Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 2

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 2
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 in securities rated below B-/B3 at the time of purchase. |

| ● | The                                                                                            
 Acquiring Fund and the Target Fund may invest without limit in securities of non-U.S.          
 issuers, and may invest a portion of their Managed Assets (up to 5% for the Acquiring          
 Fund and up to 10% for the Target Fund) in securities of issuers in emerging market countries. |

See “Proposal No. 1—A. Synopsis—Comparison of the Acquiring Fund and the Target Fund—Investment Objectives and Policies,” “Proposal No. 1—A. Synopsis—Comparative Risk Information” and “Proposal No. 1—B. Risk Factors—Portfolio-Level Risks—Leverage Risk” for more information.

| Q. | How                                                    
 will the Merger impact fees and expenses of the Funds? |

| A. | As                                                                                           
 discussed above, the Target Fund’s Board considered that the Acquiring Fund has              
 a lower fund-level management fee schedule than the Target Fund (following expiration        
 of the Target Fund’s current management fee waiver) with additional breakpoints,             
 and each Fund’s Board considered that the Merger is expected to result in economies          
 of scale due to the greater asset base of the combined fund and lower net operating expenses 
 (excluding the costs of leverage). Based on information in the Comparative Fee Table,        
 the pro forma expense ratio of the combined fund following the Merger, including the         
 costs of leverage, is estimated to be 51 basis points (0.51%) higher than the total expense  
 ratio of the Target Fund due primarily to differences in leverage amounts and 9 basis        
 points (0.09%) lower than the total expense ratio of the Acquiring Fund. Leverage costs      
 reflect the forms and sources of leverage in effect for each specified period and such       
 costs will vary over time. Based on information in the Comparative Fee Table, the pro        
 forma expense ratio of the combined fund following the Merger, excluding the costs of        
 leverage, is estimated to decrease up to 15 basis points (0.15%) compared to the total       
 expense ratio of the Target Fund and to decrease up to 1 basis point (0.01%) compared        
 to the total expense ratio of the Acquiring Fund.                                            |

See the Comparative Fee Table on page 10 of the enclosed Joint Proxy Statement/Prospectus for more detailed information regarding fees and expenses. See also “Additional Information About the Acquiring Fund” on page