Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 101

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 101
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 the bankruptcy laws.                                                   |

<div align='center'>49</div>

| (4) | Commercial                                                                                   
 paper, which consists of short-term unsecured promissory notes, including variable rate      
 master demand notes issued by corporations to finance their current operations. Master       
 demand notes are direct lending arrangements between the Fund and a corporation. There       
 is no secondary market for such notes, however, they are redeemable by the Fund at any       
 time. The Adviser will consider the financial condition of the corporation (e.g., earning    
 power, cash flow and other liquidity ratios) and will continuously monitor the corporation’s 
 ability to meet all of its financial obligations, because the Fund’s liquidity               
 might be impaired if the corporation were unable to pay principal and interest on demand.    
 Investments in commercial paper will be limited to commercial paper rated in the highest     
 categories by S&P, Moody’s or Fitch and that matures within one year of the                  
 date of purchase or carries a variable or floating rate of interest.                         |

| (5) | Bankers’                                                                                
 acceptances, which are credit instruments evidencing the obligation of a bank to pay    
 a draft drawn on it by a customer. These instruments reflect the obligation both of the 
 bank and of the drawer to pay the full amount of the instrument upon maturity.          |

| (6) | Variable                                                                                      
 amount master demand notes, which are unsecured demand notes that permit the indebtedness     
 thereunder to vary and provide for periodic adjustments in the interest rate according        
 to the terms of the instrument. Because master demand notes are direct lending arrangements   
 between the Fund and the issuer, they are not normally traded. Although there is no secondary 
 market in the notes, the Fund may demand payment of principal and accrued interest at         
 any time. While the notes are not typically rated by credit rating agencies, issuers          
 of variable amount master demand notes (which are normally manufacturing, retail, financial,  
 and other business concerns) must satisfy the same criteria as set forth above for commercial 
 paper.                                                                                        |

| (7) | Variable                                                                                  
 rate demand obligations (“VRDOs”), which are securities in which the interest             
 rate is adjusted at pre-designated periodic intervals. VRDOs may include a demand feature 
 which is a put that entitles the holder to receive the principal amount of the underlying 
 security or securities and which may be exercised either at any time on no more than      
 30 days’ notice or at specified intervals not exceeding 397 calendar days on