Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 83

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 83
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 All pro forma adjustments are directly attributable to the Mergers.                    |

| (2) | Reflects the assumed redemption of preferred shares to maintain the desired leverage for the Combined Fund Pro Forma. |

| (3) | Assumes the issuance of 50,283,194 Acquiring Fund common shares to shareholders of New                                       
 Jersey Municipal.                                                                                                            
 These numbers are based on the net asset                                             value of shares of the Funds as of July 
 31, 2025, adjusted for estimated Merger costs and                                             the effect of distributions,   
 where applicable.                                                                                                            |

| (4) | Includes the impact of estimated total                                             Merger                            
 costs of $1,180,000, which are expected to be borne by New Jersey Municipal and the Acquiring Fund in the amounts of 
 $1,145,000 and $35,000, respectively.                                                                                |

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3. Capitalization Table—Merger of Pennsylvania Municipal Only</div>

The table reflects a pro forma exchange ratio of approximately 1.17699630 common shares of the Acquiring Fund issued for each common share of Pennsylvania Municipal. If the Merger is consummated, the actual exchange ratio may vary.

| Preferred Shares:                                                                                                                                                                                                             |   | Pennsylvania 
    Municipal |   |   |     Acquiring 
          Fund |   |   |    Pro Forma 
  Adjustments |      |   |      Combined 
      Fund Pro 
      Forma(1) |   |
|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|-------------:|:--|:--|--------------:|:--|:--|-------------:|-----:|:--|--------------:|:--|
| Series 2028 Adjustable Rate MuniFund Term Preferred (AMTP) Shares, $100,000 stated value per share, at liquidation value                                                                                                      | $ |            – |   | $ |    87,000,000 |   | $ |            – |      | $ |    87,000,000 |   |
| Series 2031 Adjustable Rate MuniFund Term Preferred (AMTP) Shares, $100,000 stated value per share, at liquidation value                                                                                                      | $ |            – |   | $ |   170,000,000 |   | $ |            – |      | $ |   170,000,000 |   |
| Series 2032 Adjustable Rate MuniFund Term Preferred (AMTP) Shares,