Capital Management, L.P. (“Saba” or “we”), one of the largest shareholders of the European Opportunities Trust PLC (LSE: EOT) (the "Fund" or the "Trust"), today issued a letter it sent to the Chairman of the Fund’s Board of Directors (the “Board”) regarding its opposition to the proposed tender offer the Fund announced on November 6, 2023. Until the size of the tender offer is increased, Saba recommends that shareholders reject the continuation resolution at the Fund’s Annual General Meeting scheduled to be held on November 15, 2023.

Saba Capital Management, L.P. (“Saba” or “we”), one of the largest shareholders of the European Opportunities Trust PLC (LSE: EOT) (the "Fund" or the "Trust"), today issued a letter it sent to the Chairman of the Fund’s Board of Directors (the “Board”) making clear its opposition to the Board’s recommendation that shareholders vote in favor of the conditional tender and a continuation resolution at the Fund’s Annual General Meeting scheduled to be held on November 15, 2023.

Saba Capital Management, L.P. (“Saba” or “we”), as manager of certain investment funds collectively holding more than 20% of the outstanding Units (“Units”) of the Citadel Income Fund (TSX: CTF.UN) (“Citadel” or the “Fund”), today announced that it has filed an initial information circular in connection with its successful requisition of Citadel’s 2023 Special Meeting of Unitholders (the “Special Meeting”), which has been scheduled for September 11, 2023. Saba requisitioned the Special Meeting for the purpose of replacing the current trustee and manager of Citadel, Artemis Investment Management Limited (“Artemis”), and approving the Fund’s timely wind-up and liquidation, among other things, as outlined in Saba’s February 27th letter to unitholders.

Saba Capital Management, L.P. (“Saba” or “we”), a significant shareholder of the BlackRock ESG Capital Allocation Term Trust (NYSEECAT) (“ECAT”), the BlackRock Innovation and Growth Term Trust NYSE: BIGZNYSEBIGZ)(NYSE: BFZNYSEBFZ (“BFZ”) (collectively, the “Funds”), today announced that Institutional Shareholder Services Inc. (“ISS”) has supported its case for change at the aforementioned closed-end funds advised by BlackRock, Inc. (“BlackRock”). In its reports, ISS made the following recommendations:

Saba Capital Management, L.P. (“Saba” or “we”) filed a lawsuit today in the United States District Court for the Southern District of New York against 16 closed-end funds (the “Funds”) advised by BlackRock, Inc. (“BlackRock”), Franklin Resources, Inc. (“Franklin Resources”), Tortoise Capital Advisors, L.L.C. (“Tortoise”), Adams Funds and FS Investments as well as the BlackRock fund trustees (R. Glenn Hubbard, W. Carl Kester, Cynthia L. Egan, Frank J. Fabozzi, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, Catherine A. Lynch, Robert Fairbairn and John M. Perlowski) and the Tortoise fund trustee (P. Bradley Adams) that have adopted control share acquisition provisions that strip voting rights from shareholders. In addition to their other board assignments and outside responsibilities, each of the BlackRock fund trustees also serves on at least 70 BlackRock fund boards at the same time, despite BlackRock’s guidelines for governance explicitly calling for a four board maximum.

Saba Capital Management, L.P. (“Saba” or “we”), the largest common shareholder of the ClearBridge Energy Midstream Opportunity Fund Inc. (NYSEEMO) (“EMO” or “ClearBridge” or the “Fund”), today commented on the preliminary voting results of the Fund’s 2023 Annual Meeting of Shareholders (“Annual Meeting”).

Saba Capital Management, L.P. (“Saba” or “we”), the largest common shareholder of the ClearBridge Energy Midstream Opportunity Fund Inc. (NYSEEMO) (“EMO” or “ClearBridge” or the “Fund”), today announced that a leading proxy advisory firm, Institutional Shareholder Services Inc. (“ISS”), has recommended shareholders vote for the election of Saba’s director candidate Paul Kazarian to the Fund’s Board of Directors (the “Board”) at the 2023 Annual Meeting of Shareholders (the “Annual Meeting”) scheduled to be held on April 14, 2023.

Saba Capital Management, L.P. ("Saba"), as manager of certain investment funds collectively holding more than 20% of the outstanding Units (“Units”) of Citadel Income Fund (“Citadel” or the “Fund”) today sent Citadel a letter requisitioning a special meeting of unitholders (“Meeting”) to, among other things, replace the trustee and manager of Citadel, Artemis Investment Management Limited, and approve the termination and wind-up of Citadel.

Saba Capital Management, L.P. (“Saba” or “we”), a significant shareholder of the Templeton Global Income Fund (NYSEGIM) (“GIM” or the “Fund”), today reacted to the Fund’s withdrawal of its self-serving litigation that delayed the rightful election of four Saba-nominated trustees to the Fund’s Board of Trustees (the “Board”).

Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today commented on the outcome of the lawsuit brought in the Suffolk County Superior Court in Massachusetts (the “Court”) by four closed-end funds advised by Eaton Vance – the Eaton Vance Senior Income Trust (NYSEEVF), Eaton Vance Senior Floating-Rate Trust NYSE: EFRNYSEEFR)(NYSE: EFTNYSEEFT and Eaton Vance Limited-Duration Fund (NYSE: EVVNYSE) (the “Funds”) – and the following fund trustees: Thomas E. Faust, Jr., Mark R. Fetting, Cynthia E. Frost, George J. Gorman, Valerie A. Mosley, William H. Park, Helen F. Peters, Keith Quinton, Marcus L. Smith, Susan J. Sutherland and Scott E. Wennerholm.

Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today declared its support for the announced transaction between Vertical Capital Income Fund (NYSEVCIF) (“VCIF” or the “Fund”) and Carlyle Global Credit Investment Management (“Carlyle”).

Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today announced that it has reached an agreement regarding Salient Midstream & MLP Fund (NYSESMM) (the “Fund”).

Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today announced that it has reached an agreement with Delaware Investments National Municipal Income Fund (NYSEVFL) (the “Fund”).

Saba Capital Management, L.P. (collectively with its affiliates, “Saba” or “we”), a significant shareholder of the Templeton Global Income Fund (NYSEGIM) (“GIM” or the “Fund”), today commented on the results of GIM’s inspector of elections’ review of the voting results of the Fund’s 2022 Annual Meeting of Shareholders (the “Annual Meeting”). Following Franklin Templeton’s demand for a review, the inspector of elections has reaffirmed shareholders’ vote for Saba’s full slate of nominees – Karen Caldwell, Ketu Desai, Anatoly Nakum and Mark Hammitt – to the Fund’s Board of Trustees (the “Board”). Shareholders first voted to elect all of Saba’s nominees at the Annual Meeting held on June 6, 2022, according to preliminary voting results.

Saba Capital Management, L.P. (collectively with its affiliates, “Saba” or “we”), a significant shareholder of the Templeton Global Income Fund (NYSEGIM) (“GIM” or the “Fund”), today issued the below statement in response to the Fund’s meritless and self-serving legal action that seeks to prevent the certification of the results of the Annual Meeting of Shareholders held on June 6, 2022 (the "Annual Meeting"). As a reminder, preliminary voting results show that shareholders voted to elect all four of Saba’s nominees to the Fund’s Board of Trustees (the “Board”). Assuming these results are certified, Saba-nominated trustees will constitute a majority of the 11-member Board, building on the prior election of four Saba nominees to the Board in 2021.

Saba Capital Management, L.P. (collectively with its affiliates, “Saba” or “we”), a significant shareholder of the Templeton Global Income Fund (NYSEGIM) (“GIM” or the “Fund”), today commented on the preliminary results of the Fund’s 2022 Annual Meeting of Shareholders (the “Annual Meeting”). Based on the preliminary voting results provided by Saba’s proxy solicitor, shareholders have voted to elect all four of Saba’s nominees – Karen Caldwell, Ketu Desai, Anatoly Nakum and Mark Hammitt – to the Fund’s Board of Trustees (the “Board”). Saba-nominated trustees will now constitute a majority of the 11-member Board, building on the prior election of four Saba nominees to the Board in 2021.

Saba Capital Management, L.P. (collectively with its affiliates, “Saba”), a meaningful shareholder of The New Ireland Fund (NYSEIRL) (“IRL” or the “Fund”), today announced that leading independent proxy advisory firm Institutional Shareholder Services Inc. ("ISS”) has recommended IRL’s shareholders vote for boardroom change on the GOLD proxy card. In particular, ISS recommends the addition of Saba’s highly qualified and independent shareholder representative – Paul Kazarian – to IRL’s Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders that is scheduled to be held on June 14, 2022.

Saba Capital Management, L.P. (collectively with its affiliates, “Saba”) today highlighted the outcome of the lawsuit it brought in the United States District Court for the Southern District of New York (the “Court”) against certain closed-end funds advised by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC (collectively, “Nuveen”) and the following fund trustees: Jack B. Evans, William C. Hunter, Albin F. Moschner, John K. Nelson, Judith M. Stockdale, Carole E. Stone, Matthew Thornton, III, Terence J. Toth, Margaret L. Wolff and Robert L. Young.

Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that it has reached an agreement with Eaton Vance Management with respect to each of Eaton Vance Senior Income Trust (NYSEEVF), Eaton Vance Floating-Rate Income Trust NYSE: EFTNYSEEFT)(NYSE: EFRNYSEEFR (the “Funds”).

Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that shareholders of Templeton Global Income Fund (NYSEGIM) (the “Fund”) have elected all of Saba’s nominees – Aditya Bindal, Frederic Gabriel, Paul Kazarian, and Pierre Weinstein – to the Fund’s Board of Trustees (the “Board”), thereby replacing all four incumbent Trustees standing for re-election at the Fund’s 2021 Annual Meeting of Shareholders (the “Annual Meeting”). These results have been certified by the independent Inspector of Election for the Annual Meeting.

Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that it has reached an agreement with Invesco Dynamic Credit Opportunities Fund (NYSEVTA) (the “Fund”).