Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 79

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 79
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 leverage through a number of methods, including through the issuance of preferred shares and investments in inverse
floating rate securities. In the regard, the Board considered, among other things, that New Jersey Municipal has three series of VRDP
Shares outstanding, Pennsylvania Municipal has two series of VRDP Shares outstanding, and Missouri Municipal has one series of MFP Shares
outstanding. The Acquiring Fund also has three series of AMTP Shares outstanding. The preferred shares of the Acquiring Fund are expected
to remain outstanding following the Merger(s). With respect to holders of preferred shares of the Target Funds, each Target Board considered
that upon the closing of its Merger, the holders of each series of preferred shares of the respective 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 to those of the corresponding series of preferred shares of the Target Fund currently held by such holders (subject to an exception
for terms applicable to the Target Funds’ preferred shares that required an additional payment to holders subject to the specified
state income taxation under certain circumstances).

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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 higher risks than