Company: JPC
Filing Date: 2025-06-09
Form Type: CORRESP
Source: 0001999371-25-007492
Chunk: 1

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-09
Form: CORRESP
Chunk 1
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 post-merger. |

Response:
Registrant has considered the guidance under ASC 805-50 and AICPA TQA 6910.33. Registrant believes that the fair value of the assets
acquired, as represented by the net assets of the Target Fund calculated in accordance with valuation procedures adopted by the Board
of Trustees of the Target Fund and the Acquiring Fund in accordance with Section 2(a)(41) of the 1940 Act, is more clearly evident,
more reliably measured and the terms of the Merger provide for an exchange ratio based on the relative net asset values of the
Funds. Shares of the Funds may trade at a premium or discount to NAV, therefore measuring the Acquiring Fund’s common stock on
Closing Date of the Reorganization based on the closing price on the NYSE could result in unrealized gains or losses which would not
reflect the underlying economics of the transaction for shareholders. Registrant considered, among other factors, that (i) net asset
value is calculated daily and remains the primary measurement of the value of a closed-end fund’s assets; (ii) substantially
all of each Fund’s portfolio is comprised of Level 1 and Level 2 securities; and (iii) the Funds utilize the same valuation
procedures. Accordingly, there will not be any day one unrealized gains and losses post-merger.

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June 9, 2025

Page 2

| 2. | Comment: On page 10 of the Joint Proxy Statement/Prospectus, in the lead in paragraph to                 
 the comparative fee table, please clarify that the 50% management fee waiver applies to the Target Fund. |

| 3. | Response: The Registrant has made the requested change. |

| 4. | Comment: On page 32 of the Joint Proxy/Statement Prospectus, in the pro forma adjustment             
 column, please move the reference to footnote 3 to the “net assets applicable to common shares” row