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)

Kevin J. McCarthy—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, 2015

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, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 139.1% (99.0% of Total Investments)

		COMMON STOCKS – 6.8% (4.9% of Total Investments)

		Air Freight & Logistics – 0.5%

	49,900	United Parcel Service, Inc., Class B	$	5,140,698

		Automobiles – 0.3%

	225,200	Ford Motor Company, (3)		3,335,212

		Biotechnology – 0.9%

	82,700	Gilead Sciences, Inc.		8,942,351

		Capital Markets – 0.8%

	220,435	Ares Capital Corporation		3,357,225
	281,468	Hercules Technology Growth Capital, Inc., (2)		3,141,183
	97,832	TPG Specialty Lending, Inc.		1,663,144
		Total Capital Markets		8,161,552

		Industrial Conglomerates – 0.3%

	127,400	Philips Electronics		3,432,156

		Insurance – 0.4%

	105,800	Unum Group		3,665,970

		Media – 0.3%

	134,255	National CineMedia, Inc., (3)		1,906,421
	28,835	Viacom Inc., Class B, (3)		1,421,854
		Total Media		3,328,275

		Oil, Gas & Consumable Fuels – 0.3%

	31,900	Phillips 66, (3)		2,840,695

		Pharmaceuticals – 1.1%

	161,200	AstraZeneca PLC, Sponsored ADR, (2)		5,140,668
	129,400	GlaxoSmithKline PLC, Sponsored ADR, (3)		5,571,964
		Total Pharmaceuticals		10,712,632

		Real Estate Investment Trust – 0.7%

	222,800	National Storage Affiliates Trust		3,350,912
	269,562	New Residential Investment		3,269,787
		Total Real Estate Investment Trust		6,620,699

		Software – 0.2%

	64,800	Oracle Corporation		2,516,832

		Technology Hardware, Storage & Peripherals – 0.5%

	98,500	NetApp, Inc., (3)		3,349,000
	43,800	Seagate Technology, (3)		1,667,028
		Total Technology Hardware, Storage & Peripherals		5,016,028

		Tobacco – 0.5%

	187,015	Vector Group Ltd.		4,535,114
		Total Common Stocks (cost $68,390,211)		68,248,214


Nuveen Investments			1


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2015 (Unaudited)


Shares		Description (1)	Coupon		Ratings (4)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED SECURITIES – 62.8% (44.7% of Total Investments)

		Banks – 11.1%

	15,202	Boston Private Financial Holdings Inc.		6.950%		N/R	$	384,763
	148,007	Citigroup Inc.		8.125%		BB+		4,216,719
	445,498	Citigroup Inc.		7.125%		BB+		12,282,380
	53,769	Citigroup Inc.		6.875%		BB+		1,480,798
	200,575	City National Corporation		6.750%		Baa2		5,826,704
	288,251	Countrywide Capital Trust III		7.000%		BBB–		7,402,286
	131,060	Cowen Group, Inc.		8.250%		N/R		3,442,946
	152,203	Fifth Third Bancorp.		6.625%		Baa3		4,246,464
	117,760	First Naigara Finance Group		8.625%		BB–		3,243,110
	123,900	FNB Corporation		7.250%		Ba2		3,617,880
	138,932	HSBC Holdings PLC		8.000%		Baa1		3,612,232
	46,421	PNC Financial Services		6.125%		Baa2		1,292,825
	260,212	Private Bancorp Incorporated		7.125%		N/R		7,067,358
	304,458	RBS Capital Trust		6.080%		BB–		7,581,004
	79,430	Regions Financial Corporation		6.375%		BB		2,065,180
	444,575	Regions Financial Corporation		6.375%		BB		11,772,346
	133,300	TCF Financial Corporation		7.500%		BB–		3,599,100
	109,600	Texas Capital Bancshares Inc.		6.500%		Ba2		2,802,472
	149,800	U.S. Bancorp.		6.500%		A3		4,341,204
	216,373	Webster Financial Corporation		6.400%		Baa3		5,517,512
	170,400	Wells Fargo & Company		6.625%		BBB		4,795,056
	187,983	Zions Bancorporation		7.900%		BB–		4,990,949
	196,000	Zions Bancorporation		6.300%		BB–		5,121,480
		Total Banks						110,702,768

		Capital Markets – 8.2%

	130,200	Apollo Investment Corporation		6.875%		BBB		3,308,382
	112,775	Apollo Investment Corporation		6.625%		BBB		2,852,080
	187,440	Capitala Finance Corporation		7.125%		N/R		4,764,725
	133,500	Charles Schwab Corporation		6.000%		BBB		3,458,985
	150,400	Fifth Street Finance Corporation		6.125%		BBB–		3,741,952
	60,700	Gladstone Capital Corporation		6.750%		N/R		1,556,348
	43,604	Gladstone Investment Corporation		7.125%		N/R		1,105,797
	89,100	Goldman Sachs Group, Inc.		5.500%		Ba1		2,217,699
	121,700	Hercules Technology Growth Capital Incorporated		7.000%		N/R		3,088,746
	56,207	Hercules Technology Growth Capital Incorporated		7.000%		N/R		1,420,913
	163,458	Hercules Technology Growth Capital Incorporated		6.250%		N/R		4,101,161
	37,355	JMP Group Inc.		7.250%		N/R		940,599
	284,951	Ladenburg Thalmann Financial Services Inc.		8.000%		N/R		6,778,984
	726,400	Morgan Stanley		7.125%		Ba1		20,230,240
	239,900	Morgan Stanley		6.875%		Ba1		6,489,295
	142,869	MVC Capital Incorporated		7.250%		N/R		3,500,291
	261,622	Solar Capital Limited		6.750%		BBB–		6,399,274
	72,375	THL Credit Inc.		6.750%		N/R		1,831,088
	160,678	Triangle Capital Corporation		6.375%		N/R		4,041,052
		Total Capital Markets						81,827,611

		Consumer Finance – 1.3%

	48,000	Capital One Financial Corporation		6.700%		Baa3		1,306,080
	272,000	Discover Financial Services		6.500%		BB–		7,259,680
	90,659	SLM Corporation, Series A		6.970%		B1		3,952,732
		Total Consumer Finance						12,518,492

		Diversified Financial Services – 2.4%

	70,791	KCAP Financial Inc.		7.375%		N/R		1,787,473
	30,291	KKR Financial Holdings LLC		7.500%		A–		807,861
	325,399	KKR Financial Holdings LLC		7.375%		BBB		8,613,312
	157,732	Main Street Capital Corporation		6.125%		N/R		4,033,207
	106,415	Oxford Lane Capital Corporation		8.125%		N/R		2,696,556
	108,131	Oxford Lane Capital Corporation		7.500%		N/R		2,592,981
	125,300	PennantPark Investment Corporation		6.250%		BBB–		3,148,789
		Total Diversified Financial Services						23,680,179


	2			Nuveen Investments


Shares		Description (1)	Coupon		Ratings (4)		Value

		Diversified Telecommunication Services – 1.0%

	128,265	Qwest Corporation		7.000%		BBB–	$	3,350,282
	137,015	Qwest Corporation		6.875%		BBB–		3,534,987
	70,600	Qwest Corporation		6.625%		Baa3		1,771,354
	57,500	Verizon Communications Inc.		5.900%		A–		1,529,500
		Total Diversified Telecommunication Services						10,186,123

		Electric Utilities – 0.3%

	136,900	Entergy Arkansas Inc., (5)		6.450%		BB+		3,439,613

		Food Products – 3.2%

	249,300	CHS Inc.		7.875%		N/R		7,159,896
	410,600	CHS Inc.		7.100%		N/R		11,365,408
	444,804	CHS Inc.		6.750%		N/R		11,991,916
	19,500	Dairy Farmers of America Inc., 144A, (5)		7.785%		Baa3		1,982,298
		Total Food Products						32,499,518

		Insurance – 11.1%

	54,045	Aegon N.V		8.000%		Baa1		1,495,966
	451,930	Arch Capital Group Limited		6.750%		BBB+		12,138,840
	302,283	Argo Group US Inc.		6.500%		BBB–		7,705,194
	55,200	Aspen Insurance Holdings Limited		7.401%		BBB–		1,409,808
	56,086	Aspen Insurance Holdings Limited		7.250%		BBB–		1,495,253
	393,800	Aspen Insurance Holdings Limited		5.950%		BBB–		10,037,962
	412,734	Axis Capital Holdings Limited		6.875%		BBB		11,160,327
	56,900	Delphi Financial Group, Inc., (5)		7.376%		BB+		1,401,163
	223,900	Endurance Specialty Holdings Limited		7.500%		BBB–		5,832,595
	42,470	Hanover Insurance Group		6.350%		BB+		1,080,437
	138,124	Hartford Financial Services Group Inc.		7.875%		BBB–		4,254,219
	484,200	Kemper Corporation		7.375%		Ba1		13,383,288
	298,139	Maiden Holdings Limited		8.250%		BB		7,912,609
	233,932	Maiden Holdings Limited		8.000%		BBB–		6,082,232
	291,133	Maiden Holdings Limited		7.750%		BBB–		7,895,527
	55,841	National General Holding Company		7.625%		N/R		1,367,546
	76,400	National General Holding Company		7.500%		N/R		1,929,864
	199,150	National General Holding Company		7.500%		N/R		5,056,419
	319,672	Reinsurance Group of America Inc.		6.200%		BBB		9,264,095
		Total Insurance						110,903,344

		Oil, Gas & Consumable Fuels – 1.2%

	308,741	Nustar Logistics Limited Partnership		7.625%		Ba2		7,909,944
	93,775	Scorpio Tankers Inc.		7.500%		N/R		2,367,819
	76,005	Scorpio Tankers Inc.		6.750%		N/R		1,734,434
		Total Oil, Gas & Consumable Fuels						12,012,197

		Real Estate Investment Trust – 13.1%

	166,084	AG Mortgage Investment Trust		8.000%		N/R		3,926,226
	24,296	Apartment Investment & Management Company		7.000%		BB		620,763
	57,165	Apartment Investment & Management Company		6.875%		BB		1,492,007
	149,500	Apollo Commercial Real Estate Finance		8.625%		N/R		3,898,960
	188,528	Apollo Residential Mortgage Inc.		8.000%		N/R		4,364,423
	141,555	Arbor Realty Trust Incorporated		7.375%		N/R		3,538,875
	133,192	Ashford Hospitality Trust Inc.		9.000%		N/R		3,397,728
	37,399	Ashford Hospitality Trust Inc.		8.450%		N/R		943,577
	139,015	Capstead Mortgage Corporation		7.500%		N/R		3,386,405
	186,579	Cedar Shopping Centers Inc., Series A		7.250%		N/R		4,662,609
	208,314	Chesapeake Lodging Trust		7.750%		N/R		5,622,395
	124,150	Colony Financial Inc.		7.125%		N/R		2,811,998
	23,967	Colony Financial Inc.		8.500%		N/R		634,646
	102,520	Colony Financial Inc.		7.500%		N/R		2,477,908
	50,000	Coresite Realty Corporation		7.250%		N/R		1,300,000
	270,925	DDR Corporation		6.500%		Baa3		7,076,561
	180,964	Digital Realty Trust Inc.		7.375%		Baa3		4,967,462


Nuveen Investments			3


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2015 (Unaudited)


Shares		Description (1)	Coupon				Ratings (4)		Value

		Real Estate Investment Trust (continued)

	34,270	Digital Realty Trust Inc.		7.000%				Baa3	$	886,565
	214,845	Dupont Fabros Technology		7.875%				Ba2		5,411,946
	245,332	First Potomac Realty Trust		7.750%				N/R		6,300,126
	70,136	Hospitality Properties Trust		7.125%				Baa3		1,848,084
	175,177	Inland Real Estate Corporation		8.125%				N/R		4,477,524
	22,200	Inland Real Estate Corporation		6.950%				N/R		559,440
	82,940	Invesco Mortgage Capital Inc.		7.750%				N/R		1,924,208
	123,064	Invesco Mortgage Capital Inc.		7.750%				N/R		2,847,701
	19,850	Kite Realty Group Trust		8.250%				N/R		506,175
	177,649	MFA Financial Inc.		8.000%				N/R		4,538,932
	182,859	Northstar Realty Finance Corporation		8.875%				N/R		4,459,931
	51,926	Northstar Realty Finance Corporation		8.750%				N/R		1,248,820
	167,106	Northstar Realty Finance Corporation		8.250%				N/R		3,947,044
	72,400	Penn Real Estate Investment Trust		7.375%				N/R		1,849,096
	200,000	Penn Real Estate Investment Trust		8.250%				N/R		5,148,000
	137,718	Rait Financial Trust		7.625%				N/R		2,959,560
	85,253	Rait Financial Trust		7.125%				N/R		1,948,884
	149,039	Regency Centers Corporation		6.625%				Baa2		3,872,033
	101,487	Resource Capital Corporation		8.625%				N/R		1,873,450
	227,593	Senior Housing Properties Trust		5.625%				BBB–		5,619,271
	7,474	Summit Hotel Properties Inc.		7.875%				N/R		196,193
	149,300	Urstadt Biddle Properties		7.125%				N/R		3,945,999
	269,495	VEREIT, Inc.		6.700%				N/R		6,686,171
	107,000	Wells Fargo REIT		6.375%				BBB+		2,822,659
		Total Real Estate Investment Trust								131,000,355

		Real Estate Management & Development – 0.3%

	110,000	Kennedy-Wilson Inc.		7.750%				BB–		2,875,400

		Specialty Retail – 1.0%

	260,674	TravelCenters of America LLC		8.000%				N/R		6,696,714
	125,000	TravelCenters of America LLC		8.000%				N/R		3,142,499
		Total Specialty Retail								9,839,213

		Thrifts & Mortgage Finance – 0.1%

	52,102	Everbank Financial Corporation		6.750%				N/R		1,330,164

		U.S. Agency – 7.5%

	128,500	AgriBank FCB, (5)		6.875%				BBB+		13,444,313
	48,055	Cobank Agricultural Credit Bank, (5)		6.200%				BBB+		4,933,149
	38,725	Cobank Agricultural Credit Bank, (5)		6.125%				BBB+		3,530,028
	172,975	Cobank Agricultural Credit Bank, 144A, (5)		6.250%				BBB+		17,892,101
	260,300	Farm Credit Bank of Texas, 144A, (5)		6.750%				Baa1		27,372,182
	160,700	Federal Agricultural Mortgage Corporation		6.875%				N/R		4,314,794
	143,400	Federal Agricultural Mortgage Corporation		6.000%				N/R		3,692,549
		Total U.S. Agency								75,179,116

		Wireless Telecommunication Services – 1.0%

	393,596	United States Cellular Corporation		7.250%				Ba1		10,083,930
		Total $25 Par (or similar) Retail Preferred (cost $603,231,868)								628,078,023

Shares		Description (1)	Coupon		Maturity		Ratings (4)		Value

		CONVERTIBLE PREFERRED SECURITIES – 1.1% (0.7% of Total Investments)

		Diversified Financial Services – 0.4%

	2,825	Wells Fargo & Company		7.500%		N/A (6)		BBB	$	3,347,625

		Diversified Telecommunication Services – 0.7%

	74,100	Frontier Communications Corporation		11.125%		6/29/18		N/R		7,345,533
		Total Convertible Preferred Securities (cost $10,781,515)								10,693,158


	4			Nuveen Investments


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

		CORPORATE BONDS – 9.1% (6.5% of Total Investments)

		Banks – 3.4%

$	6,000	Bank of America Corporation		6.250%		3/05/65		BB+	$	6,084,300
	5,020	Citigroup Inc.		5.950%		12/31/49		BB+		4,844,300
	8,080	Citigroup Inc.		5.875%		12/29/49		BB+		7,997,261
	3,950	Credit Agricole, S.A, 144A		6.625%		12/23/64		BB+		3,890,750
	3,425	ING Groep N.V		6.500%		10/16/65		Ba1		3,294,422
	4,460	JPMorgan Chase & Company		5.300%		11/01/65		BBB–		4,473,380
	3,550	Standard Chartered PLC, 144A		6.500%		10/02/65		BBB–		3,503,296
	34,485	Total Banks								34,087,709

		Beverages – 0.5%

	1,100	Cott Beverages Inc.		6.750%		1/01/20		B–		1,166,000
	3,450	Cott Beverages Inc.		5.375%		7/01/22		B–		3,432,750
	4,550	Total Beverages								4,598,750

		Biotechnology – 0.3%

	3,500	AMAG Pharmaceuticals Inc., 144A		7.875%		9/01/23		B+		3,263,750

		Capital Markets – 1.1%

	2,200	BGC Partners Inc.		5.375%		12/09/19		BBB–		2,298,010
	9,320	Goldman Sachs Group Inc.		5.375%		11/10/65		Ba1		9,226,800
	11,520	Total Capital Markets								11,524,810

		Commercial Services & Supplies – 0.5%

	3,320	GFL Environmental Corporation, 144A		7.875%		4/01/20		B		3,390,550
	1,255	R.R. Donnelley & Sons Company		6.500%		11/15/23		BB–		1,176,563
	4,575	Total Commercial Services & Supplies								4,567,113

		Diversified Consumer Services – 0.2%

	1,885	Gibson Brands Inc., 144A		8.875%		8/01/18		B–		1,654,088

		Diversified Telecommunication Services – 0.6%

	4,125	Frontier Communications Corporation, 144A		11.000%		9/15/25		BB		4,323,495
	1,675	Frontier Communications Corporation		7.625%		4/15/24		BB		1,499,125
	5,800	Total Diversified Telecommunication Services								5,822,620

		Food Products – 0.1%

	1,010	Land O’ Lakes Capital Trust I, 144A		7.450%		3/15/28		BB		1,070,600

		Health Care Providers & Services – 0.3%

	3,040	Kindred Healthcare Inc.		6.375%		4/15/22		B2		2,872,800

		Insurance – 0.2%

	1,835	Security Benefit Life Insurance Company, 144A		7.450%		10/01/33		BBB		2,251,099

		Marine – 0.5%

	6,050	Teekay Offshore Partners LP/Teekay Offshore Finance Corporation		6.000%		7/30/19		N/R		4,673,625

		Media – 0.3%

	1,925	Altice S.A, 144A		7.625%		2/15/25		B		1,770,038
	1,470	Dish DBS Corporation		5.875%		11/15/24		BB–		1,406,055
	3,395	Total Media								3,176,093

		Real Estate Investment Trust – 0.5%

	3,525	Communications Sales & Leasing Inc.		8.250%		10/15/23		BB		3,258,863
	1,640	Select Income REIT		4.500%		2/01/25		Baa2		1,565,099
	5,165	Total Real Estate Investment Trust								4,823,962


Nuveen Investments			5


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2015 (Unaudited)


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

		Real Estate Management & Development – 0.5%

$	4,100	Forestar USA Real Estate Group Inc., 144A, (2)		8.500%		6/01/22		B+	$	4,161,499
	850	Kennedy-Wilson Holdings Incorporated		5.875%		4/01/24		BB–		842,562
	4,950	Total Real Estate Management & Development								5,004,061

		Specialty Retail – 0.1%

	1,300	L Brands, Inc., 144A		6.875%		11/01/35		BB+		1,352,000
$	93,060	Total Corporate Bonds (cost $92,829,716)								90,743,080

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

		$1,000 PAR (OR SIMIALR) INSTITUTIONAL PREFERRED – 59.3% (42.2% of Total Investments)

		Banks – 26.1%

	885	Bank of America Corporation		8.125%		N/A (6)		BB+	$	921,586
	18,795	Bank of America Corporation, (3)		6.500%		N/A (6)		BB+		19,640,963
	4,200	Bank of America Corporation		6.100%		N/A (6)		BB+		4,247,250
	6,265	Bank of America Corporation		8.000%		N/A (6)		BB+		6,531,889
	3,575	Barclays Bank PLC, 144A		10.180%		6/12/21		A–		4,694,440
	12,260	Barclays PLC		8.250%		N/A (6)		BB+		13,053,283
	1,050	Citigroup Inc.		5.950%		N/A (6)		BB+		1,047,943
	1,000	Citigroup Inc.		8.400%		N/A (6)		BB+		1,115,000
	11,333	Citigroup Inc., (3)		5.800%		N/A (6)		BB+		11,262,169
	7,214	Citizens Financial Group Inc., 144A		5.500%		N/A (6)		BB+		7,087,755
	3,960	Commerzbank AG, 144A		8.125%		9/19/23		BBB–		4,585,363
	1,025	Credit Agricole SA, 144A		7.875%		N/A (6)		BB+		1,051,776
	6,635	General Electric Capital Corporation, (3)		6.250%		N/A (6)		Baa1		7,395,371
	27,455	General Electric Capital Corporation, (3)		7.125%		N/A (6)		Baa1		32,259,620
	1,000	HSBC Bank PLC		0.688%		9/20/17		A3		580,000
	500	HSBC Bank PLC		0.600%		N/A (6)		A3		295,500
	4,204	HSBC Capital Funding LP, Debt, 144A		10.176%		N/A (6)		Baa1		6,348,040
	3,745	HSBC Holdings PLC		6.375%		N/A (6)		BBB		3,709,460
	2,250	HSBC Holdings PLC		6.375%		N/A (6)		BBB		2,221,875
	3,715	Intesa Sanpaolo SpA, 144A		7.700%		N/A (6)		Ba3		3,756,794
	17,810	JPMorgan Chase & Company		6.750%		N/A (6)		BBB–		19,323,850
	125	JPMorgan Chase & Company		6.100%		N/A (6)		BBB–		127,500
	10,399	JPMorgan Chase & Company		7.900%		N/A (6)		BBB–		10,804,561
	17,970	Lloyd’s Banking Group PLC		7.500%		N/A (6)		BB+		19,093,125
	1,960	M&T Bank Corporation		6.450%		N/A (6)		Baa2		2,092,912
	4,000	Nordea Bank AB, 144A		6.125%		N/A (6)		BBB		3,950,000
	8,445	PNC Financial Services Inc.		6.750%		N/A (6)		Baa2		9,101,261
	4,883	Royal Bank of Scotland Group PLC		7.648%		N/A (6)		BB		6,079,335
	3,280	Royal Bank of Scotland Group PLC		7.500%		N/A (6)		BB–		3,394,800
	13,906	Societe Generale, 144A		7.875%		N/A (6)		BB+		13,949,526
	4,995	SunTrust Bank Inc.		5.625%		N/A (6)		Baa3		5,038,706
	13,691	Wells Fargo & Company, (3)		7.980%		N/A (6)		BBB		14,580,915
	13,250	Wells Fargo & Company		5.875%		N/A (6)		BBB		14,014,525
	6,765	Zions Bancorporation		7.200%		N/A (6)		BB–		7,289,288
		Total Banks								260,646,381

		Capital Markets – 3.5%

	3,270	Bank of New York Mellon Corporation		4.950%		N/A (6)		Baa1		3,270,000
	16,945	Credit Suisse Group AG, 144A		7.500%		N/A (6)		BB+		17,888,667
	700	Deutsche Bank AG		7.500%		N/A (6)		BB+		666,750
	5,880	Morgan Stanley		5.550%		N/A (6)		Ba1		5,872,650
	1,975	State Street Corporation		5.250%		N/A (6)		Baa1		1,982,110
	5,375	UBS Group AG, Reg S		7.125%		N/A (6)		BB+		5,603,653
		Total Capital Markets								35,283,830


	6			Nuveen Investments


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

		Consumer Finance – 2.7%

	6,050	Ally Financial Inc., 144A		7.000%		N/A (6)		B	$	6,165,896
	5,271	American Express Company		5.200%		N/A (6)		Baa2		5,271,000
	1,900	American Express Company		4.900%		N/A (6)		Baa2		1,843,000
	14,180	Capital One Financial Corporation		5.550%		N/A (6)		Baa3		14,206,588
		Total Consumer Finance								27,486,484

		Diversified Financial Services – 5.5%

	16,400	Agstar Financial Services Inc., 144A		6.750%		N/A (6)		BB		17,430,125
	2,040	Banco BTG Pactual SA/Luxembourg, 144A		8.750%		N/A (6)		B2		1,848,240
	4,065	BNP Paribas, 144A		7.375%		N/A (6)		BBB–		4,207,275
	5,670	BNP Paribas, 144A		7.195%		N/A (6)		BBB		6,492,150
	4,250	Depository Trust & Clearing Corporation, 144A		4.875%		N/A (6)		A+		4,271,250
	15,183	Rabobank Nederland, 144A		11.000%		N/A (6)		Baa2		18,883,856
	1,530	Voya Financial Inc.		5.650%		5/15/53		Baa3		1,549,125
		Total Diversified Financial Services								54,682,021

		Food Products – 2.3%

	21,870	Land O’ Lakes Incorporated, 144A		8.000%		N/A (6)		BB		22,526,097

		Insurance – 16.9%

	2,650	Aquarius & Investments PLC fbo SwissRe, Reg S		8.250%		N/A (6)		N/R		2,883,648
	7,365	Aviva PLC, Reg S		8.250%		N/A (6)		BBB		8,048,693
	905	AXA SA		8.600%		12/15/30		A3		1,239,289
	7,814	Catlin Insurance Company Limited, 144A		7.249%		N/A (6)		BBB+		6,700,505
	2,460	Cloverie PLC Zurich Insurance, Reg S		8.250%		N/A (6)		A		2,758,275
	2,300	CNP Assurances, Reg S		7.500%		N/A (6)		BBB+		2,518,348
	29,045	Financial Security Assurance Holdings, 144A, (2)		6.400%		12/15/66		BBB+		21,202,847
	1,755	Friends Life Group PLC, Reg S		7.875%		N/A (6)		A–		1,958,240
	670	Glen Meadows Pass Through Trust, 144A		6.505%		2/12/67		BBB–		579,550
	2,108	La Mondiale SAM, Reg S		7.625%		N/A (6)		BBB		2,284,545
	6,590	Liberty Mutual Group, 144A		7.800%		3/15/37		Baa3		7,726,775
	9,335	MetLife Capital Trust IV, 144A		7.875%		12/15/37		BBB		11,575,400
	5,285	MetLife Capital Trust X, 144A		9.250%		4/08/38		BBB		7,347,207
	3,425	MetLife Inc.		5.250%		N/A (6)		BBB		3,457,110
	13,770	National Financial Services Inc.		6.750%		5/15/37		Baa2		14,114,251
	1,150	Nationwide Financial Services Capital Trust		7.899%		3/01/37		Baa2		1,274,489
	6,855	Provident Financing Trust I		7.405%		3/15/38		Baa3		7,750,470
	3,315	Prudential Financial Inc.		5.875%		9/15/42		BBB+		3,513,901
	13,335	QBE Cap Funding III Limited, 144A		7.250%		5/24/41		BBB		14,768,514
	2,340	QBE Insurance Group Limited, Reg S		6.750%		12/02/44		BBB		2,421,901
	15,550	Sirius International Group Limited, 144A		7.506%		N/A (6)		BBB–		15,705,501
	5,644	Swiss Re Capital I, 144A		6.854%		N/A (6)		A		5,724,427
	20,553	Symetra Financial Corporation, 144A		8.300%		10/15/37		BBB–		21,015,440
	2,600	ZFS FINANCE USA TRUST II 144A		6.450%		12/15/65		A		2,637,701
		Total Insurance								169,207,027

		Machinery – 0.1%

	1,020	Stanley Black & Decker Inc.		5.750%		12/15/53		BBB+		1,078,650

		Metals & Mining – 0.5%

	4,910	BHP Billiton Finance USA Limited, 144A		6.250%		10/19/75		A–		5,026,613

		Real Estate Investment Trust – 1.5%

	11,705	Sovereign Real Estate Investment Trust, 144A		12.000%		N/A (6)		Ba1		14,865,350

		U.S. Agency – 0.2%

	1,700	Farm Credit Bank of Texas, 144A		10.000%		N/A (6)		Baa1		2,142,000
		Total $1,000 Par (or similar) Institutional Preferred (cost $568,836,887)								592,944,453
		Total Long-Term Investments (cost $1,344,070,197)								1,390,706,928


Nuveen Investments			7


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2015 (Unaudited)

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 1.4% (1.0% of Total Investments)

REPURCHASE AGREEMENTS – 1.4% (1.0% of Total Investments)

4,814

Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/15, repurchase price $4,813,885,
collateralized by $4,955,000 U.S. Treasury Bonds,
2.875%, due 8/15/45, value $4,911,644

0.000%

11/02/15

4,813,885

8,789

Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/15, repurchase price $8,789,476,
collateralized by $9,035,000 U.S. Treasury Notes,
2.250%, due 11/15/24, value $8,967,238

0.000%

11/02/15

8,789,476

13,603

Total Short-Term Investments (cost $13,603,361)

13,603,361

Total Investments (cost $1,357,673,558) – 140.5%

1,404,310,289

Borrowings – (40.4)% (7), (8)

(404,100,000

)

Other Assets Less Liabilities – (0.1)% (9)

(403,845

)

Net Assets Applicable to Common Shares – 100%

999,806,444

Investments in Derivatives as of October 31, 2015

Call Options Written outstanding:


Number of Contracts			Description	Type		Notional Amount (10)			Expiration Date		Strike Price		Value
	(2,252	)	Ford Motor Company		Exchange-Traded	$	(3,152,800	)		11/20/15	$	14.0	$	(216,192	)
	(406	)	GlaxoSmithKline PLC		Exchange-Traded		(1,786,400	)		11/20/15		44.0		(14,210	)
	(18	)	National CineMedia, Inc.		Exchange-Traded		(31,500	)		12/18/15		17.5		(225	)
	(985	)	NetApp, Inc.		Exchange-Traded		(3,250,500	)		12/18/15		33.0		(208,328	)
	(208	)	Phillips 66		Exchange-Traded		(1,768,000	)		11/20/15		85.0		(101,920	)
	(438	)	Seagate Technology		Exchange-Traded		(2,058,600	)		12/18/15		47.0		(4,380	)
	(288	)	Viacom Inc.		Exchange-Traded		(1,440,000	)		12/18/15		50.0		(56,880	)
	(4,595	)	Total Call Options (premiums received $389,383)			$	(13,487,800	)					$	(602,135	)

Interest Rate Swaps outstanding:


Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Effective Date (11)		Termination Date		Unrealized Appreciation (Depreciation)
JPMorgan	$	114,296,000		Receive		1-Month USD-LIBOR-ICE		1.462	%		Monthly		12/01/15		12/01/20	$	(2,306,938	)
JPMorgan		114,296,000		Receive		1-Month USD-LIBOR-ICE		1.842			Monthly		12/01/15		12/01/22		(3,599,986	)
	$	228,592,000														$	(5,906,924	)

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).


	8			Nuveen Investments

The inputs or methodologies used for valuing securities are not an indication of the risks 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	$	68,248,214		$	—		$	—	$	68,248,214
$25 Par (or similar) Retail Preferred		554,083,176			73,994,847			—		628,078,023
Convertible Preferred Securities		10,693,158			—			—		10,693,158
Corporate Bonds		—			90,743,080			—		90,743,080
$1,000 Par (or similar) Institutional Preferred		—			592,944,453			—		592,944,453

Short-Term Investments:
Repurchase Agreements		—			13,603,361			—		13,603,361

Investments in Derivatives:
Options Written		(602,135	)		—			—		(602,135	)
Interest Rate Swaps*		—			(5,906,924	)		—		(5,906,924	)
Total	$	632,422,413		$	765,378,817		$	—	$	1,397,801,230

*	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 recognition of premium amortization, timing differences in the recognition of income on REIT investments and timing differences 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, 2015, the cost of investments (excluding investments in derivatives) was $1,359,237,376.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of October 31, 2015, were as follows:


Gross unrealized:
Appreciation	$	59,569,285
Depreciation		(14,496,372	)
Net unrealized appreciation (depreciation) of investments	$	45,072,913


Nuveen Investments			9


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	October 31, 2015 (Unaudited)

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 a portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $28,839,760.

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

(4)

Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 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)	For fair value measurement disclosure purposes, investment classified as Level 2.

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

(7)

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) as collateral for borrowings. As of the end of the reporting period, investments with a value of $870,833,523 have been pledged as collateral for borrowings.

(8)	Borrowings as a percentage of Total Investments is 28.8%.

(9)

Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives, when applicable. Other assets less liabilities also includes the value of options.

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

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

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 Investments

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/ Kevin J. McCarthy
		Kevin J. McCarthy
		Vice President and Secretary

Date: December 30, 2015

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/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Chief Administrative Officer (principal executive officer)

Date: December 30, 2015

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

Date: December 30, 2015