Company: JPC
Filing Date: 2025-06-10
Form Type: N-14 8C/A
Source: 0001999371-25-007489
Chunk: 34

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-10
Form: N-14 8C/A
Chunk 34
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viser to perform their duties to the Fund.

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Portfolio-Level Risks

Preferred and Hybrid Preferred Securities Risk.Preferred and other subordinated securities rank lower than bonds and other debt instruments in a company’s capital structure and therefore will be subject to greater credit risk than those debt instruments. There are various special risks associated with investing in preferred securities, including:

| ● | Limited                                                                                 
 Voting Rights Risk. Generally, preferred security holders (such as the Fund) have       
 no voting rights with respect to the issuing company unless preferred dividends have    
 been in arrears for a specified number of periods, at which time the preferred security 
 holders may elect a number of directors to the issuer’s board. Generally, once          
 all the arrearages have been paid, the preferred security holders no longer have voting 
 rights. In the case of certain preferred securities issued by trusts or special purpose 
 entities, holders generally have no voting rights except if a declaration of default    
 occurs and is continuing. In such an event, preferred security holders generally would  
 have the right to appoint and authorize a trustee to enforce the trust’s or special     
 purpose entity’s rights as a creditor under the agreement with its operating company.   |

| ● | Special                                                                                     
 Redemption Rights Risk. In certain circumstances, an issuer of preferred securities         
 may redeem the securities at par prior to their stated maturity date. For instance, for     
 certain types of preferred securities, a redemption may be triggered by a change in federal 
 income tax or securities laws or regulatory or major corporate action. A redemption by      
 the issuer may negatively impact the return of the security held by the Fund.               |

| ● | Payment                                                                                       
 Deferral and Omission Risk. Generally, preferred securities may be subject to provisions      
 that allow an issuer, under certain conditions, to skip (“non-cumulative”                     
 preferred securities) or defer (“cumulative” preferred securities) distributions              
 for a stated period without any adverse consequences to the issuer. Non-cumulative preferred  
 securities can defer distributions indefinitely. Cumulative preferred securities typically    
 contain provisions that allow an issuer, at its discretion, to defer distribution payments    
 for up to 10 years. If the Fund owns a preferred security that is deferring its distribution, 
 the Fund may be required to recognize income for federal income tax purposes although         
 it has not yet received such income. In addition, recent changes in bank regulations          
 may increase the likelihood for issuers to defer or omit distributions.                       |

| ● |