Company: JPC
Filing Date: 2025-06-12
Form Type: 424B3
Source: 0001999371-25-007638
Chunk: 2

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-12
Form: 424B3
Chunk 2
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 specified period and such       
 costs will vary over time. Based on information in the Comparative Fee Table, the pro        
 forma expense ratio of the combined fund following the Merger, excluding the costs of        
 leverage, is estimated to decrease up to 15 basis points (0.15%) compared to the total       
 expense ratio of the Target Fund and to decrease up to 1 basis point (0.01%) compared        
 to the total expense ratio of the Acquiring Fund.                                            |

See the Comparative Fee Table on page 10 of the enclosed Joint Proxy Statement/Prospectus for more detailed information regarding fees and expenses. See also “Additional Information About the Acquiring Fund” on page 75.

| Q. | Will                                                                                      
 shareholders of the Funds have to pay any fees or expenses in connection with the Merger? |

| A. | Yes.                                                                                    
 The Funds, and indirectly their common shareholders, will bear the costs of the Merger, 
 whether or not the Merger is consummated. The allocation of the costs of the Merger to  
 each Fund is based on the expected benefits of the Merger to that Fund’s common         
 shareholders following the Merger, including operating expense savings, improvements    
 in the secondary trading market for common shares and the impact on common share net    
 earnings. Holders of TFP Shares will not bear any costs of the Merger.                  |

The costs of the Merger are estimated to be $950,000, but the actual costs may be higher or lower than that amount. These costs represent the estimated nonrecurring expenses of the Funds in carrying out their obligations under the Agreement and consist of management’s estimate of professional service fees, printing costs and mailing charges related to the proposed Merger. Based on the expected benefits of the Merger to each Fund, the Target Fund and the Acquiring Fund are expected to be allocated $700,000 and $250,000, respectively, of the estimated expenses in connection with the Merger (0.23% and 0.01%, respectively, of the Target Fund’s and the Acquiring Fund’s average net assets applicable to common shares for the six months ended January 31, 2025). If the Merger is not consummated for any reason, including because the requisite shareholder approval is not obtained, each of the Funds, and common shareholders of each of the Funds indirectly, will still bear the costs of the Merger.

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| Q. | Will                                                                      
 the Mer