Puerto Rico Fund Seeks Shareholder Approval for 3 Director Nominees

TL;DR

**Vote FOR the Board's director nominees to maintain stability in this Puerto Rico-focused fund, or risk potential governance disruption.**

AI Summary

The Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc. (the "Fund") is holding its 2025 Annual Meeting of Shareholders virtually on October 16, 2025, at 11:30 a.m. Atlantic Standard Time. The primary purpose of this meeting is to elect three directors to the Fund's Board of Directors: Agustín Cabrer, Clotilde Pérez, and Vicente J. León, each nominated for a term expiring in 2028. Shareholders of record as of August 29, 2025, are eligible to vote, with 39,019,318 shares outstanding on that date. The Board of Directors unanimously recommends voting "FOR ALL" of the nominated directors. Shareholders can vote online via www.proxyvote.com, by mail, or by registering to attend the virtual meeting by October 14, 2025. The filing emphasizes the importance of shareholder participation to ensure a quorum, which requires more than one-half of the outstanding shares to be present or represented by proxy.

Why It Matters

This DEF 14A filing is crucial for investors in the Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc. as it outlines the upcoming election of three Class I directors, who will serve until 2028. The composition of the Board directly influences the Fund's governance, strategic direction, and oversight of its tax-free high-grade portfolio, impacting long-term investor returns and risk management. For employees and customers, a stable and experienced board ensures consistent management and adherence to the Fund's investment objectives. In the competitive landscape of Puerto Rico-focused investment vehicles, strong governance is a key differentiator, reassuring the market of the Fund's stability and commitment to its mandate.

Risk Assessment

Risk Level: low — The risk level is low because the filing primarily concerns routine director elections with no apparent contested nominations or significant policy changes. The Board of Directors unanimously recommends voting "FOR ALL" the nominees, indicating a unified front and continuity in governance. There are no disclosed financial risks or operational challenges in this proxy statement.

Analyst Insight

Investors should review the director nominees' qualifications to ensure they align with the Fund's objectives. Given the Board's unanimous recommendation, shareholders should vote "FOR ALL" the nominees to support stable governance, or actively withhold votes if they have specific concerns about any individual candidate.

Financial Highlights

debt To Equity

N/A

revenue

$N/A

operating Margin

N/A

total Assets

$N/A

total Debt

$N/A

net Income

$N/A

eps

$N/A

gross Margin

N/A

cash Position

$N/A

revenue Growth

N/A

Key Numbers

• October 16, 2025 — Date of 2025 Annual Meeting (Scheduled date for the virtual shareholder meeting)
• 11:30 a.m. — Meeting Time (Atlantic Standard Time for the 2025 Annual Meeting)
• August 29, 2025 — Record Date (Shareholders of record on this date are entitled to vote)
• 39,019,318 — Shares Outstanding (Total common stock shares outstanding on the record date)
• 3 — Number of Directors to be Elected (Proposal 1 seeks to elect three Class I directors)
• 2028 — Director Term Expiration Year (Term for the elected Class I directors)
• October 14, 2025 — Virtual Meeting Registration Deadline (Deadline to register for the virtual meeting at 5:00 p.m. AST)
• 1-800-221-9825 — Toll-Free Contact Number (For shareholders to request additional reports)

Key Players & Entities

• Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc. (company) — Registrant
• Agustín Cabrer (person) — Director Nominee, Class I, Term expires 2028
• Clotilde Pérez (person) — Director Nominee, Class I, Term expires 2028
• Vicente J. León (person) — Director Nominee, Class I, Term expires 2028
• Liana Loyola (person) — Secretary of the Board of Directors
• Edward Ramos (person) — Proxy holder
• Maria L. Vilaró (person) — Proxy holder
• SEC (regulator) — Securities and Exchange Commission
• Broadridge (company) — Virtual meeting platform provider
• UBS Puerto Rico (company) — Associated with virtual meeting registration portal

FAQ

Industry Context

The Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc. operates within the closed-end fund sector, specifically focusing on municipal bonds for Puerto Rico residents. These funds typically aim to provide tax-exempt income and are sensitive to interest rate changes and the credit quality of the underlying municipal debt. The competitive landscape includes other Puerto Rico-focused municipal bond funds and broader municipal bond ETFs/mutual funds.

Regulatory Implications

As a registered investment company, the Fund is subject to SEC regulations, including proxy solicitation rules (Regulation 14A) and reporting requirements. The Puerto Rico jurisdiction may also impose specific tax and regulatory considerations for the Fund and its shareholders, particularly concerning the tax-exempt status of its income.

What Investors Should Do

1. Vote on Director Elections: Shareholders are urged to vote 'FOR ALL' nominated directors (Agustín Cabrer, Clotilde Pérez, and Vicente J. León) to ensure the Board's continuity and governance.
2. Ensure Quorum: Participate in the meeting by proxy or virtually to help achieve the necessary quorum (over one-half of outstanding shares), which is crucial for the meeting's validity.
3. Register for Virtual Meeting: If planning to attend virtually, register by October 14, 2025, to receive login instructions.
4. Review Proxy Materials: Shareholders should review the Proxy Statement for details on the director nominees and the voting process.

Key Dates

• 2025-10-16: 2025 Annual Meeting of Shareholders — Shareholders will vote on the election of directors and other business. A quorum requires over one-half of outstanding shares.
• 2025-08-29: Record Date — Establishes the shareholders eligible to vote at the 2025 Annual Meeting. 39,019,318 shares were outstanding on this date.
• 2025-10-14: Virtual Meeting Registration Deadline — Shareholders must register by this date (5:00 p.m. AST) to attend and vote at the virtual meeting.
• 2025-09-19: First Mailing of Proxy Materials — Shareholders receive the Notice of Annual Meeting and Proxy Statement, initiating the proxy solicitation period.

Glossary

DEF 14A

A filing with the U.S. Securities and Exchange Commission (SEC) that provides detailed information to shareholders regarding an upcoming annual meeting, including proposals to be voted on and information about director nominees. (This document is the Proxy Statement for the Fund's 2025 Annual Meeting, outlining the proposals and information shareholders need to vote.)

Proxy

A document that authorizes another person (the proxy holder) to act on behalf of the shareholder, typically to vote shares at a shareholder meeting. (Shareholders are asked to complete and return a proxy card to ensure their vote is counted, especially if they cannot attend the virtual meeting.)

Quorum

The minimum number of shareholders or shares required to be present (in person or by proxy) at a meeting for business to be legally transacted. (A quorum for the Fund's meeting requires the presence of holders of more than one-half of the outstanding shares, emphasizing the importance of shareholder participation.)

Record Date

A specific date set by a company to determine which shareholders are eligible to receive notice of a shareholder meeting and to vote. (Shareholders of record as of August 29, 2025, are entitled to vote at the 2025 Annual Meeting.)

Nominee

An individual proposed by the Board of Directors for election to the Board of Directors. (The meeting's primary purpose is to elect three nominees: Agustín Cabrer, Clotilde Pérez, and Vicente J. León.)

Year-Over-Year Comparison

This filing is a standard proxy statement for an annual shareholder meeting focused on director elections. Specific comparative financial metrics to a prior year's filing are not detailed within this document, as its primary purpose is to solicit proxies for the upcoming meeting rather than present a comprehensive financial review against prior periods. The key information pertains to the upcoming meeting's date, record date, shares outstanding, and director nominations.

Filing Documents

• ea0256869-01_def14a.htm (DEF 14A) — 239KB
• 0001213900-25-089643.txt ( ) — 240KB

From the Filing

DEF 14A 1 ea0256869-01_def14a.htm DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to §240.14a-2 Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc. (Name of Registrant as Specified In Its Charter) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee amount computed on table in exhibit as required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc. 250 Muñoz Rivera Avenue American International Plaza, Tenth Floor San Juan, Puerto Rico 00918 NOTICE OF 2025 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 16, 2025 To the shareholders of the Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc.: NOTICE IS HEREBY GIVEN that the 2025 Annual Meeting of Shareholders (including any adjournments or postponements thereof, the “2025 Annual Meeting”) of the Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc., a Puerto Rico corporation (the “Fund”), is scheduled to be held virtually on October 16, 2025, at 11:30 a.m. Atlantic Standard Time (11:30 a.m. Eastern Daylight Time) for the following purposes: 1. To elect three directors of the Fund (PROPOSAL 1); and 2. To transact such other business as may properly come before the 2025 Annual Meeting or any adjournment or postponement thereof. The items mentioned above are discussed in greater detail in the attached Proxy Statement. Any shareholder wishing to participate in the 2025 Annual Meeting by means of remote communication can do so. If you were a record holder of shares of common stock of the Fund as of the close of business on the record date, August 29, 2025, please register at https://viewproxy.com/UBSPuertoRico/broadridgevsm / no later than 5:00 p.m. Atlantic Standard Time (5:00 p.m. Eastern Daylight Time) on October 14, 2025 to attend and vote at the 2025 Annual Meeting. Broadridge will then e-mail you the login information and instructions for attending and voting at the 2025 Annual Meeting Only holders of record of shares of the Fund’s common stock at the close of business on August 29, 2025 are entitled to receive this notice and vote at the 2025 Annual Meeting the shares held of record in their name on such date. YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE COMPLETE, SIGN AND DATE THE PROXY CARD DELIVERED TO YOU AND RETURN IT PROMPTLY. RETURNING YOUR PROXY CARD WILL NOT PREVENT YOU FROM VOTING AT THE MEETING, BUT WILL ENSURE THAT YOUR VOTE IS COUNTED IF YOU ARE UNABLE TO ATTEND. INSTRUCTIONS FOR THE PROPER EXECUTION OF THE PROXIES ARE SET FORTH ON THE FOLLOWING PAGE. In San Juan, Puerto Rico, this 19th day of September, 2025. By Order of the Board of Directors: /s/ Liana Loyola Liana Loyola Secretary INSTRUCTIONS FOR SIGNING PROXY CARDS The following general rules for signing proxy cards may be of assistance to you and avoid the invalidation of your vote if you fail to sign your proxy card properly. 1. Individual Accounts: Sign your name exactly as it appears in the registration section on the proxy card. 2. Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration section. 3. All Other Accounts: The capacity of the individuals signing the proxy card should be indicated unless it is reflected in the form of registration. For example: Registration Valid Signature Corporate Accounts (1) ABC Corp. ABC Corp. (2) ABC Corp. John Doe, Treasurer (3) ABC Corp. John Doe c/o John Doe, Treasurer Trust Accounts (1) ABC Trust Jane B. Doe, Trustee (2) Jane B. Doe, Trustee Jane Doe u/t/d 12/28/78 Custodial of Estate Accounts (1) John B. Smith, Cust. John B. Smith f/b/o John B. Smith, Jr. (2) John B. Smith John B. Smith, Jr., Executor Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc. 250 Muñoz Rivera Avenue American International Plaza, Tenth Floor San Juan, Puerto Rico 00918 PROXY THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Mr. Edward Ramos and Ms. Maria L. Vilaró as proxies, each with the power to appoint his or her substitute, and hereby authorizes each of them to represent the unde

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