On February 25, 2022, Nuveen Floating Rate Income Opportunity Fund announced that on January 14, 2021, Saba Capital Management, L.P. and an affiliated hedge fund (collectively, Saba) filed a civil complaint in the U.S. District Court for the Southern District of New York (the District Court) against certain Funds and the Board, alleging that the Control Share By-Law violates Section 18(i) of the Investment Company Act of 1940 (the 1940 Act). On February 18, 2022, the District Court granted summary judgment in favor of Saba on its claims for rescission and declaratory judgment. Following careful review of the order of the District Court, on February 24, 2022, the Board amended the Funds' by-laws to provide that the Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court.