Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 172

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 172
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 Fund does not notify the requesting shareholder of the rejection of the demand within the applicable review period, the shareholder 
 may commence a derivative action;                                                                                                   |

| ● | establishes bases upon                                                                                           
 which a trustee will not be considered to be not independent for purposes of evaluating a derivative demand; and |

| ● | provides that if the trustees                                                                                                         
 who are independent for purposes of considering a shareholder demand determine in good faith within the applicable review period      
 that the maintenance of a derivative action is not in the best interest of the Acquiring Fund, the shareholder shall not be permitted 
 to maintain a derivative action unless he or she first sustains the burden of proof to the court that the decision of the trustees    
 not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Fund.                    |

| ● | The Demand By-Law may be                                                                                 
 more restrictive than procedures for bringing derivative suits applicable to other investment companies. |

The by-laws also require that actions by
shareholders against the Acquiring Fund, except for actions under the U.S. federal securities laws, be brought only in a certain
federal court in Massachusetts, or if not permitted to be brought in federal court, then in the Business Litigation Session of
the Massachusetts Superior Court in Suffolk County (the “Exclusive Jurisdictions”), and that the right to jury trial
be waived to the fullest extent permitted by law. Other investment companies may not be subject to similar restrictions. The designation
of Exclusive Jurisdictions may make it more expensive for a shareholder to bring a suit than if the shareholder were permitted
to select another jurisdiction. Also, the designation of Exclusive Jurisdictions and the waiver of jury trials limit a shareholder’s
ability to litigate a claim in the jurisdiction and in a manner that may be more favorable to the shareholder. It is possible that
a court may choose not to enforce these provisions of the Acquiring Fund’s by-laws.

Reference should be made to the Acquiring
Fund’s declaration of trust and by-laws on file with the SEC for the full text of these provisions.

<div align='center'>99</div>

Repurchase of Common Shares; Conversion to Open-End Fund

The Acquiring Fund is a closed-end management
investment company, and as such its shareholders do not have the right to cause the Acquiring Fund to redeem their common shares.
Instead, the common shares of the Acquiring Fund trade in the open market at a price that is a function of several factors