Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 171

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 171
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 party from
seeking to obtain control of the Acquiring Fund in a tender offer or similar transaction. The overall effect of these provisions
is to render more difficult the accomplishment of a merger or the assumption of control by a third party. However, they provide
the advantage of potentially requiring persons seeking control of the Acquiring Fund to negotiate with its management regarding
the price to be paid and facilitating the continuity of the Acquiring Fund’s investment objectives and policies. The Acquiring
Fund’s Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests of the
Acquiring Fund.

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The Acquiring Fund’s declaration of
trust provides that shareholders will have no right to acquire, purchase or subscribe for any shares or securities of the Acquiring
Fund, other than such right, if any, as the Acquiring Fund’s Board in its discretion may determine.

Procedural Requirements on Derivative Actions, Exclusive Jurisdiction and Jury Trial Waiver

The by-laws of the Acquiring Fund contain
certain provisions affecting potential shareholder claims against the Fund, including procedural requirements for derivative actions,
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