Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 78

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 78
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state income taxation under certain circumstances).

| 41 |

With respect to the
Acquiring Fund, the Acquiring Board considered that based on information by Nuveen Fund Advisors, the Acquiring Fund may benefit
from an increase in common share net earnings and operating efficiencies and from increased investment
capital, which allows the Acquiring Fund to pursue additional investment opportunities. The Acquiring Board also recognized that 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.

With respect to
principal investment risks, while principal risks of an investment in each Fund would be similar in certain respects because each Fund
invests in municipal securities and other investments the income of which is exempt from regular federal income taxes, the differences
relating to the Funds’ investment objectives and policies may affect the comparative risk profiles. For example, as noted above,
each Target Fund is subject to single-state risk, while the Acquiring Fund is not. Each Target Fund also invests primarily in investment
grade securities, while the Acquiring Fund is permitted to allocate a greater percentage of its portfolio to lower rated municipal securities
than each Target Fund. Investments in lower rated securities are subject to greater risks than investments in higher rated securities.
The Acquiring Fund therefore would be subject to increased risks from investments in lower rated securities, including a risk that the
issuer will be unable to pay interest or principal when due.

Consistency of Portfolio Management.The Boards considered that each Fund has the same investment adviser and sub-adviser; however, some of the portfolio
managers of the Acquiring Fund differ from the portfolio managers of each Target Fund. The portfolio managers of the Acquiring Fund will
continue to manage the portfolio of the Acquiring Fund following the Merger(s).

Larger Asset Base of the Combined Fund; Effect of the Merger(s) on Fees and Expense Ratios.The Boards considered the management fee and expense
ratios of each of the Funds (including estimated expense ratios of the combined fund following the Merger(s) assuming all Merger(s)
are completed). Each Target Board considered that the fund-level management fee schedule of the Acquiring Fund was higher
(approximately by 10 basis points) than that of the Target Fund at each breakpoint level. However, the Target Board of Missouri
Municip