Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 243

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 243
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 Ca are highly speculative and are likely in, or very near, default, with some prospect 
 of recovery of principal and interest.                                                       |

| C | Obligations                                                                                  
 rated C are the lowest rated and are typically in default, with little prospect for recovery 
 of principal or interest.                                                                    |

Note: Moody’s appends numerical modifiers 1,2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

<div align='center'>A-5</div>

SHORT-TERM OBLIGATION RATINGS

Moody’s short-term ratings are assigned to obligations with an original maturity of thirteen months or less 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.

| P-1 | Ratings                                                                
 of Prime-1 reflect a superior ability to repay short-term obligations. |

| P-2 | Ratings                                                              
 of Prime-2 reflect a strong ability to repay short-term obligations. |

| P-3 | Ratings                                                                   
 of Prime-3 reflect an acceptable ability to repay short-term obligations. |

| NP | Issuers                                                                                 
 (or supporting institutions) rated Not Prime do not fall within any of the Prime rating 
 categories.                                                                             |

U.S. MUNICIPAL SHORT-TERM OBLIGATION RATINGS

We use the Municipal Investment Grade (MIG) scale for US municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

| MIG 
 1   | This                                                                                         
 designation denotes superior credit quality. Excellent protection is afforded by established 
 cash flows, highly reliable liquidity support, or demonstrated broad-based access to         
 the market for refinancing.                                                                  |

| MIG 
 2   | This                                                                                 
 designation denotes strong credit quality. Margins of protection are ample, although 
 not as large as in the preceding group.                                              |

| MIG 
 3   | This                                                                                  
 designation denotes acceptable credit quality. Liquidity and cash-flow protection may 
 be narrow, and market access for refinancing is likely to be less well-established.   |

| SG | This                                                                                    
 designation denotes speculative-grade credit quality. Debt instruments in this category 
 may lack sufficient margins of protection.                                              |