Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 170

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 170
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an exclusive forum provision, and the waiver of shareholder rights to a jury trial. Massachusetts is considered a “universal
demand” state, meaning that under Massachusetts corporate law a shareholder must make a demand on the company before bringing
a derivative action (i.e., a lawsuit brought by a shareholder on behalf of the company). The by-laws of the Acquiring Fund provide
detailed procedures for the bringing of derivative actions by shareholders (the “Demand By-Law”) which are modeled
on the substantive provisions of the Massachusetts corporate law derivative demand statute. The Demand By-Law is intended to permit
legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to the Acquiring
Fund or its shareholders as a result of spurious shareholder demands and derivative actions. Among other things, the Demand By-Law:

| ● | provides that before bringing                                                        
 a derivative action, a shareholder must make a written demand to the Acquiring Fund; |

| ● | establishes a 90 day review                                                                                            
 period, subject to extension in certain circumstances, for the Board of Trustees to evaluate the shareholder’s demand; |

| ● | establishes a mechanism                                                                                                
 for the Board of Trustees to submit the question of whether to maintain a derivative action to a vote of shareholders; |

| ● | provides that if the Acquiring                                                                                                      
 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