Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 4

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 4
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 outstanding. The different types of preferred shares have different characteristics and features, which are described in more detail in the Joint Proxy Statement/Prospectus. See “Proposal No. 1—C. Information About the Mergers—Description of VRDP Shares to Be Issued by the Acquiring Fund” beginning on page 56, “Proposal No. 1—C. Information About the Mergers—Description of MFP Shares to Be Issued by the Acquiring Fund” beginning on page 57, and “Additional Information About the Acquiring Fund—Description of Outstanding Acquiring Fund AMTP Shares” beginning on page 100.

| Q. | Do                                                                
 the Funds have similar investment objectives, policies and risks? |

| A. | The                                                                                      
 Funds have similar investment objectives, policies and risks, but there are differences. 
 Each Fund seeks to provide tax-exempt current income by investing primarily in municipal 
 securities. The principal similarities and differences between the Funds’ investment     
 objectives, policies and risks are as follows:                                           |

| ● | 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, while the Acquiring Fund      
 is a national municipal fund that seeks to provide high current income exempt from regular 
 federal income tax.                                                                        |

| ● | Under                                                                                    
 normal circumstances, the Target Funds invest primarily in municipal bonds of a specific 
 state and are subject to economic, political and other risks of a single state, while    
 the Acquiring Fund may invest in municipal obligations of any U.S. state or territory.   |

| ● | Under                                                                                               
 normal circumstances, each Target Fund invests primarily in investment grade securities,            
 while the Acquiring Fund may invest up to 75% of its Managed Assets (as defined below) in           
 securities that, at the time of investment, are rated below the three highest grades (Baa           
 or BBB or lower) by at least one nationally recognized statistical rating organization (“NRSRO”),   
 including below investment grade securities (securities rated BB+/Ba1 or lower, commonly            
 referred to as “junk bonds”), or unrated securities that are judged to be of                        
 comparable quality by Nuveen Asset Management, LLC (“Nuveen Asset Management”),                     
 the sub-adviser to each Fund. A security is considered investment grade if it is rated within       
 the four highest letter grades by at least one NRSRO that rates such security (even if