Company: JPC
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230231
Chunk: 14

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 14
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 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |

| 2 | Includes 1.9% (as a percentage of total investments) in emerging market countries. |

| 20 |

| NPFD         | Fund Performance, Leverage and Holdings Summaries July 31, 2025 | Nuveen Variable Rate Preferred & Income Fund |
|:-------------|:----------------------------------------------------------------|:---------------------------------------------|
| Performance* |                                                                 |                                              |

|                                                       |     |           |     | Total Returns as of 
 July 31, 2025       |        |     |           |
|:------------------------------------------------------|:----|:----------|:----|:--------------------|:-------|:----|:----------|
|                                                       |     |           |     | Average Annual      |        |     |           |
|                                                       |     | Inception 
 Date      |     |                     | 1-Year |     | Since     
 Inception |
| NPFD at Common Share NAV                              |     | 12/15/21  |     |                     | 10.09% |     | 1.45%     |
| NPFD at Common Share Price                            |     | 12/15/21  |     |                     | 14.97% |     | 1.31%     |
| ICE Variable Rate Preferred & Hybrid Securities Index |     | —         |     |                     | 8.24%  |     | 4.84%     |
| NPFD Blended Benchmark                                |     | —         |     |                     | 8.68%  |     | 4.23%     |

*For purposes of Fund performance, relative results are measured against the NPFD Blended Benchmark. The Fund’s Blended Benchmark consists of 1) 80% ICE Variable Rate Preferred & Hybrid Securities Index and 2) 20% ICE USD Contingent Capital Index. Daily Common Share NAV and Share Price

| Common 
 Share  
 NAV    |     |      Common 
 Share Price |     | Premium/(Discount) 
 to NAV             |     | AveragePremium/(Discount) 
 to NAV                    |
| $20.06 |     |      $19.45 |     | (3.04)%            |     | (6.02)%                   |

Growth of an Assumed $10,000 Investment as of July 31, 2025 - Common Share Price

|