Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 182

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 182
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 with respect to the investor’s own situation, including investments through an intermediary.

Pursuant to proposed regulations, the Treasury
Department has indicated its intent to eliminate the requirements under FATCA of withholding on gross proceeds from the sale, exchange,
maturity or other disposition of relevant financial instruments (including redemption of stock). The Treasury Department has indicated
that taxpayers may rely on these proposed regulations pending their finalization.

With respect to the preferred shares of
the Acquiring Fund to be issued in the Mergers, if any, the Acquiring Fund will receive opinions from special tax counsel that
the preferred shares will constitute equity of the Acquiring Fund, and the foregoing discussion and the tax opinion received by
the Funds regarding certain aspects of the Mergers, including that the Mergers will qualify as reorganizations within the meaning
of Section 368(a) of the Code, relies on the position that the preferred shares will constitute equity of the Acquiring Fund.
Accordingly, distributions with respect to the preferred shares (other than distributions in redemption of preferred shares subject
to Section 302(b) of the Code) will generally constitute dividends to the extent of the Acquiring Fund’s current or
accumulated earnings and profits, as calculated for federal income tax purposes and to the extent allocable to such distribution.
Because the treatment of a corporate security as debt or equity is determined on the basis of the facts and circumstances of each
case, and no controlling precedent exists for any preferred shares to be issued in the Mergers, there can be no assurance that
the IRS will not challenge special tax counsels’ opinions and the Acquiring Fund’s treatment of the preferred shares
as equity. If the IRS were to succeed in such a challenge, holders of preferred shares could be characterized as receiving taxable
interest income rather than exempt-interest or other dividends, possibly requiring them to file amended income tax returns and
retroactively to recognize additional amounts of ordinary income and pay additional tax, interest and penalties.

Net Asset Value

The Acquiring Fund’s net asset value
per common share is determined as of the close of regular session trading (normally 4:00 p.m., Eastern time) on each day the NYSE
is open for business. Net asset value is calculated by taking the Acquiring Fund’s total assets, including interest or dividends
accrued but not yet collected, less all liabilities, and dividing by the total number of common shares outstanding. The result,
rounded to the nearest cent, is the net asset value