Company: NMZ
Filing Date: 2025-11-18
Form Type: N-14 8C/A
Source: 0001999371-25-018025
Chunk: 301

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-11-18
Form: N-14 8C/A
Chunk 301
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 or is no longer assigned.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices.

LONG-TERM ISSUE CREDIT RATINGS

Issue credit ratings are based in varying degrees, on S&P’s analysis of the following considerations:

| 1. | The                                                                                     
 Likelihood of payment—the capacity and willingness of the obligor to meet its financial 
 commitments on an obligation in accordance with the terms of the obligation;            |

| 2. | The                                                                               
 nature and provisions of the financial obligation, and the promise we impute; and |

| 3. | The                                                                                     
 protection afforded by, and relative position of, the financial obligation in the event 
 of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and  
 other laws affecting creditors’ rights.                                                 |

An issue rating is an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

| AAA | An                                                                                  
 obligation rated ‘AAA’ has the highest rating assigned by S&P Global                
 Ratings. The obligor’s capacity to meet its financial commitments on the obligation 
 is extremely strong.                                                                |

| AA | An                                                                              
 obligation rated ‘AA’ differs from the highest-rated obligations only to        
 a small degree. The obligor’s capacity to meet its financial commitments on the 
 obligation is very strong.                                                      |

| A | An                                                                                   
 obligation rated ‘A’ is somewhat more susceptible to the adverse effects             
 of changes in circumstances and economic conditions than obligations in higher-rated 
 categories. However, the obligor’s capacity to meet its financial commitments on     
 the obligation is still strong.                                                      |

<div align='center'>A-1</div>

| BBB | An                                                                                            
 obligation rated ‘BBB