Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 78

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 78
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 the terms of the Mergers and whether the Mergers would dilute the interests of the existing shareholders 
 of the applicable Funds;                                                                                 |

| ● | the effect of the Mergers on shareholder rights; |

| ● | alternatives to the Mergers; and |

| ● | any potential benefits of the Mergers to Nuveen Fund Advisors and its affiliates as a result of the Mergers. |

Compatibility of Investment Objectives, Policies and Related Risks.Based on the information presented, the Boards considered that the Funds, as municipal
funds, have similar investment objectives, policies and risks, but there are differences. Each Target Fund is a state-specific municipal
fund that seeks to provide current income exempt from both regular federal income taxes and state income tax. In contrast, the Acquiring
Fund is a national municipal fund that seeks to provide high current income exempt from regular federal income tax. Accordingly, the Target
Funds are subject to the economic, political and other risks of a single state, whereas the Acquiring Fund, which may invest in the municipal
securities of any U.S. state or territory, is not subject to similar single state risk.

In its review, each
Board considered the impact of the Merger on its Fund’s portfolio, including any shifts in quality and yield. In this regard, each
Target Board considered that a greater percentage of the Acquiring Fund’s portfolio may be allocated to lower rated municipal securities
relative to the amount permitted by the policies of the respective Target Fund and that investments in lower rated securities are subject
to higher risks than investments in higher rated securities. Each Target Board further considered the significantly larger asset size
of the Acquiring Fund compared to that of its Target Fund. Each Target Board noted that its respective Target Fund would lose the benefit
of the state tax exemption as a result of the Merger, but recognized the potential for higher common share net earnings of the combined fund as a result of, among other things, the Acquiring Fund’s ability to invest to a greater degree in lower
rated securities and a geographically diverse national portfolio, as well as certain operating economies from the combined fund’s
greater scale following the Mergers. Further, in comparison to the respective Target Fund, each Target Board considered the increased
portfolio and leverage management flexibility afforded by the significantly larger asset base of the combined fund and the Acquiring
Fund’s national mandate with greater flexibility to invest in lower rated securities.

The Boards considered
that each Fund may use