Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 72

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 72
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 Fund’s obligation to consummate the Merger, each Fund will receive a tax opinion from Vedder Price P.C. (which opinion will be based on certain factual representations and certain customary assumptions and exclusions) with respect to the Merger substantially to the effect that, on the basis of the existing provisions of the Code, current administrative rules and court decisions, for federal income tax purposes:

| (a) | The                                                                                      
 merger of the Target Fund with and into the Merger Sub pursuant to applicable state laws 
 will constitute a “reorganization” within the meaning of Section 368(a) of               
 the Code and the Acquiring Fund and the Target Fund will each be a “party to a           
 reorganization,” within the meaning of Section 368(b) of the Code, with respect          
 to the merger.                                                                           |

| (b) | No                                                                                      
 gain or loss will be recognized by the Acquiring Fund or the Merger Sub upon the merger 
 of the Target Fund with and into the Merger Sub pursuant to applicable state laws or    
 upon the liquidation of the Merger Sub.                                                 |

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| (c) | No                                                                                    
 gain or loss will be recognized by the Target Fund upon the merger of the Target Fund 
 with and into the Merger Sub pursuant to applicable state laws.                       |

| (d) | No                                                                                         
 gain or loss will be recognized by the Target Fund shareholders upon the conversion of     
 all their Target Fund shares solely into Acquiring Fund shares in the merger of the Target 
 Fund with and into the Merger Sub pursuant to applicable state laws, except to the extent  
 the Target Fund common shareholders receive cash in lieu of a fractional Acquiring Fund    
 common share.                                                                              |

| (e) | The                                                                                   
 aggregate basis of the Acquiring Fund shares received by the Target Fund shareholder  
 pursuant to the merger (including any fractional Acquiring Fund common share to which 
 a Target Fund common shareholder would be entitled) will be the same as the aggregate 
 basis of the Target Fund shares that were converted into such Acquiring Fund shares.  |

| (f) | The                                                                                      
 holding period of the Acquiring Fund shares received by the Target Fund shareholder in   
 the merger (including any fractional Acquiring Fund common share to which a Target Fund  
 common shareholder would be entitled) will include the period during which the shares    
 of the Target Fund that were converted into such Acquiring Fund shares were held by such 
 shareholder, provided the Target Fund shares