Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 242

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 242
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2. Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

| SP-1 | Strong                                                                               
 capacity to pay principal and interest. An issue determined to possess a very strong 
 capacity to pay debt service is given a plus (+) designation.                        |

| SP-2 | Satisfactory                                                                         
 capacity to pay principal and interest, with some vulnerability to adverse financial 
 and economic changes over the term of the notes.                                     |

| SP-3 | Speculative                             
 capacity to pay principal and interest. |

| D | ‘D’                                                                                               
 is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, 
 or the filing of a bankruptcy petition or the taking of similar action and where default          
 on an obligation is a virtual certainty, for example due to automatic stay provisions.            |

<div align='center'>A-4</div>

Moody’s Investors Service, Inc.—A brief description of the applicable Moody’s Investors Service, Inc. (“Moody’s”) rating symbols and their meanings (as published by Moody’s) follows:

LONG-TERM OBLIGATION RATINGS

Moody’s long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

| Aaa | Obligations                                                                              
 rated Aaa are judged to be of the highest quality, subject to the lowest level of credit 
 risk.                                                                                    |

| Aa | Obligations                                                                        
 rated Aa are judged to be of high quality and are subject to very low credit risk. |

| A | Obligations                                                                     
 rated A are judged to be upper-medium grade and are subject to low credit risk. |

| Baa | Obligations                                                                             
 rated Baa are judged to be medium-grade and subject to moderate credit risk and as such 
 may possess certain speculative characteristics.                                        |

| Ba | Obligations                                                                       
 rated Ba are judged to be speculative and are subject to substantial credit risk. |

| B | Obligations                                                             
 rated B are considered speculative and are subject to high credit risk. |

| Caa | Obligations                                                                          
 rated Caa are judged to be speculative of poor standing and are subject to very high 
 credit risk.                                                                         |

| Ca | Obligations                                                                                  
 rated