Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 80

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 80
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investments in higher rated securities. The Acquiring Fund therefore would be subject to increased risks from investments in lower
rated securities, including a risk that the issuer will be unable to pay interest or principal when due.

Consistency of Portfolio Management.The Boards considered that each Fund has the same investment adviser and sub-adviser; however, some of the portfolio
managers of the Acquiring Fund differ from the portfolio managers of each Target Fund. The portfolio managers of the Acquiring Fund will
continue to manage the portfolio of the Acquiring Fund following the Merger(s).

Larger Asset Base of the Combined Fund; Effect of the Merger(s) on Fees and Expense Ratios.The Boards considered the management fee and expense
ratios of each of the Funds (including estimated expense ratios of the combined fund following the Merger(s) assuming all Merger(s)
are completed). Each Target Board considered that the fund-level management fee schedule of the Acquiring Fund was higher
(approximately by 10 basis points) than that of the Target Fund at each breakpoint level due to differences in investment mandates
of the Funds. However, the Target Board of Missouri Municipal considered that it was expected that the total operating expenses
(excluding the costs of leverage) of the combined fund would be lower than the total operating expenses (excluding the costs of
leverage) of Missouri Municipal following the Mergers; and each Target Board of New Jersey Municipal and Pennsylvania Municipal
considered that it was expected that the total operating expenses (excluding the costs of leverage) of the combined fund would be
higher than the total operating expenses of the respective Target Fund following the Mergers, but shareholders would obtain a
broader investment mandate and potential for higher common share net earnings following the Mergers. In
addition, the Boards considered that following the Mergers, Nuveen Fund Advisors had agreed to waive a portion of its fees with
respect to the combined fund for a period of six months, the period that the Adviser anticipates is necessary to transition the
portfolio of the combined fund to the investment mandate of the Acquiring Fund. The Acquiring Board also considered that the total
operating expenses (excluding the costs of leverage) of the combined fund were expected to be substantially similar to the total
operating expenses of the Acquiring Fund prior to the Mergers.

Potential for Improved Secondary Market Trading.While it is not possible to predict trading levels following the Merger(s), each Board
considered that the combined fund’s