NEW YORK, May 13, 2024--(BUSINESS WIRE)--The Boards of Trustees of certain Nuveen closed-end funds announced today that Glass Lewis, a leading independent proxy advisory firm, recommended that shareholders vote on the WHITE proxy cards FOR all of the Board Nominees of Nuveen Real Asset Income and Growth Fund (NYSE: JRI), Nuveen Core Plus Impact Fund (NYSE: NPCT), Nuveen Multi-Asset Income Fund (NYSE: NMAI) and Nuveen Variable Rate Preferred & Income Fund (NYSE: NPFD) (the "Funds") in connection with the Funds’ annual meetings, scheduled to be held on May 15, 2024.

Glass Lewis specifically recommended that shareholders vote FOR all of the Boards’ qualified Trustees: Joanne T. Medero, Albin F. Moschner, Loren M. Starr, Matthew Thornton III and Margaret L. Wolff.

In making its recommendation for Nuveen’s nominees, Glass Lewis rejected the nominee submitted by dissident shareholder, Saba Capital Management, L.P. ("Saba").

"We appreciate Glass Lewis for its recognition of Nuveen’s stewardship and deep commitment to advancing the interests of shareholders. Our Trustees are highly qualified and devoted to ensuring that each of these funds achieves their investment objective and delivers the attractive, reliable distributions that matter most to closed-end fund investors. Glass Lewis recognized that the dissident’s candidate had no credible experience or plan, and that the true aim of this fight is to force short-term changes that would harm the funds and their shareholders in the long term. We thank Glass Lewis for its clarity and sound guidance, and we appreciate the support from shareholders as we continue to protect their best interests," said Dave Lamb, Head of Nuveen Closed-End Funds.

Important statements by Glass Lewis¹ in issuing its voting recommendations FOR the Funds’ Board Nominees include:

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¹ Permission to quote from the Glass Lewis report was neither sought nor obtained.

The Funds’ Trustees Have Taken Actions to Protect and Advance the Interests of All Shareholders

• "…the incumbent trustees of the Funds have demonstrated a reasonable level of attention and awareness regarding matters pertaining to the Fund’s discount to NAV. We understand that the board and trustees of each Fund have considered and taken a variety of steps in connection with efforts to reduce the discount to NAV."

Saba Has Not Offered a Compelling Plan to Create Value for Fund Shareholders

• "…it appears that Saba has not offered anything approaching a thorough or meaningful analysis of Fund discounts to NAV relative to peer funds or other relevant benchmarks."

• "…Saba has not offered any substantive arguments to justify the removal of specific individual trustees or to oppose the election of any of the Management Nominees, in our view."