Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 76

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 76
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 and provided the Boards with information relating
to the proposed Merger(s). Prior to approving the Merger(s), each Board reviewed the foregoing information with its independent legal
counsel and with management, reviewed with independent legal counsel applicable law and its duties in considering such matters and met
with independent legal counsel in private sessions without management present. Each Board considered that
Nuveen Fund Advisors, each Fund’s investment adviser, had recommended the Merger(s) as part of an ongoing initiative to streamline
Nuveen’s closed-end fund line-up. Based on the foregoing, each Board considered the following
factors (as applicable), among others, in approving its Fund’s Merger(s) and recommending that shareholders of their respective
Fund(s) approve such Merger(s):

| • | the compatibility of the Funds’ investment objectives, policies and related risks; |

| • | the consistency of portfolio management; |

| • | the larger asset base of the combined fund as a result of the Merger(s) and the effect of the Merger on 
 fees and expense ratios;                                                                                |

| 40 |

| • | the potential for improved secondary market trading with respect to common shares; |

| • | certain historic investment performance; |

| • | the anticipated federal income tax-free nature of the Mergers; |

| • | the expected costs of the Mergers; |

| • | the terms of the Mergers and whether the Mergers would dilute the interests of the existing shareholders 
 of the applicable Funds;                                                                                 |

| • | the effect of the Mergers on shareholder rights; |

| • | alternatives to the Mergers; and |

| • | any potential benefits of the Mergers to Nuveen Fund Advisors and its affiliates as a result of the Mergers. |

Compatibility of Investment Objectives, Policies and Related Risks.Based on the information presented, the Boards considered that the Funds, as municipal
funds, have similar investment objectives, policies and risks, but there are differences. Each Target Fund is a state-specific municipal
fund that seeks to provide current income exempt from both regular federal income taxes and state income tax. In contrast, the Acquiring
Fund is a national municipal fund that seeks to provide high current income exempt from regular federal income tax. Accordingly, the Target
Funds are subject to the economic, political and other risks of a single state, whereas the Acquiring Fund, which may invest in the municipal
securities of any U.S