DEFA14A: Nuveen Preferred & Income Term Fund Adjourns Shareholder Meeting to July 17, 2024, to Encourage Voting

The Nuveen Preferred & Income Term Fund has adjourned its Annual Meeting of Shareholders to July 17, 2024, to allow more time for shareholders to vote on a proposal.

Summary

• The Nuveen Preferred & Income Term Fund (JPI) has adjourned its Annual Meeting of Shareholders, originally held on April 12, 2024, to July 17, 2024.
• The adjournment is to allow shareholders more time to vote on a proposal.
• The meeting will be held virtually via live webcast.
• Shareholders who held shares on the record date and have not yet voted are urged to do so.
• The Board of Trustees recommends voting for the proposal.
• Shareholders can vote online, by telephone, or by mail using the instructions on the proxy card.
• Computershare Fund Services is available at 1-(888) 815-5825 to assist with questions or voting.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The document is a procedural update regarding the adjournment of a shareholder meeting to ensure sufficient voting. There are no explicit positive or negative financial implications mentioned, but the need for adjournment suggests potential challenges in achieving quorum.

Positives

• The fund is actively encouraging shareholder participation in governance.
• Multiple voting options are available for shareholder convenience.
• Assistance is available for shareholders who have questions or need help voting.

Negatives

• The adjournment of the meeting suggests that initial voting turnout was insufficient.
• Additional solicitation costs may be incurred due to the need for increased shareholder participation.

Risks

• Low shareholder turnout could prevent the fund from holding its meeting or voting on the proposal.
• The fund may incur additional solicitation costs to obtain sufficient shareholder participation.

Future Outlook

The fund aims to successfully reconvene the Annual Meeting on July 17, 2024, with sufficient shareholder participation to vote on the proposal.

Management Comments

• The Board of Trustees recommends that you vote for the proposal.
• Your vote is very important.
• Voting now helps minimize proxy costs, avoids unnecessary communications and eliminates phone calls to shareholders.

Industry Context

This announcement is typical for investment funds needing to ensure sufficient shareholder participation for important votes, reflecting the regulatory requirements and governance practices within the investment management industry.

Comparison to Industry Standards

• It is common practice for investment funds, such as those managed by BlackRock, Vanguard, and Fidelity, to adjourn shareholder meetings to ensure sufficient quorum and shareholder participation.
• Proxy solicitation firms like Computershare Fund Services are frequently used by funds to manage the voting process and provide assistance to shareholders, aligning with industry best practices.
• Virtual shareholder meetings have become increasingly common, especially since 2020, mirroring the trend across various industries to leverage technology for accessibility and cost efficiency.

Stakeholder Impact

• Shareholders are directly impacted as they are being asked to vote on a proposal.
• The fund's management is impacted as they need to ensure sufficient shareholder participation.
• The fund's reputation could be affected if it fails to achieve sufficient shareholder participation.

Next Steps

• Shareholders are encouraged to vote on the proposal before the reconvened meeting on July 17, 2024.
• The fund will continue outreach to shareholders to encourage voting.

Key Dates

Keywords

proxy vote, shareholder meeting, Nuveen Preferred & Income Term Fund, JPI, adjournment, voting, proxy solicitation