Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 3

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 3
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 has one series of MuniFund Preferred        
 Shares (“MFP Shares”) outstanding. Upon the closing of each Merger, holders                    
 of any outstanding VRDP Shares of New Jersey Municipal and of Pennsylvania Municipal           
 and holders of any outstanding MFP Shares of Missouri Municipal will receive, on a one-for-one 
 basis, newly issued VRDP Shares and MFP Shares, respectively, of the Acquiring Fund having     
 substantially similar terms to the terms of the preferred shares of the applicable Target      
 Fund immediately prior to the closing of each Merger currently held by such holders,           
 except that, because of the Acquiring Fund’s policy of investing in a nationally               
 diversified portfolio of municipal securities, the terms of the newly-issued preferred         
 shares will not include a provision, currently applicable to each Target Fund’s                
 preferred shares, that generally would require an additional payment to holders subject        
 to the specified state income taxation in the event the Target Fund was required to allocate   
 capital gains and/or ordinary income to a given month’s distribution in order to               
 make such distribution equal, on an after-tax basis, to the amount of the distribution         
 if it was excludable from such state income taxation (in addition to federal income taxation). 
 The outstanding preferred shares of the Acquiring Fund and any preferred shares to be          
 issued by the Acquiring Fund in the Mergers will have equal priority with each other           
 and with any other preferred shares that the Acquiring Fund may issue in the future as         
 to the payment of dividends and the distribution of assets upon the dissolution, liquidation   
 or winding up of the affairs of the Acquiring Fund.                                            |

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Following the Mergers, to the extent the Acquiring Fund issues any new preferred shares in the Mergers, holders of preferred shares of the combined fund could hold a smaller percentage of the outstanding preferred shares of the combined fund as compared to their percentage holdings of their respective Fund prior to the Mergers. Additionally, the combined fund will have multiple series and types of preferred shares outstanding. The different types of preferred shares have different characteristics and features, which are described in more detail in the Joint Proxy Statement/Prospectus. See “Proposal No. 1—C. Information About the Mergers—Description of VRDP Shares to Be Issued by the Acquiring Fund” beginning on page 56, “Proposal No. 1—C. Information About the Mergers—Description of MFP Shares to Be Issued by the