Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 77

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 77
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 transactions contemplated by the Agreement is not in the best interests of its respective Fund involved in the Merger(s).

Reasons for the Mergers

Based on the considerations
described below, the Board of each Target Fund (each, a “Target Board” and collectively, the “Target Boards”),
all of whom are not “interested persons,” as defined in the 1940 Act, and the Board of the Acquiring Fund (the “Acquiring
Board”), all of whom are not “interested persons,” as defined in the 1940 Act, have each determined that its Fund’s
Merger(s) would be in the best interests of its Fund and that the interests of the existing shareholders of its Fund would not be diluted
as a result of such Merger(s). At a meeting held on September 17, 2025 (the “Board Meeting”), each Board approved its
Fund’s Merger(s) and recommended that shareholders of its Fund, as applicable, approve such Merger(s).

At and prior to the
Board Meeting, including at a previous meeting, Nuveen Fund Advisors made presentations 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; |

| ● |