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: April 30, 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		April 30, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 140.3% (99.2% of Total Investments)

		COMMON STOCKS – 5.4% (3.9% of Total Investments)

		Air Freight & Logistics – 0.3%

	32,000	United Parcel Service, Inc., Class B	$	3,362,240

		Automobiles – 0.2%

	127,900	Ford Motor Company		1,734,324

		Banks – 0.4%

	104,800	CIT Group Inc.		3,622,936

		Biotechnology – 0.5%

	55,600	Gilead Sciences, Inc.		4,904,476

		Capital Markets – 0.6%

	173,535	Ares Capital Corporation		2,635,997
	151,368	Hercules Technology Growth Capital, Inc.		1,857,285
	101,032	TPG Specialty Lending, Inc.		1,659,956
		Total Capital Markets		6,153,238

		Industrial Conglomerates – 0.7%

	129,100	Philips Electronics		3,551,541
	30,800	Siemens AG, Sponsored ADR, (2)		3,227,224
		Total Industrial Conglomerates		6,778,765

		Insurance – 0.4%

	104,800	Unum Group		3,585,208

		Media – 0.4%

	134,255	National CineMedia, Inc.,		1,906,420
	46,435	Viacom Inc., Class B		1,899,192
		Total Media		3,805,612

		Pharmaceuticals – 0.9%

	141,200	AstraZeneca PLC, Sponsored ADR, (3), (5)		4,089,152
	121,800	GlaxoSmithKline PLC, Sponsored ADR, (3)		5,226,438
		Total Pharmaceuticals		9,315,590

		Real Estate Investment Trust – 0.4%

	82,000	MGM Growth Properties LLC, (4)		1,809,740
	137,484	National Storage Affiliates Trust		2,683,688
		Total Real Estate Investment Trust		4,493,428

		Software – 0.2%

	42,000	Oracle Corporation		1,674,120

		Tobacco – 0.4%

	187,015	Vector Group Ltd.		4,039,524
		Total Common Stocks (cost $54,080,745)		53,469,461


Nuveen Investments			1


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)


Shares		Description (1)	Coupon		Ratings (6)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 62.1% (43.9% of Total Investments)

		Banks – 14.9%

	128,500	AgriBank FCB, (2)		6.875%		BBB+		$13,649,116
	15,202	Boston Private Financial Holdings Inc.		6.950%		N/R		393,732
	148,007	Citigroup Inc.		8.125%		BB+		4,252,241
	445,498	Citigroup Inc.		7.125%		BB+		12,456,124
	53,769	Citigroup Inc.		6.875%		BB+		1,483,487
	172,975	Cobank Agricultural Credit Bank, (2)		6.250%		BBB+		17,719,127
	63,055	Cobank Agricultural Credit Bank, (2)		6.200%		BBB+		6,342,942
	38,725	Cobank Agricultural Credit Bank, (2)		6.125%		BBB+		3,682,507
	288,251	Countrywide Capital Trust III		7.000%		BBB–		7,347,518
	128,220	Cowen Group, Inc.		8.250%		N/R		3,276,021
	138,903	Fifth Third Bancorp.		6.625%		Baa3		4,069,858
	117,760	First Naigara Finance Group		8.625%		BB–		3,152,435
	123,900	FNB Corporation		7.250%		Ba2		3,631,509
	138,932	HSBC Holdings PLC		8.000%		Baa1		3,681,698
	69,140	ING Groep N.V		7.200%		Baa3		1,812,851
	46,421	PNC Financial Services		6.125%		Baa2		1,342,031
	260,212	Private Bancorp Incorporated		7.125%		N/R		7,093,379
	404,258	RBS Capital Trust, (5)		6.080%		BB–		9,924,534
	79,430	Regions Financial Corporation		6.375%		BB		2,081,066
	449,744	Regions Financial Corporation		6.375%		BB		12,349,970
	133,300	TCF Financial Corporation		7.500%		BB–		3,539,115
	132,000	U.S. Bancorp.		6.500%		A3		3,901,920
	216,373	Webster Financial Corporation		6.400%		Baa3		5,668,973
	170,400	Wells Fargo & Company		6.625%		BBB		4,962,048
	187,983	Zions Bancorporation		7.900%		BB–		5,075,541
	151,400	Zions Bancorporation		6.300%		BB–		4,062,062
		Total Banks						146,951,805

		Capital Markets – 8.0%

	130,200	Apollo Investment Corporation		6.875%		BBB–		3,396,918
	112,775	Apollo Investment Corporation		6.625%		BBB–		2,875,763
	187,440	Capitala Finance Corporation		7.125%		N/R		4,641,014
	133,500	Charles Schwab Corporation		6.000%		BBB		3,599,160
	72,602	Charles Schwab Corporation		5.950%		BBB		1,885,474
	120,805	Fifth Street Finance Corporation		6.125%		BBB–		3,022,541
	41,350	Gladstone Capital Corporation		6.750%		N/R		1,027,961
	43,089	Gladstone Investment Corporation		7.125%		N/R		1,107,818
	89,100	Goldman Sachs Group, Inc.		5.500%		Ba1		2,239,083
	65,013	Hercules Technology Growth Capital Incorporated		7.000%		BBB–		1,651,330
	56,207	Hercules Technology Growth Capital Incorporated		7.000%		BBB–		1,442,834
	163,458	Hercules Technology Growth Capital Incorporated		6.250%		BBB–		4,073,373
	19,855	JMP Group Inc.		7.250%		N/R		471,556
	284,951	Ladenburg Thalmann Financial Services Inc.		8.000%		N/R		6,941,406
	726,900	Morgan Stanley		7.125%		Ba1		20,898,375
	219,900	Morgan Stanley		6.875%		Ba1		6,034,056
	40,000	Northern Trust Corporation		5.850%		BBB+		1,080,400
	261,622	Solar Capital Limited		6.750%		BBB–		6,564,096
	51,445	State Street Corporation		5.350%		Baa1		1,352,489
	158,578	Triangle Capital Corporation		6.375%		N/R		3,967,622
		Total Capital Markets						78,273,269

		Consumer Finance – 1.2%

	272,000	Discover Financial Services		6.500%		BB–		7,194,400
	27,607	GMAC Capital Trust I		8.125%		B+		690,283
	90,659	SLM Corporation, Series A		6.970%		Ba3		4,283,638
		Total Consumer Finance						12,168,321

		Diversified Financial Services – 1.8%

	70,791	KCAP Financial Inc.		7.375%		N/R		1,763,404
	30,291	KKR Financial Holdings LLC		7.500%		A–		815,434
	325,399	KKR Financial Holdings LLC		7.375%		BBB		8,509,184
	157,232	Main Street Capital Corporation		6.125%		N/R		4,039,290
	125,300	PennantPark Investment Corporation		6.250%		BBB–		3,019,730
		Total Diversified Financial Services						18,147,042


	2			Nuveen Investments


Shares		Description (1)	Coupon		Ratings (6)		Value

		Diversified Telecommunication Services – 1.1%

	135,165	Qwest Corporation		7.000%		BBB–	$	3,446,708
	178,815	Qwest Corporation		6.875%		BBB–		4,568,723
	70,600	Qwest Corporation		6.625%		BBB–		1,777,002
	57,500	Verizon Communications Inc.		5.900%		A–		1,567,450
		Total Diversified Telecommunication Services						11,359,883

		Electric Utilities – 0.3%

	136,900	Entergy Arkansas Inc., (2)		6.450%		Baa3		3,448,169

		Food Products – 3.7%

	249,300	CHS Inc., (5)		7.875%		N/R		7,027,767
	460,706	CHS Inc., (5)		7.100%		N/R		12,779,984
	444,804	CHS Inc.		6.750%		N/R		11,876,267
	23,000	Dairy Farmers of America Inc., 144A, (2)		7.875%		Baa3		2,441,595
	19,500	Dairy Farmers of America Inc., 144A, (2)		7.875%		Baa3		2,003,017
		Total Food Products						36,128,630

		Insurance – 12.7%

	54,045	Aegon N.V		8.000%		Baa1		1,450,027
	410,933	Arch Capital Group Limited		6.750%		BBB+		10,828,085
	302,283	Argo Group US Inc.		6.500%		BBB–		7,889,586
	55,200	Aspen Insurance Holdings Limited		7.401%		BBB–		1,365,096
	126,452	Aspen Insurance Holdings Limited		7.250%		BBB–		3,342,126
	408,600	Aspen Insurance Holdings Limited		5.950%		BBB–		10,889,190
	443,874	Axis Capital Holdings Limited		6.875%		BBB		11,704,957
	56,900	Delphi Financial Group, Inc., (2)		7.376%		BB+		1,378,050
	248,900	Endurance Specialty Holdings Limited		7.500%		BBB–		6,334,505
	171,200	Endurance Specialty Holdings Limited		6.350%		BBB–		4,569,328
	42,470	Hanover Insurance Group		6.350%		BB+		1,103,371
	138,124	Hartford Financial Services Group Inc.		7.875%		BBB–		4,388,199
	574,200	Kemper Corporation		7.375%		Ba1		15,589,530
	298,139	Maiden Holdings Limited		8.250%		BB		7,814,223
	233,932	Maiden Holdings NA Limited		8.000%		BBB–		6,058,839
	265,933	Maiden Holdings NA Limited		7.750%		BBB–		7,127,004
	100,195	National General Holding Company		7.625%		N/R		2,462,793
	76,400	National General Holding Company		7.500%		N/R		1,948,200
	153,954	National General Holding Company		7.500%		N/R		3,918,129
	310,872	Reinsurance Group of America Inc.		6.200%		BBB		9,124,093
	204,400	Torchmark Corporation		6.125%		BBB+		5,222,420
		Total Insurance						124,507,751

		Oil, Gas & Consumable Fuels – 0.9%

	206,105	Nustar Logistics Limited Partnership		7.625%		Ba2		5,059,878
	67,117	Scorpio Tankers Inc.		7.500%		N/R		1,681,281
	76,005	Scorpio Tankers Inc.		6.750%		N/R		1,748,115
		Total Oil, Gas & Consumable Fuels						8,489,274

		Real Estate Investment Trust – 11.4%

	150,777	AG Mortgage Investment Trust		8.000%		N/R		3,550,798
	24,396	Apartment Investment & Management Company		7.000%		BB		620,878
	57,165	Apartment Investment & Management Company		6.875%		BB		1,593,760
	125,050	Apollo Commercial Real Estate Finance		8.625%		N/R		3,126,250
	146,604	Apollo Residential Mortgage Inc.		8.000%		N/R		3,471,583
	141,555	Arbor Realty Trust Incorporated		7.375%		N/R		3,482,253
	133,192	Ashford Hospitality Trust Inc.		9.000%		N/R		3,359,102
	37,399	Ashford Hospitality Trust Inc.		8.450%		N/R		933,105
	64,615	Capstead Mortgage Corporation		7.500%		N/R		1,568,852
	186,579	Cedar Shopping Centers Inc., Series A		7.250%		N/R		4,813,738
	208,314	Chesapeake Lodging Trust		7.750%		N/R		5,509,905
	122,020	Colony Financial Inc.		7.125%		N/R		2,763,753
	23,967	Colony Financial Inc.		8.500%		N/R		615,952
	80,761	Colony Financial Inc.		7.500%		N/R		1,977,837


Nuveen Investments			3


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)


Shares		Description (1)	Coupon		Ratings (6)		Value

		Real Estate Investment Trust (continued)

	50,200	Coresite Realty Corporation		7.250%		N/R	$	1,307,208
	270,925	DDR Corporation		6.500%		Baa3		7,114,491
	182,479	Digital Realty Trust Inc., (5)		7.375%		Baa3		5,072,916
	59,270	Digital Realty Trust Inc.		7.000%		Baa3		1,518,497
	214,932	Dupont Fabros Technology		7.875%		Ba2		5,431,332
	23,000	First Potomac Realty Trust		7.750%		N/R		589,950
	70,136	Hospitality Properties Trust		7.125%		BB		1,827,043
	175,177	Inland Real Estate Corporation, (2)		8.125%		N/R		4,423,219
	22,200	Inland Real Estate Corporation, (2)		6.950%		N/R		559,163
	49,519	Invesco Mortgage Capital Inc.		7.750%		N/R		1,148,841
	111,053	MFA Financial Inc.		8.000%		N/R		2,825,188
	182,859	Northstar Realty Finance Corporation		8.875%		N/R		4,443,474
	51,926	Northstar Realty Finance Corporation		8.750%		N/R		1,222,857
	121,633	Northstar Realty Finance Corporation		8.250%		N/R		2,797,559
	72,400	Penn Real Estate Investment Trust		7.375%		N/R		1,874,436
	200,000	Penn Real Estate Investment Trust		8.250%		N/R		5,268,000
	26,608	Rait Financial Trust		7.625%		N/R		523,113
	135,971	Regency Centers Corporation		6.625%		Baa2		3,551,563
	144,521	Senior Housing Properties Trust		5.625%		BBB–		3,649,155
	57,203	STAG Industrial Inc.		9.000%		BB+		1,513,019
	7,474	Summit Hotel Properties Inc.		7.875%		N/R		194,698
	133,525	Sunstone Hotel Investors Inc.		6.950%		N/R		3,634,551
	149,300	Urstadt Biddle Properties		7.125%		N/R		3,968,394
	269,495	VEREIT, Inc.		6.700%		N/R		6,934,106
	107,000	Wells Fargo REIT		6.375%		BBB+		2,924,310
		Total Real Estate Investment Trust						111,704,849

		Real Estate Management & Development – 0.3%

	110,000	Kennedy-Wilson Inc.		7.750%		BB–		2,882,000

		Specialty Retail – 0.9%

	256,074	TravelCenters of America LLC		8.000%		N/R		6,424,897
	97,700	TravelCenters of America LLC		8.000%		N/R		2,422,960
		Total Specialty Retail						8,847,857

		Thrifts & Mortgage Finance – 1.0%

	52,102	Everbank Financial Corporation		6.750%		N/R		1,339,021
	160,700	Federal Agricultural Mortgage Corporation		6.875%		N/R		4,290,690
	143,400	Federal Agricultural Mortgage Corporation		6.000%		N/R		3,774,288
		Total Thrifts & Mortgage Finance						9,403,999

		U.S. Agency – 2.9%

	260,300	Farm Credit Bank of Texas, 144A, (2)		6.750%		Baa1		28,022,935

		Wireless Telecommunication Services – 1.0%

	393,596	United States Cellular Corporation		7.250%		Ba1		10,268,920
		Total $25 Par (or similar) Preferred Securities (cost $581,873,263)						610,604,704

Shares		Description (1)	Coupon		Ratings (6)		Value

		CONVERTIBLE PREFERRED SECURITIES – 1.5% (1.1% of Total Investments)

		Banks – 0.9%

	7,225	Wells Fargo & Company		7.500%		BBB	$	9,002,350

		Diversified Telecommunication Services – 0.6%

	58,300	Frontier Communications Corporation, Convertible Bond		11.125%		N/R		6,080,690
		Total Convertible Preferred Securities (cost $14,339,654)						15,083,040


	4			Nuveen Investments


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (6)		Value

		CORPORATE BONDS – 11.4% (8.0% of Total Investments)

		Banks – 4.1%

$	6,000	Bank of America Corporation		6.250%		3/05/65		BB+	$	6,022,500
	4,160	Bank of America Corporation		6.300%		3/10/66		BB+		4,357,600
	7,985	Citigroup Inc.		5.875%		12/29/49		BB+		7,723,891
	8,570	Citigroup Inc., (3)		5.950%		12/31/49		BB+		8,296,831
	5,055	ING Groep N.V		6.500%		10/16/65		BBB–		4,653,759
	6,455	JPMorgan Chase & Company		5.300%		11/01/65		BBB–		6,455,000
	3,550	Standard Chartered PLC, 144A		6.500%		12/29/49		BBB–		3,274,875
	41,775	Total Banks								40,784,456

		Beverages – 0.5%

	1,100	Cott Beverages Inc.		6.750%		1/01/20		B–		1,152,250
	3,450	Cott Beverages Inc.		5.375%		7/01/22		B–		3,544,875
	4,550	Total Beverages								4,697,125

		Biotechnology – 0.3%

	3,500	AMAG Pharmaceuticals Inc., 144A		7.875%		9/01/23		B+		3,141,250

		Capital Markets – 1.3%

	11,100	Goldman Sachs Group Inc.		5.375%		11/10/65		Ba1		10,711,500
	2,200	BGC Partners Inc.		5.375%		12/09/19		BBB–		2,276,877
	13,300	Total Capital Markets								12,988,377

		Commercial Services & Supplies – 0.5%

	3,295	GFL Environmental Corporation, 144A		7.875%		4/01/20		B		3,344,425
	1,580	R.R. Donnelley & Sons Company		6.500%		11/15/23		BB–		1,477,300
	4,875	Total Commercial Services & Supplies								4,821,725

		Diversified Consumer Services – 0.1%

	960	Gibson Brands Inc., 144A		8.875%		8/01/18		CCC+		532,800

		Diversified Financial Services – 0.3%

	3,170	BNP Paribas, 144A		7.625%		3/30/66		BBB–		3,249,250

		Diversified Telecommunication Services – 0.7%

	6,900	Frontier Communications Corporation, 144A, (5)		11.000%		9/15/25		BB		6,969,000

		Food Products – 0.1%

	1,010	Land O’ Lakes Capital Trust I, 144A, (5)		7.450%		3/15/28		BB+		1,088,275

		Health Care Providers & Services – 0.3%

	3,040	Kindred Healthcare Inc.		6.375%		4/15/22		B2		2,789,200

		Insurance – 0.3%

	2,430	Security Benefit Life Insurance Company, 144A		7.450%		10/01/33		BBB		2,922,350

		Media – 0.3%

	1,925	Altice S.A, 144A		7.625%		2/15/25		B		1,860,030
	1,470	Dish DBS Corporation		5.875%		11/15/24		BB–		1,379,963
	3,395	Total Media								3,239,993

		Real Estate Investment Trust – 0.5%

	3,525	Communications Sales & Leasing Inc.		8.250%		10/15/23		BB–		3,339,938
	1,640	Select Income REIT		4.500%		2/01/25		Baa2		1,582,718
	5,165	Total Real Estate Investment Trust								4,922,656

		Real Estate Management & Development – 0.8%

	4,100	Forestar USA Real Estate Group Inc., 144A		8.500%		6/01/22		B+		4,182,000
	2,140	Greystar Real Estate Partners, LLC, 144A		8.250%		12/01/22		BB–		2,225,600
	850	Kennedy-Wilson Holdings Incorporated		5.875%		4/01/24		BB–		830,875
	7,090	Total Real Estate Management & Development								7,238,475


Nuveen Investments			5


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (6)		Value

		Specialty Retail – 0.4%

$	3,250	L Brands, Inc.		6.875%		11/01/35		BB+	$	3,575,000

		Technology Hardware, Storage & Peripherals – 0.4%

	4,100	Western Digital Corporation, 144A		10.500%		4/01/24		BB+		3,987,250

		Wireless Telecommunication Services – 0.5%

	4,575	Viacom Inc.		6.875%		4/30/36		BBB+		4,911,482
$	113,085	Total Corporate Bonds (cost $113,060,501)								111,858,664

Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (6)		Value

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 59.9% (42.3% of Total Investments)

		Banks – 21.3%

	600	Banco Santander SA, Reg S		6.375%		N/A (7)		Ba1	$	546,069
	14,190	Bank of America Corporation, (3)		6.500%		N/A (7)		BB+		14,934,975
	5,200	Bank of America Corporation		6.100%		N/A (7)		BB+		5,203,250
	3,281	Bank of America Corporation		8.000%		N/A (7)		BB+		3,198,975
	3,575	Barclays Bank PLC, 144A		10.180%		6/12/21		A–		4,543,257
	17,935	Barclays PLC		8.250%		N/A (7)		BB+		17,980,447
	7,805	Citigroup Inc.		6.250%		N/A (7)		BB+		7,931,831
	4,590	Citigroup Inc.		6.250%		N/A (7)		BB+		4,721,963
	2,925	Citigroup Inc., (3)		5.800%		N/A (7)		BB+		2,829,937
	7,214	Citizens Financial Group Inc.		5.500%		N/A (7)		BB+		6,889,370
	7,790	Cobank Agricultural Credit Bank		6.250%		N/A (7)		BBB+		8,062,650
	3,960	Commerzbank AG, 144A		8.125%		9/19/23		BBB		4,648,446
	465	Credit Agricole SA, 144A		8.125%		N/A (7)		BB+		480,112
	3,950	Credit Agricole, S.A, 144A		6.625%		N/A (7)		BB+		3,722,875
	1,000	HSBC Bank PLC		1.125%		6/19/35		A3		527,206
	500	HSBC Bank PLC		0.975%		12/11/36		A3		264,721
	4,204	HSBC Capital Funding LP, Debt, 144A		10.176%		N/A (7)		Baa1		6,174,625
	3,745	HSBC Holdings PLC		6.375%		N/A (7)		BBB		3,543,706
	2,250	HSBC Holdings PLC		6.375%		N/A (7)		BBB		2,173,275
	10,175	Intesa Sanpaolo SpA, 144A		7.700%		N/A (7)		Ba3		9,399,156
	125	JPMorgan Chase & Company		6.100%		N/A (7)		BBB–		128,594
	4,700	JPMorgan Chase & Company		7.900%		N/A (7)		BBB–		4,726,438
	21,120	JPMorgan Chase & Company		6.750%		N/A (7)		BBB–		23,366,112
	17,970	Lloyd’s Banking Group PLC		7.500%		N/A (7)		BB+		17,817,255
	1,960	M&T Bank Corporation		6.450%		N/A (7)		Baa2		2,116,800
	4,000	Nordea Bank AB, 144A		6.125%		N/A (7)		BBB		3,859,200
	10,695	PNC Financial Services Inc.		6.750%		N/A (7)		Baa2		11,831,344
	4,883	Royal Bank of Scotland Group PLC		7.648%		N/A (7)		BB		5,688,695
	6,890	Royal Bank of Scotland Group PLC		7.500%		N/A (7)		BB–		6,424,925
	13,906	Societe Generale, 144A		7.875%		N/A (7)		BB+		13,203,747
	4,995	SunTrust Bank Inc.		5.625%		N/A (7)		Baa3		4,945,050
	250	U.S. Bancorp.		5.125%		N/A (7)		A3		255,625
	6,755	Zions Bancorporation		7.200%		N/A (7)		BB–		7,160,300
		Total Banks								209,300,931

		Capital Markets – 2.8%

	3,270	Bank of New York Mellon Corporation		4.950%		N/A (7)		Baa1		3,265,258
	8,920	Credit Suisse Group AG, 144A		7.500%		N/A (7)		BB+		8,859,736
	5,880	Morgan Stanley		5.550%		N/A (7)		Ba1		5,821,200
	1,975	State Street Corporation		5.250%		N/A (7)		Baa1		2,012,525
	7,055	UBS Group AG, Reg S		7.125%		N/A (7)		BB+		7,160,825
		Total Capital Markets								27,119,544

		Consumer Finance – 2.1%

	5,271	American Express Company		5.200%		N/A (7)		Baa2		4,994,273
	1,900	American Express Company		4.900%		N/A (7)		Baa2		1,710,000
	13,730	Capital One Financial Corporation		5.500%		N/A (7)		Baa3		13,627,025
		Total Consumer Finance								20,331,298


	6			Nuveen Investments


Principal Amount (000)/ Shares		Description (1)	Coupon		Maturity		Ratings (6)		Value

		Diversified Financial Services – 4.7%

	16,400	Agstar Financial Services Inc., 144A		6.750%		N/A (7)		BB	$	18,239,875
	4,065	BNP Paribas, 144A		7.375%		N/A (7)		BBB–		4,014,188
	5,670	BNP Paribas, 144A		7.195%		N/A (7)		BBB		6,159,038
	2,300	Depository Trust & Clearing Corporation		4.875%		N/A (7)		A+		2,300,000
	11,498	Rabobank Nederland, 144A		11.000%		N/A (7)		Baa2		14,013,187
	1,530	Voya Financial Inc.		5.650%		5/15/53		Baa3		1,432,845
		Total Diversified Financial Services								46,159,133

		Food Products – 3.0%

	21,870	Land O’ Lakes Incorporated, 144A		8.000%		N/A (7)		BB		22,526,100
	6,750	Land O’ Lakes Inc., 144A		8.000%		N/A (7)		BB		6,851,250
		Total Food Products								29,377,350

		Industrial Conglomerates – 4.2%

	39,281	General Electric Company, (3)		5.000%		N/A (7)		AA–		40,803,139

		Insurance – 15.3%

	7,365	Aviva PLC, Reg S		8.250%		N/A (7)		BBB		8,074,205
	1,205	AXA SA		8.600%		12/15/30		A3		1,615,049
	2,460	Cloverie PLC Zurich Insurance, Reg S		8.250%		N/A (7)		A		2,710,305
	2,300	CNP Assurances, Reg S		7.500%		N/A (7)		BBB+		2,521,361
	29,045	Financial Security Assurance Holdings, 144A, (5)		6.400%		12/15/66		BBB+		20,041,050
	1,755	Friends Life Group PLC, Reg S		7.875%		N/A (7)		A–		1,937,246
	2,108	La Mondiale SAM, Reg S		7.625%		N/A (7)		BBB		2,258,490
	6,590	Liberty Mutual Group, 144A, (5)		7.800%		3/15/37		Baa3		7,199,575
	9,335	MetLife Capital Trust IV, 144A, (5)		7.875%		12/15/37		BBB		10,940,620
	4,350	MetLife Capital Trust X, 144A		9.250%		4/8/38		BBB		5,937,750
	3,425	MetLife Inc.		5.250%		11/26/18		BBB		3,334,923
	13,770	National Financial Services Inc., (5)		6.750%		5/15/37		Baa2		14,010,975
	1,150	Nationwide Financial Services Capital Trust, (5)		7.899%		3/01/37		Baa2		1,309,442
	6,855	Provident Financing Trust I, (5)		7.405%		3/15/38		Baa3		7,826,347
	3,315	Prudential Financial Inc.		5.875%		9/15/42		BBB+		3,582,686
	13,335	QBE Cap Funding III Limited, 144A		7.250%		5/24/41		BBB		14,618,360
	2,340	QBE Insurance Group Limited, Reg S		6.750%		12/2/44		BBB		2,515,500
	17,955	Sirius International Group Limited, 144A		7.506%		N/A (7)		BB+		17,640,788
	20,553	Symetra Financial Corporation, 144A		8.300%		10/15/37		Baa2		20,501,618
	2,600	ZFS FINANCE USA TRUST II 144A		6.450%		12/15/65		A		2,613,260
		Total Insurance								151,189,550

		Machinery – 0.2%

	2,215	Stanley Black & Decker Inc.		5.750%		12/15/53		BBB+		2,328,519

		Metals & Mining – 0.6%

	5,825	BHP Billiton Finance USA Limited, 144A		6.250%		10/19/75		A–		6,087,125

		Pharmaceuticals – 0.3%

	3,725	Teva Pharmaceutical Industries Limited		7.000%		12/15/18		N/R		3,333,614

		Real Estate Investment Trust – 4.3%

	11,705	Sovereign Real Estate Investment Trust, 144A		12.000%		N/A (7)		Ba1		14,280,100
	12,975	Wells Fargo & Company		5.875%		N/A (7)		BBB		13,858,922
	13,691	Wells Fargo & Company, (3)		7.980%		N/A (7)		BBB		14,238,640
		Total Real Estate Investment Trust								42,377,662

		Specialty Retail – 0.9%

	2,650	Aquarius & Investments PLC fbo SwissRe, Reg S		8.250%		N/A (7)		N/R		2,883,560
	5,644	Swiss Re Capital I, 144A		6.854%		N/A (7)		A		5,644,000
		Total Specialty Retail								8,527,560

		U.S. Agency – 0.2%

	1,700	Farm Credit Bank of Texas, 144A		10.000%		N/A (7)		Baa1		2,088,875
		Total $1,000 Par (or similar) Institutional Preferred (cost $573,814,075)								589,024,300
		Total Long-Term Investments (cost $1,337,168,238)								1,380,040,169


Nuveen Investments			7


JPC	Nuveen Preferred Income Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 1.2% (0.8% of Total Investments)

REPURCHASE AGREEMENTS – 1.2% (0.8% of Total Investments)

11,485

Repurchase Agreement with Fixed Income Clearing Corporation, dated 4/29/16, repurchase price $11,485,047 collateralized by $11,215,000 U.S. Treasury Notes 2.250%, due 11/15/25, value $11,719,675

0.030%

5/02/16

11,485,018

Total Short-Term Investments (cost $11,485,018)

11,485,018

Total Investments (cost $1,348,653,256) – 141.5%

1,391,525,187

Borrowings – (41.1)% (8), (9)

(404,100,000

)

Other Assets Less Liabilities – (0.4)% (10)

(4,347,867

)

Net Assets Applicable to Common Shares – 100%

983,077,320

Investments in Derivatives as of April 30, 2016

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)		Optional Termination Date		Termination Date		Value			Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	$	114,296,000		Receive		1-Month USD-LIBOR-ICE		1.462	%		Monthly		6/01/16		12/01/18		12/01/20	$	(3,006,065	)	$	(3,592,575	)
JPMorgan Chase Bank, N.A.		114,296,000		Receive		1-Month USD-LIBOR-ICE		1.842			Monthly		6/01/16		12/01/20		12/01/22		(5,498,617	)		(6,302,018	)
	$	228,592,000																$	(8,504,682	)	$	(9,894,593	)

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	$	50,242,237	$	3,227,224		$	—	$	53,469,461
$25 Par (or similar) Retail Preferred		526,934,864		83,669,840			—		610,604,704
Convertible Preferred Securities		15,083,040		—			—		15,083,040
Corporate Bonds		—		111,858,664			—		111,858,664
$1,000 Par (or similar) Institutional Preferred		—		589,024,300			—		589,024,300

Short-Term Investments:
Repurchase Agreements		—		11,485,018			—		11,485,018

Investments in Derivatives:
Interest Rate Swaps*		—		(9,894,593	)		—		(9,894,593	)
Total	$	592,260,141	$	789,370,453		$	—	$	1,381,630,594

*	Represents net unrealized appreciation (depreciation).


	8			Nuveen Investments

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 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 April 30, 2016, the cost of investments (excluding investments in derivatives) was $1,350,319,306.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of April 30, 2016, were as follows:


Gross unrealized:
Appreciation	$	59,741,466
Depreciation		(18,535,585	)
Net unrealized appreciation (depreciation) of investments	$	41,205,881

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

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

(4)	Non-income producing; issuer has not declared a dividend within the past twelve months.

(5)	Investment, or a portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $60,502,266.

(6)

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.

(7)	Perpetual security. Maturity date is not applicable

(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) as collateral for borrowings. As of the end of the reporting period, investments with a value of $900,087,048 have been pledged as collateral for borrowings.

(9)	Borrowings as a percentage of Total Investments is 29.0%.

(10)

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

(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.

ADR	American Depositary Receipt.

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.

REIT	Real Estate Investment Trust

USD-LIBOR-ICE

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


Nuveen Investments			9

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: June 29, 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/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Chief Administrative Officer (principal executive officer)

Date: June 29, 2016

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

Date: June 29, 2016