Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 308

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 308
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 opine on any quality related to an issuer’s business, operational          
 or financial profile other than the agency’s opinion on its relative vulnerability        
 to default or in the case of Viability Ratings on its relative vulnerability to failure.  
 For the avoidance of doubt, not all defaults will be considered a default for rating      
 purposes. Typically, a default relates to a liability payable to an unaffiliated, outside 
 investor.                                                                                 |

<div align='center'>A-7</div>

| ● | The                                                                               
 ratings do not opine on any quality related to a transaction’s profile other than 
 the agency’s opinion on the relative vulnerability to default of an issuer and/or 
 of each rated tranche or security.                                                |

| ● | The                                                                                   
 ratings do not predict a specific percentage of extraordinary support likelihood over 
 any given period.                                                                     |

| ● | In                                                                                       
 the case of Government and Shareholder Support Ratings, the ratings do not opine on any  
 quality related to an issuer’s business, operational or financial profile other          
 than the agency’s opinion on its relative likelihood of receiving external extraordinary 
 support.                                                                                 |

| ● | The                                                                                           
 ratings do not opine on the suitability of any security for investment or any other purposes. |

Ratings assigned by Fitch Ratings articulate an opinion on discrete and specific areas of risk. The above list is not exhaustive, and is provided for the reader’s convenience.

RATING WATCHES AND RATING OUTLOOKS

Rating Watch

Rating Watches indicate that there is a heightened probability of a rating change and the likely direction of such a change. These are designated as Positive, indicating that a rating could stay at its present level or potentially be upgraded, Negative, to indicate that the rating could stay at its present level or potentially be downgraded, or Evolving, if ratings may be raised, lowered or affirmed.

However, ratings can be raised or lowered without being placed on Rating Watch first. A Rating Watch is typically event-driven, and as such, it is generally resolved over a relatively short period. The event driving the Watch may be either anticipated or have already occurred, but in both cases, the exact rating implications remain undetermined. The Watch period is typically used to gather further information and/or subject the information to further analysis. A Rating Watch must be reviewed and a RAC be published every six months after a rating has been placed on Rating Watch, except in the case described below.

Additionally, a Watch may be used where the rating implications are already clear, but where they remain