Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 291

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 291
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 such payments will be made within any stated grace period. However, any        
 stated grace period longer than five business days will be treated as five business days.    
 The ‘D’ rating also will be used upon the filing of a bankruptcy petition                    
 or the taking of a similar action and where default on an obligation is a virtual certainty, 
 for example due to automatic stay provisions. A rating on an obligation is lowered to        
 ‘D’ if it is subject to a distressed debt restructuring.                                     |

MUNICIPAL SHORT-TERM NOTE RATINGS DEFINITIONS

An S&P Global Ratings U.S. municipal note rating reflects S&P Global Ratings’ opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating.

In determining which type of rating, if any, to assign, S&P Global Ratings’ analysis will review the following considerations:

1. Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

2. Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

| SP-1 | Strong                                                                               
 capacity to pay principal and interest. An issue determined to possess a very strong 
 capacity to pay debt service is given a plus (+) designation.                        |

| SP-2 | Satisfactory                                                                         
 capacity to pay principal and interest, with some vulnerability to adverse financial 
 and economic changes over the term of the notes.                                     |

| SP-3 | Speculative                             
 capacity to pay principal and interest. |

| D | ‘D’                                                                                               
 is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, 
 or the filing of a bankruptcy petition or the taking of similar action and where default          
 on an obligation is a virtual certainty, for example due to automatic stay provisions.            |

<div align='center'>A-3</div>

Moody’s Investors Service, Inc.—A brief description of the applicable Moody’s Investors Service, Inc. (“Moody’s”) rating symbols and their meanings (as published by Moody’s) follows:

LONG-TERM OBLIGATION RATINGS

Moody’s long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the