Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 1

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 1
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| Q. | Why                                                           
 am I receiving the enclosed Joint Proxy Statement/Prospectus? |

| A. | You                                                                                       
 are receiving the Joint Proxy Statement/Prospectus as a holder of common shares of Nuveen 
 Preferred Securities & Income Opportunities Fund (the “Target Fund) or Nuveen             
 Preferred & Income Opportunities Fund (the “Acquiring Fund” and together                  
 with the Target Fund, the “Funds” or each individually, a “Fund”)                         
 in connection with the solicitation of proxies by each Fund’s Board of Trustees           
 (each, a “Board” and each Trustee, a “Board Member”) for use                              
 at the annual meeting of shareholders of the Target Fund and at the special meeting of    
 shareholders of the Acquiring Fund (each, a “Meeting” and together, the “Meetings”).      |

At the Meetings, shareholders of the Funds will be asked to vote on the following proposals:

| ● | (Common                                                                              
 shareholders of the Target Fund and preferred shareholders of the Acquiring Fund) to 
 approve an Agreement and Plan of Merger (the “Agreement”) pursuant to which          
 the proposed combination of the Target Fund and the Acquiring Fund (the “Merger”)    
 will be effected; and                                                                |

| ● | -Common                                                                               
 shareholders of the Target Fund) to elect members of the Board. (The list of specific 
 nominees is contained in the enclosed Joint Proxy Statement/Prospectus.               |

Shareholders of the Target Fund are being solicited to vote on the election of four (4) Board Members who have been nominated for election at the Meeting. These Board Members would continue in office in the event the Merger is not consummated in a timely manner.

Each Fund’s Board unanimously recommends that you vote FOR each proposal that is applicable to your Fund.

Proposal Regarding the Merger

| Q. | Why                                                    
 has each Fund’s Board recommended the Merger proposal? |

| A. | Nuveen                                                                                          
 Fund Advisors, LLC (“Nuveen Fund Advisors”), a subsidiary of Nuveen, LLC                        
 (“Nuveen”) 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