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The Boards of Trustees of Nuveen Preferred and Income Fund (JPT), Nuveen Preferred & Income Securities Fund (JPS), and Nuveen Preferred & Income Opportunities Fund (JPC) have approved a proposal to merge the funds. This merger aims to consolidate JPT and JPS into JPC, creating a larger fund with lower net operating expenses and increased earnings potential. The mergers are subject to shareholder approval and are not contingent on one another. As of December 31, 2022, Nuveen manages $54 billion across 55 closed-end funds, aiming at income-focused investors.
Details will be provided in proxy materials in the coming weeks. The funds anticipate that the merger will enhance trading volumes on the exchange for common shares.
Positive
Merging JPT and JPS into JPC aims to create a larger fund, potentially increasing market efficiency and trading volume.
Expected lower net operating expenses, which could enhance overall profitability.
Increased earnings potential for shareholders, improving income generation.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
The Boards of Trustees of Nuveen Preferred and Income Fund (NYSE: JPT), Nuveen Preferred & Income Securities Fund (NYSE: JPS), and Nuveen Preferred & Income Opportunities Fund (NYSE: JPC) have approved a proposal to merge the funds. The proposed mergers, if approved by shareholders, would combine each of JPT and JPS into JPC. The mergers are intended to create a larger fund with lower net operating expenses, enhanced earnings potential, and increased trading volume on the exchange for common shares.
The proposed mergers of the funds are subject to certain conditions, including necessary approval by the funds’ shareholders. Detailed information on the proposed mergers will be contained in proxy materials expected to be filed in the coming weeks. The mergers are not contingent on each other.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $54 billion of assets under management across 55 CEFs as of 31 Dec 2022. 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.
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 31 Dec 2022 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.
FORWARD-LOOKING STATEMENTS
Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:
market developments;
legal and regulatory developments;
the ability to satisfy conditions to the proposed mergers; and
other additional risks and uncertainties.
You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.
The annual and semi-annual reports and other regulatory filings of Nuveen closed-end funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC’s web site at www.sec.gov and on Nuveen’s web site at www.nuveen.com/cef and may discuss the abovementioned or other factors that affect Nuveen closed-end funds. The information contained on the Nuveen website is not a part of this press release.
IMPORTANT INFORMATION
In connection with the merger proposal discussed herein, the funds expect to file with the SEC solicitation materials in the form of a proxy statement and/or a joint proxy statement/prospectus that will be included in a registration statement on Form N-14. After the registration statement is filed with the SEC, it may be amended or withdrawn and the proxy statement and/or joint proxy statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the solicitation materials and any other relevant documents when they become available because they will contain important information about the merger proposal. After they are filed, free copies of the solicitation materials will be available on the SEC’s web site at www.sec.gov.
This communication is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. However, the funds, Nuveen Fund Advisors and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the merger proposal discussed herein. Information about the directors/trustees and officers of the funds may be found in their respective annual reports previously filed with the SEC.
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Closed-end funds frequently trade at a discount to their net asset value
The merger aims to create a larger fund that offers lower operating expenses and enhanced earnings potential.
When will shareholders be able to vote on the merger of JPT, JPS, and JPC?
Shareholders will receive detailed information in proxy materials expected to be filed in the coming weeks.
What funds are involved in the merger proposal?
The funds involved are Nuveen Preferred and Income Fund (JPT), Nuveen Preferred & Income Securities Fund (JPS), and Nuveen Preferred & Income Opportunities Fund (JPC).
How will the merger affect the trading volume of JPC?
The merger is expected to increase trading volume for JPC, benefiting liquidity and market presence.
