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Common and preferred shareholders, as applicable, 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 mergers will combine each of JPT and JPS into JPC. Subject to the satisfaction of certain customary closing conditions, the mergers are expected to become effective before the market opens on November 6, 2023.
The monthly distributions typically declared the first business day of the month for JPT, JPS, and JPC will be replaced by pre-merger distributions declared on October 24, 2023 with a record date of November 3, 2023. The payable date will remain December 1, 2023. Following the mergers, the surviving fund, JPC, may declare a post-merger distribution, which, to the extent made, is expected to have a record date of November 16, 2023 and be payable December 1, 2023. The total per-common share dollar amount of the pre- and, to the extent made, post-merger distributions received by common shareholders of each fund on December 1, 2023 are expected to be equal to or greater than the per-common share dollar amount of the prior month's distribution of each fund prior to the mergers.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $53 billion of assets under management across 51 CEFs as of 30 Jun 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.
