UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

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Nuveen Preferred and Income Term Fund

 

 

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{Name}

I wanted to provide an update to my previous email. The annual shareholder meeting has been adjourned to June 3, 2024 giving shareholders more time to submit their votes for the JPI shareholder proposal. As a reminder, we are asking that you reach out to advisors or shareholders who have an allocation to JPI and encourage them to vote in a manner that is consistent with their needs. We are happy to discuss the proposal with advisors or clients who have additional questions. Please find a few high-level points included in the proposal below:

 

  •  

JPI is scheduled to terminate on Aug 31, 2024.

  •  

Nuveen has recommended and JPI’s Board has approved a proposal to eliminate the term and convert the fund to perpetual giving shareholders the choice to remain invested or seek liquidity at NAV. We would like to emphasize that clients will have liquidity at NAV even if the proposal passes.

  •  

If the vote passes, shareholders will have two options:

  1.

Remain invested in JPI, continuing to be invested in preferreds and earning high levels of QDI-eligible income

  2.

Tender their shares and receive NAV on or before Aug 31, 2024

  •  

If the vote passes and the remaining assets in the fund are greater than $70mm, the fund will continue as a perpetual fund. In that case Nuveen will waive 50% of its net management fees over the first year following the elimination of the term.

  •  

Client letters can be found here.

If you have any additional questions, please reach out to me directly or your advisor consultant team at 800-752-8700.

Thank you,

{Signature}

FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS.

The views and opinions expressed are for informational and educational purposes only as of the date of production and may change at any time based on market or other conditions and may not come to pass. The comments and statements made are based solely upon the opinions of Nuveen and the data available at the time of publication, which may change without notice. There is no assurance that any predicted results will actually occur.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell, or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her financial professional.

Closed-end fund shares are subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. At any point in time, your common shares may be worth less than you paid, even after considering the reinvestment of fund distributions. Closed-end fund historical distribution sources have included net investment income, realized gains, and return of capital.

Nuveen Securities, LLC., member FINRA and SIPC.

Nuveen | nuveen.com | 730 Third Avenue, New York, NY 10017

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