Company: JPC
Filing Date: 2025-06-10
Form Type: N-14 8C/A
Source: 0001999371-25-007489
Chunk: 70

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-10
Form: N-14 8C/A
Chunk 70
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 Fund’s common shareholders will receive cash.

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In conjunction with the issuance of additional common shares of the Acquiring Fund as described above, the Acquiring Board considered that the Acquiring Fund would receive additional assets and liabilities as a result of the Merger.

In addition, the Boards considered that the Acquiring Fund has two series of TFP Shares outstanding, which are expected to remain outstanding following the Merger. The Target Fund, however, does not have any preferred shares outstanding and, therefore, no additional preferred shares of the Acquiring Fund will be issued in the Merger. The Acquiring Board considered that the outstanding preferred shares of the Acquiring Fund would continue to have equal priority with each other as to payment of dividends and distributions of assets upon dissolution, liquidation or winding up of the affairs of the Acquiring Fund.

Effect on Shareholder Rights. The Boards considered that each Fund is organized as a Massachusetts business trust. In this regard, with respect to the Target Fund, there will be no change to shareholder rights under state statutory law.

Alternatives. The Target Board considered various alternatives to the Merger, including, among other things, maintaining the status quo and liquidating the Target Fund. With respect to maintaining the status quo, such alternative would not provide shareholders with the opportunity outlined above to benefit from economies of scale. With respect to liquidation, such alternative would be a taxable event and could be potentially disruptive to long-term shareholders. In evaluating the proposed Merger, the Target Board considered, among other things, Nuveen Fund Advisors’ view that combining the Target Fund with the Acquiring Fund, another closed-end fund that also invests primarily in preferred securities and other income producing securities, was an attractive alternative in light of certain potential benefits to shareholders of the Target Fund, as outlined above.

Potential Benefits to Nuveen Fund Advisors and Affiliates. The Boards considered that the Merger may result in some benefits and economies of scale for Nuveen Fund Advisors and its affiliates. These may include, for example, a reduction in the level of operational expenses incurred for administrative, compliance and portfolio management services as a result of the elimination of the Target Fund as a separate fund in the Nuveen complex.

Conclusion. Each Board approved the Merger, concluding that the Merger is in the best interests of its Fund and that the interests of existing shareholders of its Fund will not be diluted as a result of the Merger.

Capitalization

The following tables set forth the unaudited equity