Company: JPC
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230231
Chunk: 7

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 7
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 | The Fund’s leverage-adjusted effective duration, or interest rate sensitivity, was longer than the JPI Blended Benchmark’s duration during the reporting period. |

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How did the Fund perform and what factors affected relative performance? For the 12‑month reporting period ended July 31, 2025, JPI returned 10.34%. The Fund outperformed the JPI Blended Benchmark, which returned 8.44%. Top contributors to relative performance

| • |     | The Fund’s use of leverage through bank borrowings and reverse repurchase agreements. In addition, the Fund’s use of leverage was accretive to overall common share income. |

| • |     | Yield curve positioning, particularly an underweight to the longer maturity segments of the curve. |

| • |     | Underweight to $25 par preferred securities. |

| • |     | Security selection within the insurance and banking industries. |

Top detractors from relative performance

| • |     | Underweight to CoCos. |

| • |     | Longer leverage-adjusted effective duration. |

Nuveen Variable Rate Preferred & Income Fund (NPFD) What factors affected markets during the reporting period?

| • |     | The Federal Reserve (Fed) cut its target federal funds rate by 50 basis points in September, plus two additional 25 basis point cuts before year‑end 2024, bringing the range to 4.25% to 4.50%. Fed policymakers remained on hold with rates throughout the second half of the reporting period to assess the impact of tariffs announced in early April 2025, which were subsequently delayed. |

| • |     | Uncertainty surrounding Fed monetary policy and U.S. trade policy under the new administration kept volatility elevated in the bond market, but the backdrop of continued positive economic growth and labor market strength supported risk assets, including the preferred securities and contingent capital securities (CoCos) markets. |

| • |     | Preferred securities and CoCos also benefited from positive news from the global banking sector, the largest issuer in these segments. In the United States, banks reported earnings that generally exceeded expectations, while all 22 banks participating in the Fed’s 2025 annual stress test passed the exam. |

What key strategies were used to manage the Fund during the reporting period?

| • |     | While the Fund maintained an underweight to the CoCos segment during the reporting period, it was positioned with an overweight to non‑U.S. domiciled issuers relative to the