Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 79

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 79
---
al 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
each Target Board 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 would obtain a broader investment mandate and potential for higher common share net earnings
and distribution levels following the Mergers. In addition, the Boards considered that following the Mergers, Nuveen Fund Advisors
had agreed to waive a portion of its fees with respect to the combined fund for a period of six months, the period that the Adviser
anticipates is necessary to transition the portfolio of the combined fund to the investment mandate of the Acquiring Fund. 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 Fund prior to the Mergers.

Potential for Improved Secondary Market Trading.While it is not possible to predict trading levels following the Merger(s), each Board considered
that the combined fund’s greater share volume may result in greater secondary market liquidity and improved secondary market trading
for common shares of each Fund following the Merger(s), which may lead to narrower bid-ask spreads and smaller trade-to-trade price movements.
Further, each Board considered the investment performance of the Funds on a net asset value basis for various periods
ended June 30, 2025 and, based on information provided by Nuveen Fund Advisors, considered that the Acquiring Fund’s net asset value returns outperformed those of each Target Fund for such periods. In addition, based on the information provided by
the Nuveen Fund Advisors, the Target Boards considered the potential for a narrower trading discount, relative to the Target Funds, 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; however, the Target Boards recognized that the past trading record of the common shares of the Acquiring Fund may not necessarily
be indicative of how the common shares of the combined fund will trade in the future, and there is no guarantee that the common shares
of the combined fund would have a narrower trading discount