Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 28

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 28
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 | A                                                                                            
 Fund’s asset coverage ratio is defined under the 1940 Act as the ratio that the              
 value of the total assets of the Fund, less all liabilities and indebtedness not represented 
 by preferred shares or senior securities representing indebtedness, bears to the aggregate   
 amount of preferred shares and senior securities representing indebtedness issued by         
 the Fund.                                                                                    |

| (2) | Regulatory                                                                                    
 leverage consists of preferred shares issued by or borrowings of a Fund. Both of these        
 are part of a Fund’s capital structure. A Fund, however, may from time to time                
 borrow on a typically transient basis in connection with its day-to-day operations, primarily 
 in connection with the need to settle portfolio trades. Such incidental borrowings are        
 excluded from the calculation of a Fund’s regulatory leverage and effective leverage          
 ratios. Regulatory leverage is subject to asset coverage limits set forth in the 1940         
 Act.                                                                                          |

| (3) | Effective                                                                                 
 leverage is a Fund’s effective economic leverage, and includes both regulatory            
 leverage and the leverage effects of certain derivative and other investments in a Fund’s 
 portfolio that increase the Fund’s investment exposure. Currently, the leverage           
 effects of Tender Option Bond (TOB) inverse floater holdings are included in effective    
 leverage values, in addition to any regulatory leverage.                                  |

Board Members and Officers.The Acquiring Fund and the Target Funds have the same Board Members and officers. The management of each Fund, including general oversight of the duties performed by the Fund’s investment adviser under an investment management agreement between the investment adviser and such Fund (each, an “Investment Management Agreement”), is the responsibility of its Board. Each Fund currently has twelve (12) Board Members, each of whom is not considered an “interested person,” as defined in the 1940 Act.

<div align='center'>12</div>

Pursuant to each Fund’s by-laws, the Board of the Fund is divided into three classes (Class I, Class II and Class III) with staggered multi-year terms, such that only the members of one of the three classes stand for election each year; provided, however, that holders of preferred shares are entitled as a class to elect two Board Members each year. The staggered board structure could delay for up to two years the election of a majority of the Board of each Fund. To the extent that one or more preferred shareholders owns, holds or controls, individually or in aggregate, all or a significant portion of a series of a Fund