DEFA14A: Nuveen Preferred & Income Term Fund to Reconvene Annual Meeting on May 10, 2024, for Shareholder Vote on Term Proposal

Nuveen Preferred & Income Term Fund's annual meeting, concerning a key term proposal, has been adjourned and will reconvene virtually on May 10, 2024, to allow shareholders more time to vote.

Summary

• The Nuveen Preferred & Income Term Fund (JPI) has adjourned its annual meeting to allow shareholders more time to vote on a term proposal.
• The meeting will reconvene on May 10, 2024, at 2:00 p.m. Central Time, and will be held virtually via live webcast.
• Shareholders are encouraged to vote on the term proposal, which offers a management fee discount for the first year if approved.
• If the term proposal is rejected, every position will be automatically liquidated, and the fund will terminate for all shareholders.
• Shareholders have the option to tender some or all of their shares at 100% of NAV.
• Shareholders can vote online, by phone, or by mail using the provided WHITE proxy card.
• Computershare Fund Services can be contacted toll-free at 1 (888) 815-5825 for any questions about the proposals.

Sentiment

Score: 5

Explanation: The sentiment is neutral as it primarily conveys information about the adjourned meeting and the importance of the shareholder vote. The potential for liquidation introduces a slightly negative element.

Positives

• Shareholders have the opportunity to vote on a term proposal that includes a management fee discount for the first year.
• Shareholders can tender some or all of their shares at 100% of NAV.
• The fund is providing multiple avenues for shareholders to vote (online, phone, mail).
• Shareholders have access to Computershare Fund Services for questions about the proposals.

Negatives

• If the term proposal is not approved, the fund will liquidate all positions and terminate, which may not be desirable for all shareholders.

Risks

• The risk of fund termination if the term proposal is not approved could lead to forced liquidation of assets.
• Shareholder apathy or lack of participation in voting could lead to an undesirable outcome.

Future Outlook

The future of the fund hinges on the outcome of the shareholder vote on the term proposal. Approval means continuation with a management fee discount, while rejection leads to liquidation.

Management Comments

• We understand that the proxy process can be frustrating, and that you have received multiple communications from us.
• To meet this requirement, we have adjourned the meeting to allow shareholders more time to vote.

Industry Context

This announcement reflects the ongoing governance processes within closed-end funds and the importance of shareholder participation in key decisions affecting the fund's future.

Stakeholder Impact

• Shareholders face the decision of voting for a term proposal with a management fee discount or risking fund liquidation.
• Fund management is impacted by the outcome of the vote, determining the fund's future.

Next Steps

• Shareholders need to vote on the term proposal before the reconvened annual meeting on May 10, 2024.

Key Dates

Keywords

Nuveen Preferred & Income Term Fund, Annual Meeting, Term Proposal, Shareholder Vote, Liquidation, Management Fee Discount, NAV, JPI