Company: JPC
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230231
Chunk: 64

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 64
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 merged into JPC. With respect to the merger of JPI into JPC, the separate legal existence of JPI ceased for all purposes and JPC succeeded to all the assets and assumed all the liabilities of JPI. Shares of JPI were converted into newly issued shares of JPC. Holders of common shares of JPI received newly issued common shares of JPC, the aggregate NAV of which was equal to the aggregate NAV of the common shares of JPI held immediately prior to the merger (including for this purpose fractional Acquiring Fund shares to which shareholders were entitled). For accounting and performance reporting purposes, JPC is the survivor. 101

Notes to Financial Statements (continued) Borrowings:Effective September 22, 2025, JPC increased the maximum commitment amount of its Borrowings from $715,000,000 to $850,000,000. All other terms remain unchanged. 102

Shareholder Update (Unaudited) CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS NUVEEN FLOATING RATE INCOME FUND (JFR) Investment Objective The Fund’s investment objective is to achieve a high level of current income. Investment Policies The Fund invests at least 80% of its Assets (as defined below) in secured Senior Loans and unsecured Senior Loans, which unsecured Senior Loans will be, at the time of investment, investment grade quality. With respect to the Fund’s Senior Loans included in the 80% policy, such instruments will at times have a dollar-weighted average time until the next interest rate adjustment of 90 days or less. “Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. Under normal circumstances:

| • |     | The Fund invests at least 65% of its Managed Assets in Senior Loans that are secured by specific collateral. |

| • |     | The Fund may invest its Managed Assets without limit in Senior Loans and other debt instruments that are, at the time of investment, rated below investment grade or unrated but judged