Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 3

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 3
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 73.

| Q. | Will                                                                                      
 shareholders of the Funds have to pay any fees or expenses in connection with the Merger? |

| A. | Yes.                                                                                    
 The Funds, and indirectly their common shareholders, will bear the costs of the Merger, 
 whether or not the Merger is consummated. The allocation of the costs of the Merger to  
 each Fund is based on the expected benefits of the Merger to that Fund’s common         
 shareholders following the Merger, including operating expense savings, improvements    
 in the secondary trading market for common shares and the impact on common share net    
 earnings. Holders of TFP Shares will not bear any costs of the Merger.                  |

The costs of the Merger are estimated to be $950,000, but the actual costs may be higher or lower than that amount. These costs represent the estimated nonrecurring expenses of the Funds in carrying out their obligations under the Agreement and consist of management’s estimate of professional service fees, printing costs and mailing charges related to the proposed Merger. Based on the expected benefits of the Merger to each Fund, the Target Fund and the Acquiring Fund are expected to be allocated $700,000 and $250,000, respectively, of the estimated expenses in connection with the Merger (0.23% and 0.01%, respectively, of the Target Fund’s and the Acquiring Fund’s average net assets applicable to common shares for the six months ended January 31, 2025). If the Merger is not consummated for any reason, including because the requisite shareholder approval is not obtained, each of the Funds, and common shareholders of each of the Funds indirectly, will still bear the costs of the Merger.

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| Q. | Will                                                                      
 the Merger constitute a taxable event for the Target Fund’s shareholders? |

| Q. | As                                                                                     
 a result of the Merger, will common shareholders of the Target Fund receive new shares 
 of the Acquiring Fund?                                                                 |

| A. | Yes.                                                                                            
 Upon the closing of the Merger, Target Fund common shareholders will become common shareholders 
 of the Acquiring Fund. Holders of common shares of the Target Fund will receive newly           
 issued common shares of the Acquiring Fund, with cash being distributed in lieu of fractional   
 common shares. The aggregate net asset value, as of the close of trading on the business        
 day immediately prior to the closing of the Merger,