Company: JPC
Filing Date: 2025-06-12
Form Type: 424B3
Source: 0001999371-25-007638
Chunk: 1

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-12
Form: 424B3
Chunk 1
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 liquidation or winding up of the affairs of the Acquiring Fund.

For these reasons, each Fund’s Board has determined that the Merger is in the best interest of its Fund and has approved the Merger.

| Q. | How                                                    
 will preferred shareholders be affected by the Merger? |

| A. | The                                                                                     
 Acquiring Fund has two series of Taxable Fund Preferred Shares (“TFP Shares”)           
 outstanding, and these shares are expected to remain outstanding following the Merger.  
 Other than TFP Shares of the Acquiring Fund, neither Fund has any other class or series 
 of preferred shares outstanding. The TFP Shares of the Acquiring Fund will continue to  
 be outstanding following the Merger, and there will be no additional preferred shares   
 issued in the Merger.                                                                   |

| Q. | Do                                                                
 the Funds have similar investment objectives, policies and risks? |

| A. | The                                                                                      
 Funds have similar investment objectives, policies and risks, but there are differences. 
 Each Fund seeks to provide a high level of current income and total return by investing  
 primarily in preferred securities and other income producing securities. However, there  
 are differences between the investment objectives, policies and risks of the Funds. The  
 principal similarities and differences between the Funds’ investment objectives,         
 policies and risks are as follows:                                                       |

| ● | Each                                                                                     
 Fund has an investment objective that includes providing high current income. The Target 
 Fund’s investment objective also includes total return and the Acquiring Fund’s          
 secondary investment objective is to seek total return.                                  |

| ● | Each                                                                                  
 Fund is a diversified, closed-end management investment company and currently employs 
 leverage through borrowings and reverse repurchase agreements, and the Acquiring Fund 
 currently also employs leverage through the issuance of preferred shares.             |

| ● | The                                                                                           
 Acquiring Fund historically has had a higher effective leverage 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 compared         
 to an investment in the Target Fund as well as increased costs of leverage.                   |

| ● | The                                                                                        
 Acquiring Fund has a policy of investing more than 25% of its Managed Assets in securities 
 of companies primarily engaged in financial services, while the Target Fund has a similar  
 policy to invest at least 25% of its assets in