NMZ - Nuveen Municipal High Income Opportunity Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you because of that. The fund's own announcement above does need a decision by the date shown. If that changes, the notice appears here within a day of being filed with the regulator.

Separately, the fund itself has announced an offer of new shares.

Email me if this changes

What happened, and when

1. Oct 23, 2026

   The fund offered holders the right to buy more shares, until Dec 2, 2026.

   Original document →

2. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

3. May 1, 2026

   The fund said it will repay some borrowed money on June 2, 2026.

   Original document →

4. April 29, 2026

   Wells Fargo & Company now owns 76.8% of the fund's preferred shares, not the common shares most holders own.

   Original document →

5. April 29, 2026

   Bank of America Corp. cut its stake to 23.2% of the fund's preferred shares (from 52.4%), not the common shares most holders own.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $2.19 billion of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 40% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 55% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -19%; at +10%, about +14.3%. As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs: 0.6% a year in management fees; 3.5% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 36 charge a lower management fee and 53 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $45 in the first year and about $385 over 10 years, assuming the holdings return 5% a year. As of Oct 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.79 a share. $0.60 of that was income; $0.19 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $10.61. The shares traded at $10.65, about 0.4% above that. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 10.1% below to 1.6% above. As of Oct 31, 2025, from the fund's annual report. Original document →
• How the holdings did: down 0.6% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2003.

How this has changed

• Payouts per share: $0.79 in the fiscal year ended Oct 31, 2025; $0.64 in the year ended Oct 31, 2024; $0.56 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.19 in the year ended Oct 31, 2025; $0.07 in the year ended Oct 31, 2024; $0.01 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.5% a year in the fiscal year ended Oct 31, 2025; 3.81% a year in the year ended Oct 31, 2024; 3.75% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $1.25 billion at Oct 31, 2025; $1.25 billion at Oct 31, 2024; $1.05 billion at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 40% on top of its own money at Oct 31, 2025; 40% at Oct 31, 2024; 43% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 118 million shares at Oct 31, 2025, up 6.3% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +2.9%, counting payouts; the holdings +2.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +41.4%, counting payouts; the holdings +24.8%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -10.3%, counting payouts; the holdings +0.1%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -28.9%, counting payouts; the holdings -27.1%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +17.3%, counting payouts; the holdings +15.8%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +8.9%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $10,900 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +9.8%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 33 reported a higher share return for that year and 12 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

4.1% of holdings are in default.

1. New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding - 5.2%
2. Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 - 4.2%
3. State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District - 1%
4. Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding - 0.9%
5. New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project - 0.9%
6. Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Refunding - 0.9%
7. Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2 - 0.8%
8. Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding - 0.8%
9. Nuveen High Yield Municipal Bond ETF - 0.8%
10. Public Finance Authority, Wisconsin, Toll Revenue Bonds, Georgia SR 400 Express Lanes Project, Senior Lien - 0.8%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →