Edgar Filing: Nuveen Preferred Income Opportunities Fund

Nuveen Preferred Income Opportunities Fund

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21293

Nuveen Preferred Income Opportunities Fund

(Exact name of registrant as specified in charter)

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-917-7700

Date of fiscal year end: July 31

Date of reporting period: October 31, 2016

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

JPC


Nuveen Preferred Income Opportunities Fund
Portfolio of Investments		October 31, 2016 (Unaudited)


Shares		Description (1)					Value

		LONG-TERM INVESTMENTS – 139.3% (99.3% of Total Investments)

		COMMON STOCKS – 4.7% (3.2% of Total Investments)

		Air Freight & Logistics – 0.2%

	15,600	United Parcel Service, Inc., Class B					$	1,681,056

		Banks – 0.3%

	92,800	CIT Group Inc.						3,371,424

		Biotechnology – 0.2%

	34,500	Gilead Sciences, Inc.						2,540,235

		Capital Markets – 0.4%

	164,035	Ares Capital Corporation, (2)						2,509,736
	101,032	TPG Specialty Lending, Inc.						1,810,493
		Total Capital Markets						4,320,229

		Equity Real Estate Investment Trusts – 0.7%

	78,700	Apartment Investment & Management Company, Class A						3,468,309
	129,100	MGM Growth Properties LLC						3,397,912
		Total Equity Real Estate Investment Trusts						6,866,221

		Industrial Conglomerates – 0.8%

	113,800	Philips Electronics, (2)						3,417,414
	37,500	Siemens AG, Sponsored ADR, (3)						4,261,875
		Total Industrial Conglomerates						7,679,289

		Media – 0.4%

	120,855	National CineMedia, Inc., (2)						1,676,259
	73,035	Viacom Inc., Class B						2,743,195
		Total Media						4,419,454

		Multiline Retail – 0.2%

	41,300	Nordstrom, Inc.						2,147,600

		Pharmaceuticals – 0.8%

	127,700	AstraZeneca PLC, (2)						3,616,464
	105,400	GlaxoSmithKline PLC						4,217,054
		Total Pharmaceuticals						7,833,518

		Software – 0.2%

	42,000	Oracle Corporation						1,613,640

		Specialty Retail – 0.2%

	66,900	GameStop Corporation						1,608,945

		Tobacco – 0.3%

	155,365	Vector Group Ltd.						3,253,343
		Total Common Stocks (cost $47,318,656)						47,334,954

Shares		Description (1)	Coupon		Ratings (4)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 56.9% (40.7% of Total Investments)

		Banks – 13.6%

	128,500	AgriBank FCB, (2), (3)		6.875%		BBB+	$	13,821,781
	15,202	Boston Private Financial Holdings Inc., (5)		6.950%		N/R		391,452


NUVEEN			1


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)


Shares		Description (1)	Coupon		Ratings (4)		Value

		Banks (continued)

	148,007	Citigroup Inc.		8.125%		BB+	$	4,219,680
	445,498	Citigroup Inc.		7.125%		BB+		12,705,603
	6,179	Citigroup Inc.		6.875%		BB+		177,276
	172,975	Cobank Agricultural Credit Bank, (2), (3)		6.250%		BBB+		18,438,063
	57,511	Cobank Agricultural Credit Bank, (2), (3)		6.200%		BBB+		6,040,455
	38,725	Cobank Agricultural Credit Bank, (3)		6.125%		BBB+		3,899,123
	148,251	Countrywide Capital Trust III		7.000%		BBB–		3,818,946
	128,220	Cowen Group, Inc.		8.250%		N/R		3,337,567
	152,903	Fifth Third Bancorp.		6.625%		Baa3		4,588,619
	123,900	FNB Corporation		7.250%		Ba2		3,690,981
	138,932	HSBC Holdings PLC		8.000%		Baa1		3,620,568
	414,200	Huntington BancShares Inc.		6.250%		Baa3		11,083,992
	117,760	KeyCorp Convertible Preferred Stock		8.131%		Baa3		3,073,536
	82,000	People’s United Financial, Inc.		5.625%		BB+		2,140,200
	32,388	PNC Financial Services		6.125%		Baa2		913,342
	260,212	Private Bancorp Incorporated		7.125%		N/R		6,885,210
	48,746	Regions Financial Corporation		6.375%		Ba1		1,266,421
	449,744	Regions Financial Corporation		6.375%		Ba1		12,939,135
	133,300	TCF Financial Corporation		7.500%		BB–		3,481,796
	132,000	U.S. Bancorp., (2)		6.500%		A3		3,874,200
	216,373	Webster Financial Corporation		6.400%		Baa3		5,608,388
	66,775	Western Alliance Bancorp.		6.250%		N/R		1,713,447
	187,983	Zions Bancorporation		7.900%		BB–		4,906,356
	43,293	Zions Bancorporation		6.300%		BB–		1,355,071
		Total Banks						137,991,208

		Capital Markets – 7.5%

	130,200	Apollo Investment Corporation		6.875%		BBB–		3,432,072
	112,775	Apollo Investment Corporation		6.625%		BBB–		2,893,807
	186,440	Capitala Finance Corporation		7.125%		N/R		4,713,203
	133,500	Charles Schwab Corporation		6.000%		BBB		3,691,275
	74,047	Charles Schwab Corporation		5.950%		BBB		2,004,452
	120,805	Fifth Street Finance Corporation		6.125%		BBB–		3,079,319
	17,350	Gladstone Capital Corporation		6.750%		N/R		446,763
	89,100	Goldman Sachs Group, Inc.		5.500%		Ba1		2,322,837
	47,459	Hercules Technology Growth Capital Incorporated		7.000%		BBB–		1,205,933
	33,003	Hercules Technology Growth Capital Incorporated		7.000%		BBB–		843,557
	163,458	Hercules Technology Growth Capital Incorporated		6.250%		BBB–		4,189,429
	284,951	Ladenburg Thalmann Financial Services Inc.		8.000%		N/R		7,009,795
	665,200	Morgan Stanley		7.125%		Ba1		19,410,536
	219,900	Morgan Stanley		6.875%		Ba1		6,390,294
	67,500	Northern Trust Corporation		5.850%		BBB+		1,816,425
	261,622	Solar Capital Limited		6.750%		BBB–		6,689,675
	51,445	State Street Corporation		5.350%		Baa1		1,377,183
	74,800	Stifel Financial Corporation		6.250%		BB–		2,010,624
	122,539	Triangle Capital Corporation		6.375%		N/R		3,087,983
		Total Capital Markets						76,615,162

		Consumer Finance – 2.2%

	272,000	Discover Financial Services		6.500%		BB–		7,123,680
	417,333	GMAC Capital Trust I		8.125%		B+		10,654,511
	90,659	SLM Corporation, Series A		6.970%		Ba3		4,556,521
		Total Consumer Finance						22,334,712

		Diversified Financial Services – 1.3%

	30,391	KKR Financial Holdings LLC		7.500%		A–		781,657
	322,399	KKR Financial Holdings LLC		7.375%		BBB		8,379,150
	141,562	Main Street Capital Corporation		6.125%		N/R		3,680,612
		Total Diversified Financial Services						12,841,419

		Diversified Telecommunication Services – 1.1%

	135,165	Qwest Corporation		7.000%		BBB–		3,433,191
	178,815	Qwest Corporation		6.875%		BBB–		4,613,427


	2			NUVEEN


Shares		Description (1)	Coupon		Ratings (4)		Value

		Diversified Telecommunication Services (continued)

	70,800	Qwest Corporation		6.625%		BBB–	$	1,809,648
	53,900	Verizon Communications Inc.		5.900%		A–		1,443,981
		Total Diversified Telecommunication Services						11,300,247

		Equity Real Estate Investment Trusts – 7.3%

	57,165	Apartment Investment & Management Company		6.875%		BB		1,547,457
	28,889	Ashford Hospitality Trust Inc.		8.450%		N/R		728,869
	186,579	Cedar Shopping Centers Inc., Series A		7.250%		N/R		4,795,080
	208,314	Chesapeake Lodging Trust		7.750%		N/R		5,393,249
	50,200	Coresite Realty Corporation		7.250%		N/R		1,304,196
	270,925	DDR Corporation		6.500%		Baa3		6,962,773
	182,479	Digital Realty Trust Inc.		7.375%		Baa3		5,060,143
	256,406	Dupont Fabros Technology		6.625%		Ba2		7,051,165
	59,890	Hospitality Properties Trust		7.125%		BB		1,517,613
	133,675	LaSalle Hotel Properties		6.300%		N/R		3,446,142
	182,859	Northstar Realty Finance Corporation		8.875%		N/R		4,743,362
	51,926	Northstar Realty Finance Corporation		8.750%		N/R		1,377,597
	121,633	Northstar Realty Finance Corporation		8.250%		N/R		3,067,584
	200,000	Penn Real Estate Investment Trust		8.250%		N/R		5,130,000
	72,400	Penn Real Estate Investment Trust		7.375%		N/R		1,872,264
	65,612	Regency Centers Corporation		6.625%		Baa2		1,671,138
	106,502	Senior Housing Properties Trust, (5)		5.625%		BBB–		2,651,900
	57,203	STAG Industrial Inc.		9.000%		N/R		1,440,944
	145,905	Sunstone Hotel Investors Inc.		6.950%		N/R		4,025,519
	149,300	Urstadt Biddle Properties		7.125%		N/R		3,887,772
	259,195	VEREIT, Inc.		6.700%		BB		6,951,610
		Total Equity Real Estate Investment Trusts						74,626,377

		Food Products – 3.5%

	195,200	CHS Inc.		7.875%		N/R		6,121,472
	410,101	CHS Inc.		7.100%		N/R		12,138,989
	441,504	CHS Inc., (5)		6.750%		N/R		12,406,261
	23,000	Dairy Farmers of America Inc., 144A, (3)		7.875%		Baa3		2,443,032
	19,500	Dairy Farmers of America Inc., 144A, (3)		7.875%		Baa3		2,043,844
		Total Food Products						35,153,598

		Insurance – 12.0%

	330,962	Arch Capital Group Limited, (2)		6.750%		BBB+		8,462,698
	302,283	Argo Group US Inc., (2)		6.500%		BBB–		7,777,742
	73,400	Aspen Insurance Holdings Limited		7.250%		BBB–		1,893,720
	58,900	Aspen Insurance Holdings Limited		5.625%		BBB–		1,506,073
	408,600	Aspen Insurance Holdings Limited, (2)		5.950%		BBB–		11,628,756
	234,767	Axis Capital Holdings Limited, (2)		6.875%		BBB		6,021,774
	103,700	Axis Capital Holdings Limited, (WI/DD)		5.500%		BBB		2,592,500
	56,900	Delphi Financial Group, Inc., (3)		7.376%		BB+		1,282,031
	235,211	Endurance Specialty Holdings Limited, (2)		6.350%		BBB–		6,266,021
	138,124	Hartford Financial Services Group Inc., (2)		7.875%		BBB–		4,320,519
	561,100	Kemper Corporation		7.375%		Ba1		14,975,759
	298,139	Maiden Holdings Limited		8.250%		BB		7,775,465
	67,000	Maiden Holdings Limited		6.625%		BBB–		1,773,490
	233,932	Maiden Holdings NA Limited		8.000%		BBB–		6,014,392
	265,933	Maiden Holdings NA Limited, (2)		7.750%		BBB–		7,132,322
	100,195	National General Holding Company		7.625%		N/R		2,580,021
	76,400	National General Holding Company		7.500%		N/R		1,932,920
	153,954	National General Holding Company		7.500%		N/R		3,913,511
	279,732	Reinsurance Group of America Inc.		6.200%		BBB		7,997,537
	361,700	Reinsurance Group of America, Inc., (2)		5.750%		BBB		10,373,555
	204,400	Torchmark Corporation		6.125%		BBB+		5,524,931
		Total Insurance						121,745,737

		Mortgage Real Estate Investment Trusts – 1.9%

	99,138	AG Mortgage Investment Trust		8.000%		N/R		2,432,847
	28,280	Apollo Commercial Real Estate Finance		8.625%		N/R		723,968


NUVEEN			3


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)


Shares		Description (1)	Coupon		Ratings (4)		Value

		Mortgage Real Estate Investment Trusts (continued)

	118,623	Arbor Realty Trust Incorporated		7.375%		N/R	$	3,018,955
	64,615	Capstead Mortgage Corporation		7.500%		N/R		1,603,744
	79,861	Colony Financial Inc.		7.500%		N/R		2,023,678
	97,520	Colony Financial Inc.		7.125%		N/R		2,484,810
	23,967	Colony Financial Inc.		8.500%		N/R		614,514
	49,519	Invesco Mortgage Capital Inc.		7.750%		N/R		1,250,355
	111,053	MFA Financial Inc.		8.000%		N/R		2,852,952
	107,000	Wells Fargo REIT, (2)		6.375%		BBB+		2,897,560
		Total Mortgage Real Estate Investment Trusts						19,903,383

		Oil, Gas & Consumable Fuels – 0.8%

	206,105	Nustar Logistics Limited Partnership		7.625%		Ba2		5,278,349
	38,248	Scorpio Tankers Inc.		7.500%		N/R		964,232
	72,400	Scorpio Tankers Inc.		6.750%		N/R		1,663,028
		Total Oil, Gas & Consumable Fuels						7,905,609

		Real Estate Management & Development – 0.3%

	110,000	Kennedy-Wilson Inc.		7.750%		BB–		2,845,700

		Specialty Retail – 0.8%

	256,074	TravelCenters of America LLC		8.000%		N/R		6,517,083
	55,650	TravelCenters of America LLC		8.000%		N/R		1,421,857
		Total Specialty Retail						7,938,940

		Thrifts & Mortgage Finance – 0.8%

	160,700	Federal Agricultural Mortgage Corporation		6.875%		N/R		4,289,083
	143,400	Federal Agricultural Mortgage Corporation		6.000%		N/R		3,899,046
		Total Thrifts & Mortgage Finance						8,188,129

		U.S. Agency – 2.8%

	260,300	Farm Credit Bank of Texas, (2), (3)		6.750%		Baa1		28,120,546

		Wireless Telecommunication Services – 1.0%

	391,199	United States Cellular Corporation, (2)		7.250%		Ba1		10,237,678
		Total $25 Par (or similar) Retail Preferred (cost $539,625,004)						577,748,445

Shares		Description (1)	Coupon		Ratings (4)		Value

		CONVERTIBLE PREFERRED SECURITIES – 2.6% (1.9% of Total Investments)

		Banks – 1.4%

	4,225	Bank of America Corporation		7.250%		BB+	$	5,200,975
	7,225	Wells Fargo & Company, (2)		7.500%		BBB		9,428,625
		Total Banks						14,629,600

		Diversified Telecommunication Services – 0.3%

	37,700	Frontier Communications Corporation		11.125%		N/R		3,148,327

		Electric Utilities – 0.7%

	67,050	Great Plains Energy Inc.		7.000%		N/R		3,552,980
	69,500	NextEra Energy Inc.		6.123%		BBB		3,527,125
		Total Electric Utilities						7,080,105

		Pharmaceuticals – 0.2%

	3,000	Teva Pharmaceutical Industries Limited, (3)		7.000%		N/R		2,276,100
		Total Convertible Preferred Securities (cost $26,520,722)						27,134,132


	4			NUVEEN


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		CORPORATE BONDS – 12.6% (9.0% of Total Investments)

		Banks – 4.3%

$	6,000	Bank of America Corporation		6.250%		N/A (6)		BB+	$	6,285,000
	4,160	Bank of America Corporation		6.300%		N/A (6)		BB+		4,539,183
	8,570	Citigroup Inc.		5.950%		N/A (6)		BB+		8,762,825
	7,985	Citigroup Inc.		5.875%		N/A (6)		BB+		8,108,767
	5,055	ING Groep N.V, (7)		6.500%		N/A (6)		BBB–		4,991,813
	9,430	JP Morgan Chase & Company		5.300%		N/A (6)		BBB–		9,571,450
	2,100	Standard Chartered PLC, 144A, (7)		6.500%		N/A (6)		Ba1		1,981,875
	43,300	Total Banks								44,240,913

		Biotechnology – 0.3%

	3,500	AMAG Pharmaceuticals Inc., 144A		7.875%		9/01/23		B+		3,281,250

		Capital Markets – 1.1%

	11,100	Goldman Sachs Group Inc.		5.375%		N/A (6)		Ba1		11,155,500

		Chemicals – 0.4%

	2,125	A Schulman Inc., 144A		6.875%		6/01/23		B+		2,162,188
	2,575	CVR Partners LP / CVR Nitrogen Finance Corp., 144A		9.250%		6/15/23		B+		2,525,045
	4,700	Total Chemicals								4,687,233

		Commercial Services & Supplies – 0.5%

	1,520	GFL Environmental Corporation, 144A		7.875%		4/01/20		B–		1,592,200
	1,775	GFL Environmental Corporation, 144A		9.875%		2/01/21		B–		1,943,625
	2,124	R.R. Donnelley & Sons Company		6.500%		11/15/23		B+		2,065,590
	5,419	Total Commercial Services & Supplies								5,601,415

		Diversified Financial Services – 0.3%

	3,170	BNP Paribas, 144A, (7)		7.625%		N/A (6)		BBB–		3,312,650

		Diversified Telecommunication Services – 0.7%

	6,900	Frontier Communications Corporation		11.000%		9/15/25		BB		7,044,417

		Equity Real Estate Investment Trusts – 0.4%

	3,525	Communications Sales & Leasing Inc.		8.250%		10/15/23		BB–		3,718,875

		Food Products – 0.1%

	1,310	Land O Lakes Capital Trust I, 144A		7.450%		3/15/28		Ba1		1,499,950

		Health Care Providers & Services – 0.3%

	3,295	Kindred Healthcare Inc.		8.000%		1/15/20		B–		3,295,000

		Insurance – 0.3%

	2,430	Security Benefit Life Insurance Company, 144A		7.450%		10/01/33		BBB		2,845,292

		Machinery – 0.6%

	3,200	Dana Financing Luxembourg Sarl, 144A		6.500%		6/01/26		BB+		3,404,000
	2,703	Meritor Inc.		6.750%		6/15/21		B+		2,750,303
	5,903	Total Machinery								6,154,303

		Media – 0.7%

	1,470	Dish DBS Corporation		5.875%		11/15/24		Ba3		1,480,106
	5,350	Dish DBS Corporation		7.750%		7/01/26		Ba3		5,874,995
	6,820	Total Media								7,355,101

		Oil, Gas & Consumable Fuels – 0.2%

	1,600	Enviva Parnters LP / Enviva Partners Finance Corp., 144A, (WI/DD)		8.500%		11/01/21		B+		1,636,000


NUVEEN			5


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		Real Estate Management & Development – 0.3%

$	3,200	Greystar Real Estate Partners, LLC, 144A		8.250%		12/01/22		BB–	$	3,480,000

		Specialty Retail – 0.7%

	6,450	L Brands, Inc.		6.875%		11/01/35		BB+		6,837,000

		Technology Hardware, Storage & Peripherals – 0.5%

	4,575	Western Digital Corporation, 144A		10.500%		4/01/24		BB+		5,289,844

		Wireless Telecommunication Services – 0.9%

	1,925	Altice Financing SA, 144A		7.500%		5/15/26		BB–		1,987,563
	5,875	Viacom Inc.		6.875%		4/30/36		BBB		6,998,000
	7,800	Total Wireless Telecommunication Services								8,985,563
$	124,997	Total Corporate Bonds (cost $125,697,278)								130,420,306

Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (4)		Value

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 62.5% (44.5% of Total Investments)

		Banks – 25.2%

	2,320	Australia and New Zealand Banking Group Limited of the United Kingdom, 144A, (7)		6.750%		N/A (6)		Baa1	$	2,547,529
	2,000	Banco Bilbao Vizcaya Argentaria S.A, Reg S, (7)		9.000%		N/A (6)		BB		2,077,500
	600	Banco Santander SA, Reg S, (7)		6.375%		N/A (6)		Ba1		550,808
	1,476	Bank of America Corporation		8.000%		N/A (6)		BB+		1,503,675
	19,390	Bank of America Corporation, (5)		6.500%		N/A (6)		BB+		21,038,150
	3,575	Barclays Bank PLC, 144A, (2)		10.180%		6/12/21		A–		4,520,913
	15,935	Barclays PLC, (7)		8.250%		N/A (6)		BB+		16,134,188
	4,080	Citigroup Inc.		6.250%		N/A (6)		BB+		4,392,732
	9,095	Citigroup Inc.		6.125%		N/A (6)		BB+		9,507,913
	2,925	Citigroup Inc., (5)		5.800%		N/A (6)		BB+		2,965,219
	7,214	Citizens Financial Group Inc.		5.500%		N/A (6)		BB+		7,105,790
	7,790	Cobank Agricultural Credit Bank		6.250%		N/A (6)		BBB+		8,428,492
	3,960	Commerzbank AG, 144A		8.125%		9/19/23		BBB		4,552,416
	2,915	Credit Agricole SA, 144A, (7)		8.125%		N/A (6)		BB+		3,130,244
	3,950	Credit Agricole, S.A, 144A, (7)		6.625%		N/A (6)		BB+		3,841,375
	1,000	HSBC Bank PLC		1.188%		N/A (6)		A3		695,000
	500	HSBC Bank PLC		0.975%		N/A (6)		A3		347,500
	4,204	HSBC Capital Funding LP, Debt, 144A		10.176%		N/A (6)		Baa1		6,348,040
	3,615	HSBC Holdings PLC, (7)		6.875%		N/A (6)		BBB		3,804,788
	10,175	Intesa Sanpaolo SpA, 144A, (7)		7.700%		N/A (6)		Ba3		9,297,406
	4,700	JP Morgan Chase & Company		7.900%		N/A (6)		BBB–		4,844,525
	19,230	JP Morgan Chase & Company		6.750%		N/A (6)		BBB–		21,345,300
	125	JP Morgan Chase & Company		6.100%		N/A (6)		BBB–		131,363
	3,485	KeyCorp		5.000%		N/A (6)		Baa3		3,428,369
	20,390	Lloyd’s Banking Group PLC, (7)		7.500%		N/A (6)		BB+		21,001,700
	1,960	M&T Bank Corporation		6.450%		N/A (6)		Baa2		2,200,100
	3,665	M&T Bank Corporation		5.125%		N/A (6)		Baa2		3,697,069
	4,000	Nordea Bank AB, 144A, (7)		6.125%		N/A (6)		BBB		3,945,000
	10,745	PNC Financial Services Inc.		6.750%		N/A (6)		Baa2		11,926,950
	4,655	PNC Financial Services		5.000%		N/A (6)		Baa2		4,631,725
	4,883	Royal Bank of Scotland Group PLC		7.648%		N/A (6)		BB		5,774,148
	3,325	Royal Bank of Scotland Group PLC, (7)		7.500%		N/A (6)		BB–		3,050,688
	3,005	Royal Bank of Scotland Group PLC, (7)		8.625%		N/A (6)		BB–		2,989,975
	9,841	Societe Generale, 144A, (7)		7.875%		N/A (6)		BB+		9,742,590
	3,595	Societe Generale, 144A, (7)		7.375%		N/A (6)		BB+		3,564,443
	735	Standard Chartered PLC, 144A, (7)		7.500%		N/A (6)		Ba1		740,053
	4,995	SunTrust Bank Inc.		5.625%		N/A (6)		Baa3		5,144,850
	250	U.S. Bancorp.		5.125%		N/A (6)		A3		263,750
	3,750	Wachovia Capital Trust III		5.570%		N/A (6)		BBB		3,754,688
	8,641	Wells Fargo & Company, (5)		7.980%		N/A (6)		BBB		9,008,243
	17,350	Wells Fargo & Company		5.875%		N/A (6)		BBB		18,613,288


	6			NUVEEN


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (4)		Value

		Banks (continued)

	3,450	Zions Bancorporation		7.200%		N/A (6)		BB–	$	3,687,188
		Total Banks								256,275,683

		Capital Markets – 3.7%

	3,270	Bank of New York Mellon Corporation		4.950%		N/A (6)		Baa1		3,347,663
	8,920	Credit Suisse Group AG, 144A, (7)		7.500%		N/A (6)		BB		9,232,200
	5,640	Goldman Sachs Group Inc.		5.300%		N/A (6)		Ba1		5,745,750
	5,880	Morgan Stanley		5.550%		N/A (6)		Ba1		6,019,650
	1,975	State Street Corporation		5.250%		N/A (6)		Baa1		2,074,738
	7,055	UBS Group AG, Reg S, (7)		7.125%		N/A (6)		BB+		7,222,556
	3,675	UBS Group AG, Reg S, (7)		7.000%		N/A (6)		BB+		3,925,264
		Total Capital Markets								37,567,821

		Commercial Services & Supplies – 0.3%

	2,790	AerCap Global Aviation Trust, 144A		6.500%		6/15/45		BB		2,873,700

		Consumer Finance – 2.1%

	5,271	American Express Company		5.200%		N/A (6)		Baa2		5,284,177
	1,900	American Express Company		4.900%		N/A (6)		Baa2		1,864,850
	13,730	Capital One Financial Corporation		5.550%		N/A (6)		Baa3		13,882,526
		Total Consumer Finance								21,031,553

		Diversified Financial Services – 3.9%

	14,800	Agstar Financial Services Inc., 144A		6.750%		N/A (6)		BB		15,697,250
	4,065	BNP Paribas, 144A, (7)		7.375%		N/A (6)		BBB–		4,171,706
	5,670	BNP Paribas, 144A		7.195%		N/A (6)		BBB		6,400,013
	2,300	Depository Trust & Clearing Corporation, 144A		4.875%		N/A (6)		A		2,354,625
	7,443	Rabobank Nederland, 144A		11.000%		N/A (6)		Baa2		8,968,071
	1,955	Voya Financial Inc.		5.650%		5/15/53		Baa3		1,945,225
		Total Diversified Financial Services								39,536,890

		Electric Utilities – 2.3%

	2,250	Electricite de France, 144A		5.250%		N/A (6)		BBB		2,227,500
	18,900	Emera, Inc., (2)		6.750%		6/15/76		BBB–		20,884,499
		Total Electric Utilities								23,111,999

		Energy Equipment & Services – 0.4%

	3,765	Transcanada Trust		5.875%		N/A (6)		BBB		4,028,550

		Equity Real Estate Investment Trusts – 1.5%

	11,705	Sovereign Real Estate Investment Trust, 144A		12.000%		N/A (6)		Ba1		14,997,031

		Food Products – 3.4%

	2,245	Dairy Farmers of America Inc., 144A		7.125%		N/A (6)		Baa3		2,340,413
	23,545	Land O’ Lakes Incorporated, 144A		8.000%		N/A (6)		BB		24,839,974
	6,750	Land O’Lakes Inc., 144A		8.000%		N/A (6)		BB		7,121,249
		Total Food Products								34,301,636

		Industrial Conglomerates – 4.1%

	39,281	General Electric Company, (5)		5.000%		N/A (6)		A		41,614,290

		Insurance – 14.3%

	7,365	Aviva PLC, Reg S		8.250%		N/A (6)		BBB		7,765,111
	1,205	AXA SA, (2)		8.600%		12/15/30		A3		1,693,025
	2,460	Cloverie PLC Zurich Insurance		8.250%		N/A (6)		A		2,625,366
	2,300	CNP Assurances, Reg S		7.500%		N/A (6)		BBB+		2,455,268
	27,085	Financial Security Assurance Holdings, 144A, (2)		6.400%		12/15/66		BBB+		22,318,040
	1,755	Friends Life Group PLC, Reg S		7.875%		N/A (6)		A–		1,891,109
	2,108	La Mondiale SAM, Reg S		7.625%		N/A (6)		BBB		2,255,560


NUVEEN			7


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (4)		Value

		Insurance (continued)

	6,590	Liberty Mutual Group, 144A		7.800%		3/15/37		Baa3	$	7,743,250
	9,335	MetLife Capital Trust IV, 144A, (2)		7.875%		12/15/37		BBB		11,948,800
	4,160	MetLife Capital Trust X, 144A		9.250%		4/08/38		BBB		6,059,039
	3,425	MetLife Inc.		5.250%		N/A (6)		BBB		3,489,219
	1,150	Nationwide Financial Services Capital Trust		7.899%		3/01/37		Baa2		1,319,073
	9,550	Nationwide Financial Services Inc., (2)		6.750%		5/15/37		Baa2		10,075,250
	6,855	Provident Financing Trust I		7.405%		3/15/38		Baa3		7,686,169
	3,315	Prudential Financial Inc.		5.875%		9/15/42		BBB+		3,629,925
	11,675	QBE Cap Funding III Limited, 144A		7.250%		5/24/41		BBB		13,192,750
	2,340	QBE Insurance Group Limited		6.750%		12/02/44		BBB		2,555,280
	15,955	Sirius International Group Limited, 144A		7.506%		N/A (6)		BB+		16,054,719
	20,553	Symetra Financial Corporation, 144A		8.300%		10/15/37		Baa2		20,861,294
		Total Insurance								145,618,247

		Machinery – 0.2%

	2,215	Stanley Black & Decker Inc., (2)		5.750%		12/15/53		BBB+		2,353,438

		Metals & Mining – 0.6%

	5,825	BHP Billiton Finance USA Limited, 144A		6.250%		10/19/75		A–		6,312,844

		Speciality Retail – 0.3%

	2,650	Aquarius & Investments PLC fbo SwissRe, Reg S		8.250%		N/A (6)		N/R		2,840,583

		U.S. Agency – 0.2%

	1,700	Farm Credit Bank of Texas, 144A		10.000%		N/A (6)		Baa1		2,074,000
		Total $1,000 Par (or similar) Institutional Preferred (cost $601,794,514)								634,538,265
		Total Long-Term Investments (cost $1,340,956,174)								1,417,176,102

Principal Amount (000)		Description (1)	Coupon		Maturity				Value

		SHORT-TERM INVESTMENTS – 0.9% (0.7% of Total Investments)

		REPURCHASE AGREEMENT – 0.9% (0.7% of Total Investments)

$	9,583	Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/31/16, repurchase price $9,582,572, collateralized by $8,015,000 U.S. Treausury Bonds, 3.625%, due 2/15/44, value $9,778,300		0.030%		11/01/16			$	9,582,564
		Total Short-Term Investments (cost $9,582,564)								9,582,564
		Total Investments (cost $1,350,538,738) – 140.2%								1,426,758,666
		Borrowings – (39.7)% (8), (9)								(404,100,000	)
		Other Assets Less Liabilities – (0.5)% (10)								(5,323,965	)
		Net Assets Applicable to Common Shares – 100%							$	1,017,334,701

Investments in Derivatives as of October 31, 2016

Call Options Written


Number of Contracts			Description	Notional Amount (11)			Expiration Date		Strike Price		Value
	(413	)	Nordstrom, Inc.	$	(1,961,750	)		1/20/17	$	47.5	$	(245,735	)
	(413	)	Total Call Option Written (premiums received $112,317)	$	(1,961,750	)					$	(245,735	)


	8			NUVEEN

Interest Rate Swaps


Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Effective Date (12)		Optional Termination Date		Termination Date		Value			Unrealized Appreciation (Depreciation)
JP Morgan Chase Bank, N.A.	$	114,296,000		Receive		1-Month USD-LIBOR-ICE		1.462	%		Monthly		1/03/17		12/01/18		12/01/20	$	(2,281,768	)	$	(3,274,887	)
JP Morgan Chase Bank, N.A.		114,296,000		Receive		1-Month USD-LIBOR-ICE		1.842			Monthly		1/03/17		12/01/20		12/01/22		(4,830,853	)		(6,298,217	)
	$	228,592,000																$	(7,112,621	)	$	(9,573,104	)

Fair Value Measurements

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.


Level 1 –		Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –		Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:


	Level 1			Level 2			Level 3		Total
Long-Term Investments:
Common Stocks	$	43,073,079		$	4,261,875		$	—	$	47,334,954
Convertible Preferred Securities		24,858,032			2,276,100			—		27,134,132
$25 Par (or similar) Retail Preferred		501,659,570			76,088,875			—		577,748,445
Corporate Bonds		—			130,420,306			—		130,420,306
$1,000 Par (or similar) Institutional Preferred		—			634,538,265			—		634,538,265

Short-Term Investments:
Repurchase Agreements		—			9,582,564			—		9,582,564

Investments in Derivatives:
Call options written		(245,735	)		—			—		(245,735	)
Interest Rate Swaps*		—			(9,573,104	)		—		(9,573,104	)
Total	$	569,344,946		$	847,594,881		$	—	$	1,416,939,827

*	Represents net unrealized appreciation (depreciation).

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to recognizing of premium amortization, timing differences in recognition of income on REIT investments and timing difference in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

As of October 31, 2016, the cost of investments (excluding investments in derivatives) was $1,352,556,479.


NUVEEN			9


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of October 31, 2016, were as follows:


Gross unrealized:
Appreciation	$	83,892,232
Depreciation		(9,690,045	)
Net unrealized appreciation (depreciation) of investments	$	74,202,187

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)	Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $79,375,273.

(3)	For fair value measurement disclosure purposes, investment classified as Level 2.

(4)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(6)	Perpetual security. Maturity date is not applicable.

(7)

Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. As of the end of the reporting period, the Fund’s total investment in CoCos was $121,256,351, representing 11.9% and 8.5% of Net Assets Applicable to Common Shares and Total Investments, respectively.

(8)

The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $935,841,966 have been pledged as collateral for borrowings.

(9)	Borrowings as a percentage of Total Investments is 28.3%.

(10)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC-cleared and exchange-traded derivatives, when applicable. Other assets less liabilities also includes the value of options.

(11)	For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

(12)	Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each contract.

(WI/DD)

Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

USD-LIBOR-ICE

United States Dollar – London Inter-Bank Offered Rate – Intercontinental Exchange


	10			NUVEEN

Item 2. Controls and Procedures.

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		Nuveen Preferred Income Opportunities Fund

By (Signature and Title)		/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Vice President and Secretary

Date: December 30, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Cedric H. Antosiewicz
		Cedric H. Antosiewicz
		Chief Administrative Officer (principal executive officer)

Date: December 30, 2016

By (Signature and Title)		/s/ Stephen D. Foy
		Stephen D. Foy
		Vice President and Controller (principal financial officer)

Date: December 30, 2016