Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 173

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 173
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, including
dividend levels (which are in turn affected by expenses), net asset value, call protection, dividend stability, portfolio credit
quality, relative demand for and supply of such shares in the market, general market and economic conditions and other factors.
Because common shares of closed-end management investment companies may frequently trade at prices lower than net asset value,
the Acquiring Fund’s Board has determined that, at least annually, it will consider action that might be taken to reduce
or eliminate any material discount from net asset value in respect of common shares, which may include the repurchase of such shares
in the open market or in private transactions, the making of a tender offer for such shares at net asset value, or the conversion
of the Acquiring Fund to an open-end investment company. There is no assurance that the Acquiring Fund’s Board will decide
to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.

Notwithstanding the foregoing, at any time
when the Acquiring Fund’s preferred shares are outstanding, the Acquiring Fund may not purchase, redeem or otherwise acquire
any of its common shares unless (1) all accumulated but unpaid preferred shares dividends due to be paid have been paid and (2)
at the time of such purchase, redemption or acquisition, the net asset value of the Acquiring Fund’s portfolio (determined
after deducting the acquisition price of the common shares) is at least 200% of the liquidation value (expected to equal the original
purchase price per share plus any accumulated but unpaid dividends thereon) of the outstanding preferred shares.

If the Acquiring Fund converted to an open-end
investment company, it would be required to redeem all its preferred shares then outstanding (requiring in turn that it liquidate
a portion of its investment portfolio), and the common shares would no longer be listed on an exchange. In contrast to a closed-end
management investment company, shareholders of an open-end management investment company may require the company to redeem their
shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less any
redemption charge that is in effect at the time of redemption. See “—Certain Provisions in the Acquiring Fund’s
Declaration of Trust and By-Laws” above for a discussion of the voting requirements applicable to the conversion of the Acquiring
Fund to an open-end management investment company.

Before deciding whether to take any action
if the common