Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 19

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 19
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 to the Acquiring Fund’s ability to invest to a greater degree    
 in lower rated securities and a geographically diverse national portfolio, as well as 
 operating economies from the combined fund’s greater scale;                           |

| ● | Greater                                                                               
 secondary market liquidity and improved secondary market trading for common shares as 
 a result of the combined fund’s greater share volume, which may lead to narrower      
 bid-ask spreads and smaller trade-to-trade price movements;                           |

| ● | The                                                                                    
 potential for a narrower trading discount as a result of the Acquiring Fund’s common   
 shares trading at a discount that historically has been lower than that of each Target 
 Fund’s common shares; and                                                              |

| ● | Increased                                                                                
 portfolio and leverage management flexibility due to 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 Board of Missouri Municipal considered that it was expected that the total operating expenses (excluding the costs of leverage) of   
 the combined fund would be lower than the total operating expenses (excluding the costs of leverage) of Missouri Municipal following the 
 Mergers; and                                                                                                                             |

| ● | The Board of each New Jersey Municipal and Pennsylvania Municipal considered that it was expected that the total operating expenses (excluding 
 the costs of leverage) of the combined fund would be higher than the total operating expenses of the respective Target Fund following          
 the Mergers, but shareholders would obtain a broader investment mandate and potential for higher common share net earnings and distribution    
 levels following the Mergers.                                                                                                                  |

Each Target Fund’s 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 Target Fund, and recognized that investments in lower rated securities are subject to higher risks than investments in higher rated securities. Each Target Fund’s Board also noted that the Target Fund’s shareholders would lose the benefit of the applicable state tax exemption as a result of the applicable Merger.

With respect to holders of preferred shares of each Target Fund, the Target Fund’s Board considered that, upon the closing of the applicable Merger, holders of any preferred shares 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 applicable Target Fund immediately prior to the closing of the Merger, except that, because of the Acquiring Fund