Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 167

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 167
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of Trust and by-laws. However, neither the Declaration of Trust nor the by-laws purport to require the waiver of a shareholder’s
rights under the federal securities laws.

Shareholder and Trustee Liability

Under Massachusetts law, shareholders could,
under certain circumstances, be held personally liable for the obligations of the Acquiring Fund. However, the Acquiring Fund’s
declaration of trust contains an express disclaimer of shareholder liability for debts or obligations of the Acquiring Fund and
requires that notice of such limited liability be given in each obligation, contract or instrument made or issued by the Acquiring
Fund or the trustees. The Acquiring Fund’s declaration of trust further provides for indemnification out of the assets and
property of the Acquiring Fund for all loss and expense of any shareholder held personally liable for the obligations of the Acquiring
Fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances
in which the Acquiring Fund would be unable to meet its obligations. The Acquiring Fund believes that the likelihood of such circumstances
is remote.

The Acquiring Fund’s declaration of
trust provides that the obligations of the Acquiring Fund are not binding upon the Acquiring Fund’s trustees individually,
but only upon the assets and property of the Acquiring Fund, and that the trustees will not be liable for errors of judgment or
mistakes of fact or law. However, nothing in the Acquiring Fund’s declaration of trust protects a trustee against any liability
to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of his or her office.

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Anti-Takeover Provisions

The Acquiring Fund’s declaration of
trust and by-laws include provisions that could limit the ability of other entities or persons to acquire control of the Acquiring
Fund or to convert the Acquiring Fund to open-end status. Specifically, the Acquiring Fund’s declaration of trust requires
a vote by holders of at least two-thirds of the outstanding common shares and preferred shares entitled to vote, voting as a single
class, except as described below, to authorize (1) a conversion of the Acquiring Fund from a closed-end to an open-end investment
company, (2) a merger or consolidation of the Acquiring Fund with any corporation, association, trust or other organization or
a reorganization of the Acquiring Fund or a series