Company: JPC
Filing Date: 2025-06-10
Form Type: N-14 8C/A
Source: 0001999371-25-007489
Chunk: 246

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-10
Form: N-14 8C/A
Chunk 246
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 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.                                              |

Fitch Ratings, Inc. —A brief description of the applicable Fitch Ratings, Inc. (“Fitch”) ratings symbols and meanings (as published by Fitch) follows:

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity’s relative vulnerability to default – including by way of a distressed debt exchange (DDE) – on financial obligations

The “threshold” default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency’s view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

<div align='center'>A-6</div>

LONG-TERM CREDIT RATINGS

| AAA | Highest                                                                                   
 credit quality. ‘AAA’ ratings denote the lowest expectation of default risk.              
 They are assigned only in cases of exceptionally strong capacity for payment of financial 
 commitments. This capacity is highly unlikely to be adversely affected by foreseeable     
 events.                                                                                   |

| AA | Very                                                                                         
 high credit quality. ‘AA’ ratings denote expectations of a very low default                  
 risk. They indicate very strong capacity for payment of financial commitments. This capacity 
 is not significantly vulnerable to foreseeable events.                                       |

| A | High                                                                                    
 credit quality. ‘A’ ratings denote expectations of low default risk. The                
 capacity for payment of financial commitments is considered strong. This capacity may