Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 99

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 99
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 the Adviser, or the Sub-Adviser of such Fund.

Description of VRDP Shares to Be Issued by the Acquiring Fund

With respect to each of New Jersey Municipal and Pennsylvania Municipal, if the Merger takes place, the Acquiring Fund will issue VRDP Shares (the “New VRDP Shares”) pursuant to the Agreement if VRDP Shares of New Jersey Municipal and/or Pennsylvania Municipal, as applicable, are outstanding immediately prior to the closing.

The VRDP Shares of New Jersey Municipal and Pennsylvania Municipal are (and the New VRDP Shares are expected to be) in a “Special Rate Period,” in which the dividend is currently a variable rate determined by reference to an index rate plus an applicable spread. During the current Special Rate Period, the New Jersey Municipal VRDP Shares and Pennsylvania Municipal VRDP Shares are not remarketed by a remarketing agent, and are not subject to optional or mandatory tender events or supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. The Special Rate Periods for the Series 2 and 3 VRDP Shares of New Jersey Municipal and the Series 2 and 3 VRDP Shares of Pennsylvania Municipal are “Adjustable Rate,” meaning that the beneficial owner or owners of the applicable series of VRDP Shares may agree from time to time with the applicable Target Fund to adjust the dividend rate and other economic terms.

The terms of the New VRDP Shares will be substantially similar, as of the time of the closing of the applicable Merger, to the terms of the corresponding series of VRDP Shares, as applicable, of New Jersey Municipal and/or Pennsylvania Municipal outstanding immediately prior to the closing of the applicable Merger. However, because of the Acquiring Fund’s policy of investing in a nationally diversified portfolio of municipal securities, the terms of the New VRDP Shares will not include a provision, currently applicable to the Target Funds’ VRDP Shares, that generally would require an additional payment to holders subject to, as applicable, New Jersey or Pennsylvania income taxation in the event the applicable Target Fund was required to allocate capital gains and/or ordinary income to a given month’s distribution in order to make such distribution equal, on an after-tax basis, to the amount of the distribution if it was excludable from, as applicable, New Jersey or Pennsylvania income taxation (in addition to federal income taxation). The aggregate liquidation preference of the New VRDP Shares to be received in a Merger, if any, will equal the aggregate liquidation preference of, as applicable, the New