DEFC14A 1 p24-1121defc14a.htm NUVEEN PREFERRED & INCOME TERM FUND

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

 

 

Filed by the Registrant ¨

 

Filed by a Party other than the Registrant þ

 

Check the appropriate box:

 

¨ Preliminary Proxy Statement
¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
þ Definitive Proxy Statement
¨ Definitive Additional Materials
¨ Soliciting Material Under Rule 14a-12

 

 

 

Nuveen Preferred and Income Term Fund

(Name of Registrant as Specified In Its Charter)

 

Saba Capital Management, L.P.

Boaz R. Weinstein

 

 

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

 

 
 

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DATED March 4, 2024

 

Nuveen Preferred and Income Term Fund

 

PROXY STATEMENT

 

OF

Saba Capital Management, L.P.
 

 

PLEASE SIGN, DATE AND MAIL THE ENCLOSED GOLD PROXY CARD TODAY

 

This proxy statement (this “Proxy Statement”) and the enclosed GOLD proxy card are being furnished by Saba Capital Management, L.P. (“Saba Capital”) and Boaz R. Weinstein (“Mr. Weinstein,” and together with Saba Capital, “Saba,” “we,” “us” or the “Participants”), in connection with the solicitation of proxies from the shareholders of Nuveen Preferred and Income Term Fund, a Massachusetts business trust and closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “Fund”), at the 2024 annual meeting of shareholders of the Fund (including any adjournments or postponements thereof and any special meeting which may be called in lieu thereof, the “Annual Meeting”).

 

The Fund is a term fund that is scheduled to terminate on or before August 31, 2024, unless the Fund’s Board of Trustees (the “Board”) elects to extend the term for up to twelve months in accordance with the charter documents of the Fund. The Fund is asking shareholders to approve a proposal to eliminate the term structure of the Fund, as more fully described below.

 

The Annual Meeting is scheduled to be held virtually on April 12, 2024 at 2:00 p.m., Central Time.

 

This Proxy Statement and the enclosed GOLD proxy card are first being furnished to the Fund’s shareholders on or about March 4, 2024.

 

Saba is seeking your support at the Annual Meeting in accordance with Saba’s recommendation with respect to the following proposal (the “Proposal”).

 

  Proposal   Our Recommendation
         
  1.

To approve an amendment to the Fund’s Declaration of Trust that would eliminate the provision requiring the automatic termination of the Fund on or before August 31, 2024.

 

  AGAINST

 

 

 

 

 1

 

 

Through this Proxy Statement and enclosed GOLD proxy card, we are soliciting proxies opposing the Proposal. We urge shareholders to vote “AGAINST” the Proposal due to the reasons described in the “Proposal” section below.

 

The Fund has set the record date for determining shareholders entitled to notice of and to vote at the Annual Meeting (the “Record Date”) as January 19, 2024. Shareholders of record at the close of business on the Record Date will be entitled to vote at the Annual Meeting. As of the Record Date, the Participants may be deemed to “beneficially own” (such term as used in Schedule 14A within the meaning of Rule 13d-3 or Rule 16a-1 under the Securities Exchange Act of 1934 (the “Exchange Act”)), in the aggregate, 0 shares of the Fund’s common stock, par value $0.01 per share (the “Common Shares”). There were 22,772,419 Common Shares and no preferred shares of the Fund outstanding as of the Record Date according to the Fund’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2024 for the Annual Meeting (the “Fund’s Proxy Statement”).

 

We urge you to sign, date and return the GOLD proxy card voting “AGAINST” the Proposal. By returning the GOLD proxy card, you are authorizing Saba to vote on your behalf, and if you do not indicate how you would like to vote, your vote will be counted “AGAINST” the Proposal.

 

According to the Amended and Restated By-laws of the Fund (the “Bylaws”) and the Fund’s Proxy Statement, approval of the Proposal requires the affirmative vote of a majority of the outstanding Common Shares. As used above, the term "majority" means more than 50%.

 

Saba intends to deliver this Proxy Statement and the accompanying Form of GOLD Proxy Card to holders of at least the percentage of the Fund’s voting shares required under applicable law to oppose the Proposal at the Annual Meeting and otherwise intends to solicit proxies or votes from shareholders of the Fund in opposition to the passage of the Proposal. This proxy solicitation is being made by Saba and not on behalf of the Board or management of the Fund or any other third party.

 

According to the Fund’s Proxy Statement, there will be four Class III Board members up for election at the Annual Meeting (the “Election Proposal”). Saba is not soliciting your vote or making any recommendation with respect to the Election Proposal. You will not be able to vote on the Election Proposal on the enclosed GOLD proxy card and therefore will forfeit your right to vote on the Election Proposal if you choose to vote using the GOLD proxy card. We are not aware of any other matters to be brought before the Annual Meeting other than as described herein. Should matters other than the Proposal and the election of the Board members be brought before the Annual Meeting, the persons named as proxies in the enclosed GOLD proxy card will vote on such matters in their discretion to the extent allowed by Rule 14a-4(c)(3) under the Exchange Act.

 

If you have already voted using the Fund’s proxy card, you have every right to change your vote by completing and mailing the enclosed GOLD proxy card in the enclosed pre-paid envelope or by voting via Internet or by telephone by following the instructions on the GOLD proxy card. Importantly, only the latest validly executed proxy that you submit will be counted. In addition, any proxy may be revoked at any time prior to its exercise at the Annual Meeting by following the instructions under “Can I change my vote or revoke my proxy?” in the Questions and Answers section.

 

For instructions on how to vote, including the quorum and voting requirements for the Fund and other information about the proxy materials, see the Questions and Answers section.

 

 

We urge you to promptly sign, date and return your GOLD proxy card.

 

If you have any questions or require any assistance with voting your shares, please contact our proxy solicitor, InvestorCom, toll free at (877) 972-0090 or collect at (203) 972-9300.

 

 2

 

PROPOSAL: APPROVAL OF THE TERM PROPOSAL

 

Paragraph (a) of Article XIII, Section 1 of the Charter provides that, unless earlier terminated or unless the term is extended, in each case as provided in that paragraph, the Fund will continue its operations in the ordinary course until no later than the close of business on August 31, 2024, provided that the Board may take such steps prior to the termination date as they deem appropriate in anticipation of ceasing operations in the ordinary course on such date; and that following August 31, 2024, the Board will proceed to wind up the affairs of the Fund in accordance with the applicable provision of the Charter. In addition, paragraph (a) of Article XIII, Section 1 of the Charter provides that, notwithstanding the foregoing, the Fund or a class or series of its securities may be terminated at any time prior to the close of business on or before August 31, 2024, or the term of the Fund may be extended beyond August 31, 2024 for one period that in no event may exceed twelve months, in each case by action of the Board and upon provision of notice to affected shareholders, without a vote of the shareholders of the Fund, or the class or series as the case may be.

 

The Board has approved an amendment to the Charter in the form set forth in Appendix A of the Fund’s Proxy Statement (the “Charter Amendment”). As proposed, the Charter Amendment would eliminate the provisions of the Charter described in the foregoing paragraph and replace in its entirety with a provision stating that, unless terminated as provided in the Charter, the Fund will continue without limitation of time (the “Proposal”). The effect of the Charter Amendment would be to eliminate the Fund’s term provision. As a result, the Fund would no longer be managed in anticipation of a scheduled termination date and would not be required to liquidate its entire portfolio and wind up its affairs on that date. Shares of the Fund would continue to trade on the New York Stock Exchange (the “NYSE”). If the Charter Amendment is not effected, the Fund will proceed to terminate on its scheduled termination date, unless the Board elects to extend the term for up to twelve months in accordance with the charter documents of the Fund. You should refer to the Fund’s Proxy Statement and form of proxy for more information concerning the Proposal and the Charter Amendment.

 

If the shareholders approve the Proposal, the Board has authorized the Fund to commence a tender offer for up to 100% of the Fund’s outstanding Common Shares at NAV (the “Tender Offer”). The completion of the Tender Offer will be subject to the following conditions: (1) the aggregate net assets of the Fund attributable to Common Shares must equal or exceed $70 million as of the expiration date of the Tender Offer, taking into account the amounts that would be paid to shareholders who have properly tendered their shares, (2) shares of the Fund must remain eligible for listing on the NYSE, and (3) the Fund must remain subject to the reporting requirement of the Exchange Act. In addition, the Board has approved an agreement with Nuveen Fund Advisors, LLC to waive management fees or reimburse expenses in an amount equal to 50% of the Fund’s management fee for the first year following the effectiveness of the Charter Amendment, if the shareholders approve the Proposal.

 

We recommend voting “AGAINST” the Proposal due to, in our view, the Fund’s poor track record on corporate governance and shareholder rights, as evidenced by its previous adoption of a bylaw provision that stripped voting rights from certain shareholders and which was determined by a federal court to be in clear violation of the Investment Company Act of 1940,1 its implementation of a heightened voting threshold required for replacing trustees in contested elections,2 and its continued use of a classified board structure. We do not believe that the Fund, in light of its corporate governance history, should be extended beyond its originally anticipated term. The Participants did not own any Common Shares as of the Record Date, and will not be voting at the Annual Meeting.

 

Vote Required. According to the Bylaws and the Fund’s Proxy Statement, approval of the Proposal requires a majority of the outstanding Common Shares entitled to vote on the matter. As used above, the term “majority” means more than 50%.

 

Abstentions will be counted for purposes of determining whether a quorum is present and will have the same effect as votes “against” the Proposal.

 

 

 We Recommend a Vote AGAINST the Proposal on the GOLD proxy card.

 

 

 

 

 __________________________

1 Saba Capital CEF Opportunities 1, Ltd. et al v. Nuveen Floating Rate Income Fund et al, No. 1:2021cv00327 (S.D.N.Y. 2022). In upholding the district court’s ruling, the Second Circuit characterized such provision as an “extreme vote-stripping measure[ ] directly at odds” with relevant provisions of the Investment Company Act of 1940. Saba Capital CEF Opportunities 1, Ltd. et al v. Nuveen Floating Rate Income Fund et al, Docket No. 22-407 (2d Cir. 2023). The Fund previously adopted the same bylaw provision that was later struck down by the courts.

 

2  See Amended and Restated By-Laws of Nuveen closed-end funds organized as Massachusetts business trusts, dated October 5, 2020, attached as Exhibit 3.1 to the Fund’s Current Report on Form 8-K, filed with the SEC on October 6, 2020, which provides that incumbent trustees need only a plurality of votes in uncontested elections, with such threshold raised to a majority of the outstanding shares when the election is contested with shareholder nominated trustees.

 

 

 3

 

 


QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING

 

Who is entitled to vote?

 

 

Only holders of Common Shares at the close of business on the Record Date are entitled to notice of and to vote at the Annual Meeting. Shareholders who sold their Common Shares before the Record Date (or acquire them without voting rights after the Record Date) may not vote such Common Shares. Shareholders of record on the Record Date will retain their voting rights in connection with the Annual Meeting even if they sell such Common Shares after the Record Date (unless they also transfer their voting rights as of the Record Date). For information on the treatment of broker non-votes, if any, in connection with the Annual Meeting, Saba refers shareholders to the Fund’s Proxy Statement.

 

How do I vote my shares?

 

 

Common Shares held in record name. If your Common Shares are registered in your own name, please vote today by signing, dating and returning the enclosed GOLD proxy card in the postage-paid envelope provided. Execution and delivery of a proxy by a record holder of Common Shares will be presumed to be a proxy with respect to all shares held by such record holder unless the proxy specifies otherwise.

 

Common Shares beneficially owned or held in “street” name. If you hold your Common Shares in “street” name with a broker, bank, dealer, trust company or other nominee, only that nominee can exercise the right to vote with respect to the Common Shares that you beneficially own through such nominee and only upon receipt of your specific instructions. Accordingly, it is critical that you promptly give instructions to your broker, bank, dealer, trust company or other nominee to vote AGAINST the Proposal. Please follow the instructions to vote provided on the enclosed GOLD voting instruction form. If your broker, bank, dealer, trust company or other nominee provides for proxy instructions to be delivered to them by telephone or Internet, instructions will be included on the enclosed GOLD voting instruction form. We urge you to confirm in writing your instructions to the person responsible for your account and provide a copy of those instructions by emailing them to Saba@investor-com.com or mailing them to Saba Capital Management, L.P., c/o InvestorCom, 19 Old Kings Highway S., Suite 130, Darien, CT 06820, so that we will be aware of all instructions given and can attempt to ensure that such instructions are followed.

 

Note: Common Shares represented by properly executed GOLD proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific instructions, “AGAINST” the Proposal.

 

How should I vote on the Proposal?

 

 

We recommend that you vote your shares on the GOLD proxy card as follows:

“AGAINST” the Proposal to approve the Charter Amendment (the Proposal).

How many shares must be present to hold the Annual Meeting?

 

 

According to the Bylaws, the holders of a majority of all the votes entitled to be cast at the Annual Meeting present in person or by proxy constitutes a quorum. Abstentions will be treated as votes present for purposes of determining a quorum.

 

What vote is needed to approve the Proposal?

 

 

Proposal – Approval of the Charter Amendment. According to the Bylaws and the Fund’s Proxy Statement, approval of the Charter Amendment requires a majority of the outstanding Common Shares and Preferred Shares, voting together as a single class. As used above, the term “majority” means more than 50%. Abstentions will have the same effect as votes “against” the Proposal.

 

 4

 

 

PLEASE DO NOT SIGN OR RETURN A PROXY CARD FROM THE FUND. DOING SO WILL REVOKE ANY PREVIOUS VOTING INSTRUCTIONS YOU PROVIDED ON THE GOLD PROXY CARD.

What should I do if I receive a proxy card from the Fund?

 

 

You may receive proxy solicitation materials from the Fund, including an opposition proxy statement and a proxy card. We are not responsible for the accuracy of any information contained in any proxy solicitation materials used by the Fund or any other statements that it may otherwise make.

 

We recommend that you discard any proxy card that may be sent to you by the Fund. If you have already voted using the Fund’s proxy card, you have every right to change your vote by using the enclosed GOLD proxy card by signing, dating and returning the enclosed GOLD proxy card in the postage-paid envelope provided. Only the latest validly executed proxy that you submit will be counted; any proxy may be revoked at any time prior to its exercise at the Annual Meeting by following the instructions below under “Can I change my vote or revoke my proxy?

 

If you have any questions or require any assistance with voting your shares, please contact our proxy solicitor, InvestorCom. Shareholders may call toll free at (877) 972-0090 or collect at (203) 972-9300.

 

Can I change my vote or revoke my proxy?

 

 

If you are the shareholder of record, you may change your proxy instructions or revoke your proxy at any time before your proxy is voted at the Annual Meeting. Proxies may be revoked by any of the following actions:

·signing, dating and returning the enclosed GOLD proxy card in the postage-paid envelope provided or signing, dating and returning a proxy card from the Fund (the latest dated proxy is the only one that counts);
·delivering a written revocation to the secretary of the Fund at 333 West Wacker Drive, Chicago, IL 60606; or
·attending the Annual Meeting and voting by ballot in person (although attendance at the Annual Meeting will not, by itself, revoke a proxy).

 

If your shares are held in a brokerage account by a broker, bank or other nominee, you should follow the instructions provided by your broker, bank or other nominee. If you attend the Annual Meeting and you beneficially own Common Shares but are not the record owner, your mere attendance at the Annual Meeting WILL NOT be sufficient to revoke any previously submitted proxy card. You must have written authority from the record owner to vote your shares held in its name at the meeting in the form of a “legal proxy” issued in your name from the bank, broker or other nominee that holds your shares. If you have any questions or require any assistance with voting your shares, please contact our proxy solicitor, InvestorCom, toll free at (877) 972-0090 or collect at (203) 972-9300.

 

IF YOU HAVE ALREADY VOTED USING THE FUND’S PROXY CARD, WE URGE YOU TO REVOKE IT BY FOLLOWING THE INSTRUCTIONS ABOVE. Although a revocation is effective if delivered to the Fund, we request that a copy of any revocation be mailed to Saba Capital Management, L.P., c/o InvestorCom, 19 Old Kings Highway S., Suite 130, Darien, CT 06820, so that we will be aware of all revocations.

 

Who is making this Proxy Solicitation and who is paying for it?

 

 

The solicitation of proxies pursuant to this proxy solicitation is being made by the Participants. Proxies may be solicited by mail, facsimile, telephone, telegraph, Internet, in person or by advertisements. Saba will solicit proxies from individuals, brokers, banks, bank nominees and other institutional holders. Saba will request banks, brokerage houses and other custodians, nominees and fiduciaries to forward all solicitation materials to the beneficial owners of the Common Shares they hold of record. Saba will reimburse these record holders for their reasonable out-of-pocket expenses in so doing. It is anticipated that certain regular employees of Saba will also participate in the solicitation of proxies in opposition of the Proposal. Such employees will receive no additional consideration if they assist in the solicitation of proxies.

 

 5

 

 

Saba has retained InvestorCom to provide solicitation and advisory services in connection with this solicitation. InvestorCom will be paid a fee not to exceed $20,000 based upon the campaign services provided. In addition, Saba will advance costs and reimburse InvestorCom for reasonable out-of-pocket expenses and will indemnify InvestorCom against certain liabilities and expenses, including certain liabilities under the federal securities laws. InvestorCom will solicit proxies from individuals, brokers, banks, bank nominees and other institutional holders. It is anticipated that InvestorCom will employ up to approximately 25 persons to solicit the Fund’s shareholders as part of this solicitation. InvestorCom does not believe that any of its owners, managers, officers, employees, affiliates or controlling persons, if any, is a “participant” in this proxy solicitation.

 

The entire expense of soliciting proxies is being borne by Saba. Costs of this proxy solicitation are currently estimated to be approximately $100,000. We estimate that through the date hereof, Saba’s expenses in connection with the proxy solicitation are approximately $50,000. Saba does not intend to seek reimbursement of these costs from the Fund.

 

What is Householding of Proxy Materials?

 

 

 

The SEC has adopted rules that permit companies and intermediaries (such as brokers and banks) to satisfy the delivery requirements for proxy statements and annual and semi-annual reports with respect to two or more shareholders sharing the same address by delivering a single proxy statement or periodic report addressed to those shareholders. Some banks and brokers with account holders who are shareholders of the Fund may be householding our proxy materials.

Once you have received notice from your bank or broker that it will be householding communications to your address, householding will continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in householding and would prefer to receive a separate proxy statement and annual report, please notify your bank or broker and direct your requests to the Fund at 333 West Wacker Drive, Chicago, Illinois 60606, or by calling 1-800-257-8787.

Because Saba has initiated a contested proxy solicitation, we understand that banks and brokers with account holders who are shareholders of the Fund will not be householding our proxy materials.

 

Where can I find additional information concerning the Fund?

 

 

Pursuant to Rule 14a-5(c) promulgated under the Exchange Act, we have omitted from this Proxy Statement certain disclosure required by applicable law to be included in the Fund’s definitive proxy statement in connection with the Annual Meeting. Such disclosure includes information regarding securities of the Fund beneficially owned by the Fund’s trustees, nominees and management; the Fund’s investment manager and administrator; the Audit Committee of the Board; certain shareholders’ beneficial ownership of more than 5% of the Fund’s voting securities; information concerning the Fund’s trustees; information concerning executive compensation; and information concerning the procedures for submitting shareholder proposals and trustee nominations intended for consideration at the 2025 annual meeting of shareholders and for consideration for inclusion in the proxy materials for that meeting. We take no responsibility for the accuracy or completeness of any information that we expect to be contained in the Fund’s definitive proxy statement. Except as otherwise noted herein, the information in this Proxy Statement concerning the Fund has been taken from or is based upon documents and records on file with the SEC and other publicly available information.

 

This Proxy Statement and all other solicitation materials in connection with this proxy solicitation will be available on the internet, free of charge, on the SEC’s website at https://www.sec.gov/edgar. The Edgar file number for the Fund is 811- 22699.

 

 6

 

 

CONCLUSION

 

We urge you to carefully consider the information contained in this Proxy Statement and then support our efforts by signing, dating and returning the enclosed GOLD proxy card today.

 

Thank you for your support,

 

 

 

 

Saba Capital Management, L.P.

Boaz R. Weinstein

 

March 4, 2024

 

 

 

 7

 

 

ANNEX I: INFORMATION ON THE PARTICIPANTS

 

 

Beneficial Ownership and Other Information

 

This proxy solicitation is being made by the Participants. As of the date of this Proxy Statement, the Participants may be deemed to “beneficially own” (such term as used in Schedule 14A within the meaning of Rule 13d-3 or Rule 16a-1 under the Exchange Act for the purposes of this Annex I) 1,000 Common Shares in the aggregate. Of the 1,000 Common Shares owned in the aggregate by the Participants, such Common Shares may be deemed to be beneficially owned as follows: (a) 1,000 Common Shares may be deemed to be beneficially owned by Saba Capital by virtue of its status as the investment manager of various funds and accounts, such funds and accounts, the (“Saba Entities”); and (b) 1,000 Common Shares may be deemed to be beneficially owned by Mr. Weinstein by virtue of his status as the principal of Saba.

 

The principal business of Saba Capital is to serve as investment manager to the Saba Entities. The principal business of Mr. Weinstein is investment management and serving as the principal of Saba Capital. The principal business of the Saba Entities is to invest in securities.

 

The business address of each member of Saba and the Saba Entities is 405 Lexington Avenue, 58th Floor, New York, New York 10174.

 

Unless otherwise noted as shares held in record name by the Saba Entities, the Common Shares held by the Saba Entities are held in commingled margin accounts, which may extend margin credit to such parties from time to time, subject to applicable federal margin regulations, stock exchange rules and credit policies. In such instances, the positions held in the margin account are pledged as collateral security for the repayment of debit balances in the account. The margin accounts bear interest at a rate based upon the broker’s call rate from time to time in effect. Because other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein since margin may have been attributed to such other securities and since margin used is not disclosed on an individual per-security basis.

 

 8

 

Except as set forth in this Proxy Statement (including the Annexes hereto), (i) within the past 10 years, no Participant in this solicitation has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no Participant and no associate or “Immediate Family Member” (as defined in Item 22 of Schedule 14A under the Exchange Act (“Item 22”)) of any Participant, is a record owner or direct or indirect beneficial owner of any securities of the Fund, any parent or subsidiary of the Fund, any investment adviser, principal underwriter, or “Sponsoring Insurance Company” (as defined in Item 22) of the Fund, or in any registered investment companies overseen or to be overseen by the Participant within the same “Family of Investment Companies” (as defined in Item 22) that directly or indirectly controls, is controlled by or is under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company, or affiliated person of the Fund; (iii) no Participant in this solicitation directly or indirectly beneficially owns any securities of the Fund which are owned of record but not beneficially; (iv) no Participant in this solicitation has purchased or sold any securities of the Fund or the Fund’s investment adviser within the past two years, nor from either entity’s “Parents” or “Subsidiaries” (as defined in Item 22); (v) no Participant has any “family relationship” for the purposes of Item 22 whereby a family member is an “Officer” (as defined in Item 22), trustee (or person nominated to become an Officer or trustee), employee, partner, or copartner of the Fund, the Fund’s investment adviser and/or a principal underwriter of any of the foregoing, or any Subsidiary or other potential affiliate of any of the foregoing; (vi) no part of the purchase price or market value of the securities of the Fund owned by any Participant in this solicitation is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities; (vii) no Participant in this solicitation is, or within the past year was, a party to any contract, arrangements or understandings with any person with respect to any securities of the Fund, including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies; (viii) no associate of any Participant in this solicitation owns beneficially, directly or indirectly, any securities of the Fund; (ix) no Participant in this solicitation owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Fund; (x) no Participant and no Immediate Family Member of any Participant in this solicitation or any of his or its associates was a party to, or had a direct or indirect material relationship in, any transaction or series of similar transactions since the beginning of the Fund’s last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions in which the amount involved exceeds $120,000 and for which any of the following was or is a party: (a) the Fund or any of its subsidiaries; (b) an Officer of the Fund; (c) an investment company, or a person that would be an investment company but for the exclusions provided by sections 3(c)(1) and 3(c)(7) of the Investment Company Act of 1940 (as amended, the “40 Act”), having the same investment adviser, principal underwriter, or Sponsoring Insurance Company as the Fund or having an investment adviser, principal underwriter, or Sponsoring Insurance Company that directly or indirectly controls, is controlled by or is under common control with the investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; (d) an investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person of the Fund; (e) any Officer or any person directly or indirectly controlling, controlled by, or under common control with any investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person of the Fund; (f) an Officer of an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; or (g) an Officer of a person directly or indirectly controlling, controlled by, or under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; (xi) during the last five years, no Participant and no Immediate Family Member of any Participant has had a position or office with: (a) the Fund; (b) an investment company, or a person that would be an investment company but for the exclusions provided by Sections 3(c)(1) and 3(c)(7) of the 40 Act, having the same investment adviser, principal underwriter, or Sponsoring Insurance Company as the Fund or having an investment adviser, principal underwriter, or Sponsoring Insurance Company that directly or indirectly controls, is controlled by, or is under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; or (c) an investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person (xii) no Participant in this solicitation or any of his or its associates has any arrangement or understanding with any person with respect to any future employment by the Fund or its affiliates, or with respect to any future transactions to which the Fund or any of its affiliates will or may be a party; (xiii) no Participant in this solicitation has a substantial interest, direct or indirect, by securities holdings or otherwise, in any matter to be acted on at the Annual Meeting; (xiv) since the beginning of the last two completed fiscal years, no Participant (and no Immediate Family Member of a Participant) has served on the board of directors or trustees of a company or trust where an Officer of an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund, or any person directly or indirectly controlling, controlled by, or under common control with any of those, serves on the board of directors or trustees; and (xv) no Participant has withheld information that is required to be disclosed under the following Items under Regulation S-K under the Exchange Act: Item 401(f) with respect to involvement in certain legal proceedings, Item 401(g) with respect to promoters and control persons and Item 405 with respect to beneficial ownership and required filings.

 

 

 

 9

 

Transactions by the Participants with respect to the Fund’s securities

 

The following tables set forth all transactions effected during the past two years by Saba, by virtue of Saba Capital’s direct and indirect control of the Saba Entities, with respect to securities of the Fund. The Common Shares reported herein are held in either cash accounts or margin accounts in the ordinary course of business. Unless otherwise indicated, all transactions were effected on the open market.

 

Common Shares:

 

Saba Capital, in its capacity as investment manager of the Saba Entities

 

Date Side Common Shares
2/21/2024 Buy 1,000

 

 

 

 

 

 

 10

 

IMPORTANT

 

Tell your Board what you think! YOUR VOTE IS VERY IMPORTANT, no matter how many or how few shares you own. Please give us your vote “AGAINST” the Proposal by taking three steps:

 

  SIGNING the enclosed GOLD proxy card,
   
  DATING the enclosed GOLD proxy card, and
   
  MAILING the enclosed GOLD proxy card TODAY in the envelope provided (no postage is required if mailed in the United States).

  

If any of your shares are held in the name of a broker, bank, bank nominee or other institution, only it can vote your shares and only upon receipt of your specific instructions. Depending upon your broker or custodian, you may be able to vote either by toll-free telephone or by the Internet. You may also vote by signing, dating and returning the enclosed GOLD voting instruction form in the postage-paid envelope provided, and to ensure that your shares are voted, you should also contact the person responsible for your account and give instructions for a GOLD voting instruction form to be issued representing your shares.

 

By returning the GOLD proxy card, you are authorizing Saba to vote on your behalf, and if you do not indicate how you would like to vote, your vote will be counted “AGAINST” the Proposal.

 

After signing the enclosed GOLD proxy card, DO NOT SIGN OR RETURN THE FUND’S PROXY CARD UNLESS YOU INTEND TO CHANGE YOUR VOTE, because only your latest dated proxy card will be counted.

 

If you have previously signed, dated and returned a proxy card to the Fund, you have every right to change your vote. Only your latest dated proxy card will count. You may revoke any proxy card already sent to the Fund by signing, dating and mailing the enclosed GOLD proxy card in the postage-paid envelope provided or by voting by telephone or Internet. Any proxy may be revoked at any time prior to the Annual Meeting by delivering a written notice of revocation or a later dated proxy for the Annual Meeting to the secretary of the Fund or by voting in person at the Annual Meeting. Attendance at the Annual Meeting will not in and of itself constitute a revocation.

 

If you have any questions concerning this Proxy Statement, would like to request additional copies of this Proxy Statement, or need help voting your shares, please contact our proxy solicitor:

 

 



19 Old Kings Highway S., Suite 130

Darien, CT 06820
Shareholders Call Toll-Free at: (877) 972-0090

E-mail: Saba@investor-com.com

 

 

 11

 

 

Form of GOLD Proxy Card

Nuveen Preferred and Income Term Fund

Proxy Card for 2024 Annual Meeting of Shareholders (the “Annual Meeting”)

 

THIS PROXY SOLICITATION IS BEING MADE BY SABA CAPITAL MANAGEMENT, L.P. (“SABA CAPITAL”) AND Boaz R. Weinstein

THE BOARD OF TRUSTEES (THE “BOARD”) OF NUVEEN PREFERRED AND INCOME TERM FUND IS NOT SOLICITING THIS PROXY

 

The undersigned appoints Michael D’Angelo, Paul Kazarian, Eleazer Klein, Pierre Weinstein and John Grau and each of them, attorneys and agents with full power of substitution to vote all common shares of Nuveen Preferred and Income Term Fund, a Massachusetts business trust and a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “Fund”), that the undersigned would be entitled to vote at the Annual Meeting, including at any adjournments or postponements thereof, with all powers that the undersigned would possess if personally present, upon and in respect of the instructions indicated herein, with discretionary authority, subject to applicable law, as to any and all other matters that may properly come before the meeting or any adjournment, postponement or substitution thereof that are unknown to us a reasonable time before this solicitation.

 

The undersigned hereby revokes any other proxy or proxies heretofore given to vote or act with respect to said shares, and hereby ratifies and confirms all action the herein named attorneys and proxies, their substitutes or any of them may lawfully take by virtue hereof. This proxy will be valid until the sooner of one year from the date indicated on the reverse side and the completion of the Annual Meeting (including any adjournments or postponements thereof).

 

If this proxy is signed, dated and returned, it will be voted in accordance with your instructions. If you do not specify how the proxy should be voted, this proxy will be voted “AGAINST” the Proposal. If you use this proxy card to vote on the Proposal, you will not be able to vote on the Fund’s proposal related to the election of Board members at the Annual Meeting. None of the matters currently intended to be acted upon pursuant to this proxy are conditioned on the approval of other matters.

 

Should matters other than the Proposal and the election of Board members be brought before the Annual Meeting, the persons named as proxies in the enclosed GOLD proxy card will vote on such matters in their discretion to the extent allowed by Rule 14a-4(c)(3) under the Exchange Act.

 

INSTRUCTIONS: FILL IN VOTING BOXES nIN BLACK OR BLUE INK

 

We recommend that you vote “AGAINST” the Proposal:

Proposal – To approve an amendment to the Nuveen Preferred and Income Term Fund’s Declaration of Trust that would eliminate the provision requiring the automatic termination of the Fund on or before August 31, 2024.

 

FOR ABSTAIN AGAINST
q q q

 

  

     
Signature (Capacity)   Date
     
Signature (Joint Owner) (Capacity/Title)   Date
     
NOTE: Please sign exactly as your name(s) appear(s) on stock certificates or on the label affixed hereto.  When signing as attorney, executor, administrator or other fiduciary, please give full title as such.  Joint owners must each sign personally.  ALL HOLDERS MUST SIGN.  If a corporation or partnership, please sign in full corporate or partnership name by an authorized officer and give full title as such.

 

PLEASE SIGN, DATE AND PROMPTLY RETURN THIS PROXY IN THE ENCLOSED RETURN ENVELOPE THAT IS POSTAGE PREPAID IF MAILED IN THE UNITED STATES.