Company: JPC
Filing Date: 2025-06-12
Form Type: 424B3
Source: 0001999371-25-007638
Chunk: 15

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-12
Form: 424B3
Chunk 15
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 certain information contained elsewhere in this Joint Proxy Statement/Prospectus with respect to the proposed Merger. More complete information is contained elsewhere in this Joint Proxy Statement/Prospectus and in the Merger SAI and the appendices hereto and thereto. Shareholders should read the entire Joint Proxy Statement/Prospectus carefully.

Background and Reasons for the Merger

Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors” or the “Adviser”), a subsidiary of Nuveen, LLC and the Funds’ investment adviser, recommended the Merger proposal as part of an ongoing initiative to streamline Nuveen’s closed-end fund line-up and eliminate overlapping products. Each Fund’s Board considered the Merger and determined that the Merger would be in the best interests of its Fund. Based on information provided by Nuveen Fund Advisors, each Fund’s Board believes that the proposed Merger may benefit the common shareholders of its Fund in a number of ways, including, among other things, as applicable:

| ● | For the Target Fund, lower net operating expenses (excluding the cost of leverage) due to the lower fund-level management 
 fee schedule of the Acquiring Fund compared to that of the Target Fund (following the                                     
 expiration of the Target 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