Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 5

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 5
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 Joint Proxy Statement/Prospectus for more detailed 
 information regarding fees and expenses. See also “Additional Information About the            
 Acquiring Fund” on page 97.                                                                    |

| Q. | Will                                                                          
 the Mergers impact distributions for common shareholders of the Target Funds? |

| A. | Beginning                                                                                          
 in late 2023 and through 2024, the Target Funds and Acquiring Fund raised distributions per        
 common share with the intention of supporting secondary market trading in fund shares. These       
 increased distribution levels were in excess of net common share earnings and included a           
 portion of shareholder capital. Recent monthly distributions per common share were $0.0785         
 for New Jersey Municipal, $0.0780 for Pennsylvania Municipal, $0.0610 for Missouri Municipal,      
 and $0.0655 for the Acquiring Fund. The annualized distribution rate (expressed as a percentage    
 of the closing market price per common share as of August 31, 2025) was 8.25% for New Jersey       
 Municipal, 8.54% for Pennsylvania Municipal, 6.67% for Missouri Municipal, and 7.76% for           
 the Acquiring Fund. As a result of the late 2023 and 2024 distribution changes, these distribution 
 rates do not represent the underlying common share earnings rate of each Fund. The differences     
 in historical distribution rates were primarily attributable to certain lower expenses per         
 common share and the Acquiring Fund’s greater investment flexibility to invest in diverse          
 geographic regions and to invest to a greater degree in lower rated municipal securities.          
 However, distributions for each Target Fund are exempt from federal and state income taxes         
 designated by their name, while distributions for the Acquiring Fund are exempt from federal       
 income tax only. There is no assurance that distribution rates of the Funds will continue          
 at historical levels. While distributions from the combined fund following the Mergers are         
 generally expected to be exempt from federal income tax, such distributions may be subject         
 to state and local income tax, including without limitation, New Jersey, Pennsylvania,             
 or Missouri state income tax, as applicable.                                                       |

| Q. | Will                                                                                       
 shareholders of the Funds have to pay any fees or expenses in connection with the Mergers? |

| A. | Yes.                                                                                     
 The Funds, and indirectly their common shareholders, will bear the costs of the Mergers, 
 whether or not the Mergers are consummated. The allocation of the costs of the M