Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 272

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 272
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 by any NRSRO but judged to be of comparable quality by a Fund’s sub-adviser. Investment grade securities may include split-rated securities.

Portfolio Turnover

Portfolio trading may be undertaken to accomplish each Fund’s investment objectives. In addition, a security may be sold and another of comparable quality purchased at approximately the same time to take advantage of what the Adviser and/or Sub-Adviser believes to be a temporary price disparity between the two securities. Temporary price disparities between two comparable securities may result from supply and demand imbalances where, for example, a temporary oversupply of certain securities may cause a temporarily low price for such securities, as compared with other securities of like quality and characteristics. Each Fund may also engage to a limited extent in short-term trading consistent with its investment objectives. Securities may be sold in anticipation of a market decline (a rise in interest rates) or purchased in anticipation of a market rise (a decline in interest rates) and later sold, but each Fund will not engage in trading solely to recognize a gain.

Each Fund may engage in portfolio trading when considered appropriate, but short-term trading will not be used as the primary means of achieving a Fund’s investment objectives. Although a Fund cannot accurately predict its annual portfolio turnover rate, it is generally not expected to exceed 25% under normal circumstances. However, there are no limits on a Fund’s rate of portfolio turnover, and investments may be sold without regard to length of time held when, in the Adviser’s and/or Sub-Adviser’s opinion, investment considerations warrant such action. A higher portfolio turnover rate would result in correspondingly greater brokerage commissions and other transactional expenses that are borne by each Fund. Please refer to “Proposal No. 1—A. Synopsis—Material Federal Income Tax Consequences of the Mergers” in the Joint Proxy Statement/Prospectus for a discussion of anticipated turnover of the Fund in connection with the Mergers.

For the fiscal year ended August 31, 2025, the six months ended August 31, 2024 and the fiscal year ended February 29, 2024, the portfolio turnover rates for New Jersey Municipal and Pennsylvania Municipal were as follows:

|                        |     | Year Ended 8/31/25 |     | Six Months Ended 8/31/24 |     | Year Ended 2/29/24 |
| New Jersey Municipal   |     | 17%                |     | 9%                       |     | 16%                |
| Pennsylvania