Company: JPC
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230231
Chunk: 2

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 2
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ed shares were repurchased at $20.0081 per share, which was the NAV of the Fund as of the close of ordinary trading on the New York Stock Exchange on August 14, 2024. As a result of the successful completion of the tender offer, the restructuring of the Fund was completed and on August 19, 2024, the following changes became effective. • The Fund’s declaration of trust was amended to eliminate the term of the Fund. • The Fund’s name changed to Nuveen Preferred Securities & Income Opportunities Fund. • Nuveen Fund Advisors, LLC, the investment adviser to the Fund, will waive 50% of the Fund’s net management fees beginning August 19, 2024, and continuing over the first year following the elimination of the term. More details about the Fund’s restructuring is available on www.nuveen.com/cef. JPC and JPI – Fund merger:Effective prior to market open on September 22, 2025, JPI was merged into JPC. Refer to the Notes to Financial Statements within this report for further details on the merger. JPC, JPI and NPFD – Recent market factors:JPC, JPI and NPFD have substantial allocations to preferred and contingent capital securities issued by U.S. and non‑U.S. banks and other financial institutions. Given the increases in prevailing interest rates and other market factors, these securities continue to be subject to heightened volatility and may, ultimately, detract from Fund performance.

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Discussion of Fund Performance Nuveen Floating Rate Income Fund (JFR) Nuveen Credit Strategies Income Fund (JQC) Nuveen Preferred & Income Opportunities Fund (JPC) Nuveen Preferred Securities & Income Opportunities Fund (JPI) Nuveen Variable Rate Preferred & Income Fund (NPFD) These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. The portfolio managers for JFR are Scott Caraher and Coale Mechlin. The portfolio managers for JQC are Himani Trivedi, Scott Caraher, James Kim and Coale Mechlin. The portfolio managers for JPC, JPI and NPFD are Douglas Baker, CFA, and Brenda Langenfeld, CFA. Below is a discussion of Fund performance and the factors that contributed and detracted during the 12‑month reporting period ended July 31, 2025.