Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 41

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 41
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 in shorter-term securities. Because the values of lower rated and comparable unrated debt securities are affected both by credit risk and interest rate risk, the price movements of such lower grade securities typically have not been highly correlated to the fluctuations of the prices of investment grade quality securities in response to changes in market interest rates. The Fund’s use of leverage, as described herein, will tend to increase common share interest rate risk. There may be less governmental intervention in the securities markets in the near future. The negative impact on fixed-rate securities if interest rates increase as a result could negatively impact the Fund’s NAV.

Zero Coupon Bonds Risk. The market prices of zero coupon bonds of below investment grade quality will normally be affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest currently and in cash.

Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called preferred securities or debt instruments at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ ability to pay dividends, market price or their overall returns.

Concentration and Financial Services Sector Risk. The preferred securities market is comprised predominantly of securities issued by companies in the financial services sector. Therefore, preferred securities present substantially increased risks at times of financial turmoil, which could affect financial services companies more than companies in other sectors and industries. The Fund’s investment in securities issued by financial services companies makes the Fund more susceptible to adverse economic or regulatory occurrences affecting those companies. Concentration of investments in financial services companies includes the following risks:

| ● | financial                                                                                    
 services companies may suffer a setback if regulators change the rules under which they      
 operate, which may increase costs for or limit the ability to offer new services or products 
 and make it difficult to pass increased costs on to consumers;                               |

| ● | unstable                                                                            
 interest rates can have a disproportionate effect on the financial services sector; |

| ● | financial                                                                                  
 services companies whose securities the Fund may purchase may themselves have concentrated 
 portfolios, such as a high level of loans to real estate developers, which makes them      
 vulnerable to economic conditions that affect that sector; and                             |

| ● | financial                                                                             
 services companies have been affected by increased competition, which could adversely 
 affect the profitability or viability of such companies.                              |

The profitability of many types of financial services companies may be adversely affected in certain market cycles, including periods of rising interest