Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 184

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 184
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 a corporate security as debt or equity is determined on the basis of the facts and circumstances of each
case, and no controlling precedent exists for any preferred shares to be issued in the Mergers, there can be no assurance that
the IRS will not challenge special tax counsels’ opinions and the Acquiring Fund’s treatment of the preferred shares
as equity. If the IRS were to succeed in such a challenge, holders of preferred shares could be characterized as receiving taxable
interest income rather than exempt-interest or other dividends, possibly requiring them to file amended income tax returns and
retroactively to recognize additional amounts of ordinary income and pay additional tax, interest and penalties.

Net Asset Value

The Acquiring Fund’s net asset value
per common share is determined as of the close of regular session trading (normally 4:00 p.m., Eastern time) on each day the NYSE
is open for business. Net asset value is calculated by taking the Acquiring Fund’s total assets, including interest or dividends
accrued but not yet collected, less all liabilities, and dividing by the total number of common shares outstanding. The result,
rounded to the nearest cent, is the net asset value per share. All valuations are subject to review by the Acquiring Fund’s
Board or its delegate, Nuveen Asset Management.

In determining net asset value, securities
and other assets for which market quotations are available are valued daily at market value and expenses are accrued and applied
daily. The prices of fixed income securities are provided by a pricing service and are based on the mean between the bid and asked
price. When price quotes are not readily available, which is typically the case for municipal bonds, the pricing service establishes
a security’s fair value based on various factors, including prices of comparable fixed income securities utilizing a matrix
pricing system. Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined
for a particular security may be different from the value realized upon the sale of the security.

Certain securities may not be able to be
priced by pre-established pricing methods. Such securities may be valued by the Board or its delegate at fair value. These securities
generally include but are not limited to, restricted securities (securities that may not be publicly sold without registration
under the 1933 Act) for which a pricing service is unable to provide a market price; securities whose trading has been formally
suspended; debt securities that have gone into default and for which