Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 172

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 172
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) all accumulated but unpaid preferred shares dividends due to be paid have been paid and (2)
at the time of such purchase, redemption or acquisition, the net asset value of the Acquiring Fund’s portfolio (determined
after deducting the acquisition price of the common shares) is at least 200% of the liquidation value (expected to equal the original
purchase price per share plus any accumulated but unpaid dividends thereon) of the outstanding preferred shares.

If the Acquiring Fund converted to an open-end
investment company, it would be required to redeem all its preferred shares then outstanding (requiring in turn that it liquidate
a portion of its investment portfolio), and the common shares would no longer be listed on an exchange. In contrast to a closed-end
management investment company, shareholders of an open-end management investment company may require the company to redeem their
shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less any
redemption charge that is in effect at the time of redemption. See “—Certain Provisions in the Acquiring Fund’s
Declaration of Trust and By-Laws” above for a discussion of the voting requirements applicable to the conversion of the Acquiring
Fund to an open-end management investment company.

Before deciding whether to take any action
if the common shares trade below net asset value, the Board would consider all relevant factors, including the extent and duration
of the discount, the liquidity of the Acquiring Fund’s portfolio, the impact of any action that might be taken on the Acquiring
Fund or its shareholders and market considerations. Based on these considerations, even if the Acquiring Fund’s common shares
should trade at a discount, the Board may determine that, in the interest of the Acquiring Fund, no action should be taken. See
the Merger SAI under “Repurchase of Common Shares; Conversion to Open-End Fund” for a further discussion of possible
action to reduce or eliminate such discount to net asset value.

Description of Outstanding Acquiring Fund AMTP Shares

The Acquiring Fund’s outstanding AMTP
Shares, which are expected to remain outstanding following the completion of the Mergers, are as follows:

| Series            |      Shares 
 Outstanding | Par Value 
 Per Share | Liquidation 
  Preference 
   Per Share | Issue             
 Date              | Mandatory       
 Redemption Date |
| AMTP, Series 2028 |         870 |     $0.01 |    $