Company: JPC
Filing Date: 2025-06-10
Form Type: N-14 8C/A
Source: 0001999371-25-007489
Chunk: 22

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-10
Form: N-14 8C/A
Chunk 22
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32.38 | % |
| Effective Leverage Ratio(3)  |     |      |  37.89 | % |     |      |  37.59 | % |     |      |  37.28 | % |

| (1) | A                                                                                            
 Fund’s asset coverage ratio is defined under the 1940 Act as the ratio that the              
 value of the total assets of the Fund, less all liabilities and indebtedness not represented 
 by preferred shares or senior securities representing indebtedness, bears to the aggregate   
 amount of preferred shares and senior securities representing indebtedness issued by         
 the Fund.                                                                                    |

| (2) | Regulatory                                                                                   
 leverage consists of preferred shares issued by and borrowings of a Fund. Both of these      
 are part of a Fund’s capital structure. A Fund, however, also may from time to               
 time borrow on a typically transient basis in connection with its day-to-day operations,     
 primarily in connection with the need to settle portfolio trades. Such incidental borrowings 
 are excluded from the calculation of a Fund’s regulatory leverage and effective              
 leverage ratios. Regulatory leverage is subject to asset coverage limits set forth in        
 the 1940 Act.                                                                                |

| (3) | Effective                                                                              
 leverage is a Fund’s effective economic leverage, and includes both regulatory         
 leverage and the leverage effects of reverse repurchase agreements, certain derivative 
 and other investments in a Fund’s portfolio that increase the Fund’s investment        
 exposure.                                                                              |

Board Members and Officers.The Acquiring Fund and the Target Fund have the same Board Members and officers. The management of each Fund, including general oversight of the duties performed by the Fund’s investment adviser under an investment management agreement between the investment adviser and such Fund (each, an “Investment Management Agreement”), is the responsibility of its Board. Each Fund currently has twelve (12) Board Members, each of whom is not considered an “interested person,” as defined in the 1940 Act, of the Fund.

Pursuant to each Fund’s by-laws, the Board of the Fund is divided into three classes (Class I, Class II and Class III) with staggered multi-year terms, such that typically only the members of one of the three classes stand for election each year; provided, however, that holders of preferred shares, if any, are entitled as a class to elect two Board Members at all times. The staggered board structure could delay for up to two years the election of a majority of the Board of each Fund. To