Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 108

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 108
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 action in the right of or name of or on behalf of the trust. Under the Massachusetts statute, a shareholder whose demand has been refused by the trustees may bring the claim only if the shareholder demonstrates to a court that the trustees’ decision not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Fund. The by-laws of each Fund largely incorporate the substantive elements of the Massachusetts statute and establish procedures for shareholders to bring derivative actions and for the Board to consider shareholder demands that the Fund commence a suit. In addition, the by-laws of each Fund distinguish direct actions from derivative claims and prohibit the latter from being brought directly by a shareholder.

| D. | ADDITIONAL                                
 INFORMATION ABOUT THE INVESTMENT POLICIES |

Comparison of the Investment Objectives and Policies of the Acquiring Fund and the Target Funds

General

The Funds have similar investment objectives, but there are differences. Each Target Fund is a state-specific municipal fund that seeks to provide current income exempt from regular federal income tax and the income tax of a single state. In contrast, the Acquiring Fund is a national municipal fund that seeks to provide high current income exempt from regular federal income tax.

New Jersey Municipal’s investment objectives are to provide current income exempt from regular federal and New Jersey income tax and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that New Jersey Municipal’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued. As a fundamental policy, under normal circumstances, New Jersey Municipal will invest at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and New Jersey income taxes.

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Pennsylvania Municipal’s primary investment objective is current income exempt from both regular Federal and Pennsylvania personal income taxes. Pennsylvania Municipal’s secondary investment objective is to enhance portfolio value relative to the Pennsylvania municipal bond market through investments in tax-exempt Pennsylvania municipal bonds which, in Pennsylvania Municipal’s investment adviser’s opinion, are underrated or undervalued or that represent municipal market sectors that are undervalued. As a fundamental policy, under normal circumstances, Pennsylvania Municipal will invest at least 80% of its assets in municipal securities and other related investments that pay interest exempt from regular federal and Pennsylvania income taxes.

Missouri Municipal’s primary investment objective is current income exempt from both regular federal income taxes and Missouri personal income taxes, and its secondary investment objective is the enhancement of portfolio value relative