Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 205

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 205
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 direct lending arrangements   
 between the Fund and the issuer, they are not normally traded. Although there is no secondary 
 market in the notes, the Fund may demand payment of principal and accrued interest at         
 any time. While the notes are not typically rated by credit rating agencies, issuers          
 of variable amount master demand notes (which are normally manufacturing, retail, financial,  
 and other business concerns) must satisfy the same criteria as set forth above for commercial 
 paper.                                                                                        |

| (7) | Variable                                                                                  
 rate demand obligations (“VRDOs”), which are securities in which the interest             
 rate is adjusted at pre-designated periodic intervals. VRDOs may include a demand feature 
 which is a put that entitles the holder to receive the principal amount of the underlying 
 security or securities and which may be exercised either at any time on no more than      
 30 days’ notice or at specified intervals not exceeding 397 calendar days on no           
 more than 30 days’ notice.                                                                |

Cash Equivalents and Short-Term Investments

During temporary defensive periods and in order to keep the Fund’s cash fully invested, the Fund may deviate from its investment objectives and may invest any percentage of its net assets in short-term investments including high quality, short-term debt securities (or in securities of other open-or closed-end investment companies that invest primarily in preferred securities of the types in which the Fund may invest directly).

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Illiquid Securities

The Fund may invest in illiquid securities. For this purpose, illiquid securities include, but are not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”) but that are deemed to be illiquid, and repurchase agreements with maturities in excess of seven days. The Fund’s Board or its delegate has the ultimate authority to determine, to the extent permissible under the federal securities laws, which securities are liquid or illiquid. The Fund’s Board has delegated to the Adviser and the Sub-Adviser, the day-to-day determination of the illiquidity of any security held by the Fund, although it has retained oversight and ultimate responsibility for such determinations. Although no definitive liquidity criteria are used, the Fund’s Board has directed the Adviser and the Sub-Adviser to look for such factors as (i) the nature of