Company: JPC
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230231
Chunk: 139

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 139
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, such as reverse repurchase agreements, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund’s portfolio) of ‑10%, ‑5%, 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of July 31, 2025 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Funds on such instruments (based on actual leverage costs incurred during the fiscal year ended July 31, 2025) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain other forms of economic leverage achieved through the use of certain derivative instruments. The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Funds. Your actual returns may be greater or less than those appearing below.

|                                                                                                                                      |     | JFR      |     | JQC      |     | JPC      |     | JPI      |     | NPFD     |
| Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)                                     |     | 36.09%   |     | 37.08%   |     | 37.05%   |     | 36.01%   |     | 36.10%   |
| Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage                                                         |     | 5.76%    |     | 5.74%    |     | 5.59%    |     | 5.68%    |     | 5.51%    |
| Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage |     | 2.08%    |     | 2.13%    |     | 2.07%    |     | 2.04%    |     | 1.99%    |
| Common Share Total Return