Company: JPC
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230231
Chunk: 5

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 5
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 • |     | A position in the loans of City Brewing Company. |

| • |     | Out‑of‑benchmark allocation to equity received from the reorganization of Vistra Vision. |

| • |     | Security selection within the financials sector. |

Nuveen Preferred & Income Opportunities Fund (JPC) 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. |

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Discussion of Fund Performance (continued) What key strategies were used to manage the Fund during the reporting period?

| • |     | The Fund continued to overweight the $1000 par preferred securities segment versus the $25 par preferred securities and CoCos segments, both of which remained underweights relative to the benchmark. |

| • |     | The underweight to CoCos resulted in an overweight to U.S.-domiciled issuers relative to the benchmark. |

| • |     | The Fund continued to overweight securities that have coupons with reset features (floating rate, fixed‑to‑floating rate, and fixed‑to‑fixed rate) versus fixed-rate coupon securities. |

| • |     | The Fund’s leverage-adjusted effective duration, or interest rate sensitivity, was longer than the JPC 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, JPC returned 10.29%. The Fund outperformed the JPC Blended Benchmark,