Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 81

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 81
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.The Boards considered that each Fund is organized as a Massachusetts business trust. In this regard, with respect to the Target
Funds, there will be no change to shareholder rights under state statutory law.

Alternatives.Each Board considered various alternatives to the Mergers, including evaluating various national funds as possible acquiring funds
for the Target Funds.

Potential Benefits to Nuveen Fund Advisors and Affiliates.The Boards considered that the Merger(s) may result in some benefits and economies of scale
for Nuveen Fund Advisors and its affiliates. These may include, for example, the higher management fee schedule of the Acquiring Fund
and the reduction in the level of operational expenses incurred for administrative, compliance and portfolio management services as a
result of the elimination of each Target Fund as a separate fund in the Nuveen complex.

Conclusion.Each
Board approved the Merger(s) on behalf of its Fund, concluding that each such Merger is in the best interests of its Fund and that the
interests of existing shareholders of its Fund will not be diluted as a result of the respective Merger(s).

Capitalization

The following table sets forth the unaudited capitalization of the Funds as of July 31, 2025, and the pro-forma combined capitalization of the Acquiring Fund as if the Merger(s) had occurred on that date assuming the completion of all Mergers and the completion of each Merger separately.

<div align='center'>1. Capitalization Table—Mergers of New Jersey Municipal, Pennsylvania Municipal, and Missouri Municipal</div>

The table reflects pro forma exchange ratios of approximately 1.21949309, 1.17699630, and 1.01566517 common shares of the Acquiring Fund issued for each common share of each of New Jersey Municipal, Pennsylvania Municipal, and Missouri Municipal, respectively. If the Mergers are consummated, the actual exchange ratios may vary.

<div align='center'>43</div>

| Preferred                                                                                                                              
 Shares:                                                                                                                                |   |         New 
      Jersey 
   Municipal |   | Pennsylvania 
    Municipal |   |   Missouri 
  Municipal |   |     Acquiring 
          Fund |   |         Pro 
       Forma 
 Adjustments |    |   |      Combined 
      Fund Pro 
      Forma(1) |
|:---------------------------------------------------------------------------------------------------------------------------------------|:--|------------:|:--|-------------:|:--|-----------:|:--|--------------:|: