Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 80

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 80
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 than that of each Target Fund’s common shares.

| 42 |

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 per share 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 Fund will be distributed to the Target Funds’ common shareholders
in connection with the respective Merger. In lieu of fractional shares, each Target Fund’s common shareholders will receive cash.
As noted above with respect to holders of preferred shares of each Target Fund, upon closing of the applicable Merger, holders of each
series of preferred shares of the Target Fund outstanding immediately prior to the closing will receive, on a one-for-one basis, newly
issued preferred shares of the Acquiring Fund having substantially similar terms (subject to a limited exception) to those of the corresponding
series of preferred shares of the respective Target Fund immediately prior to the closing of the Merger.

In conjunction with
the issuance of additional shares of the Acquiring Fund as described above, the Acquiring Board considered that the Acquiring Fund would
receive additional assets and liabilities as a result of the Merger(s). Further, as noted above, the outstanding preferred shares of the
Acquiring Fund and any preferred shares of the Acquiring Fund to be issued in the Merger(s) would have equal priority with each other
as to the payment of dividends and distributions of assets upon dissolution, liquidation or winding up of the affairs of the Acquiring
Fund.

Effect on Shareholder Rights