Company: JPC
Filing Date: 2025-06-12
Form Type: 424B3
Source: 0001999371-25-007638
Chunk: 60

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-12
Form: 424B3
Chunk 60
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 Fund’s current management fee waiver), the larger size                                           
 of the combined fund and additional breakpoints on the fund-level management fee schedule                                 
 of the Acquiring Fund, which are expected to result in a lower effective management fee                                   
 rate, as well as certain fixed costs being spread over the combined fund’s larger                                         
 asset base (please see “Proposal No. 1—A. Synopsis—Comparative Expense                                                    
 Information” for more information);                                                                                       |

| ● | Greater                                                                               
 secondary market liquidity and improved secondary market trading for common shares as 
 a result of the combined fund’s greater share volume, which may lead to narrower      
 bid-ask spreads and smaller trade-to-trade price movements; and                       |

| ● | Increased                                                                  
 portfolio and leverage management flexibility due to the larger asset base 
 of the combined fund.                                                      |

Based on information provided by Nuveen Fund Advisors, the Acquiring Fund Board considered that common shareholders of the Acquiring Fund may benefit from the incremental increase in assets of the combined fund, which may result in lower net operating expenses (excluding the cost of leverage). With respect to holders of preferred shares of the Acquiring Fund, the Acquiring Fund’s Board considered that there would be no additional preferred shares to be issued in the Merger and that the outstanding preferred shares of the Acquiring Fund would continue to have equal priority with each other as to payment of dividends and distributions of assets upon dissolution, liquidation or winding up of the affairs of the Acquiring Fund.

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For these reasons, each Fund’s Board has determined that the Merger is in the best interest of its Fund and has approved the Merger.

The closing of the Merger is subject to the satisfaction or waiver of certain closing conditions, which include customary closing conditions. In order for the Merger to occur, all requisite shareholder approvals must be obtained at the applicable Fund’s shareholder meetings, and certain other consents, confirmations and/or waivers from various third parties, including the liquidity providers with respect to outstanding preferred shares of the Acquiring Fund and lenders under the Acquiring Fund’s Credit Facilities, must also be obtained. Because the closing of the Merger is contingent upon the Target Fund and the Acquiring Fund obtaining such shareholder approvals and satisfying (or obtaining the waiver of) other closing conditions, it is possible that the Merger will not occur even if shareholders of a Fund entitled to vote approve the Merger and a Fund satisfies all of its closing conditions if the other Fund does not obtain