Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 4

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 4
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13.10% for the Acquiring Fund. The taxable equivalent                            
 yield generally represents the yield that must be earned on a fully taxable investment                              
 to equal the yield of the Fund on an after-tax basis. 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                       
 the states of New Jersey, Pennsylvania, or Missouri 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 Mergers   
 to the Funds is based on the expected benefits of the Mergers to common shareholders     
 of each Fund following the Mergers, including operating expense savings, improvements    
 in the secondary trading market for common shares and the impact on common share net     
 earnings. Preferred shareholders will not bear any costs of the Mergers.                 |

The costs of the Mergers are estimated to be $2,330,000, but the actual costs may be higher or lower than that amount. These costs represent the estimated nonrecurring expenses of the Funds in carrying out their obligations under the Agreement and consist of management’s estimate of professional service fees, printing costs and mailing charges related to the proposed Mergers. Based on the expected benefits of the Mergers to each Fund, each of New Jersey Municipal, Pennsylvania Municipal, Missouri Municipal and the Acquiring Fund is expected to be allocated $1,145,000, $1,090,000, $60,000 and $35,000, respectively, of the estimated expenses in connection with the Mergers (0.21%, 0.23%, 0.23%, and 0.00%, respectively, of New Jersey Municipal’s, Pennsylvania Municipal’s, Missouri Municipal’s, and the Acquiring Fund’s average net assets applicable to common shares for the twelve months ended July 31, 2025). If any of the Mergers is not consummated for any reason, including because the requisite shareholder approvals are not obtained, each of the Funds, and common shareholders of each of the Funds indirectly