DEFA14A: Nuveen Real Asset Income & Growth Fund Faces Proxy Fight with Saba Capital

Nuveen Real Asset Income & Growth Fund urges shareholders to vote using the WHITE proxy card to support their nominees and protect their investment against Saba Capital's attempt to replace a trustee.

Summary

• Nuveen Real Asset Income & Growth Fund (JRI) is urging shareholders to vote FOR its four Class III nominees on the WHITE proxy card at the upcoming Annual Meeting on May 15, 2024.
• Saba Capital Master Fund, Ltd. is attempting to replace one of the Fund's elected Trustees with someone lacking closed-end fund or U.S. mutual fund expertise.
• Nuveen's Board believes Saba's nominee could disrupt the Fund's investment objective and its ability to deliver consistent distributions.
• The Board emphasizes its commitment to meeting the Fund's investment objective, generating reliable income, and driving performance.
• Shareholders are instructed to disregard the GOLD proxy card sent by Saba and to only use the WHITE proxy card to vote.
• Georgeson LLC is the Funds proxy solicitor and can be contacted at 866-357-3956 for questions.

Sentiment

Score: 6

Explanation: The document conveys a sense of urgency and concern due to the proxy fight, but also expresses confidence in the Board's ability to protect shareholder interests. The sentiment is neutral to slightly positive.

Positives

• The Board is committed to protecting the best interests of all Fund shareholders.
• The Trustees are focused on meeting the Fund's investment objective, generating reliable income, and driving performance.

Negatives

• Saba Capital is attempting to replace a trustee with someone lacking relevant expertise, potentially disrupting the Fund's objectives.

Risks

• Saba Capital's actions could potentially imperil the Fund's ability to perform over the long term and deliver consistent distributions.

Future Outlook

The document focuses on the immediate proxy vote and doesn't provide specific forward-looking financial guidance.

Management Comments

• We remain committed to protecting the best interests of all Fund shareholders.
• Our Trustees are focused on continuing to meet the Funds investment objective, generating reliable income, and driving performance to carry you through multiple market cycles.

Industry Context

Proxy fights are not uncommon in the investment management industry, particularly with activist investors like Saba Capital seeking to influence fund management and strategy.

Stakeholder Impact

• The outcome of the proxy vote will directly impact shareholders, potentially affecting the Fund's investment strategy and performance.
• Employees of Nuveen may be affected by changes in the Fund's direction.

Next Steps

• Shareholders need to vote using the WHITE proxy card before the Annual Meeting on May 15, 2024.

Key Dates

Keywords

proxy fight, Nuveen Real Asset Income & Growth Fund, Saba Capital, trustees, proxy card, shareholders, voting, investment objective, closed-end fund