Company: JPC
Filing Date: 2025-06-10
Form Type: N-14 8C/A
Source: 0001999371-25-007489
Chunk: 68

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-10
Form: N-14 8C/A
Chunk 68
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’s investment objective includes providing high current income. However, the Target Fund’s investment objective also includes total return, and the Acquiring Fund’s secondary investment objective is to seek total return. Further, although each Fund seeks to provide current income by investing primarily in preferred securities and other income producing securities, there are certain policy differences including, among other things, differences relating to the credit quality of the securities in which a Fund may invest.

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In its review, based on information provided by Nuveen Fund Advisors, each Board considered the anticipated impact of the Merger on its Fund’s portfolio, including the expected effect on credit quality, and considered the degree of portfolio overlap between the Funds. The Boards also considered that each Fund may use leverage through a number of methods. In this regard, each Fund currently employs leverage through borrowings and reverse repurchase agreements; however, the Acquiring Fund also currently employs leverage through the issuance of preferred shares. Moreover, the Boards considered the potential for increased portfolio and leverage management flexibility afforded by the larger asset base of the combined fund. With respect to principal investment risks, while the principal risks of an investment in each Fund would be similar in certain respects because each Fund invests primarily in preferred securities and other income producing securities, the differences relating to the Funds’ investment policies may affect the comparative risk profiles.

Consistency of Portfolio Management. Each Fund has the same investment adviser and sub-adviser. In addition, each Fund has the same portfolio managers, who will continue to manage the combined fund upon completion of the Merger. Through the Merger, the Boards considered that shareholders would remain invested in a closed-end management investment company that will have greater net assets and the same investment adviser, sub-adviser and portfolio managers.

Larger Asset Base of the Combined Fund; Effect of the Merger on Fees and Expense Ratios.The Boards considered the management fee and operating expense ratios of each Fund (including the estimated operating expense ratio of the combined fund following the Merger) and considered the anticipated annual management fee and operating expense savings of each Fund resulting from the Merger. In this regard, the Target Board considered that the fund-level management fee schedule of the Acquiring Fund is lower than the fund-level management fee schedule of the Target Fund (following expiration of the Target Fund’s current management fee waiver, which was expected to occur prior to the closing of the Merger) and includes additional breakpoints and that, as a result, a lower effective management fee rate was expected for the Target Fund