Nuveen Preferred Securities & Income Opportunities Fund
MA
Private creditTender-offer fund1099
Compared against Private credit tender-offer funds.
1Y return
+10.3%
75th pctile · ahead of most peersas of 2025-10-03
Since inception
not stated in filings
Distribution rate
10.4%
exceeds net investment incomeNet assets
$282.6M
as of 2025-10-03
Net expenses
4.12%
79th pctile · pricier than median
Repurchase
not stated yet
Level 3
1.7%
1th pctile · less model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.31% management fee)4.12%
Minus interest on borrowings, the cost of portfolio leverage3.07%
Ongoing cost, determined from the filings1.05%
This fund's cost was corrected to 1.05% on review of its filings. A fuller explanation follows.
Sales loadnone
Total drag per year1.05%
This is the cost for common Shares, single class, NYSE: JPI.
Based on fiscal year ended July 31, 2025, annual figures as stated in the Financial Highlights (not annualized). Recurring figure uses the gross management fee.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. Before waivers, the gross expense ratio is 4.74%. How this is calculated
Against Private credit tender-offer funds
Total drag
18th pctile · cheaper than most
1Y return
75th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Fiscal year ended July 31, 2025, annual figures as stated in the Financial Highlights (not annualized). Recurring figure uses the gross management fee because the 50% net management fee waiver ran only for the one year from August 19, 2024 and has expired, and excludes $700,000 of one time merger costs; based on the annual report, cross-checked against the January 31, 2025 interim report..
Open the filing on sec.gov (0001193125-25-230255)Size and leverage
Net assets$282.6M?
Borrowings$118.0M?
Leveragedebt to equity0.42x?
Asset coverage339.50%?
Started2012-07-26?
What the manager charges
Management feeof total assets0.86%?
The same fee against your equitybecause it is charged on borrowed assets too1.22%
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersNone; NYSE-listed closed-end fund. Board reauthorized an open-market repurchase program of up to about 10% of outstanding common shares (1,410,000 shares authorized; none repurchased in the period).?
Where distributions come from
Paid out of income58.00%?
Return of your own capital42.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Priced by the managerno market price available0.80%?
MostlyBanks, 52.1% of total investments?
Who is involved
AdviserNuveen Fund Advisors, LLC (adviser); Nuveen Asset Management, LLC (sub-adviser)?
AuditorPricewaterhouseCoopers LLP (appointed October 24, 2024, replacing KPMG LLP)?
ValuedDaily, as of the close of regular session trading on each day the NYSE is open?
Deals with affiliatesYes?
Also worth knowing
- JPI merged into Nuveen Preferred & Income Opportunities Fund (JPC) effective before market open on September 22, 2025; JPC is the accounting survivor.
- The adviser waived 50% of net management fees only for the one year beginning August 19, 2024, following elimination of the fund's term structure.
- A tender offer expiring August 14, 2024 repurchased 8,672,542 shares, about 38% of outstanding common shares, at NAV of $20.0081, cutting fund size sharply.
- Independent auditor changed from KPMG LLP to PricewaterhouseCoopers LLP on October 24, 2024.
- Merger costs charged in the year: 700,000 USD (This one time cost equals about 0.24% of average net assets and inflates the reported expense ratio; it will not repeat, so it is excluded from the ongoing figure.)
- Effective and regulatory leverage: 36.01% effective, 29.46% regulatory % of managed assets (Leverage magnifies both NAV moves and the dollar management fee, since the fee is charged on leveraged assets, and its cost is excluded from the drag figure.)
- Average interest rate on borrowings: 5.73 % per annum (Leverage cost of 3.07% of net assets is the single largest expense; if short rates stay high, income available to shareholders stays compressed.)
- Reverse repurchase agreement leverage: 41,647,626 USD at 5.13% (A second, shorter dated leverage layer with a single counterparty; renewal risk and cost sit outside the bank credit facility.)
- Rehypothecation of pledged collateral: 73,526,366 USD (The prime broker may re-lend pledged fund collateral; the fund earns a small fee ($54,813) but takes the risk the collateral is not returned.)
- Credit facility headroom: $118.0 million drawn of a $135.0 million commitment USD (Limited unused capacity, and a drawn facility that must be repaid or refinanced, constrains the fund's ability to manage leverage in a drawdown.)
- Contingent capital securities exposure: 34.6 % of total investments (CoCos can be written down or converted to equity at a regulator's discretion, so a third of the portfolio carries loss absorption risk that is not captured by credit ratings alone.)
- Capital loss carryforwards: 55,801,486 USD (Losses of about 20% of net assets can shelter future gains from tax, and the 42% return of capital in distributions signals payouts above earnings.)
Fees
Liquidity terms
Not stated in filings as of 2026-09-05.
Valuation
Valuation frequencyDaily
Structure
Legal structurechanged · Jul 2025Closed-end fund
Leverage limitchanged · Jul 2025
Use of derivativeschanged · Jul 2025yes
Tax reporting formunchanged, 6 filings1099
Stated benchmarkchanged · Jul 2025S&P UBS Leveraged Loan Index
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2012-07-272025-10-03
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$282.6M
Total annual expenses, net of waiver4.12%
Total annual expenses, gross4.74%
Distribution rate10.39%
Distributions exceed net investment incomechanged from no · Jul 2025yes
Total return, 1 yearraised from -10% · Oct 202510.34%
Level 3 inputsraised from 1.2% · Jan 20251.7%
Leverage, actualraised from 37.82% · Jul 202438.13%
No repurchase offer filings on record yet.
2025-10-14N-CENAnnual census of service providers2025-10-03N-CSRAnnual shareholder report2025-09-2225-NSE2025-04-04N-CSRSSemiannual shareholder report2024-10-04N-CSRAnnual shareholder report2024-08-20SC TO-I/AAmended issuer tender offer2024-07-17SC TO-IIssuer tender offer2024-04-03N-CSRSSemiannual shareholder report2023-10-06N-CSRAnnual shareholder report2012-07-27497Definitive prospectus or supplement2012-07-25N-2/AAmended registration statement2012-05-03N-2Registration statement and prospectus
Request the six-factor report on Nuveen Preferred Securities & Income Opportunities Fund
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.