Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 28

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 28
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 ratio than the Target Fund, and to the extent the combined fund following the Merger maintains a higher effective leverage ratio than the historical effective leverage ratio of the Target Fund, an investment in the combined fund would be subject to a heightened level of leverage risk than an investment in the Target Fund.] See “Proposal No.1—B. Risk Factors—Portfolio-Level Risks—Leverage Risk.”

The principal risks of investing in the Acquiring Fund are described in more detail below. See “Proposal No. 1—B. Risk Factors.”

Comparative Expense Information

The purpose of the Comparative Fee Table is to assist you in understanding the various costs and expenses of investing in common shares of the Funds. The information in the table reflects the fees and expenses of each Fund for the semi-annual period ended January 31, 2025 (annualized) and the pro forma fees and expenses of the combined fund following the Merger for the six months ended January 31, 2025 (annualized) assuming the Merger was completed on January 31, 2025. The information in the table does not reflect the investment adviser’s waiver of 50% of its management fee, which will expire on August 18, 2025.

The value of the assets of the Funds will vary based on market conditions and other factors and may vary significantly during volatile market conditions. The figures in the Example are not necessarily indicative of past or future expenses, and actual expenses may be greater or less than those shown. The Funds’ actual rates of return may be greater or less than the hypothetical 5% annual return shown in the Example.

<div align='center'>Comparative Fee Table (1)</div>

|                                                                               |     | Target Fund |      |      |     | Acquiring 
 Fund      |      |      |     | Combined 
 Fund Pro 
 Forma(2) |      |   |
| Annual Expenses (as a percentage of net assets attributable to common shares) |     |             |      |      |     |           |      |      |     |          |      |   |
| Management Fees                                                               |     |             | 1.27 | %    |     |           | 1.21 | %    |     |          | 1.20 | % |
| Fees on Preferred Shares and Interest and Related Expenses from Borrowings(3) |     |             | 2.87 | %    |     |           | 3.61 | %    |     |          |