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Nuveen Municipal High Income Opportunity Fund and its sister Nuveen municipal closed‑end funds report modest returns and continued use of leverage for the year ended October 31, 2025. NMZ returned 2.16% at net asset value, trailing the S&P Municipal Yield Index’s 3.19%. NVG, NZF, NMCO and NDMO also underperformed their respective blended or S&P municipal benchmarks over the same period.
For NMZ, the common share NAV was $10.61 and the market price was $10.65, a 0.38% premium to NAV. The fund paid steady monthly distributions of $0.0655 per share, totaling $0.7860 and producing a 7.38% market yield, with a 12.46% taxable‑equivalent yield. Effective leverage was 39.76% and regulatory leverage 22.26%, with 49.7% of portfolio holdings not rated by major agencies.
During the period, NMZ was authorized to issue additional common shares via an equity shelf program and sold 5,710,888 shares at a 1.23% weighted average premium to NAV. The Board reauthorized share repurchases of up to about 10% of outstanding common shares, though NMZ has not repurchased any shares to date. The auditor issued an unqualified opinion on the funds’ financial statements. The Board also approved a merger of three state‑specific Nuveen municipal funds into NMZ, pending shareholder approval and other conditions.
Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Incorporated reported transactions in common shares of Nuveen Municipal High Income Opportunity Fund (NMZ) as indirect beneficial owners. On 12/19/2025, they reported buying 1,000 NMZ common shares at a price of $10.3191 per share and selling 1,000 NMZ common shares at a price of $10.54 per share, leaving them with 0 shares beneficially owned after the reported sale. The filing states that Bank of America’s interest is indirect through its 100% ownership of Merrill Lynch, and both reporting persons disclaim beneficial ownership beyond any pecuniary interest. They also state that, without conceding greater-than-10% owner status or Section 16 applicability, any profit potentially recoverable under Section 16(b) from these transactions will be remitted to the fund.
Nuveen is asking shareholders to approve mergers of three state‑specific municipal income funds into Nuveen Municipal High Income Opportunity Fund, a national municipal closed‑end fund. If approved at meetings on January 16, 2026, each Target Fund would be reorganized into the Acquiring Fund in a tax‑free share‑for‑share exchange, with cash only for fractional shares, and the combined fund would continue under the existing NMZ management team. Each Board unanimously recommends voting FOR the proposals.
As of July 31, 2025, the Acquiring Fund’s common share earnings rate was 6.17%, versus 3.30–3.54% for the Target Funds, and after‑tax yields for Target shareholders are expected to materially increase. The Acquiring Fund’s shares have historically traded at a narrower market discount than those of the Target Funds, and pro forma total annual expenses are projected at 3.51% of net assets attributable to common shares, compared with 3.59% for the Acquiring Fund and 3.75–4.93% for the Target Funds.
In return, shareholders move from state‑specific portfolios focused mainly on investment‑grade bonds to a national mandate that can invest up to 75% of managed assets in lower‑rated municipal securities, increasing credit risk. Distributions that are now exempt from both federal and specified state income taxes would instead be exempt only from regular federal income tax and may be subject to state and local taxes. Common shareholders will indirectly bear estimated merger costs of $2,330,000, allocated among the funds, while preferred holders receive new NMZ preferred shares with substantially similar terms but without state tax‑related gross‑up provisions.
Bank of America Corporation and Banc of America Preferred Funding Corp filed an amended ownership report for the Adjustable Rate MuniFund Term Preferred Shares of Nuveen Municipal High Income Opportunity Fund. They report beneficial ownership of 1,870 preferred shares, representing 52.4% of this class.
The amendment explains that on December 11, 2025, Banc of America Preferred Funding deposited 1,000 series 2032 AMTP shares (CUSIP 670682111) into a tender option bond trust, TOB Series 2025-BAP0001 Trust. The trust holds title but does not independently control disposition of the shares, so Banc of America Preferred Funding retains indirect beneficial and voting rights, which remain subject to an existing voting trust. The remaining 870 series 2028 AMTP shares (CUSIP 670682889) continue to be held directly.
Nuveen Municipal High Income Opportunity Fund (NMZ) reported an initial statement of beneficial ownership on Form 3 for an officer. The reporting person, serving as VP and Treasurer, indicated no securities are beneficially owned as of 09/10/2025. The filing was submitted by one reporting person and signed under a power of attorney.
Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc. jointly reported transactions in the common stock of Nuveen Municipal High Income Opportunity Fund (NMZ). On 09/17/2025 the report lists a purchase of 10,784 shares at $10.645 and a sale of 10,784 shares at $10.56, with the ownership after the reported purchase shown as 10,784 shares held indirectly. The filing states both Reporting Persons disclaim beneficial ownership except for any pecuniary interest and clarifies that any profit potentially recoverable under Section 16(b) will be remitted to the issuer.
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