Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 5

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 5
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, will still bear the costs of the Mergers.

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| Q. | Will                                                                     
 the Mergers constitute a taxable event for a Target Fund’s shareholders? |

| Q. | As                                                                                    
 a result of the Mergers, will common shareholders of a Target Fund receive new shares 
 of the Acquiring Fund?                                                                |

| A. | Yes.                                                                                             
 Upon the closing of each Merger, Target Fund common shareholders will become common shareholders 
 of the Acquiring Fund. Holders of common shares of each Target Fund will receive newly           
 issued common shares of the Acquiring Fund, with cash being distributed in lieu of fractional    
 common shares. The aggregate net asset value, as of the close of trading on the business         
 day immediately prior to the closing of each Merger, of the Acquiring Fund common shares         
 received by each Target Fund’s common shareholders (including, for this purpose,                 
 fractional Acquiring Fund common shares to which common shareholders would be entitled)          
 will be equal to the aggregate net asset value of the common shares of such Target Fund          
 held by its shareholders as of such time. Fractional Acquiring Fund common shares due            
 to Target Fund common shareholders will be aggregated and sold on the open market, and           
 Target Fund common shareholders will receive cash in lieu of such fractional shares.             |

Following the Mergers, common shareholders of each Fund will hold a smaller percentage of the outstanding common shares of the combined fund as compared to their percentage holdings of their respective Fund prior to the Mergers.

| Q. | Will                                                       
 management of the Funds change as a result of the Mergers? |

| A. | Nuveen                                                                                         
 Fund Advisors currently serves as the investment adviser of each Fund and Nuveen Asset         
 Management, a wholly owned subsidiary of Nuveen Fund Advisors, currently serves as sub-adviser 
 to each Fund. Nuveen Asset Management manages the portfolios of the Funds using a team         
 of analysts and portfolio managers that focus on a specific group of funds. Paul L. Brennan,   
 CFA, and Steve M. Hlavin are the portfolio managers of New Jersey Municipal and Pennsylvania   
 Municipal. Michael Hamilton and Stephen J. Candido, CFA, are the portfolio managers of         
 Missouri Municipal. Daniel Close, CFA, Stephen Candido, CFA and Steve M. Hlavin are the        
 portfolio managers of the Acquiring Fund. The Acquiring Fund will continue to be managed