Nuveen Real Asset Income & Growth Fund Files DEFA14A

TL;DR

JRI filed proxy docs, shareholders need to pay attention to upcoming votes.

AI Summary

Nuveen Real Asset Income & Growth Fund (JRI) has filed a Definitive Additional Materials proxy statement (DEFA14A) on April 30, 2024. This filing relates to the fund's proxy materials and is not a preliminary statement. The filing fee was not required, indicating it's a standard submission.

Why It Matters

This filing provides important information to shareholders regarding the Nuveen Real Asset Income & Growth Fund, likely concerning upcoming votes or proposals that require shareholder approval.

Risk Assessment

Risk Level: low — This is a routine proxy filing and does not indicate any immediate financial distress or significant operational changes for the fund.

Key Players & Entities

• Nuveen Real Asset Income & Growth Fund (company) — Registrant
• JRI (company) — Ticker Symbol
• Nuveen Multi-Asset Income Fund (company) — Related Fund
• NMAI (company) — Related Fund Ticker
• Nuveen Variable Rate Preferred and Income Fund (company) — Related Fund
• NPFD (company) — Related Fund Ticker

FAQ

Key Financial Figures

• $500 million — evel Breakpoint Schedule For the first $500 million 0.7000% 0.7000% 0.8000% 0.7000%
• $100 — capitalization of between approximately $100-200mm. NMAIs market capitalization is n
• $400m — ket capitalization is now approximately $400mm. The chart below illustrates bid/ask s
• $54 billion — closed-end funds with managed assets of $54 billion. Q: When comparing Mr. Chens experien

Filing Documents

• d792432ddefa14a.htm (DEFA14A) — 42KB
• g792432g02r02.jpg (GRAPHIC) — 72KB
• g792432g05r05.jpg (GRAPHIC) — 83KB
• g792432g06r06.jpg (GRAPHIC) — 109KB
• g792432g07r07.jpg (GRAPHIC) — 11KB
• 0001193125-24-122941.txt ( ) — 423KB

From the Filing

REAL ASSET INCOME & GROWTH FUND Nuveen Real Asset Income & Growth Fund UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Securities Exchange Act of 1934 (Amendment No.) 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-12 Nuveen Real Asset Income and Growth Fund (Exact Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. Nuveen Real Asset Income and Growth Fund (JRI) Nuveen Multi-Asset Income Fund (NMAI) Nuveen Variable Rate Preferred and Income Fund (NPFD) Nuveen Core Plus Impact Fund (NPCT) ISS Follow-Up Items 4/25/2024 Q: Is there an example of fee savings for JDD, JTA, and JTD as a result of merging into NMAI? A: Using all public information from the last 6/30/2021 financial report for each pre-merger fund, the table below demonstrates management fee savings each fund shareholder would experience based on those assets. The merged NMAI assets in the table are a summation of the 6/30 assets and do not represent current merged assets which have changed over time reflecting market movements. Management fees are a combination of a complex-wide fee, which has a breakpoint schedule beginning at .20% and uses fund assets in the complex, and fund-level fees. On any given date, the complex-wide fee will be the same across all funds in the complex and for this example we are using .1550% as the complex-wide fee which generally reflects complex-wide fees at that time of the merger. The fund-level fees are based on each funds breakpoint schedule as included in the table. NMAIs fund-level breakpoint schedule is the schedule in place since the merger. Management Fees JDD JTA JTD Merged NMAI Managed Assets 317,460,839 248,746,125 252,129,634 818,336,598 Fund-Level Breakpoint Schedule For the first $500 million 0.7000% 0.7000% 0.8000% 0.7000% For the next $500 million 0.6750% 0.6750% 0.7750% 0.6750% Complex-Wide Management Fees 0.1550% 0.1550% 0.1550% 0.1550% Net Management Fees 0.8550% 0.8550% 0.9550% 0.845% Net Management Fee Savings -0.0097% -0.0097% -0.1097% In addition to management fees savings there are other expense savings due to fixed costs being spread over a more highly scaled asset base following the merger. Other expense fee savings are not as easily calculated as management fees which are formulaic based on assets, so we have not included those savings. We believe it is easy to understand that fixed expenses, including some professional fees, audit fees, shareholder servicing fees, certain costs associated with shareholder reports, and other fixed costs that are spread over a higher asset base following a merger produce savings for fund shareholders. For example, each fund prior to the merger requires an annual audit which is reduced to one. The SEC requires us to send both a semiannual and annual report to shareholders, that is reduced from 6 to 2. Q: Is there an example of tighter bid/ask spreads in the secondary market for NMAI compared to the funds pre-merger? A: The chart below shows Nuveen closed-end fund market data related to bid/ask spreads and demonstrates that larger funds in our complex trade at tighter bid/ask spreads. Each of the predecessor funds had a market capitalization of between approximately $100-200mm. NMAIs market capitalization is now approximately $400mm. The chart below illustrates bid/ask spread impact resulting from growing the funds market capitalization. In a given market environment, bid/ask spreads reflect market sentiment, but we have persistently observed through market environments that larger funds (as measured by market capitalization) have narrower bid/ask spreads. Q: How many funds and what is the AUM for the Nuveen CEF complex? A: As of 12/31/2023, 45 closed-end funds with managed assets of $54 billion. Q: When comparing Mr. Chens experience relative to Joanne Mederos experience, does she have direct fund experience? A: Yes. As Barclays Global Investors General Counsel (1996-2006) Joanne Medero was responsible for providing legal advice about its 1940 Act registered mutual funds, as well as its bank-maintained collective investment trusts, non-US funds, and private funds. During this time period, BGI became the investment manager for World Equity Benchmark Shares (WEBs--now iShares country specific funds) and launched its iShares ETF franchise. Her involvement in ETFs included signi

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