Nuveen Preferred & Income Closed-End Funds Announce Completion of Mergers

Rhea-AI Summary

Nuveen successfully completed the mergers of Nuveen Preferred and Income Fund (JPT) and Nuveen Preferred & Income Securities Fund (JPS) into Nuveen Preferred & Income Opportunities Fund (JPC). The newly consolidated portfolio now holds nearly $4 billion in assets under management, making it the largest among listed preferred securities closed-end funds. The transactions were tax-free and based on the closing net asset values on November 3, 2023.

NEW YORK--(BUSINESS WIRE)-- The mergers of Nuveen Preferred and Income Fund (NYSE: JPT) and Nuveen Preferred & Income Securities Fund (NYSE: JPS) into Nuveen Preferred & Income Opportunities Fund (NYSE: JPC) were successfully completed prior to the opening of the New York Stock Exchange on November 6, 2023. The fund’s newly consolidated portfolio contains nearly $4 billion in assets under management—the largest among listed preferred securities closed-end funds.

Through the mergers, a wholly-owned subsidiary of JPC acquired substantially all of the assets and liabilities of JPT and JPS in tax-free transactions, and common shares of JPT and JPS were converted to newly-issued common shares of JPC in an aggregate amount equal to the value of the net assets of JPT and JPS. The transactions took place based upon JPT’s and JPS’s closing net asset values on November 3, 2023. The exchange ratios at which common shares of JPT and JPS were converted to common shares of JPC are listed below:

Ticker	Fund Name		Exchange Ratio
JPT	Nuveen Preferred and Income Fund		2.50289457
JPS	Nuveen Preferred & Income Securities Fund		0.98887768

Nuveen is a leading sponsor of closed-end funds (CEFs) with $51 billion of assets under management across 48 CEFs as of 30 Sep 2023. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Sep 2023 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20231106548166/en/

For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:

Financial Professionals:

800-752-8700

Investors:

800-257-8787

Media:

media-inquiries@nuveen.com

Source: Nuveen

FAQ

What is the name of the fund resulting from the mergers?

The fund resulting from the mergers is called Nuveen Preferred & Income Opportunities Fund (JPC).

What is the total value of assets under management in the newly consolidated portfolio?

The newly consolidated portfolio holds nearly $4 billion in assets under management.

What makes the merged fund unique among listed preferred securities closed-end funds?

The merged fund, JPC, is now the largest among listed preferred securities closed-end funds.

When did the mergers take place?

The mergers were successfully completed prior to the opening of the New York Stock Exchange on November 6, 2023.

Were the transactions taxable?

No, the transactions were tax-free.

What was the exchange ratio for the conversion of common shares?

The exchange ratio for the conversion of common shares was 2.50289457 for JPT and 0.98887768 for JPS.

How much experience does Nuveen have in managing closed-end funds?

Nuveen has over 35 years of experience managing closed-end funds.

How much assets under management does Nuveen have in closed-end funds?

Nuveen has $51 billion of assets under management across 48 closed-end funds as of September 30, 2023.