Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 21

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 21
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ii

PROPOSAL NO. 1—MERGER OF EACH TARGET FUND INTO THE ACQUIRING FUND</div>

| A. | SYNOPSIS |

The following is a summary of certain information contained elsewhere in this Joint Proxy Statement/Prospectus with respect to the proposed Mergers. More complete information is contained elsewhere in this Joint Proxy Statement/Prospectus and in the Merger SAI and the appendices hereto and thereto. Shareholders should read the entire Joint Proxy Statement/Prospectus carefully.

Background and Reasons for the Mergers

Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors” or the “Adviser”), a subsidiary of Nuveen, LLC and the Funds’ investment adviser, recommended the Merger proposal as part of an ongoing initiative to streamline Nuveen’s municipal closed-end fund line-up. Each Fund’s Board considered its Fund’s Merger(s) and determined that the 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). Based on information provided by Nuveen Fund Advisors, each Target Fund’s Board considered that its Fund’s proposed Merger may benefit the common shareholders of its Fund in a number of ways, including, among other things:

| ● | The                                                                                   
 potential for higher common share net earnings following the                          
 Mergers, due in part to the Acquiring Fund’s ability to invest to a greater degree    
 in lower rated securities and a geographically diverse national portfolio, as well as 
 operating economies from the combined fund’s greater scale;                           |

| ● | Greater                                                                               
 secondary market liquidity and improved secondary market trading for common shares as 
 a result of the combined fund’s greater share volume, which may lead to narrower      
 bid-ask spreads and smaller trade-to-trade price movements;                           |

| ● | The                                                                                    
 potential for a narrower trading discount as a result of the Acquiring Fund’s common   
 shares trading at a discount that historically has been lower than that of each Target 
 Fund’s common shares; and                                                              |

| ● | Increased                                                                                
 portfolio and leverage management flexibility due to the significantly larger asset base 
 of the combined fund and the Acquiring Fund’s national mandate with greater flexibility  
 to invest in lower rated securities.                                                     |

| ● | The Board of Missouri Municipal considered that it was expected that the total operating expenses (excluding the costs of leverage) of   
 the combined fund would