Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 245

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 245
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 indicate that material default risk is present,               
 but a limited margin of safety remains. Financial commitments are currently being met; 
 however, capacity for continued payment is vulnerable to deterioration in the business 
 and economic environment.                                                              |

| CCC | Substantial                                                             
 credit risk. Very low margin for safety. Default is a real possibility. |

| CC | Very                                                               
 high levels of credit risk. Default of some kind appears probable. |

| C | Near                                                                                   
 Default. A Default or default-like process has begun, or for a closed funding vehicle, 
 payment capacity is irrevocably impaired. Conditions that are indicative of a ‘C’      
 category rating for an issuer include:                                                 |

| a. | the                                                                                          
 issuer has entered into a grace or cure period following non-payment of a material financial 
 obligation;                                                                                  |

| b. | the                                                                                     
 formal announcement by the issuer or their agent of a distressed debt exchange (“DDE”); 
 and                                                                                     |

| c. | A                                                                                            
 closed financing vehicle where payment capacity is irrevocably impaired such that it         
 is not expected to pay interest and/or principal in full during the life of the transaction, 
 but where no payment default is imminent.                                                    |

<div align='center'>A-7</div>

| RD | Restricted                                                                                    
 default. ‘RD’ ratings indicate an issuer that in Fitch Ratings’ opinion                       
 has experienced an uncured payment default or DDE on a bond, loan or other material financial 
 obligation but which has not entered into bankruptcy filings, administration, receivership,   
 liquidation or other formal winding-up procedure, and which has not otherwise ceased          
 operating. This would include:                                                                |

| a. | the                                                                   
 selective payment default on a specific class or currency of debt; or |

| b. | 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