Company: JPC
Filing Date: 2025-06-10
Form Type: N-14 8C/A
Source: 0001999371-25-007489
Chunk: 248

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-10
Form: N-14 8C/A
Chunk 248
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 the                                                                                        
 uncured expiry of any applicable original grace period, cure period or default forbearance 
 period following a payment default on a bank loan, capital markets security or other       
 material financial obligation;                                                             |

| D | Default.                                                                                      
 ‘D’ ratings indicate an issuer that in Fitch Ratings’ opinion has entered                     
 into bankruptcy filings, administration, receivership, liquidation or other formal winding-up 
 procedure, or that has otherwise ceased business and debt is still outstanding. Default       
 ratings are not assigned prospectively to entities or their obligations; within this          
 context, nonpayment on an instrument that contains a deferral feature or grace period         
 will generally not be considered a default until after the expiration of the deferral         
 or grace period, unless a default is otherwise driven by bankruptcy or other similar          
 circumstance, or by a DDE.                                                                    |

In all cases, the assignment of a default rating reflects the agency’s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer’s financial obligations or local commercial practice.

Note: The modifiers “+” or “-” may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the ‘AAA’ Long-Term IDR category, or to Long-Term IDR categories below ‘CCC’.

<div align='center'>A-8</div>

SHORT-TERM OBLIGATION RATINGS

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as “short term” based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

| F1 | Highest                                                                                  
 short-term credit quality. Indicates the strongest intrinsic capacity for timely payment 
 of financial commitments; may have an added “+” to denote any exceptionally              
 strong credit feature.                                                                   |

| F2 | Good                                                                                            
 short-term credit quality. Good intrinsic capacity for timely payment of financial commitments. |

| F3 | Fair                                                                                          
 short-term credit quality. The intrinsic