Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced the initial distribution declaration for the Nuveen Preferred and Income Term Fund (NYSE: JPI) of $ 0.1690 per share. This monthly distribution, annualized, represents an 8.11 percent distribution rate relative to the fund’s initial public offering price of $25.00 per share.
The new closed-end fund’s investment objective is to provide a high level of current income and total return. The fund seeks to achieve its investment objective by investing in preferred securities and other income producing securities. The fund’s strategy will focus opportunistically on financial services companies.
The following dates apply to today’s distribution declaration:
|Record Date||September 14, 2012|
|Ex-Dividend Date||September 12, 2012|
|Payable Date||October 1, 2012|
|Reinvest Date||October 1, 2012|
|Monthly Distribution Per Share|
|JPI||Nuveen Preferred and Income Term Fund||.1690|
The fund intends to make regular monthly distributions to its shareholders based on its past and projected performance. The fund will seek to establish a distribution rate that roughly corresponds to the fund’s projections of the cash flow that could reasonably be expected to be generated by the fund’s portfolio investments net of fund expenses, over an extended period of time. As market conditions and portfolio performance may change, the rate of distributions on the shares and the fund’s distribution policy could change.