Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 22

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 22
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 be lower than the total operating expenses (excluding the costs of leverage) of Missouri Municipal following the 
 Mergers; and                                                                                                                             |

| ● | The                                                                                                                        
 Board of each of 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 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’s policy of investing in a nationally diversified portfolio of municipal securities, the terms of the newly-issued preferred shares will not include a provision, currently applicable to each Target Fund’s preferred shares, that generally would require an additional payment to holders subject to the specified state income taxation in the event the Target Fund was required to allocate capital gains and/or ordinary income to a given month’s distribution in order to make such distribution equal, on an after-tax basis, to the amount of the distribution if it was excludable from such state income taxation (in addition to federal income taxation).

Based on information provided by Nuveen Fund Advisors, the Acquiring Fund’s Board considered that the Acquiring Fund may benefit from an increase in common share net earnings and in operating efficiencies due to a substantial increase in scale and from increased investment capital, which allows the Acquiring Fund to pursue additional investment opportunities. The Acquiring Board also considered that the total operating expenses (excluding the costs of leverage) of the combined fund were expected to be substantially similar to the total operating expenses of the Acquiring