Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 179

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 179
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 dividends.” A U.S. shareholder treats an exempt-interest dividend as interest on state and local
bonds exempt from regular federal income tax. Federal income tax law imposes an alternative minimum tax with respect to individuals,
trusts and estates. Interest on certain municipal obligations, such as certain private activity bonds, is included as an item of
tax preference in determining the amount of a taxpayer’s alternative minimum taxable income. To the extent that the Acquiring
Fund receives income from such municipal obligations, a portion of the dividends paid by the Acquiring Fund, although exempt from
regular federal income tax, will be taxable to U.S. shareholders to the extent that their tax liability is determined under the
federal alternative minimum tax. For taxable years beginning after December 31, 2022, exempt-interest dividends may also affect
the corporate alternative minimum tax liability of some corporate U.S. shareholders.

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Future legislation could limit the exclusion
from gross income of tax-exempt interest (which includes exempt-interest dividends received from the Acquiring Fund). Such legislation
could affect the value of the municipal securities owned by the Acquiring Fund. The likelihood of such legislation being enacted
cannot be predicted. Shareholders should consult their own tax advisers regarding the potential consequences of future legislation
on their investment in the Acquiring Fund.

In addition to exempt-interest dividends,
the Acquiring Fund may also distribute to its shareholders amounts that are treated as long-term capital gain or ordinary income
(which may include short-term capital gains). These distributions may be subject to federal, state and local taxation, depending
on a shareholder’s situation. If so, they are taxable whether or not such distributions are reinvested. Distributions of
net capital gains (the excess of net long-term capital gains over net short- term capital losses) are generally taxable at rates
applicable to long-term capital gains regardless of how long a shareholder has held its shares. Long-term capital gains are currently
taxable to noncorporate shareholders at a maximum federal income tax rate of 20%. In addition, certain individuals, estates and
trusts are subject to a 3.8% Medicare tax on net investment income, including net capital gains and other taxable dividends. Corporate
U.S. shareholders are taxed on capital gain at the same rates as apply to ordinary income. The Acquiring Fund does not expect that
any part of its distributions to shareholders from its investments will qualify for the dividends-received deduction available
to corporate shareholders or as “qualified