Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 182

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 182
---
 borrowed funds even
though such funds are not directly used for the purchase or ownership of the shares. In addition, if you receive Social Security
or certain railroad retirement benefits, you may be subject to federal income tax on a portion of such benefits as a result of
receiving investment income, including exempt-interest dividends and other distributions paid by the Acquiring Fund.

If the Acquiring Fund invests in certain
pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original
issue discount (or with market discount if the Acquiring Fund elects to include market discount in income currently), the Acquiring
Fund must accrue income on such investments for each taxable year for federal income tax purposes, which generally will be prior
to the receipt of the corresponding cash payments. However, the Acquiring Fund must distribute to shareholders, at least annually,
all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid)
and its net tax-exempt income, including such income it is required to accrue, to qualify as a RIC and (with respect to its ordinary
income and capital gain) to avoid federal income and excise taxes. Therefore, the Acquiring Fund may have to dispose of its portfolio
securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy
these distribution requirements.

The Acquiring Fund may hold or acquire municipal
obligations that are market discount bonds. A market discount bond is a security acquired in the secondary market at a price below
its redemption value (or its adjusted issue price if it is also an original issue discount bond). If the Acquiring Fund invests
in a market discount bond, it will be required to treat any gain recognized on the disposition of such market discount bond as
ordinary taxable income to the extent of the accrued market discount.

The Acquiring Fund’s investment in
lower rated or unrated debt securities may present issues for the Acquiring Fund if the issuers of these securities default on
their obligations because the federal income tax consequences to a holder of such securities are not certain.

The Acquiring Fund may be required to withhold
federal income tax at a rate of 24% from all distributions (including exempt-interest dividends) and redemption proceeds payable
to a shareholder if the shareholder fails to provide the Acquiring Fund with his, her or its correct taxpayer identification number
or to make required certifications, or if the shareholder has been