Here are the 424B prospectus supplements from Nuveen Municipal High Income Opportunity Fund (NMZ) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow NMZ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NMZ filings page.
Nuveen Municipal High Income Opportunity Fund (NMZ) is issuing up to 222,000,000 transferable rights to subscribe for up to 37,000,000 common shares. One share requires six rights. Record-date holders may over-subscribe; subject to Board approval, the Fund may add up to 9,250,000 shares, for up to 46,250,000 total.
The estimated subscription price is $8.60 per share, based on 95% of the average of the last reported sales prices on the expiration date and the four preceding trading days. If that Formula Price is below 90% of NAV per share at expiration, the price will be 90% of NAV. Assuming all primary shares are sold at the estimate, the Fund estimates net proceeds of approximately $318,200,000. Nuveen Fund Advisors bears estimated offering expenses of approximately $371,000. The Fund anticipates investing substantially all proceeds within approximately three months of receipt, though the invest-up period could extend to six months.
Rights expire at 5:00 p.m. Eastern on December 2, 2026, unless extended. At the estimated $8.60 price, a fully subscribed primary offering illustrates a 1.08% reduction in NAV per share. Shares issued after the November 13 and December 2 distribution record dates will not be entitled to the respective December 1 and December 31 distributions.
Nuveen Municipal High Income Opportunity Fund (NMZ) revised its use-of-proceeds disclosure for net proceeds from Common Share issuances. The Fund currently anticipates it will be able to invest substantially all net proceeds in investments that meet its objectives and policies within approximately three months of receiving them. Pending investment, proceeds are anticipated to be invested in short- or long-term securities issued by the U.S. Government and its agencies or instrumentalities, or in high-quality, short-term money market instruments. The Fund may also use proceeds to pay distributions to shareholders.
Nuveen Municipal High Income Opportunity Fund amends its Prospectus Supplement effective April 24, 2026 to name Virtu Americas LLC as Nuveen Securities’ sub-placement agent for at-the-market sales of Common Shares and to specify the variable commission mechanics. The supplement defines 75% and 25% splits of the premium to net asset value and ties each split to compensation caps of 0.80% and 0.20% of aggregate gross sales proceeds, respectively. Settlements of sales will occur on the first business day following each sale.
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.