Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 177

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 177
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 of Columbia, (iii) an estate the income of which is subject to U.S. federal
income tax regardless of its source or (iv) a trust (x) with respect to which a court within the United States is able to exercise
primary supervision over its administration and one or more United States persons (as defined under the Code) have the authority
to control all of its substantial decisions or (y) that has in effect a valid election under applicable U.S. Treasury regulations
to be treated as a United States person (as such term is defined under the Code).

The Acquiring Fund has elected to be treated
and intends to qualify each year (including the taxable year in which the Mergers occur) as a regulated investment company (“RIC”)
under Subchapter M of the Code. In order to qualify as a RIC, the Acquiring Fund must satisfy certain requirements regarding the
sources of its income, the diversification of its assets and the distribution of its income. As a RIC, the Acquiring Fund is not
expected to be subject to federal income tax on the income and gains it distributes to its U.S. shareholders. The Acquiring Fund
invests primarily in municipal securities. Thus, substantially all of the Acquiring Fund’s dividends paid to you should qualify
as “exempt-interest 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