Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 82

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 82
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 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.The Boards considered that each Fund is organized as a Massachusetts business trust. In this regard, with respect to the Target
Funds, there will be no change to shareholder rights under state statutory law.

Alternatives.Each Board considered various alternatives to the Mergers, including evaluating various national funds as possible acquiring funds
for the Target Funds.

Potential Benefits to Nuveen Fund Advisors and Affiliates.The Boards considered that the Merger(s) may result in some benefits and economies of scale
for Nuveen Fund Advisors and its affiliates. These may include, for example, the higher management fee schedule of the Acquiring Fund
and the reduction in the level of operational expenses incurred for administrative, compliance and portfolio management services as a
result of the elimination of each Target Fund as a separate fund in the Nuveen complex.

Conclusion.Each
Board approved the Merger(s) on behalf of its Fund, concluding that each such Merger is in the best interests of its Fund and that the
interests of existing shareholders of its Fund will not be diluted as a result of the respective Merger(s).

Capitalization

The following table sets forth the unaudited capitalization of the Funds as of July 31, 2025, and the pro-forma combined capitalization