Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 212

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 212
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 and can be changed without a vote of the common shareholders. However, this policy may only be changed by the Fund’s Board on 60 days prior written notice to common shareholders.

The restrictions and other limitations set forth above will apply only at the time of purchase of securities and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of an acquisition of securities.

Portfolio Turnover

Each Fund may engage in portfolio trading when considered appropriate, but short-term trading will not be used as the primary means of achieving the Fund’s investment objectives. There are no limits on the Funds’ rates of portfolio turnover. While there can be no assurance thereof, the Target Fund anticipates that its annual portfolio turnover rate will generally not exceed 50%. However, the rate of turnover will not be a limiting factor when the Target Fund deems it desirable to sell or purchase securities. Therefore, depending on market conditions, the annual portfolio turnover rate of the Target Fund may exceed 200% in particular years.

<div align='center'>17</div>

For the fiscal years ended July 31, 2024 and July 31, 2023, the portfolio turnover rates of the Target Fund were as follows:

| Target 
 Fund   |     |      |
| 2024   |     | 2023 |
| 42%    |     |  14% |

For the fiscal years ended July 31, 2024 and July 31, 2023, the portfolio turnover rates of the Acquiring Fund were as follows:

| Acquiring 
 Fund      |     |      |
| 2024      |     | 2023 |
| 39%       |     |  15% |

There are no limits on the rate of portfolio turnover, and investments may be sold without regard to length of time held when investment considerations warrant such action. A higher portfolio turnover rate may result in correspondingly greater brokerage commissions and other transactional expenses that are borne by each Fund. In addition, high portfolio turnover may result in the realization of net short-term capital gains by a Fund which, when distributed to shareholders, will be taxable as ordinary income for federal income tax purposes or may result in greater amounts of net capital gain distributions.

<div align='center'>Investment Adviser and Sub-Adviser</div>

Investment Adviser

Nuveen Fund Advisors is the investment adviser to each Fund and is responsible for overseeing each Fund’s overall investment strategy, including the use of leverage, and its