Company: JPC
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230231
Chunk: 8

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 8
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 benchmark. |

| • |     | The insurance industry remained the Fund’s largest industry overweight. |

| • |     | The Fund continued to overweight fixed‑to‑floating rate coupon and fixed‑to‑fixed rate coupon securities versus floating rate coupon securities. |

| • |     | The Fund’s leverage-adjusted effective duration, or interest rate sensitivity, was longer than the NPFD Blended Benchmark’s duration during the reporting period. |

How did the Fund perform and what factors affected relative performance? For the 12‑month reporting period ended July 31, 2025, NPFD returned 10.09%. The Fund outperformed the NPFD Blended Benchmark, which returned 8.68%. Top contributors to relative performance

| • |     | The Fund’s use of leverage through bank borrowings, reverse repurchase agreements and the issuance of preferred shares significantly contributed to relative performance over the reporting period. |

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

Top detractors from relative performance

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

| 7 |

Discussion of Fund Performance (continued) This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors. Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein. For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are