Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 81

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 81
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 greater share volume may result in greater secondary market liquidity and improved
secondary market trading for common shares of each Fund following the Merger(s), which may lead to narrower bid-ask spreads and
smaller trade-to-trade price movements. Further, each Board considered the investment performance of the Funds on a net asset value
basis for various periods ended June 30, 2025 and, based on information provided by Nuveen Fund Advisors, considered that subject to
an exception for the one-year period, the Acquiring Fund’s net asset value returns outperformed those of each Target Fund over
the longer terms. In addition, based on the information provided by Nuveen Fund Advisors, the Target Boards considered the potential
for a narrower trading discount, relative to the Target Funds, as a result of the Acquiring Fund’s common shares trading at a
discount that historically has been lower than that of each Target Fund’s common shares; however, the Target Boards recognized
that the past trading record of the common shares of the Acquiring Fund may not necessarily be indicative of how the common shares
of the combined fund will trade in the future, and there is no guarantee that the common shares of the combined fund would have a
narrower trading discount than that of each Target Fund’s common shares.

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Anticipated Tax-Free Mergers.Each Merger will be structured with the intention that it qualifies as a tax-free Merger for federal income tax purposes,
and each Fund participating in such Merger will obtain an opinion of counsel substantially to this effect (based on certain factual representations
and certain customary assumptions and exclusions).

Expected Costs of the Mergers.The Boards considered the terms and conditions of the Merger(s), including the estimated costs associated with the
Merger(s), and the allocation of such costs among the Funds. Preferred shareholders will not bear any costs of the Merger(s).

Terms of the Mergers and Impact on Shareholders.The terms of the Mergers are intended to avoid dilution of the interests of the existing shareholders
of the applicable Funds. In this regard, each Target Board considered that each holder of common shares of a Target Fund will receive
common shares of the Acquiring Fund (taking into account any fractional shares to which the shareholder would be entitled) equal in value
as of the Valuation Time to the aggregate net asset value of that shareholder’s Target Fund common shares held as of the
Valuation Time. However, no fractional common shares of the Acquiring